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报告摘要

Shuanghuan Summary: EV Segment Growth and Business Outlook

Core Content

This document provides an analysis of Shuanghuan Driveline (002472 CH), focusing on its business segments and investment outlook. It outlines the company's financial projections, strategic direction, and the associated risks and disclosures relevant to its research reports.

Key Business Segments and Performance Outlook

Electric Vehicle (EV) Segment

2025E Revenue Projection: Approximately CNY4bn.
2026E Growth Expectation: Double-digit growth.
Growth Drivers: Expansion in differentials and overseas markets.

Internal Combustion Engine (ICE) Business

2025E Revenue: Expected to decline.
2026E Revenue: Projected to decline by 5–6%.
Reason for Decline: Waning demand for legacy automotive products.

Construction Machinery Segment

2026E Revenue Growth: Single-digit.
Growth Drivers: Potential order increases from key clients related to data center demand and modest market share gains in South America.

Humanoid Robotics

Collaboration: With a key overseas client.
Development Status: Products are in validation and testing phases.
Design Finalization: Unlikely to be completed in 1Q26E.

Investment Ratings and Definitions

'Buy' Rating: Indicates the stock is expected to outperform the benchmark over the next 12 months.
'Neutral' Rating: Indicates the stock is expected to perform in line with the benchmark.
'Reduce' Rating: Indicates the stock is expected to underperform the benchmark.
'Suspended' Rating: Indicates temporary suspension of ratings due to regulatory or policy compliance.

Benchmark Definitions

United States/Europe/Asia ex-Japan: Specific benchmarks are defined in the valuation methodologies.
Global Emerging Markets (ex-Asia): MSCI Emerging Markets ex-Asia.
Japan: Russell/Nomura Large Cap.

Target Price

A 12-month forecast of the share price based on the analyst's estimates of company earnings.
May be affected by macroeconomic trends and company performance.

Analyst Certification

Frank Fan and Donnie Teng certify that the views expressed in the report reflect their personal opinions.
No compensation is tied to specific recommendations or views.

Important Disclosures

The report is prepared by the Nomura Group, including entities such as NIHK, NSI, Nlplc, etc.
The Nomura Group does not guarantee the accuracy or completeness of the information.
The report is not intended as investment advice and should be considered only as one factor in investment decisions.

Legal and Distribution Restrictions

The document is for private use and not an offer to sell or purchase any securities.
It is not suitable for retail investors in certain jurisdictions.
Distribution is restricted in Saudi Arabia, UAE, Qatar, and Indonesia.

Third-Party Content

Information from third parties, such as credit ratings from Standard & Poor's, is not guaranteed.
MSCI information is exclusive property and subject to specific usage restrictions.

Compliance and Conflict of Interest

The Nomura Group manages conflicts through compliance policies, including Chinese Walls and employee training.
Research is produced by Offshore Issuers not licensed in the PRC, and the report is not approved for circulation in the PRC.

Additional Information

Detailed methodologies and models used in investment recommendations can be obtained upon request.
Disclosures and important information are available at the Nomura Disclosure web page.

Conclusion

Shuanghuan Driveline is expected to benefit from growth in its EV segment, particularly through overseas expansion and differential markets. However, its ICE business faces declining demand, while the construction machinery and humanoid robotics segments show more modest growth prospects. The report provides a comprehensive view of the company's performance outlook and includes necessary legal and compliance disclosures.

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