瑞鹄模具：2024年半年度报告点评：受益奇瑞销量提振，零部件业务占比高增

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company benefited from the sales growth of Chery, with a significant increase in the proportion of its parts business [2]. - The manufacturing equipment business has seen a continuous increase in orders, with a backlog of 3.93 billion yuan, up 14.95% from the previous year [2]. - The lightweight parts business is entering a rapid growth phase, contributing 22.97% to total revenue in the first half of 2024, an increase of 14.28 percentage points year-on-year [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 1.121 billion yuan, a year-on-year increase of 30.45%, and a net profit attributable to shareholders of 162 million yuan, up 79.35% [1]. - For Q2 2024, revenue reached 615 million yuan, a year-on-year increase of 29.46% and a quarter-on-quarter increase of 21.70% [1]. Business Segments - The manufacturing equipment segment has improved in technical development, delivery capability, market expansion, and customer service, leading to a strong order intake [2]. - The lightweight parts segment has ramped up production capacity significantly in 2024, with revenue from automotive parts reaching 257 million yuan in the first half of 2024 [2]. Market Outlook - Chery's vehicle sales from January to July 2024 reached 1,296,380 units, a year-on-year increase of 45.4%, with electric vehicle sales growing by 193.7% [2]. - The company is expected to continue benefiting from Chery's sales growth, with increasing revenue from major clients [2]. Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 2.667 billion yuan, 3.405 billion yuan, and 4.164 billion yuan, respectively, with net profits of 325 million yuan, 391 million yuan, and 489 million yuan [3]. - The estimated earnings per share for the same years are 1.55 yuan, 1.87 yuan, and 2.34 yuan, with corresponding P/E ratios of 17.17, 14.30, and 11.42 [3].