瑞鹄模具：系列点评四：24Q2业绩符合预期 零部件稳步增长

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 27.55 yuan on August 19, 2024, corresponding to PE ratios of 16, 13, and 10 for the years 2024, 2025, and 2026 respectively [2][4]. Core Insights - The company reported a revenue of 1.121 billion yuan for H1 2024, representing a year-on-year increase of 30.45%, and a net profit attributable to shareholders of 162 million yuan, up 79.35% year-on-year [2]. - The second quarter of 2024 saw revenue of 615 million yuan, a year-on-year increase of 29.46% and a quarter-on-quarter increase of 21.70%, primarily driven by increased sales from the client Chery [2]. - The company has established a wholly-owned subsidiary in Singapore to accelerate its globalization efforts, which aligns with its strategic development goals [2]. - The equipment business has a robust order backlog of 3.93 billion yuan, reflecting a year-on-year increase of 14.95%, indicating strong demand and capacity utilization [2]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 2.81 billion yuan, with net profits of 360 million yuan, and EPS of 1.71 yuan [3][5]. - The gross margin for Q2 2024 reached 24.49%, an increase of 4.84 percentage points year-on-year, while the net profit margin was 16.08%, up 4.37 percentage points year-on-year [2]. - The company’s investment income for H1 2024 was 37 million yuan, a year-on-year increase of 45.70%, contributing to overall performance growth [2].