Guoyuan Securities Research report pointed out that the performance of commercial vehicles and reducers of double-ring transmission (002472.SZ) increased significantly in the first half of the year, and their profitability gradually improved. As a leading supplier of electric drive gears and robot reducers for new energy vehicles in China, the company continues to open up domestic and foreign markets, and benefits from the development trend of automatic change of commercial vehicles and the rapid development of robots. Taking into account the company's previous gains, downgrade the company's rating to "overweight". For a long time, the company has worked closely with global leading electric vehicle manufacturers, Zaifu, Schaeffler, bunch and other global enterprises, and its overseas business is ready to start. The series of overseas work since 2023 indicates that the company's overseas business has entered a period of development, and the future development space is further expanded.