瑞鹄汽车模具股份有限公司（以下简称"公司"）已于 2025 年 3 月 25 日在 巨潮资讯网(http://www.cninfo.com.cn)披露了《2024 年年度报告》。为便于广 大投资者更深入全面地了解公司情况，进一步加强与投资者的沟通，做好投资者 关系管理工作，公司定于 2025 年 4 月 10 日（星期四）15:00-17:00 在全景网举 办 2024 年度网上业绩说明会，本次年度业绩说明会将采用网络文字交流的方式 举行，投资者可登录全景网"投资者关系互动平台"（http://ir.p5w.net），在 线参与本次年度业绩说明会。 一、业绩说明会安排 1、召开时间：2025 年 4 月 10 日（星期四）15:00-17:00。 2、召开方式：采用网络文字交流的方式。 证券代码：002997 证券简称：瑞鹄模具 公告编号：2025-029 瑞鹄汽车模具股份有限公司 关于举行 2024 年度网上业绩说明会的公告 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。 3、参会方式：投资者可登录全景网"投资者关系互动平台" （http://ir.p5w. ...

Investment Rating - The report maintains an "Accumulate" rating with a target price raised to 56.51 CNY, up from the previous 45.25 CNY [1][11]. Core Insights - The company's 2024 annual performance meets expectations, with significant growth anticipated from both existing and new business segments, particularly in the smart robotics field [2][11]. - The company plans to issue convertible bonds to raise up to 880 million CNY, aimed at expanding production capacity and entering the smart robotics market [11]. Financial Summary - For 2024, the company is projected to achieve revenue of 2.424 billion CNY, a year-on-year increase of 29.2%, and a net profit of 350 million CNY, representing a 73.2% growth [4][11]. - The earnings per share (EPS) forecast for 2025 and 2026 is set at 2.26 CNY and 2.90 CNY, respectively, with a new forecast for 2027 at 3.47 CNY [11]. - The net profit margin is expected to improve, with the return on equity (ROE) projected to be 16.2% in 2024 and 18.9% in 2025 [4][11]. Business Development - The automotive manufacturing equipment business is expected to see increased order deliveries in 2024, contributing to revenue growth [11]. - The automation production line and robotics system innovations are anticipated to enhance business performance [11]. - The automotive parts business is projected to generate revenue of 730 million CNY in 2024, a 153.89% increase year-on-year [11]. Market Position - The company has a total market capitalization of 8.457 billion CNY, with a current stock price of 40.40 CNY [5][11]. - The stock has traded within a range of 25.30 CNY to 48.30 CNY over the past 52 weeks [5]. Future Outlook - The company is well-positioned for future growth, particularly with the support of local government policies promoting the humanoid robotics industry [11]. - The issuance of convertible bonds is expected to facilitate further exploration in the smart robotics sector, enhancing overall growth potential [11].

风险提示：主要客户销量下行风险；新业务盈利不及预期等。 拟发行可转债，扩充产能与进军智能机器人领域。3 月24 日公司公告称拟向不特定对象发行可转债募资 不超过8.8 亿元，扣除发行费用后用于新能源汽车一体压铸车身智能制造项目（产能20 万套/年）、新 能源汽车轻量化车身总成件项目（产能40 万套/年）、智能机器人与智能制造系统整体解决方案研发及 产业化项目（产能3000 台套/年）、补充流动资金。可转债项目有利于扩充公司零部件和装备制造产 能，也有利于对智能机器人领域做更多探索。随着安徽省出台政策大力支持人形机器人产业发展，公司 进军智能机器人新领域有望打开增长空间。 上调目标价至 56.51 元，维持增持评级。公司 2024 年利润大幅增长，未来前景向好。维持公司 2025/2026 年EPS 预测为2.26/2.90 元，新增2027 年EPS 预测为3.47 元。考虑到公司零部件业务的高速增 长，给予公司2025 年25 倍PE，高于公司平均，上调目标价至56.51元（原为45.25 元）。 2024 全年业绩符合预期，新老业务双轮驱动。公司2024 年实现收入24.2 亿元，同比增加29.2%，归母 ...

制图：佘诗婕 星标 ★ IPO日报 精彩文章第一时间推送 据IPO日报汇总，3月24日至3月30日，即上周一周内，多家上市公司发布发行可转债募资公告。其中，3月28日，三友化工（600409.SH）拟公开发 行公司债券，规模不超过9亿元，美力科技（300611.SZ）拟发行可转债募资不超过3亿元。 另外，3月28日，上交所和深交所修订并发布了《上海证券交易所公司债券发行上市审核规则适用指引第3号——审核重点关注事项（2025年修订）》、 《深圳证券交易所公司债券发行上市审核业务指引第2号——审核重点关注事项（2025年修订）》，旨在进一步强化公司债券（含企业债券）发行准入监 管，提升审核透明度，推动市场高质量发展。 3月24日至3月30日发债情况汇总 制图：李昕 三家5年内多次募资 上周，多家上市公司发布公告，拟通过发行可转换债券募资，涵盖新能源汽车、跨境电商、机器人等领域，IPO日报整理发现，无锡振华 （605319.SH）、瑞鹄模具（002997.SZ）和双乐股份（301036.SZ）均为上市5年内多次募资。目前无锡振华发行可转债申请获上交所通过。 3月26日，无锡振华公告称，公司向不特定对象发行可转换公 ...

证券研究报告 瑞鹄模具 (002997 CH) 24 年业绩符合预期,布局机器人加速 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 31 日│中国内地 | 汽车零部件 | 公司发布年报，2024 年实现营收 24.24 亿元（yoy+29.16%），归母净利 3.50 亿元（yoy+73.20%），扣非净利 3.24 亿元（yoy+75.85%）。其中 Q4 实现 营收 6.98 亿元（yoy+20.56%，qoq+15.44%），归母净利 9774.36 万元 （yoy+103.91%，qoq+7.60%）。公司充分受益大客户车型放量、自身规模 效应释放与降本增效显著，我们预计公司 25-27 年净利润为 4.4/5.5/5.8 亿 元，可比公司 25 年平均 PE 为 23 倍，给予公司 25 年 23 倍 PE，对应目标 价 48.3 元，维持增持评级。 24Q4 业绩创上市以来新高，受益大客户车型放量与自身释放规模效应 公司实现基本盘业务稳增长，汽零持续释放弹性，并加大降本增效，盈利能 力持续改善，24 年毛利率/归母净利 ...

瑞鹄模具系列 车中旭霞 深度报告 《国信证券-华为行业专题-三种模式赋能车企，打造中国智能汽车品牌》 ——20240314 点评报告 《国信证券- 瑞鹄模具-002997.SZ- 2024年净利润同比增长73%，零部件+机器人加速拓展》 —— 20250329 《国信证券- 瑞鹄模具-002997.SZ- 零部件新业务稳定放量，三季度净利率同环比提升》 —— 20241023 《国信证券-瑞鹄模具-002997.SZ-新业务稳定放量，二季度归母净利润同比增长82%》 —— 20240821 《国信证券- 瑞鹄模具-002997.SZ- 一季度归母净利润同比增长77%，单季度业绩创新高》 —— 20240424 核心观点 公司2024年业绩同比增长73%，营收增速超越行业25.3pct 2024年公司实现毛利率25.01%，同比+3.35pct；归母净利率14.43%，同比提升3.7pct。盈利能力提升来自数字化制造+内部管理效率提升+原材料利好。2024年公司装备 业务启动将AI技术应用于覆盖件模具设计，持续提高模具开发效率、缩短周期，同时零部件业务加速起量，规模效应逐季兑现。 自主品牌出海+协作机器人有望加 ...

证券研究报告 | 2025年03月28日 瑞鹄模具（002997.SZ） 优于大市 2024 年净利润同比增长 73%，零部件+机器人加速拓展 公司 2024 年业绩同比增长 73%，营收增速超越行业 25.3pct。瑞鹄模具 2024 年实现营收 24.24 亿元，同比+29%，超越行业 25pct（24 年国内汽车产量同 比增长 3.7%）；实现归母净利润 3.5 亿元，同比+73%；单季度看，24Q4 收 入6.98 亿元，同比+21%，环比+15%；实现归母净利润0.98 亿元，同比+103.9%， 环比+7.6%。截至 24 年底，公司装备业务在手订单 38.56 亿元，同比+12.78%。 数字化制造+内部管理效率提升+原材料利好，公司归母净利率同比+3.7pct。 2024 年公司实现毛利率 25.01%，同比+3.35pct；归母净利率 14.43%，同比 提升 3.7pct。盈利能力提升来自数字化制造+内部管理效率提升+原材料利 好。2024 年公司装备业务启动将 AI 技术应用于覆盖件模具设计，持续提高 模具开发效率、缩短周期，同时零部件业务加速起量，规模效应逐季兑现。 自主品牌出海+协作 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company's performance in 2024 met expectations, with revenue reaching 2.424 billion yuan, a year-on-year increase of 29.16%, and a net profit attributable to shareholders of 350 million yuan, up 73.20% year-on-year [1][4]. - The manufacturing equipment business continues to grow, with a backlog of orders amounting to 3.856 billion yuan, a 12.78% increase from the previous year [2]. - The lightweight components business has seen significant growth, with revenue of 730 million yuan in 2024, accounting for 30.10% of total revenue, representing a year-on-year increase of 153.89% [2]. - The company plans to issue convertible bonds to raise up to 880 million yuan, which will be used to enhance production capacity in various segments, including smart manufacturing solutions [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.424 billion yuan and a net profit of 350 million yuan, with a significant increase in both revenue and profit margins compared to 2023 [1][4]. - The fourth quarter of 2024 saw revenue of 698 million yuan, a year-on-year increase of 20.56%, and a net profit of 98 million yuan, up 103.91% year-on-year [1]. Business Segments - The manufacturing equipment segment has improved in technical development, delivery capabilities, and market expansion, leading to a continuous increase in new orders [2]. - The lightweight components segment is in a rapid growth phase, with 16 mass production models and 3 ongoing development projects [2]. Future Outlook - Revenue projections for 2025 to 2027 are estimated at 3.258 billion yuan, 4.523 billion yuan, and 5.690 billion yuan, respectively, with corresponding net profits of 404 million yuan, 533 million yuan, and 674 million yuan [4][6]. - The company is expected to maintain a strong growth trajectory, supported by the expansion of its lightweight components and smart manufacturing capabilities [3][4].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and future projections [2][4]. Core Insights - The company achieved a revenue of 2.42 billion yuan in 2024, representing a year-on-year growth of 29.2%, and a net profit attributable to shareholders of 350 million yuan, which is a 73.2% increase year-on-year [2][4]. - The dual drivers of the business are the equipment and lightweight components sectors, which have significantly enhanced profitability [4]. - The company has established a wholly-owned subsidiary in Anhui for robotics, indicating a strategic move to expand into the robotics sector [4]. Financial Performance Summary - In 2024, the company reported total revenue of 24.2 billion yuan, a 29.2% increase from 2023, and a net profit of 3.5 billion yuan, up 73.2% from the previous year [4][5]. - The gross margin improved to 25.0%, an increase of 4.2 percentage points year-on-year [4]. - The automotive manufacturing equipment business generated revenue of 16.2 billion yuan, a 4.7% increase, while the lightweight automotive components business saw a remarkable 153.9% growth, reaching 7.3 billion yuan [4]. Future Projections - The company forecasts net profits of 460 million yuan, 570 million yuan, and 700 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 2.2, 2.7, and 3.3 yuan [4][5]. - The projected revenue for 2025 is 3.4 billion yuan, reflecting a growth rate of 40.4% [5]. Business Development - The company has a robust order backlog in the manufacturing equipment sector, with an order book of 3.86 billion yuan, a 12.8% increase year-on-year [4]. - The second phase of the lightweight automotive components factory has been completed and is expected to enhance production capacity significantly [4]. - The company has initiated the construction of a second phase project for high-strength plates and aluminum alloy welding components, expected to partially commence production by mid-2025 [4].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 军瑞鹄模具(002997.SZ) 投资评级 上次评级 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮 箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业分析师 执业编号：S1500525030004 邮 箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号：S1500524100004 联系电话：13062621910 邮 箱：dinghongjing@cindasc.com 徐国铨 汽车行业研究助理 邮 箱：xuguoquan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 瑞鹄模具(002997.SZ)：业绩实现同比高增 ...