Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 37.92 [8][6]. Core Insights - The company's Q2 performance shows robust growth, driven by increased production from major clients and the release of equipment business orders [2][6]. - The equipment manufacturing business has secured orders from major luxury brands and domestic leading automakers, indicating a strong order backlog and potential for revenue growth [3][6]. - The company is expected to benefit from the release of existing orders and the expansion of key clients' production capacities, particularly in the context of the automotive industry's shift towards electric and intelligent vehicles [3][6]. Financial Projections - Revenue is projected to grow from RMB 1,168 million in 2022 to RMB 4,399 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 36.5% [4][10]. - Net profit attributable to the parent company is expected to increase from RMB 140.05 million in 2022 to RMB 473.57 million in 2026, with a CAGR of around 36.5% [4][10]. - The report forecasts an EPS growth from RMB 0.67 in 2022 to RMB 2.26 in 2026, indicating strong earnings growth potential [4][10]. Business Performance - The automotive lightweighting business has begun to ramp up, contributing to the company's growth trajectory [22][21]. - The company has validated its capabilities in automotive lightweighting and is positioned to capture more orders due to its established relationships with major clients [7][21]. - The report highlights the company's strategic location in the Anhui automotive cluster, which provides logistical advantages for large structural components [7][21].

Financial Performance - The company's net profit attributable to shareholders is expected to be between 154 million and 170 million CNY, representing a year-on-year growth of 70.76% to 88.51% compared to 90.18 million CNY in the same period last year[9] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 144 million and 160 million CNY, indicating a year-on-year increase of 84.42% to 104.91% from 78.08 million CNY last year[9] - Basic earnings per share are anticipated to be between 0.75 CNY and 0.83 CNY, compared to 0.49 CNY per share in the same period last year[9] Order Backlog - The company's order backlog for automotive manufacturing equipment was 3.419 billion CNY at the end of 2023, reflecting a growth of 12.84% from the end of 2022, which is expected to contribute to increased business scale in the first half of 2024[10] Investment Income - Investment income and other income for the first half of 2024 are expected to increase year-on-year[14]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [42]. Core Insights - The company is a leading player in the automotive mold industry, capable of providing comprehensive high-end manufacturing equipment, intelligent manufacturing technology, and overall solutions for automotive body structures [51][67]. - The company has been expanding its business into the lightweight automotive parts sector, which is expected to drive growth in its second growth curve [45][67]. - The company has established strong partnerships with both domestic and international clients, enhancing its market position [54][77]. Summary by Sections 1. Automotive Mold Leader and Lightweight Expansion - The company has over 20 years of experience in automotive equipment manufacturing and has recently ventured into lightweight components [45][71]. - It has formed a deep collaboration with Chery, enhancing the certainty of its lightweight business development [46][67]. - The company’s revenue for 2023 reached 1.877 billion yuan, a year-on-year increase of 60.7%, with a compound annual growth rate (CAGR) of 34.02% from 2021 to 2023 [58]. 2. New Energy Vehicles and Lightweight Trends - The sales of new energy vehicles in China reached 9.495 million units in 2023, a year-on-year increase of 37.87%, with expectations to reach 11.5 million units in 2024 [60]. - The penetration rate of new energy vehicles in China is projected to increase from 30.5% in 2023 to 40% in 2024 [60]. - The global automotive manufacturing equipment market is expected to reach $11.4 billion by 2028, with a CAGR of 11.1% during the forecast period [60]. 3. Dual-Driven Growth from Lightweight and Equipment Manufacturing - The company has a clear equity structure, with Chery Technology as its second-largest shareholder, facilitating close cooperation [55]. - The lightweight components business is expected to contribute significantly to revenue growth, with a projected income share of around 20% by Q1 2024 [38]. - The company’s gross profit margin has remained stable above 20% from 2017 to 2023, indicating strong operational efficiency [58]. 4. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 348 million yuan, 470 million yuan, and 610 million yuan for the years 2024, 2025, and 2026, respectively [39]. - The earnings per share (EPS) are projected to be 1.66 yuan, 2.25 yuan, and 2.91 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 19.8, 14.7, and 11.3 [39].

证券代码：002997 证券简称：瑞鹄模具 公告编号：2024-065 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 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"）与徽商银行股份有限公司 芜湖天门山支行（以下简称"徽商银行"）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"）与徽商银行在 2024 年 7 月 5 日至 2025 年 6 月 18 日止的期间内办理各类融资业务提供连带责任保证 担保，保证期间为主合同项下单笔债务履行期限届满之日起三年。前述担保最高 额人民币 1,020 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向其他融资机构融资事项等提供担保，合计担保额度不超 过人民币 65,000 万元，其中向资产负债率为 70%以上的担保对象提供的担保额 ...

证券代码：002997 证券简称：瑞鹄模具 公告编号：2024-064 瑞鹄汽车模具股份有限公司 董事会 瑞鹄汽车模具股份有限公司 关于控股股东非公开发行可交换公司债券 发行完成的公告 2024年7月3日 瑞鹄汽车模具股份有限公司（以下简称"公司"）控股股东芜湖宏博模具科 技有限公司（以下简称"宏博科技"）拟以其所持有的部分公司股票为标的非公 开发行可交换公司债券（以下简称"本次可交换债券"）, 详情见本公司于2024 年3月16日在指定信息披露媒体及巨潮资讯网（www.cninfo.com.cn）披露的《关 于控股股东拟非公开发行可交换公司债券获得无异议函的公告》（公告编号： 2024-018）。 公司收到宏博科技通知，本次可交换债券已于2024年7月1日完成发行。本次可交 换债券的债券简称为"24宏博EB"，债券代码为"117224.SZ"，实际发行规模为1.90 亿元，债券期限为3年，票面利率为0.01%。本次可交换债券初始换股价格为35.50元/股， 换股期限自2025年1月2日至可交换债券到期日前一个交易日止，即2025年1月2日至2027 年6月30日止。如为法定节假日或休息日，则顺延至下一个交易 ...

Financial Data and Key Metrics Changes - The company reported a profit level of approximately 300 million, with around 200 million coming from mold and production lines, and about 100 million from investment income [5][6][34] - The overall sales volume for the first half of the year reached approximately 1.1 million units, representing a year-on-year growth of 48%, with domestic sales growing by 60% [33][34] Business Line Data and Key Metrics Changes - The stamping business is expected to grow from 300 million this year to 500-600 million next year, and potentially reach 1 billion in the following year, with a net profit margin increasing from 5-6% to 7-8% [2][3][4] - The company is investing over 200 million in the stamping parts business to enhance production efficiency and profitability [1][2] Market Data and Key Metrics Changes - The overall sales for Chery reached 200,000 units in June, with a year-on-year increase of 38%, and the export volume accounted for approximately 50% [33] - The company anticipates that the new energy vehicle segment will significantly contribute to sales growth, with last year's total sales of 100,000 units expected to increase substantially this year [34][45] Company Strategy and Development Direction - The company aims to leverage its deep cooperation with Chery to expand its market presence, particularly in overseas markets, and expects capital expenditures to support long-term growth [15][42] - The focus is on enhancing the integrated die-casting business, which is seen as a key area for future revenue growth [20][21] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming models and their potential to exceed market expectations, particularly in the context of new energy vehicles [16][37] - The company is confident in its ability to maintain a competitive edge in the stamping and mold sectors, supported by strong relationships with major clients [6][18] Other Important Information - The company has a strong order backlog of over 4 billion, indicating robust demand for its products [18] - The company is also focusing on expanding its product offerings in the new energy vehicle market, which is expected to drive future growth [49][50] Q&A Session Summary Question: What is the outlook for the new energy vehicle segment? - Management indicated that the new energy vehicle segment is expected to see significant growth, with strong demand and positive market feedback [34][45] Question: How does the company plan to enhance its profitability? - The company plans to increase investment in high-efficiency production lines and expand its product offerings to improve profit margins [2][5] Question: What are the expectations for the upcoming models? - Management is optimistic about the new models, particularly the SUV and sedan, which are expected to perform well in the market [21][37]

国投证券股份有限公司 关于瑞鹄汽车模具股份有限公司 募投项目延期结项的核查意见 国投证券股份有限公司（以下简称"国投证券"、"保荐机构"）作为瑞鹄 汽车模具股份有限公司（以下简称"瑞鹄模具"、"公司"）公开发行可转换公司债 券的保荐机构，根据《可转换公司债券管理办法》《证券发行上市保荐业务管理 办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》及 《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》等有关 规定，对瑞鹄模具募投项目延期结项事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理《关于核准瑞鹄汽车模具股份有限公司公开发行可转公 司债券的批复》（证监许可[2022]1037 号）核准，公司于 2022 年 6 月通过公开发 行的方式发行面值总额为 439,800,000.00 元的可转换公司债券，债券期限为 6 年。 截至 2022 年 6 月 28 日，公司可转换公司债券募集资金总额为人民币 439,800,000.00 元，扣除发行费用人民币 6,913,924 ...

国投证券股份有限公司 关于瑞鹄汽车模具股份有限公司 转让参股公司股权暨关联交易的核查意见 国投证券股份有限公司（以下简称"国投证券"、"保荐机构"）作为瑞鹄 汽车模具股份有限公司（以下简称"瑞鹄模具"、"公司"）公开发行可转换公司债 券的保荐机构，根据《可转换公司债券管理办法》《证券发行上市保荐业务管理 办法》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运 作》及《深圳证券交易所上市公司自律监管指引第15号——可转换公司债券》等 有关规定，对瑞鹄模具转让参股公司股权暨关联交易的事项进行了审慎核查，具 体情况如下： 一、股权转让暨关联交易概述 2024年6月27日，公司与芜湖奇瑞科技有限公司（以下简称"奇瑞科技"）签 署了《股权转让协议》，拟向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"、"标的公司"）全部40%的股权（对应86,218,458.00 元出资额，其中43,110,000.00元实缴出资额，43,108,458.00元认缴但尚未实缴的 出资额）。 经容诚会计师事务所（特殊普通合伙）对达奥公司2023年度财务状况进行审 计，并于2024年5月6日出具的 ...

证券代码：002997 证券简称：瑞鹄模具 公告编号：2024-063 瑞鹄汽车模具股份有限公司 第三届监事会第十八次会议决议的公告 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"）第三届监事会第十八次会 议于 2024 年 6 月 27 日以现场投票与通讯表决相结合的方式召开，会议通知已于 2024 年 6 月 22 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 1、审议通过《关于募投项目延期结项的议案》。 经审议，为了合理、有效地使用募集资金，保证项目全面、稳步推进，公司 将募投项目"新能源汽车轻量化车身及关键零部件精密成形装备智能制造工厂建 设项目（一期）"的建设周期从 2024 年 6 月延期至 2025 年 6 月。 表决 ...

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。 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 第二十一次会议和第三届监事会第十八次会议，审议通过了《关于募投项目延期结项的 议案》，同意公司在募投项目实施内容、实施主体、投资用途及规模不变的情况下，对 公司可转债募投项目"新能源汽车轻量化车身及关键零部件精密成形装备智能制造工厂 建设项目（一期）"达到预定可使用状态的日期进行延期。本次募投项目延期已经公司 独立董事专门会议审议，保荐机构出具了无异议的核查意见。本次募投项目延期事项无 需提交股东大会审议。现将具体情况公告如下： 证券代码：002997 证券简称：瑞鹄模具 公告编号：2024-059 瑞鹄汽车模具股份有限公司 关于募投项目延期结项的公告 | 新能源汽车轻量化车身 | | | | | --- | --- | --- | --- | | 及关键零部件精密成形 | 43,288.61 | 23,244.88 | 53.70% | | 装备智能制造工厂建设 | | | | | 项目（一期） | | | | 注：其中募集资金 ...