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]

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]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][3]. Core Views - The company is positioned to benefit from the growing demand for lightweight automotive components, leveraging its long-standing relationship with Chery and expanding its product lines in the automotive equipment manufacturing sector [1][2]. - The company has seen significant growth in its automotive parts revenue, with a notable increase in orders and production capacity, particularly in lightweight components [1][2][18]. - The automotive equipment manufacturing sector is experiencing a surge in demand due to the rapid iteration of new vehicle models, especially in the electric vehicle segment, which is driving the need for advanced molds and automated production lines [2][22][24]. Summary by Sections 1. Entry into Lightweight Industry and Continuous Product Line Expansion - The company has over 20 years of experience in the automotive equipment manufacturing industry, focusing on stamping molds and automated welding production lines, and has established itself as a one-stop supplier for high-end automotive manufacturing equipment and lightweight components [1][14]. - The company has formed a joint venture with Chery to expand its lightweight parts business, which includes aluminum alloy components and integrated casting parts [1][14][18]. 2. Stable Growth in Performance with New Business Opportunities - The company has shown a compound annual growth rate (CAGR) of 16.6% in revenue from 2018 to 2023, with a significant increase in both revenue and net profit in the first half of 2024 [18][20]. - The automotive lightweight parts segment is expected to become a new growth driver, with revenue from this segment increasing to 2.6 billion yuan in the first half of 2024, accounting for 23% of total revenue [1][18]. 3. Growth in Equipment Manufacturing Demand and Capacity Breakthrough - The demand for automotive molds is expected to grow due to the accelerated introduction of new vehicle models, particularly in the electric vehicle market, which has seen an annual increase in new models [22][24]. - The company has a strong order backlog of 39.3 billion yuan in the automotive manufacturing equipment sector, reflecting a 15% increase from the previous year [2][18]. 4. Accelerating Layout in Lightweight Field for New Growth Curve - The lightweight technology is becoming increasingly important for improving fuel efficiency and extending the range of electric vehicles, with the domestic penetration rate of new energy vehicles expected to reach 37.1% by 2024 [28]. - The company is well-positioned to capitalize on the growing demand for lightweight components, supported by its strategic partnership with Chery and its established market presence [1][2][28].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 36.52 RMB [7]. Core Views - The company achieved a record high profit in Q3, driven by stable growth in its equipment business and increased production from major automotive client Chery [1][2]. - The company’s revenue for Q3 was 605 million RMB, representing a year-over-year increase of 37.97% and a quarter-over-quarter decrease of 1.68%. The net profit attributable to the parent company was 90.84 million RMB, up 41.61% year-over-year and up 5.74% quarter-over-quarter [1]. - For the first three quarters of 2024, the company reported a revenue of 1.726 billion RMB, a year-over-year increase of 32.99%, and a net profit of 253 million RMB, reflecting a year-over-year increase of 63.66% [1]. Summary by Sections Q3 Performance - The company’s Q3 performance met expectations, with significant contributions from the equipment business and increased production from Chery, which saw a sales increase of 29% year-over-year [2][4]. - The company’s cost control measures and reduced asset impairment losses contributed to a higher net profit growth rate compared to revenue growth [2]. Equipment Business Outlook - The equipment manufacturing business has a robust order backlog, with orders amounting to 3.93 billion RMB as of June 2024, a 15% increase from the end of 2023 [2][3]. - The company is well-positioned to benefit from the industry's shift towards platform-based and electric intelligent vehicles, which is expected to drive long-term growth in its equipment business [3]. Lightweight Automotive Parts - The company is exploring opportunities in the lightweight automotive parts sector, having developed products for Chery that include stamping parts and high-pressure die-cast aluminum components [4]. - The sales growth of Chery, which increased by 41% year-over-year in the first three quarters of 2024, is expected to enhance the company’s performance in the automotive parts segment [4]. Profit Forecast and Valuation - The net profit forecasts for 2024, 2025, and 2026 have been adjusted to 347 million RMB, 439 million RMB, and 529 million RMB, respectively [5]. - The company is assigned a price-to-earnings (PE) ratio of 22 times for 2024, leading to a target price of 36.52 RMB [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4]. Core Views - The company achieved significant year-on-year growth in Q3 2024, with revenue reaching 6.05 billion yuan, up 37.97% year-on-year, and a net profit of 0.91 billion yuan, up 41.61% year-on-year [1]. - The automotive manufacturing equipment business has a solid order backlog of 3.93 billion yuan, representing a 14.95% increase from the end of the previous year, providing a strong foundation for revenue growth [2]. - The collaboration with Chery on the launch of the ZhiJie R7 electric SUV is expected to contribute significantly to revenue starting in Q4 2024, with pre-orders exceeding 6,300 units [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 1.726 billion yuan, a 32.99% increase year-on-year, and a net profit of 253 million yuan, a 63.66% increase year-on-year [1]. - The gross margin for Q3 2024 was 24.54%, with a net margin of 17.21%, reflecting a year-on-year increase of 1.61 percentage points [1]. - The company forecasts net profits of 349 million yuan, 434 million yuan, and 568 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 15, and 12 [3]. Business Development - The lightweight component business is entering mass production, with various products like aluminum alloy integrated die-casting body structure components and high-strength plates expected to drive revenue growth [2]. - The company’s automotive lightweight components accounted for approximately 20% of revenue in Q1 2024, contributing positively to the overall revenue growth for the first three quarters [2].

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]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's earnings are steadily increasing, with performance meeting expectations. For the first three quarters of 2024, the company achieved revenue of 1.73 billion yuan, a year-on-year increase of 33%. The net profit attributable to shareholders was 250 million yuan, up 63.7% year-on-year [1] - The revenue growth is driven by both equipment and lightweight parts businesses, with Q3 revenue reaching 610 million yuan, a 38% increase year-on-year [1] - The company has a solid order backlog supporting growth, with significant orders from both traditional domestic brands and new energy vehicle manufacturers [1] Financial Summary - Revenue (in million yuan): - 2022A: 1,168 - 2023A: 1,877 - 2024E: 2,678 - 2025E: 3,766 - 2026E: 4,529 - Year-on-year growth rates: - 2023A: 61% - 2024E: 43% - 2025E: 41% - 2026E: 20% [1] - Net profit (in million yuan): - 2022A: 140 - 2023A: 202 - 2024E: 359 - 2025E: 456 - 2026E: 573 - Year-on-year growth rates: - 2023A: 44% - 2024E: 78% - 2025E: 27% - 2026E: 26% [1] - Earnings per share (in yuan): - 2023A: 0.97 - 2024E: 1.72 - 2025E: 2.18 - 2026E: 2.74 [1] Business Highlights - The equipment business continues to break into mainstream luxury clients internationally, with increasing orders from domestic market leaders and new energy vehicle manufacturers [1] - The lightweight parts business has entered mass production, with significant revenue contributions expected from aluminum alloy integrated die-casting components [1] - The company is positioned to benefit from the acceleration of model launches and the strengthening of domestic production trends, enhancing the value per vehicle [1]

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 ...