Core Viewpoint - The company reported strong Q1 2025 performance with a net profit of 0.97 billion yuan, meeting expectations, and is positioned to benefit from the robotics industry in Anhui and Chery [1][5]. Financial Performance - Q1 2025 revenue reached 7.5 billion yuan, showing a year-on-year increase of 47.8% and a quarter-on-quarter increase of 7.0% [1]. - The equipment business generated 4.9 billion yuan in revenue, up 23.6% year-on-year, while the parts business saw revenue of 2.4 billion yuan, a significant increase of 155% year-on-year, driven by Chery's Q1 sales of 620,000 vehicles, up 17.1% year-on-year [1]. - The net profit attributable to shareholders was 0.97 billion yuan, with a year-on-year increase of 28.5% but a slight quarter-on-quarter decrease of 0.3% [1]. - The gross profit margin stood at 25.0%, with a year-on-year increase of 1.3 percentage points, remaining stable compared to the previous year [1]. Cost Structure - The total expense ratio for Q1 2025 was 8.4%, reflecting a decrease of 3.3 percentage points year-on-year [2]. Order Backlog - As of the end of Q1 2025, the company had an order backlog exceeding 4.2 billion yuan, indicating strong growth compared to 3.86 billion yuan at the end of 2024 [3]. Strategic Initiatives - The company established a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robotics Co., Ltd., to deepen its involvement in the robotics industry, focusing on the development and production of industrial and intelligent robots [4]. - The company aims to enhance its system integration capabilities in the automotive manufacturing sector and is working on smart collaborative robots and automated production lines [4]. Investment Outlook - The company is positioned as a core supplier within Chery's supply chain, with a favorable outlook on the potential value release from its robotics "option" [5]. - Projected net profits for 2025-2027 are estimated at 4.50 billion yuan, 5.45 billion yuan, and 6.77 billion yuan, representing year-on-year growth rates of 29%, 21%, and 24% respectively [5].

0 1 事 件 概 述 公司披露2025年一季度报告，2025年一季度营收7.47亿元，同比+47.76%；归母净利润0.97亿元，同比 +28.49%；扣非归母净利0.93亿元，同比+31.41%。 0 2 分 析 判 断 ► 25Q1 业绩符合预期 大客户奇瑞销量高增 1 ）营收端 ： 2025Q1 营收 7.47 亿元，同比 +47.76% ，环比 +6.98% 。 2025Q1 公司大客户奇瑞销量 为 620,025 辆，同比 +17.94% ，环比 -27.15% 。重点车型智界 R7 Q1 销量为 28,690 辆 ， 环 比 -15.33% ，公司营收端环比逆势提升。 2 ）利润端 ： 2025Q1 公司实现归母净利润 0.97 亿元，同比 +28.49% ， 环 比 -0.31% ， 符 合 预 期 。 公 司 2025Q1 毛 利 率 为 25.00% ， 同 环 比 分 别 +1.27pct/-1.81pct ，净利率为 14.88% ，同环比分别 -1.37/-2.03pct ，系产品结构改变影响。 3 ）费 用端 ： 2025Q1 销售 / 管理 / 研发 / 财务费用率分别为 0.6 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's Q1 2025 performance met expectations, with revenue of 750 million yuan, a year-on-year increase of 47.8% and a quarter-on-quarter increase of 7.0%. The net profit attributable to the parent company was 100 million yuan, up 28.5% year-on-year but down 0.3% quarter-on-quarter [1] - The strong performance is attributed to increased downstream demand and the accelerated release of new product capacity. The domestic new energy vehicle sales in Q1 reached 3.075 million units, a year-on-year increase of 47%, with Chery's sales at 620,000 units, up 17.1% year-on-year, including 164,000 new energy vehicles, which saw a significant increase of 172% year-on-year [1] - The company has a robust order backlog, with 3.9 billion yuan in hand orders as of the end of 2024, representing a year-on-year increase of 13%, which supports future growth [2] Financial Performance - For the fiscal year 2023, the company reported revenue of 1.877 billion yuan, with a year-on-year growth rate of 60.7%. The net profit attributable to the parent company was 202 million yuan, reflecting a year-on-year growth of 44.4% [4] - The projected net profits for 2025, 2026, and 2027 are 450 million yuan, 556 million yuan, and 712 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 15, and 11 [3] - The company is expected to maintain a gross profit margin of 25.0% in Q1 2025, which is an increase of 1.3 percentage points year-on-year [1] Business Development - The company has launched four integrated die-casting products and three dynamic total parts models, supplying 770,000 parts, which is a year-on-year increase of 125%. The supply of welding parts reached 58.88 million units, up 210% year-on-year [2] - The establishment of a wholly-owned subsidiary focused on industrial and intelligent robot manufacturing aims to tap into the growing robotics market, aligning with regional development plans [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's Q1 2025 performance met expectations, with revenue of 750 million yuan, a year-on-year increase of 47.8%, and a net profit of 100 million yuan, up 28.5% year-on-year [1] - The strong performance is attributed to increased downstream demand and the accelerated release of new product capacities [1] - The company has a robust order backlog of 3.9 billion yuan, ensuring future growth [2] - The establishment of a subsidiary focused on robotics is seen as a new growth driver, aligning with regional industrial development plans [2] Financial Performance Summary - Revenue projections for 2025-2027 are 3.8 billion, 4.7 billion, and 6.0 billion yuan, respectively, with corresponding net profits of 450 million, 556 million, and 712 million yuan [3][4] - The company’s gross margin for Q1 2025 was 25.0%, a year-on-year increase of 1.3 percentage points [1] - The projected P/E ratios for 2025-2027 are 18, 15, and 11 times, indicating a favorable valuation trend [3][4] Business Development Summary - The company has launched four integrated die-casting products and three dynamic total parts, with supply quantities increasing significantly [2] - The lightweight business has 16 models in mass production and three projects under development, with ongoing capacity expansion to meet customer demand [2] - The robotics subsidiary aims to tap into the growing market, with the local industry showing significant output and growth potential [2]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a significant increase in net profit for Q1 2025, reaching 97 million yuan, a year-on-year increase of 28.49% [2] - Revenue for Q1 2025 was 747 million yuan, up 47.76% year-on-year and 6.98% quarter-on-quarter, driven by increased mold deliveries and concentrated deliveries of the ZhiJie R7 [2] - The gross margin for Q1 2025 was 25.00%, an increase of 1.26 percentage points year-on-year, while the net margin was 14.88%, a decrease of 1.37 percentage points year-on-year [2] Financial Performance Summary - The company expects total revenue to grow from 2,424 million yuan in 2024 to 5,880 million yuan in 2027, with a compound annual growth rate (CAGR) of 27.55% [4] - The projected net profit for 2025 is 450 million yuan, with an EPS of 2.15 yuan, and a P/E ratio of 17.94 [4] - The automotive parts business is rapidly expanding, with a backlog of orders amounting to 3.856 billion yuan as of 2024, a 12.78% increase from the previous year [3] Investment and Expansion Plans - The company plans to issue 880 million yuan in convertible bonds to accelerate the expansion of its lightweight automotive components and intelligent manufacturing systems [3] - The company is enhancing its capabilities in AI technology for mold design and developing smart collaborative robots to improve production efficiency [3]

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 ...