Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 38.60 yuan on April 23, 2025 [6]. Core Views - The company's Q1 2025 performance met expectations, with revenue of 747 million yuan, a year-on-year increase of 47.76%, and a net profit attributable to shareholders of 97 million yuan, up 28.49% year-on-year [1][2]. - The company is accelerating its robot business expansion by establishing a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robot Co., Ltd., which will cover manufacturing, research, and sales [3]. - The equipment business has a robust order backlog of 3.856 billion yuan, reflecting a year-on-year increase of 12.78%, indicating strong demand and capacity utilization [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 25.00%, with a net profit margin of 14.88%. The sales, management, R&D, and financial expense ratios were 0.69%, 3.84%, 3.93%, and -0.05%, respectively [2]. - The company forecasts revenues of 3.459 billion yuan, 4.458 billion yuan, and 5.562 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 454 million yuan, 580 million yuan, and 724 million yuan for the same years [5][10]. Business Development - The company is responding to the "Action Plan for the Development of Humanoid Robot Industry in Anhui Province (2024-2027)" by enhancing its robot manufacturing capabilities [3]. - The lightweight component business has entered mass production, with significant year-on-year growth in supply quantities, indicating a strong ramp-up in production capacity [3]. Investment Outlook - The report projects earnings per share (EPS) of 2.17 yuan, 2.77 yuan, and 3.46 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 18, 14, and 11 [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 38.60 yuan on April 23, 2025 [6]. Core Views - The company's Q1 2025 performance met expectations, with revenue of 747 million yuan, a year-on-year increase of 47.76%, and a net profit attributable to shareholders of 97 million yuan, up 28.49% year-on-year [1][2]. - The company is accelerating its robot business expansion by establishing a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robot Co., Ltd., which will cover manufacturing, research, and sales [3]. - The equipment business has a robust order backlog of 3.856 billion yuan, reflecting a year-on-year increase of 12.78%, indicating strong demand and capacity utilization [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 25.00%, with a net profit margin of 14.88%. The sales, management, R&D, and financial expense ratios were 0.69%, 3.84%, 3.93%, and -0.05%, respectively [2]. - Revenue projections for 2025-2027 are estimated at 3.46 billion, 4.46 billion, and 5.56 billion yuan, with net profits of 450 million, 580 million, and 720 million yuan, respectively [4][5]. Business Development - The company is responding to the "Human Robot Industry Development Action Plan (2024-2027)" issued by the Anhui Provincial Department of Industry and Information Technology, aiming to build a significant industrial development hub by 2027 [3]. - The lightweight component business has entered mass production, with significant year-on-year growth in supply quantities, indicating a strong ramp-up in production capacity [3]. Valuation Metrics - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.17 yuan, 2.77 yuan, and 3.46 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 14, and 11 [4][5].

[Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·汽车零部件 瑞鹄模具（002997） 2025 年一季报点评：25Q1 净利润高增，可转 债扩产放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,877 | 2,424 | 3,332 | 4,610 | 5,880 | | 同比（%） | 60.73 | 29.16 | 37.43 | 38.38 | 27.55 | | 归母净利润（百万元） | 202.26 | 350.32 | 450.44 | 570.15 | 712.81 | | 同比（%） | 44.44 | 73.20 | 28.58 | 26.58 | 25.02 | | EPS-最新摊薄（元/股） | 0.97 | 1.67 | 2.15 | 2.72 | 3.41 | | P/E（现价&最新摊薄） | 39.95 | 23.06 | 17.9 ...

证券代码：002997 证券简称：瑞鹄模具 公告编号：2025-033 瑞鹄汽车模具股份有限公司 第四届监事会第三次会议决议的公告 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、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"）第四届监事会第三次会议 于 2025 年 4 月 23 日在公司会议室以现场结合通讯表决方式召开，监事张昊先生 以通讯方式出席本次会议。会议通知已于 2025 年 4 月 18 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、监事会会议审议情况 审议通过《关于公司 2025 年第一季度报告的议案》 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 （ww ...

证券代码：002997 证券简称：瑞鹄模具 公告编号：2025-032 瑞鹄汽车模具股份有限公司 瑞鹄汽车模具股份有限公司（以下简称"公司"）第四届董事会第三次会议 于 2025 年 4 月 23 日在公司会议室以现场结合通讯表决的方式召开，其中董事舒 晓雪先生、刘芳端先生、王洪俊先生及张冬花女士以通讯方式出席本次会议。会 议通知已于 2025 年 4 月 18 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 审议通过《关于公司 2025 年第一季度报告的议案》 表决结果：9 票赞成，0 票反对，0 票弃权。 本议案已经董事会审计委员会审议通过。 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《2025 年第一季度 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥747,115,379.40, representing a 47.76% increase compared to ¥505,629,804.75 in the same period last year[5] - Net profit attributable to shareholders was ¥97,437,239.05, up 28.49% from ¥75,831,523.17 year-on-year[5] - The basic earnings per share increased to ¥0.47, a rise of 23.68% from ¥0.38 in the previous year[5] - Total operating revenue for the current period reached ¥747,115,379.40, a significant increase of 47.6% compared to ¥505,629,804.75 in the previous period[21] - Net profit for the current period was ¥111,155,288.43, representing a 35.3% increase from ¥82,161,255.37 in the previous period[22] - Earnings per share (EPS) for the current period was ¥0.47, compared to ¥0.38 in the previous period, reflecting a growth of 23.7%[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,138,515,746.88, reflecting a 5.15% increase from ¥5,837,777,083.30 at the end of the previous year[5] - Total assets increased to ¥6,138,515,746.88, up from ¥5,837,777,083.30, indicating a growth of 5.1%[19] - Total liabilities rose to ¥3,554,435,647.52, compared to ¥3,367,541,650.75 in the previous period, marking an increase of 5.6%[19] - The company's equity attributable to shareholders increased to ¥2,263,807,421.47, up from ¥2,164,156,013.90, a growth of 4.6%[19] Cash Flow - Cash flow from operating activities showed a slight improvement, with a net cash outflow of -¥126,830,442.67, a 0.53% decrease in outflow compared to the previous year[5] - Operating cash inflow for the current period was CNY 481,332,032.09, an increase from CNY 440,642,891.23 in the previous period, reflecting a growth of approximately 9.3%[24] - Net cash outflow from operating activities was CNY -126,830,442.67, slightly improved from CNY -127,504,219.48 in the previous period[24] - Investment cash inflow totaled CNY 372,314,595.56, significantly higher than CNY 150,915,107.54 in the previous period, marking an increase of approximately 146.5%[25] - Net cash flow from investment activities was CNY 21,303,913.54, a turnaround from a net outflow of CNY -72,871,338.71 in the previous period[25] - Net cash flow from financing activities was negative at -¥36,776,851.64, a decline of 166.31% year-on-year, primarily due to reduced bank loan inflows[13] Investments and Expenditures - The company reported a significant increase in construction in progress, which surged by 211.79% to ¥199,883,833.09 due to the arrival of new equipment[9] - Cash paid for the purchase of fixed assets and intangible assets was CNY 61,920,232.02, down from CNY 86,786,446.25 in the previous period, indicating a decrease of approximately 28.7%[25] - Research and development expenses for the current period were ¥29,361,974.28, slightly up from ¥28,230,900.72 in the previous period[21] Shareholder Information - The total number of common shareholders at the end of the reporting period was 20,890, with the largest shareholder, Wuhu Hongbo Mould Technology Co., Ltd., holding 30.48% of shares[14] - The company plans to issue convertible bonds with a total fundraising amount not exceeding ¥880 million, with a maturity of 6 years from the issuance date[15] Other Financial Metrics - The company experienced a 1363.86% increase in credit impairment losses, totaling -¥10,205,455.29, due to higher provisions for bad debts[11] - The company received government subsidies amounting to ¥556,108.06, which positively impacted its financial performance[6] - The company received tax refunds totaling ¥9,821,326.93, reflecting a year-on-year increase of 117.35% attributed to higher VAT refunds[13] - The company reported an investment income of ¥17,310,176.35, down from ¥24,491,110.21 in the previous period, a decrease of 29.4%[22] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20] Inventory and Receivables - Accounts receivable rose by 34.85% to ¥598,598,499.96, driven by increased sales volume[9] - The company's inventory increased to ¥2,146,708,991.26, up from ¥2,039,093,125.85, reflecting a growth of approximately 5.3%[17] - The accounts receivable rose to ¥598,598,499.96, an increase of 35% from the previous period, indicating a growing customer base or extended credit terms[17] Audit Status - The company’s first quarter report was not audited, indicating a potential area for future scrutiny[26]

瑞鹄模具（002997）公告，2025年第一季度营收为7.47亿元，同比增长47.76%；净利润为9743.72万 元，同比增长28.49%。 ...

► 行业新技术：高阶智驾加速普及 高压快充重构体验 智能驾驶：高算力芯片与激光雷达大规模上车。吉利 领克 900 成为全球首款搭载 Thor 芯片的量产车型，双Orin-X芯片成主流配置；零跑B10等车型以激光雷达下探至 10万元级市场，推动智驾平权。 智能座舱：高通骁龙 8295P芯片规模化普及，覆盖15万元以上车型 （如小鹏 G7、零跑B10、比亚迪汉L/唐L、方程豹钛3、吉利银河星 耀8、极氪007 GT）； 电动化： 800V高压快充成标配，续航与补能效率突破。 比亚迪全域 1 , 000V平台、华为尊界S800支持6C超充，续航普遍突破700km。 高端化 ：本次车展华为、小米新车集中发力高端市场，华为尊界定位百万级豪华轿车，通过华为品牌力 +智能驾驶、座舱黑科技赋能品牌；小米SU7 Ultra定位巅峰性能科技轿 车，主打性能、操控、科技，通过技术赋能高端。 ► 新势力新趋势：科技巨头重塑格局 智驾体验定义竞争力 华为： 尊界 S800、问界M8、享界S9增程三箭齐发，以鸿蒙智驾+高压平台技术冲击豪华市场，定位覆盖30万元至百万元级。 小米： S U7 ultra亮相车展， 具备 最大 马力 154 ...

Core Viewpoint - The 2025 Shanghai International Automobile Industry Exhibition will be held from April 23 to May 2, 2025, with the theme "Embrace Innovation, Win the Future," showcasing over 1,000 global enterprises and more than 100 new car launches, highlighting the industry's transformation and technological advancements [1][10]. Industry New Technologies - Advanced intelligent driving technologies are accelerating, with high-performance chips and LiDAR becoming mainstream. Geely's Lynk & Co 900 is the first mass-produced model equipped with the Thor chip, while models like Leapmotor B10 are introducing LiDAR technology to the 100,000 yuan market [2][21]. - The adoption of 800V high-voltage fast charging is becoming standard, with companies like BYD and Huawei leading the way, achieving ranges exceeding 700 km and charging efficiencies [2][27]. - The high-end market is seeing significant entries from tech giants like Huawei and Xiaomi, with models like Huawei's Aito S800 and Xiaomi's SU7 Ultra targeting luxury segments [2][3]. New Forces and Trends - Tech giants are reshaping the competitive landscape, with Huawei launching multiple models aimed at the luxury market, while new players like Xiaopeng, Li Auto, and Leapmotor are focusing on intelligent upgrades to penetrate mainstream markets [3][8]. - New energy vehicle brands are showcasing their strengths, with models like Xiaopeng G7 and Li Auto i8 emphasizing advanced intelligent driving capabilities [3][19]. Domestic Brand Trends - Domestic brands are leveraging technology to move upmarket, with BYD's Han L and Tang L featuring advanced intelligent driving systems and extended-range capabilities [4][19]. - Geely is expanding its market presence with models like the Galaxy Star 8 and Lynk & Co 900, focusing on hybrid and intelligent technologies [4][19]. - Companies like Changan, Great Wall, and SAIC are diversifying their product offerings, emphasizing high-end and technologically advanced vehicles [4][19]. Investment Recommendations - The report recommends investing in quality domestic brands that are accelerating in intelligence and globalization, specifically BYD, Geely, Xiaopeng, and Li Auto, while also suggesting to monitor Xiaomi Group [5]. - In the parts sector, it highlights new force supply chains and recommends companies like H Chain, T Chain, and intelligent driving component manufacturers [5].

证券代码：002997 证券简称：瑞鹄模具 公告编号：2025-031 瑞鹄汽车模具股份有限公司 2024年年度股东大会决议公告 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。 特别提示： 1.本次股东大会无否决提案的情形。 2.本次股东大会未涉及变更以往股东大会已通过的决议。 3.本公告中的百分比均保留四位小数，若各分项数值之和、合计数值存在尾 差，均为四舍五入原因造成。 一、会议召开和出席情况 1.会议召集人：瑞鹄汽车模具股份有限公司（以下简称"公司"）董事会； 2.会议主持人：公司董事长柴震先生； 3.现场会议召开时间：2025年4月14日（星期一）14:30； 4.现场会议召开地点：瑞鹄汽车模具股份有限公司会议室； 5.网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的具体时间为2025年4月14 日的交易时间，即9:15-9:25，9:30—11:30和13:00—15:00； （2）通过深圳证券交易所互联网投票系统进行网络投票的开始时间为2025 年4月14日上午9:15，结束时间为2025年4月14日下午15:00。 6.召开方式：现 ...