Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][16] Core Views - The company achieved a year-on-year net profit growth of 64% in the first three quarters of 2024, with revenue reaching 1.726 billion yuan, up 33% year-on-year [1][5] - The revenue growth rate of the company exceeded the industry average by 24 percentage points, driven by high sales growth from customers and the ramp-up of new business [1][5] - The company's gross profit margin for Q3 2024 was 24.5%, with a net profit margin of 15.04%, reflecting improvements in operational efficiency and scale effects [1][8] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 605 million yuan, a 38% increase year-on-year, while net profit was 91 million yuan, up 42% year-on-year [1][5] - The company’s revenue for the first three quarters of 2024 was 1.726 billion yuan, with a net profit of 253 million yuan [1][5] Business Development - The company is expanding its customer base, adding clients such as Toyota and Dacia, and is benefiting from strong sales growth from Chery, which saw a 56% increase in sales [1][5][12] - The company has established a complete product line for automotive manufacturing equipment, including stamping molds and automation production lines [12][14] Profitability and Efficiency - The company’s net profit margin improved by 1.06 percentage points quarter-on-quarter, attributed to enhanced internal management efficiency and increased capacity utilization [1][8] - The sales, management, and R&D expense ratios for Q3 2024 were 1.16%, 5.45%, and 5.29%, respectively, showing a slight improvement compared to previous periods [1][8] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 340 million yuan, 430 million yuan, and 542 million yuan for 2024, 2025, and 2026, respectively [2][17] - The company is well-positioned to benefit from the rapid growth of its automotive parts business and deepening collaborations with key clients [2][16]

各位投资者大家早上好非常感谢大家接入我们招文汽车815的系列电话会我们今早向大家报告的是我们关于瑞鸿模具的进矿的梳理和投资逻辑我们认为公司刚刚发布的三级报从财务数据来看的话表现还是非常不错的也是符合年初以来的预期 同学们公司的两大主要投资逻辑第一个 中高端冲压模具的国产期待以及第二个跟随奇瑞以及华为世界等等在汽车零部件方面的一个放量并发挥模具和零部件的联动优势这两个逻辑都在持续兑现并有希望的在明年进一步的放大因此考虑到公司近期的估值主要对应今年和明年19和15倍的提议 明年的增速仍然有希望取得20%多到30%的增速目前的估值我们认为仍然是比较有吸引力的因此对公司也是继续推荐首先说一下三级报的情况公司前三个季度是营收17.3亿同比增长33%规模经济论的2.5亿同比增长64% 其中单三季度营收是6.1亿元,同比增长38%,环币基本上持平。硅谷金融润之三是0.9亿元,同比大增42%,环币是增长6%。 从盈利能力来看的话,单三季度净利润率是17.2%,同比是增长了1.6个百分点,环比是增长了1.1个百分点,毛利率是24.5%,同比是下降了4.6个百分点,环比是基本趋平。 那我们从这个公司的业务拆分来看的话,三季度的营 ...

编号：2024-004 证券代码：002997 证券简称：瑞鹄模具 瑞鹄汽车模具股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------|-----------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

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 ...