研报掘金丨东吴证券：维持双环传动“买入”评级，电驱齿轮龙头强者恒强

格隆汇08-28

东吴证券研报指出，双环传动上半年实现归母净利润5.77亿元，同比增长22.02%。其中，2025Q2实现归母净利润3.01亿元，环比增长9.11%，业绩符合预期。随着乘用车电动化率的持续提升，汽车齿轮市场格局重塑，齿轮外包趋势愈发明确。双环作为电驱齿轮龙头，在技术研发、设备产能和客户资源上均有着明显的竞争优势，后续将持续受益于行业电动化率的提升。减速器方面，减速器是工业机器人的核心部件，价值量占...

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