3月24日晚间，瑞鹄汽车模具股份有限公司(002997.SZ)（下称"瑞鹄模具"）发布公告，拟向不特定对象发行可转债募资不超过8.8亿元，主要用于 新能源汽车一体压铸车身智能制造项目、新能源汽车轻量化车身总成件项目、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，以及补 充流动资金。 自公告发布后，3月25日，公司股价由43.4元下跌至41.41元，跌幅4.59%，3月26日，股价小幅回升至41.7元，涨幅0.7%。 截至27日收盘，公司股价为 41.21元/股。 | 项目名称 | 投资总额 | 拟投入募集资金金额 | | --- | --- | --- | | | (万元) | (万元) | | 新能源汽车一体压铸车身智能制造项目 | 42,111.00 | 42,111.00 | | 新能源汽车轻量化车身总成件项目 | 24,461.44 | 10,200.00 | | 智能机器人与智能制造系统整体解决方案研 | 17,781.86 | 17,781.86 | | 发及产业化项目 | | | | 补充流动资金 | 19,282.28 | 17,907.14 | | 合计 | 103,636.58 | ...

Core Insights - BYD reported a net profit of 40.254 billion yuan for 2024, representing a 34% year-on-year increase, with R&D investment reaching 54.2 billion yuan [1][2] - Guangzhou Development plans to invest 5.612 billion yuan in the construction of the Guangzhou Pearl River Power Plant, a 2×600MW coal power environmental replacement project [1][2] - Cloud Tianhua's net profit for 2024 is 5.333 billion yuan, a year-on-year growth of 17.93%, with a proposed dividend of 1.4 yuan per share [1][2] Company Announcements - Ocean King currently has no business or products related to "deep-sea technology" [1] - Youfu Co., Ltd. reported that sales revenue from seawater polyester industrial yarn accounts for approximately 1% of the company's total revenue, indicating a low proportion [1] - Yida Co., Ltd. achieved production and sales of epoxy propylene products but did not achieve profitability [1] Project Investments - Chuangwei Digital plans to invest no more than 932 million yuan in the second phase of the Huizhou Industrial Park project [2] - Oriental Electric plans to establish a subsidiary and build a production base in Thailand [2] Contract Awards - Yonggui Electric's subsidiary won a project worth 23.218 million yuan [2] - Jinpu Garden signed a construction project general contracting contract worth approximately 215 million yuan [2] - Huaxi Energy signed a contract for a 1,800MW clean energy project in southern Laos, with a corresponding contract amount of 10.385 billion yuan [2] Share Buybacks and Transfers - Jian Sheng Group plans to repurchase shares with an investment of 50 to 100 million yuan [3] - Longshen Rongfa intends to purchase 70% equity of a research institute for 8.58494 million yuan [3] Other Developments - Rui Ge Mould plans to issue convertible bonds to raise no more than 880 million yuan for investment in intelligent manufacturing projects for new energy vehicles [1][3] - Yiwei Lithium Energy's subsidiary received a supplier designation notification from Changan Automobile [1][3]

Core Viewpoint - The company reported a strong performance in 2024, with revenue of 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 [2][3]. Revenue Analysis - In 2024, the company's revenue from mold inspection tools and automated production lines was 1.625 billion yuan, a year-on-year increase of 4.73%, driven by the release of existing orders. Revenue from automotive parts and accessories reached 730 million yuan, a significant increase of 153.89%, establishing it as the company's second growth driver [3]. - The company achieved a total of 851,123 vehicle sales for its major client Chery in Q4 2024, reflecting a year-on-year increase of 35.51% and a quarter-on-quarter increase of 30.51%, contributing to the overall performance improvement [3]. Profitability Insights - In Q4 2024, the company reported a net profit of 98 million yuan, aligning with previous forecasts. The gross profit margin for Q4 was 26.81%, an increase of 10.35 percentage points year-on-year and 2.27 percentage points quarter-on-quarter. The net profit margin was 16.91%, up 8.00 percentage points year-on-year but down 0.30 percentage points quarter-on-quarter [3]. - The significant year-on-year improvement in profitability is attributed to the scale effect of the parts business [3]. Cost Structure - The expense ratios for sales, management, R&D, and financial costs in Q4 2024 were 1.70%, 3.33%, 4.61%, and 0.30%, respectively. These figures reflect year-on-year changes of -0.53, -1.24, -0.48, and +0.81 percentage points, and quarter-on-quarter changes of +0.62, -2.16, -0.66, and +1.24 percentage points, indicating normal fluctuations in expenses [3]. Strategic Developments - The company established a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robotics Co., Ltd., to accelerate its robotics layout in response to the "23456" innovation system and industrial ecosystem development plan announced by the Anhui Provincial Ministry of Industry and Information Technology [4]. - The company has been actively involved in robotics since 2016, focusing on robot assembly and laser measurement projects, and has developed intelligent manufacturing solutions since 2017 [4]. Order and Production Capacity - As of the end of 2024, the company had a robust order backlog of 3.856 billion yuan, a year-on-year increase of 12.78%, indicating full production capacity [5]. - The lightweight parts business has entered full-scale production, with significant increases in supply volumes for various models, including 766,900 aluminum alloy integrated die-casting body structure parts, a year-on-year increase of 125.49%, and 58.8801 million high-strength plates and aluminum alloy welded parts, up 210.25% year-on-year [5]. Investment Outlook - The company is expected to see further performance improvements driven by its robust order backlog in equipment business and the release of production capacity in lightweight business. Revenue projections for 2025-2027 are 3.46 billion yuan, 4.46 billion yuan, and 5.56 billion yuan, with net profits of 450 million yuan, 580 million yuan, and 720 million yuan, respectively [5][7].

后，全年收入为 17.7 亿元，同比增长约 10%。汽车零部件业务全年合并报表收 入为 7.3 亿元，抵消后实际收入为 8.4 亿元，同比增长 170%。 瑞鹄模具在 2024 年的整体业绩表现如何？ 2024 年是瑞鹄模具连续第 11 年实现高速增长的一年，公司在收入和利润方面 均取得了显著的提升，尤其是在装备业务的毛利率上，实现了大幅度的提升， 远超同行水平。全年合并报表收入达到 24.24 亿元，同比增长 29%。如果考虑 到对联营企业和自营业务销售抵消后的影响，实际交付量应为 27.7 亿元左右。 其中，装备业务报表收入为 16.25 亿元，同比增长 4.7%，若考虑合并抵消因素 • 2024 年公司合并报表收入达 24.24 亿元，同比增长 29%，考虑抵消因素后 实际交付约 27.7 亿元。装备业务收入 16.25 亿元，同比增长 4.7%，抵消 后为 17.7 亿元，增长约 10%；汽车零部件业务收入 7.3 亿元，同比增长 170%，抵消后为 8.4 亿元。 • 2024 年公司整体毛利率达 25.01%，同比增长 3.35 个百分点，为历史较好 水平。装备业务毛利率为 29.7%，增长 7. ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a total revenue of 2.424 billion yuan in 2024, representing a year-on-year growth of 29.16%, and a net profit attributable to the parent company of 350.32 million yuan, up 73.20% year-on-year [2][3] - The performance in 2024 met expectations, driven by significant growth in the automotive parts business, with revenue from this segment increasing by 153.9% year-on-year [3][4] Revenue and Profitability - In 2024, the company's total revenue was 2.424 billion yuan, with a quarterly revenue of 698 million yuan in Q4, reflecting year-on-year increases of 29.16% and 20.56% respectively [3] - The automotive parts revenue reached 730 million yuan in 2024, contributing significantly to the overall performance [3] - The gross profit margin for the overall business was 25.01% for 2024, an increase of 3.35 percentage points year-on-year [3] Financial Forecasts - The forecast for net profit attributable to the parent company for 2025-2027 has been revised upwards to 450 million yuan, 570 million yuan, and 713 million yuan respectively [5] - The earnings per share (EPS) estimates for 2025-2027 are adjusted to 2.15 yuan, 2.72 yuan, and 3.41 yuan respectively [5] Business Development - The automotive manufacturing equipment business is steadily developing, with a backlog of orders amounting to 3.856 billion yuan, a 12.78% increase from the previous year [4] - The company has initiated AI technology in mold design and is developing smart collaborative robots to enhance production capabilities [4]

瑞鹄模具（002997.SZ） 证券研究报告 | 年报点评报告 gszqdatemark 2025 03 25 年 月 日 业绩符合预期，轻量化+机器人双轮驱动 事件：公司发布 2024 年报。2024 年，公司实现收入 24 亿元，同比+29%， 归母净利润 3.5 亿元，同比+73%。2024Q4，公司实现收入 7.0 亿元，同 比+21%，环比+15%，归母净利润 1.0 亿元，同比+104%，环比+8%。 终端销量增长+新业务开拓顺利，带动业绩增长。2024 年，国内新能源车 销量 1287 万辆，同比+36%，渗透率 41%。2024 年，公司第一大客户占 比 49%。分业务看，1）轻量化：奇瑞 2024 年销量 260 万辆，同比+38%， 其中新能源车销量 58 万辆，同比+233%，带动公司业务营收实现 7.3 亿 元，同比+154%，占比 30%。截至 2024 年末，公司轻量化业务量产车型 16 款，开发中项目 3 款，另有项目接洽中，同时不断扩张产能满足客户需 求；2）装备业务：2024 年收入 16.2 亿元，同比+5%，占比 67%。截至 2024 年末，公司业务在手订单 39 亿元 ...

◼ 汽车制造装备业务稳定发展，汽车零部件业务快速放量。公司汽车制造 装备业务包括冲压模具及检具、焊装自动化生产线及智能专机和 AGV 移动机器人等。公司装备类业务技术开发能力、制造交付能力、以及市 场开拓和客户服务等方面持续提升，新承接订单持续增长；截至 2024 年，公司汽车制造装备业务在手订单 38.56 亿元，较上年末增长 12.78%。 汽车零部件业务方面主要产品包括冲焊零部件、一体化压铸结构件和铝 合金铸造动总件等，公司 2022 年开始介入汽车轻量化零部件业务，2024 年零部件业务产能逐步提升，配套项目陆续量产，为公司经营贡献重要 增量。装备业务板块，公司启动 AI 技术赋能模具设计，启动开发智能 协作机器人，加快黑灯工厂落地。公司自动化产线和 AGV 移动机器人 产能规模进一步提升，产线业务进入高速增长阶段。 证券研究报告·公司点评报告·汽车零部件 瑞鹄模具（002997） 2024 年年报点评：24Q4 归母净利润同比 +104%，零部件贡献业绩增量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 2.4 billion yuan in 2024, representing a year-on-year increase of 29%, and a net profit attributable to shareholders of 350 million yuan, up 73% year-on-year [1] - The growth in performance is driven by increased terminal sales and successful expansion into new business areas, particularly in the lightweight and robotics sectors [1][3] - The company has established a wholly-owned subsidiary for robotics, aiming to tap into the growing market and create new growth momentum [3] Financial Performance - In Q4 2024, the company reported a revenue of 700 million yuan, a year-on-year increase of 21% and a quarter-on-quarter increase of 15%, with a net profit of 100 million yuan, up 104% year-on-year [1] - The domestic new energy vehicle sales reached 12.87 million units in 2024, a 36% increase year-on-year, with a penetration rate of 41% [1] - The company's first major customer accounted for 49% of its revenue in 2024 [1] Business Segments - Lightweight business: The company reported a revenue of 730 million yuan from this segment, a year-on-year increase of 154%, driven by the sales of Chery vehicles, which saw a 38% increase in total sales and a 233% increase in new energy vehicle sales [1] - Equipment business: This segment generated 1.62 billion yuan in revenue, a 5% year-on-year increase, accounting for 67% of total revenue [1] Profitability and Margins - The company’s gross margin for 2024 was 25.0%, an increase of 3.4 percentage points year-on-year, while the net profit margin was 16.6%, up 5.0 percentage points year-on-year [2] - In Q4 2024, the gross margin improved to 26.8%, a year-on-year increase of 10.4 percentage points [2] Future Outlook - The company forecasts net profits of 450 million yuan, 560 million yuan, and 720 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20, 16, and 13 times [3]

瑞鹄模具（002997.SZ）系列点评八 2024 业绩符合预期 2025 机器人布局加速 2025 年 03 月 25 日 ➢ 事件概述：公司披露 2024 年年度报告，2024 年营收 24.24 亿元，同比 +29.16%；归母净利润 3.50 亿元，同比+73.20%；扣非归母净利 3.24 亿元， 同比+75.85%。 ➢ 2024 年业绩符合预期 客户奇瑞销量高增。1）营收端：2024 年公司模检 具、自动化生产线营收 16.25 亿元，同比+4.73%，系在手订单释放拉动；汽车 零部件及配件营收 7.30 亿元，同比+153.89%，打造公司第二增长极。公司 2024 年装备制造与轻量化业务双轮驱动，随产能不断释放，带动全年业绩同比高增。 2024Q4 公司大客户奇瑞销量为 851,123 辆，同比+35.51%，环比+30.51%， 带动公司业绩环比提升。2）利润端：2024Q4 公司实现归母净利润 0.98 亿元， 贴近此前预告中枢，符合预期。公司 2024Q4 毛利率为 26.81%，同环比分别 +10.35pct/+2.27pct，净利率为 16.91%，同环比分别+8.00/-0.30 ...

证券代码：002997 证券简称：瑞鹄模具 公告编号：2025-023 瑞鹄汽车模具股份有限公司 关于拟续聘会计师事务所的公告 本公司及董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。 特别提示： 1、拟续聘的会计师事务所名称：容诚会计师事务所（特殊普通合伙）。 2、公司审计委员会、独立董事专门会议及董事会对拟续聘会计师事务所不 存在异议。 3、本次拟续聘会计师事务所尚须提交公司2024年度股东大会审议批准。 1.基本信息 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务所（特殊普通 合伙）更名而来，初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通 合伙企业，是国内最早获准从事证券服务业务的会计师事务所之一，长期从事证 券服务业务。注册地址为北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26，首席合伙人刘维。 2.人员信息 截至 2024 年 12 月 31 日，容诚会计师事务所共有合伙人 212 人，共有注册 会计师 1552 人，其中 781 人签署过证券服务业务审计报告。 4、本次拟续聘会计 ...