Shuanghuan Driveline (002472.SZ): 3Q26 in line; more focus on AI robotics gears with auto components outperforming industry

Shuanghuan reported broadly in-line 3Q26 results, with revenue/gross profit/operating profit/net profit of Rmb2,559mn/Rmb685mn/Rmb396mn/Rmb333mn, +14%/+14%/+16%/+4% yoy and +0%/+0%/-3%/-3% vs GSe; 3Q26 GPM/OPM/NPM came in at 27%/15%/13%. Per management discussions, (1) NEV gear samples in development for a North American NEV customer are scheduled to be sent in 1Q27 with supply to start in 2Q-3Q27E, and we continue to forecast 16% NEV revenue growth in 2027E versus the GS China Auto team's 9% NEV production volume growth;