Shuanghuan Driveline: 2Q26F preview

研报英文原文证据摘录

Shuanghuan Driveline: 2Q26F preview

Global Markets Research

Shuanghuan Driveline 002472.SZ 002472 CH 24 July 2026

EQUITY: TECHNOLOGY

Rating2Q26F preview Remains Buy

Target priceEV and construction drive growth; ICE decline narrowed Remains CNY 50.00

in 2Q26F; robotics and Semi gradually kick-in in 2H26F

Closing price CNY 35.36 24 July 20262Q26F to improve as NEV and construction machinery drive growth

For 2Q26F, we expect Shuanghuan to deliver solid revenue growth: i) with new energy Implied upside +41.4%vehicle (NEV) revenue up 10-20% y-y, as April was flat but May–June turned positive and

the June coaxial-gear ramp further added momentum; ii) internal combustion engine (ICE) Market Cap (USD mn) 4,436.2

gears should see the decline narrow to single digits in 2Q26F from 20–30% in 1Q26, ADT (USD mn) 252.2

aided by a diversified customer base; we expect a further narrowing in 2H26F and deliver

a high-single-digit full-year decline; iii) commercial-vehicle sales look broadly flat y-y, with

Tesla (TSLA US, Not rated) Semi commencing and a slight full-year sales contribution Relative performance chart

likely; iv) construction-machinery likely sustained 20–30% growth into 2Q26F; v)

Intelligent Actuator sales tracked slightly below our expectation (~CNY1.05bn vs previous

estimated CNY1.1–1.2bn) on flat robot-vacuum share. In addition, 2Q26F gross margin is

unlikely to exceed 1Q26 on mix. We view full-year financials as broadly on guidance.

Robot client at ~CNY6,000 content value; capacity to likely scale out

Regarding robotics, Shuanghuan is positioning itself as a beneficiary through robotics

firms' shipment ramp-up. For one robotics client: i) we expect Shuanghuan to ship six RV-

type (rotary vector) reducers at an average selling price (ASP) of roughly CNY1,000 each;