瑞鹄模具：Q2业绩稳健向上，成长曲线清晰

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].