The market picked up in the third quarter, and the profits of reducer faucets soared

Recently, Shuanghuan Transmission released the performance forecast for the first three quarters of 2022, which showed that from January to September, the net profit attributable to shareholders of the listed company was 391-411 million yuan, a year-on-year increase of 72.59%-81.42%, and non-recurring gains and losses were deducted. The net profit after that was 360-380 million yuan, a year-on-year increase of 90.74%-101.33%.

Looking at the third quarter alone, it is expected to achieve a net profit of 140-160 million yuan attributable to the parent, a year-on-year increase of 42.3%-62.6%; and a non-net profit of 130-150 million yuan, a year-on-year increase of 55.1%-79.0%.

The market picked up in the third quarter, and the profits of reducer faucets soared

The main business of Shuanghuan Transmission includes precision gears and reducers, benefiting from new energy vehicles androbotThe development of the two major businesses broke out in the third quarter.

In the new energy vehicle gear business, Shuanghuan Transmission’s revenue in the first three quarters increased by more than 280% year-on-year, and the third quarter’s single-quarter year-on-year growth exceeded 220%. New energy vehicles are the company’s main growth engine. The data shows that domestic new energy vehicles in the third quarter Car sales were 1.967 million, a year-on-year increase of 107.3%.

The continuous boom in new energy vehicles has driven the demand from downstream customers to exceed expectations. Shuanghuan Transmission is accelerating the expansion of production capacity. As of the end of June, the annual production capacity of 2.6 million sets of electric drive gearbox gears has been built, and it is expected to reach 4 million sets of annual production capacity by the end of the year. The market share of new energy gears is about 70%, and it already has high capacity barriers. In the short and medium term, with the continuous growth of downstream customer demand, the performance is expected to continue to grow rapidly.

In the reducer business, Huandong Technology, a subsidiary of Shuanghuan Transmission, is deeply engaged in precisionreducerIn the product field, there are two major product categories: RV reducer and harmonic reducer. During the reporting period, the reducer business accelerated its volume. The revenue in the first three quarters increased by more than 65% year-on-year, and the revenue in the third quarter increased by more than 75% year-on-year.

In terms of products, Shuanghuan Transmission has successfully achieved localization of RV reducers based on years of experience in gear production. In 2021, the shipments of RV reducers will rank first among domestic brands. The company has outstanding competitiveness in the field of 20kg small load. Continuous breakthroughs were made in the field of 150kg large load, and the product series and production capacity layout were further improved.

Based on the R&D and production experience of RV reducer, it can greatly reduce the development difficulty and cycle of double-ring transmission for harmonic reducer. At present, its harmonic reducer products have achieved small batch samples, and it is expected to bring greater income flexibility next year.

At present, the domestic precision reducer market size is nearly 10 billion yuan. Under the influence of the accelerated application of Robots and the recent debut of Tesla Optimus, the reducer market is expected to grow steadily. As a leading enterprise, Shuanghuan Transmission is expected to enjoy domestic alternative dividends.

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