Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a year-on-year revenue growth of 37.97% in Q3 2024, reaching 605 million yuan, driven by increased sales from its core customer, Chery Automobile, which saw a 30.82% year-on-year increase in sales [3][4] - The company has a strong order backlog in its automotive manufacturing equipment business, with orders amounting to 3.93 billion yuan as of June 2024, indicating a robust revenue outlook [4] - The company is expanding its lightweight automotive parts business, with significant production and sales growth expected from new models launched in collaboration with Chery [4] Financial Performance Summary - In Q3 2024, the company achieved a net profit of 91 million yuan, a year-on-year increase of 41.61%, with a net profit margin of 17.21% [3][4] - The gross profit margin for Q3 2024 was 24.54%, showing a slight decline year-on-year due to increased depreciation and amortization costs from transitioning construction projects to fixed assets [4] - The company has demonstrated strong cost control, with a decrease in various expense ratios, particularly in financial expenses due to the redemption of convertible bonds earlier in the year [4] Earnings Forecast and Valuation - The company is projected to achieve revenues of 2.889 billion yuan, 3.625 billion yuan, and 4.296 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 54%, 25%, and 19% [6][7] - The expected net profits for the same years are 349 million yuan, 437 million yuan, and 556 million yuan, with growth rates of 73%, 25%, and 27% [6][7] - The estimated EPS for 2024, 2025, and 2026 are 1.67 yuan, 2.09 yuan, and 2.65 yuan, with corresponding P/E ratios of 19, 15, and 12 times [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 performance met expectations, with total revenue for the first three quarters reaching 1.726 billion yuan, a year-on-year increase of 32.99%, and net profit attributable to shareholders of 253 million yuan, up 63.66% year-on-year [2] - In Q3 2024, the company achieved a single-quarter revenue of 605 million yuan, a year-on-year growth of 37.97%, with a slight quarter-on-quarter decrease of 1.68%. The net profit for the quarter was 91 million yuan, reflecting a year-on-year increase of 41.61% and a quarter-on-quarter growth of 5.74% [2] - The automotive manufacturing equipment business is steadily developing, while the automotive parts business is rapidly expanding, with significant growth in new orders and production capacity [3] Summary by Sections Financial Performance - The company forecasts total revenue for 2024 to be 2.622 billion yuan, with a year-on-year growth of 39.66%. The net profit attributable to shareholders is projected to be 354 million yuan, representing a 74.96% increase year-on-year [1][3] - The earnings per share (EPS) for 2024 is estimated at 1.69 yuan, with a price-to-earnings (P/E) ratio of 18.81 [1][3] Business Development - The automotive manufacturing equipment business includes stamping molds, automated welding production lines, and AGV mobile robots, with a backlog of orders amounting to 3.93 billion yuan as of June 2024, a 14.95% increase from the previous year [3] - The automotive parts business, which began in 2022, has seen a gradual increase in production capacity and is contributing significantly to the company's growth [3] Investment Outlook - The report adjusts the net profit forecasts for 2024-2026 to 354 million yuan, 432 million yuan, and 535 million yuan respectively, with corresponding EPS of 1.69 yuan, 2.06 yuan, and 2.55 yuan [3]

证券研究报告 | 首次覆盖报告 gszqdatemark 2024 10 19 年 月 日 瑞鹄模具（002997.SZ） 顺势入局轻量化，开拓第二成长曲线 深耕汽车装备制造领域，绑定奇瑞打开轻量化成长空间。公司深耕汽车装 备行业二十余载，专注于冲压模具及检具、焊装自动化生产线等产品，已 累计为全球 100 余款车型开发出车身材料成形装备和 50 余条车身焊装自 动化生产线，客户覆盖奇瑞、奔驰、大众等传统品牌和蔚小理等新势力品 牌。奇瑞旗下全资子公司奇瑞科技为公司第二大股东，且凭借就近配套优 势，公司与奇瑞合作基础深厚。作为安徽汽车产业链核心企业，奇瑞受益 于地区汽车产业发展，出海战略持续推进，并叠加华为赋能，产品矩阵不 断丰富。公司未来有望受益于核心客户发展，加速业绩增长。 轻量化布局顺利推进，产能释放加速在手订单落地。新能源车销量不断提 升，2019 年-2023 年新能源车销量由 121 万增长到 950 万，CAGR 高达 68%，推进单车用铝量增长。根据智研产业研究院预计，2030 年国内汽车 铝合金精密压铸件行业市场规模将增长到 2400 亿元。公司与奇瑞于 2022 年合资成立瑞鹄汽车轻量化技术 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 [Table_Summary] 维持目标价 38.62 元，维持增持评级。公司 2024Q3 业绩大幅增长， 符合预期，维持公司 2024/2025/2026 年 EPS 预测为 1.68/2.26/2.90 元。给予公司 2024 年 23 倍 PE，与可比公司平均相当，维持目标价 38.62 元。 2024Q3 收入利润同比大幅增长。2024 Q1-Q3 公司实现营收 17.3 亿 元，同比+33.0%，实现归母净利润为 2.53 亿元，同比+63.7%，实现 扣非归母净利润 2.30 亿元，同比+71.4%。其中，2024Q3 单季度实 现营收 6.05 亿元，同比+38.0%，环比-1.7%，实现归母净利润 0.91 亿元，同比+41.6%，环比+5.7%。公司业绩增长主要来源于装备业务 的订单转化以及零部件业务逐渐上量。此外，2024Q1-Q3 公司实现 投资净收益 0.37 亿元，同比+16.9%，主要来源于公司联营企业成飞 瑞鹄。 产品结构调整致单季度毛利率同比下滑，费用率改善致净利率提 升。2024 Q1-Q3 公司毛利率为 24 ...

[Table_MainInfo] 公司研究/汽车与零配件 证券研究报告 瑞鹄模具（002997）公司季报点评 2024 年 10 月 19 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 18 日收盘价（元） ] | 31.80 | | 52 周股价波动（元） | 17.36-47.47 | | 总股本 / 流通 A 股（百万股） | 209/209 | | 总市值 / 流通市值（百万元） | 6656/6656 | | 相关研究 | | | [Table_ReportInfo] 《 24H1 业绩高增，装备与零部件业务放量》 | | | 2024.08.21 | | | 《业绩高增，轻量化零部件业务批产》 | | | 2024.04.24 | | | 《制造装备与零部件业务放量，在手订单充 | | | 沛》 2024.01.31 ...

证券研究报告 资料来源：Wind 瑞鹄模具 (002997 CH) Q3 单季利润创新高，成长路径清晰 华泰研究 季报点评 2024 年 10 月 19 日│中国内地 汽车零部件 公 司 发 布 Q3 业 绩 ， 基 本 符 合 我 们 预 期 ： Q3 营 收 6.05 亿 元 （ yoy+37.97%/qoq-1.68% ） ， 归 母 净 利 9083.66 万 元 （yoy+41.61%/qoq+5.74%）。24Q1-Q3 营收 17.26 亿元（yoy+32.99%）， 归母净利 2.53 亿元（yoy+63.66%），扣非净利 2.30 亿元（yoy+71.42%）。 公司 Q3 单季度利润创新高，主要得益装备业务稳定放量且汽零大客户奇瑞 排产向上，基本符合我们预期，维持"增持"评级。 得益装备业务稳定放量+汽零大客户量产，Q3 单季度利润创历史新高 装备业务释放订单（截至 24 年 6 月公司在手订单 39.3 亿元，较 23 年年末 增长 15%）以及汽零大客户终端销售向上（根据中汽协，Q3 奇瑞销量 64 万/yoy+29%/qoq+14.5%），带动公司 Q3 收入同比高增，而公司归母净 ...

公司报告 | 季报点评 24Q3 业绩同比高增，看好智界 R7 贡献增量 装备和汽零业持续贡献，24Q3 业绩同比高增 公司发布 2024 年三季报，24Q1-Q3 公司实现营收 17.26 亿元，同比+32.99%； 归母净利润 2.53 亿元，同比+63.66%。从盈利能力看，公司 24Q1-Q3 毛利 率达 24.28%，同比+0.30pct；24Q1-Q3 净利率达 16.52%，同比+3.63pct。 24Q3 公司营收达 6.05 亿元，同比+37.97%/环比-1.68%；归母净利润达 0.91 亿元，同比+41.61%，环比+5.74%。从盈利能力看，公司 24Q3 毛利率达 24.54%，同比-4.61pct/环比+0.05pct；24Q3 净利率达 17.21%，同比+1.61pct/ 环比+1.14pct。24Q3 公司三费（不含研发）费用率达 5.63%，同比-3.3pct/ 环比-0.29pct。其中销售费用/管理费用/财务费用率分别为 1.08%/5.49%/-0.94%，同比-0.88pct/-0.84pct /-1.60pct，研发费用率 5.27%， 同比-0.70pct。 ...

财务摘要 资料来源：Wind，浙商证券研究所 瑞鹄模具(002997) 报告日期：2024 年 10 月 17 日 在手订单充足、新业务量产有序推进，营收与归母双高增 ——瑞鹄模具三季报点评 投资要点 ❑ 事件：公司发布 2024 年第三季度财务报告。24Q1-24Q3 公司营业收入 17.26 亿 元，同增 32.99%；归母净利润 2.53 亿元，同增 63.66%；扣非归母净利润 2.30 亿元，同增 71.42%；EPS 为 1.23 元/股。其中，单三季度营收 6.05 亿，同增 37.97%；归母净利润 0.91 亿元，同增 41.61%；扣非归母净利润 0.77 亿元，同 增 37.55%；EPS 为 0.43 元/股。 ❑ 零部件业务陆续量产，营业收入与归母净利润均实现高增。2024 年 1-9 月公司 营收增长较快，主要系公司 2023 年末汽车制造装备业务在手订单较上年末增 长，带来公司业务规模同比增加；公司深度绑定奇瑞，根据 Markline 数据，奇 瑞集团 24M1-24M9 销量约为 151 万辆，同比增长 29%，看好奇瑞与华为合作的 智界 R7 及其他合作可能，随着下游客户车型 ...

瑞鹄模具（002997.SZ）系列点评五 [盈利预测与财务指标 Table_Forcast] 24Q3 业绩稳健增长 智界 R7 上市迎来催化 2024 年 10 月 18 日 ➢ 事件：公司发布 2024 年第三季度报告，2024Q3 营收 6.05 亿元，同比 +37.97%，环比-1.68%；归母净利 0.91 亿元，同比+41.61%，环比+5.74%； 扣非后归母净利 0.77 亿元，同比+37.55%，环比-6.41%。 ➢ 24Q3 业绩稳健增长 零部件业务产能逐步释放。1）收入端： 2024Q3 公 司营收 6.05 亿元，同比+37.97%，环比-1.68%；公司营收同比增长，主要受益 于下游核心客户奇瑞销量增长：奇瑞汽车 2024Q3 销量为 652,172 辆，同比 +27.43%，环比+14.21%，同环比均向上；营收环比下滑，我们认为营收环比表 现与大客户销量表现不一致主要系收入确认导致，属季节性扰动。2）利润端： 2024Q3 归母净利 0.91 亿元，同比+41.61%，环比+5.74%；扣非 0.77 亿元， 同比+37.55%，环比-6.41%；2024Q3 净利率达 17. ...

Investment Rating - The report maintains a "Recommend" rating for Ruihu Mould (002997 SZ) [4] Core Views - Ruihu Mould's Q3 2024 performance showed steady growth with revenue of 605 million yuan, up 37 97% YoY but down 1 68% QoQ Net profit attributable to the parent company was 91 million yuan, up 41 61% YoY and 5 74% QoQ [2] - The company's revenue growth was driven by increased sales from its core customer, Chery Automobile, which saw a 27 43% YoY increase in Q3 2024 sales [2] - The net profit margin reached 17 21%, up 1 61 percentage points YoY, while the gross margin was 24 54%, down 4 61 percentage points YoY [2] - The company's automotive parts business is gaining momentum, with revenue from this segment reaching 257 million yuan in H1 2024, up 244 75% YoY, accounting for 22 97% of total revenue [2] - The company is a supplier of integrated die-casting structural parts and stamping parts for the Zhijie R7 model, which has seen strong demand with over 20,000 pre-orders within 14 days of its launch [2] - The equipment business has a robust order book, with 3 93 billion yuan in orders as of H1 2024, up 14 95% from the end of the previous year [2] Financial Forecasts - Revenue is expected to grow from 2 57 billion yuan in 2024 to 4 46 billion yuan in 2026, with a CAGR of 30 32% [3][5] - Net profit attributable to the parent company is forecasted to increase from 361 million yuan in 2024 to 577 million yuan in 2026, with a CAGR of 24 79% [3][5] - EPS is projected to rise from 1 73 yuan in 2024 to 2 76 yuan in 2026 [3][5] - The PE ratio is expected to decline from 18x in 2024 to 11x in 2026, indicating potential undervaluation [3][5] Business Segments - The automotive parts business is expected to benefit from capacity expansion, with a new production facility for lightweight body and key components expected to be operational by June 2025 [2] - The equipment business is seeing strong demand, with new clients including Toyota and Dacia, as well as brands from countries along the Belt and Road initiative [2] Valuation - Based on the closing price of 31 41 yuan on October 17, 2024, the company's PE ratios for 2024-2026 are 18x, 14x, and 11x, respectively [3][5] - The PB ratios for the same period are 3 3x, 2 7x, and 2 3x, respectively [3][5]