纵横研报
Industry

汽车零部件

02Reports
SHA.XETRA logo
·汽车零部件 ·内部研究

Schaeffler: More Interesting Than Its Multiple, but Not Yet Safer Than It Implies

Schaeffler is a German motion-technology supplier (bearings, automotive aftermarket, and electrification systems), reshaped into a four-division group after the 2024 Vitesco merger, with 2025 revenue of EUR 23.5 billion. The legacy bearings and aftermarket businesses are better than the stock's distressed-supplier multiple implies, but E-Mobility still ran a -16% adjusted EBIT margin in 2025 and EUR 4.9 billion of net debt keeps the group below investment grade, so the cheap multiple reflects real transition risk rather than hidden value. Rating Watch: buy only at a larger discount (ideal entry EUR 6.2-6.9) or after clearer proof that E-Mobility losses and leverage are turning.

SHA.XETRA Schaeffler AG #auto components#Vitesco merger#E-Mobility#bearings#turnaround#valuation
Watch
·汽车零部件 ·内部研究

Zhejiang Shuanghuan Driveline: A Precision-Gear Cash Engine Carrying a Still-Optional Robot-Reducer Bet

Zhejiang Shuanghuan Driveline is a precision-gear specialist whose profit still comes from automotive transmission and e-drive gears, with robot RV reducers (housed in 61.29%-owned Huandong, now seeking a STAR Market listing) as a still-speculative second engine. Four straight years of rising revenue (CNY 9.11bn in 2025) and attributable profit (CNY 1.262bn), with operating cash flow above net income every year, make the transition credible, yet Q1 2026 recurring profit fell 4.04% and the loudest humanoid-customer claims stay unverified in primary filings. Rating Hold: the auto-gear cash engine is real and the reducer option is credible, but at CNY 39.42 the price already capitalizes much of that optionality, leaving no obvious margin of safety.

002472.SHE Zhejiang Shuanghuan Driveline Co., Ltd. #精密齿轮#机器人减速器#新能源车#人形机器人#估值
Hold