瑞鹄模具(002997)：一季度业绩强劲增长 机器人业务布局提速

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].