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]

瑞鹄模具（002997.SZ） 汽车零部件 证券研究报告/公司点评报告 2024 年 10 月 17 日 盈利稳中有升，业绩符合预期 ——瑞鹄模具 2024 三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|----------------------------------------------------------------------|------------------------------------------------- ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥604,981,655.64, representing a 37.97% increase year-over-year[2] - Net profit attributable to shareholders was ¥90,836,582.46, up 41.61% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses was ¥77,131,446.74, reflecting a 37.55% increase year-over-year[2] - The basic earnings per share for Q3 2024 was ¥0.43, a 26.47% increase from the same period last year[2] - Total operating revenue for Q3 2024 reached ¥1,725,949,365.37, an increase of 32.9% compared to ¥1,297,770,642.92 in the same period last year[16] - Net profit for Q3 2024 reached CNY 285,211,496.97, compared to CNY 167,357,006.69 in Q3 2023, reflecting a significant increase of approximately 70.4%[18] - Total profit for Q3 2024 was CNY 316,224,382.44, compared to CNY 177,962,340.59 in Q3 2023, indicating an increase of about 77.9%[17] - The total comprehensive income for Q3 2024 was CNY 286,330,121.50, compared to CNY 167,142,269.16 in Q3 2023, showing an increase of approximately 71.5%[18] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥5,681,600,592.38, an increase of 8.35% from the end of the previous year[2] - Shareholders' equity attributable to the parent company reached ¥2,065,468,322.66, up 21.33% compared to the end of last year[2] - Accounts receivable increased to ¥540,517,560.40 from ¥381,076,085.28, reflecting a growth of 42.0% year-over-year[15] - Inventory rose to ¥2,020,149,824.23, up from ¥1,774,375,861.08, indicating an increase of 13.8% compared to the previous year[15] - Total liabilities increased to ¥3,354,909,606.49 from ¥3,331,107,948.69, showing a slight increase of 0.7%[15] - Owner's equity reached ¥2,326,690,985.89, up from ¥1,912,725,359.14, reflecting a significant increase of 21.6% year-over-year[15] - Contract liabilities rose to ¥1,451,173,324.86, compared to ¥1,417,321,560.83, marking an increase of 2.4%[15] - Short-term borrowings decreased to ¥92,032,949.92 from ¥156,829,166.08, a reduction of 41.2%[15] - Long-term borrowings increased to ¥235,274,839.69 from ¥214,302,567.76, indicating a growth of 9.8%[15] Cash Flow - The company reported a significant decrease in cash flow from operating activities, down 71.96% year-to-date, totaling ¥45,729,065.02[2] - The net cash flow from operating activities was 45,729,065.02, a decrease of 72% compared to 163,078,771.30 in the previous year[20] - The total cash inflow from investment activities was 559,500,627.03, down from 874,865,974.20, representing a decline of approximately 36%[20] - The net cash flow from financing activities was -95,264,201.15, compared to a positive cash flow of 290,046,820.35 in the same period last year[21] - The total cash and cash equivalents at the end of the period were 366,251,763.68, down from 711,799,339.69, indicating a decrease of about 48%[21] - The cash outflow for investment activities was 969,699,178.56, a reduction from 1,177,402,487.89, reflecting a decrease of approximately 17.7%[20] - The cash inflow from borrowing was 159,105,616.93, down from 334,971,561.16, indicating a decrease of about 52.5%[20] Expenses - Sales expenses for the first nine months of 2024 decreased by 35.08% compared to the same period last year, primarily due to the inclusion of after-sales service fees in operating costs[9] - Management expenses for the first nine months of 2024 increased by 37.83% year-on-year, mainly due to higher employee compensation and depreciation expenses[9] - Financial expenses for the first nine months of 2024 decreased by 257.16% compared to the same period last year, attributed to reduced interest expenses from convertible bonds and changes in exchange losses[9] - Research and development expenses amounted to CNY 87,044,922.01, up from CNY 67,972,064.35 in the previous year, indicating a year-over-year increase of about 28.0%[17] - The company reported a decrease in sales expenses to CNY 18,073,677.88 from CNY 27,841,988.00 in Q3 2023, a reduction of about 35.0%[17] - The cash paid to employees increased to 334,553,299.96 from 262,551,947.31, marking a rise of about 27.4%[20] - The cash paid for dividends and interest was 80,962,308.26, compared to 60,224,721.33, representing an increase of approximately 34.5%[20] Income and Gains - Other income for the first nine months of 2024 increased by 113.90% year-on-year, mainly due to the impact of deductible input tax for advanced manufacturing enterprises[9] - Fair value changes and gains for the first nine months of 2024 increased by 100.18% compared to the same period last year, driven by an increase in the amount of financial products held at the end of the period[9] - Credit impairment losses for the first nine months of 2024 decreased by 57.09% year-on-year, primarily due to a reduction in bad debt losses from accounts receivable[9] - Asset impairment losses for the first nine months of 2024 decreased by 114.87% compared to the same period last year, mainly due to a decrease in inventory write-down losses and contract asset impairment provisions[9] - Operating income for the first nine months of 2024 increased by 686.04% year-on-year, primarily due to increased business penalty income and the reversal of previously accrued litigation compensation expenses[9] - Income tax expenses for the first nine months of 2024 increased by 192.43% compared to the same period last year, mainly due to the expansion of business scale[9] - Cash received from other operating activities for the first nine months of 2024 increased by 69.94% year-on-year, primarily due to an increase in the recovery of deposits and receivables[10] - Other income for Q3 2024 was CNY 32,521,996.83, significantly higher than CNY 15,204,063.34 in the previous year, reflecting a growth of approximately 114.5%[17] - Investment income for Q3 2024 was CNY 64,153,006.18, an increase from CNY 54,880,616.72 in Q3 2023, representing a growth of approximately 16.5%[17]

证券代码：002997 证券简称：瑞鹄模具 公告编号：2024-081 1、审议通过《关于公司 2024 年第三季度报告的议案》。 表决结果：5 票赞成，0 票反对，0 票弃权。 本议案无需提交股东大会审议。 具 体 内 容 详 见 公 司 于 同 日 在 指 定 信 息 披 露 媒 体 及 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《2024 年第三季度报告》。 瑞鹄汽车模具股份有限公司 第三届监事会第二十次会议决议的公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 瑞鹄汽车模具股份有限公司（以下简称"公司"）第三届监事会第二十次会 议于 2024 年 10 月 17 日在公司会议室以现场结合通讯方式召开，其中监事张昊 先生以通讯方式出席本次会议。会议通知已于 2024 年 10 月 12 日以专人送达或 邮件、电话的方式通知全体监事。本次会议由公司监事会主席傅威连先生召集并 主持，会议应出席的监事 5 人，实际出席的监事 5 人，部分高级管理人员列席本 次会议。本次会议的通知、召集和召开符合《中华人民共和国 ...

证券代码：002997 证券简称：瑞鹄模具 公告编号：2024-080 瑞鹄汽车模具股份有限公司 本议案已经董事会审计委员会审议通过。 第三届董事会第二十三次会议决议的公告 一、董事会会议召开情况 瑞鹄汽车模具股份有限公司（以下简称"公司"）第三届董事会第二十三次 会议于 2024 年 10 月 17 日在公司会议室以现场结合通讯方式召开，其中董事戚 士龙先生、王慧霞女士、陈迎志先生和张大林先生以通讯方式出席本次会议。会 议通知已于 2024 年 10 月 12 日以专人送达或邮件、电话的方式通知全体董事。 本次会议由公司董事长柴震先生召集并主持，会议应出席的董事 9 人，实际出席 的董事 9 人，公司全体监事、高级管理人员列席本次会议。本次会议的通知、召 集和召开符合《中华人民共和国公司法》及《瑞鹄汽车模具股份有限公司章程》 的有关规定，合法有效。 二、董事会会议审议情况 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 1、审议通过《关于公司 2024 年第三季度报告的议案》。 表决结果：9 票赞成，0 票反对，0 票弃权。 本议案无需提交股东大会审议。 具 ...

证券代码：002997 证券简称：瑞鹄模具 公告编号：2024-079 瑞鹄汽车模具股份有限公司 关于为控股子公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 （一）本次担保基本情况 瑞鹄汽车模具股份有限公司（以下简称"公司"）与上海浦东发展银行股份 有限公司芜湖分行（以下简称"浦发银行"）签署了《最高额保证合同》，公司为 控股子公司芜湖瑞鹄浩博模具有限公司（以下简称"瑞鹄浩博"）与浦发银行在 2024 年 10 月 11 日至 2025 年 7 月 29 日止的期间内办理各类融资业务提供连带 责任保证担保，保证期间为每笔债权合同债务履行期届满之日起至该债权合同约 定的债务履行期届满之日后三年止。前述担保最高额人民币 510 万元。 （二）担保审议情况 公司分别于 2023 年 12 月 27 日召开的第三届董事会第十七次会议、2024 年 1 月 12 日召开的 2024 年第一次临时股东大会审议通过了《关于公司及控股子公 司 2024 年度向银行申请授信额度及担保事项的议案》。同意为公司全资及控股下 属公司申请银行授信及 ...

二、交易进展 截至本公告披露日，达奥汽车股权转让的工商变更登记手续已办理完成，公司已收到奇瑞 科技向公司支付的全额股权转让款。本次股权转让完成后，公司不再持有达奥汽车股权，原计 划的公司投资至达奥汽车的股权资金部分用于达奥汽车与公司通过共同合资方式设立合资公 司（截至目前尚未设立）事项取消，即公司不再与达奥汽车共同投资设立合资公司。 证券代码：002997 证券简称：瑞鹄模具 公告编号：2024-078 瑞鹄汽车模具股份有限公司 关于转让参股公司股权暨关联交易完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、股权转让暨关联交易概述 瑞鹄汽车模具股份有限公司（以下简称"公司"）于2024年6月27日召开第三届董事会第 二十一次会议，审议通过了《关于转让参股公司股权暨关联交易的议案》，同意公司以 43,110,000.00元的价格向芜湖奇瑞科技有限公司（以下简称"奇瑞科技"）转让公司持有的 达奥（芜湖）汽车制品有限公司（以下简称"达奥汽车"）全部40%的股权。具体内容详见公 司在指定信息披露媒体及巨潮资讯网（www.cninfo.com.cn）披露的 ...