瑞鹄模具：2024年H1业绩高增，零部件业务快速放量

Investment Rating - The report maintains a "Buy - A" investment rating for the company, with a 12-month target price of 36.8 CNY per share [6][7]. Core Views - The company achieved significant growth in H1 2024, with revenue reaching 1.121 billion CNY, a year-on-year increase of 30.5%, and a net profit of 162 million CNY, up 79.4% year-on-year [1][2]. - The automotive parts business is experiencing rapid growth, with revenue increasing by 244.8% year-on-year, while the equipment business shows steady growth with a 7.7% increase [2][3]. - The gross margin improved to 24.15%, up 2.8 percentage points year-on-year, and the net profit margin reached 14.43%, an increase of 3.9 percentage points year-on-year [3]. Summary by Sections Financial Performance - In H1 2024, the company reported a net profit of 162 million CNY, with a gross margin of 24.15% and a net profit margin of 14.43% [3]. - The revenue breakdown shows equipment business revenue at 834 million CNY (up 7.7% year-on-year) and automotive parts revenue at 257 million CNY (up 244.8% year-on-year) [2]. Business Segments - The equipment business has a strong order backlog of 3.93 billion CNY as of June 30, 2024, indicating future revenue contributions [2][5]. - The automotive parts business is in a rapid expansion phase, with multiple projects entering mass production, contributing to significant revenue growth [2][5]. Cash Flow and Investments - The company reported a negative net cash flow from operating activities of -29 million CNY in H1 2024, primarily due to increased advances for raw materials and equipment related to the automotive parts business [4]. - Capital expenditures have been decreasing, with fixed assets reported at 750 million CNY, an increase of over 50% compared to the end of 2023 [4]. Future Outlook - The company expects continued growth in both the equipment and automotive parts segments, with projected net profits of 330 million CNY, 390 million CNY, and 460 million CNY for 2024, 2025, and 2026, respectively [6][10].