瑞鹄模具：Q2业绩强劲势头延续，装备、零部件双轮驱动

Investment Rating - The investment rating for the company is "Buy" with a target price of 34.73 CNY, indicating an expected increase of over 15% relative to the benchmark index in the next 6-12 months [2]. Core Insights - The company is expected to achieve a net profit of 154-170 million CNY in the first half of 2024, representing a year-on-year growth of 70.76%-88.51% [4]. - The equipment business continues to thrive, with a significant increase in orders, while the lightweight components segment is entering mass production, contributing to revenue growth [5]. - The company has revised its net profit forecasts for 2024-2026, expecting 340 million CNY, 450 million CNY, and 550 million CNY respectively, with corresponding year-on-year growth rates of 67%, 32%, and 23% [19]. Financial Performance Summary - Revenue for 2022 was 1,168 million CNY, with projections of 1,877 million CNY for 2023, 2,796 million CNY for 2024, 3,728 million CNY for 2025, and 4,484 million CNY for 2026, reflecting growth rates of 12%, 61%, 49%, 33%, and 20% respectively [1]. - Net profit for 2022 was 140 million CNY, with forecasts of 202 million CNY for 2023, 337 million CNY for 2024, 446 million CNY for 2025, and 547 million CNY for 2026, showing growth rates of 22%, 44%, 67%, 32%, and 23% respectively [1]. - Earnings per share (EPS) are projected to increase from 0.67 CNY in 2022 to 2.61 CNY in 2026 [1]. Business Segment Insights - The equipment business has secured orders worth 3.419 billion CNY by the end of 2023, a 12.84% increase from the end of 2022, driven by both domestic and international markets [5]. - The lightweight components segment has entered mass production, with significant revenue growth expected, from 290 million CNY in 2023 to higher figures in subsequent years [5]. - Investment income from joint ventures is also contributing positively, with a reported net profit of 127 million CNY from a joint venture in 2023, marking a year-on-year increase of 55.66% [5].