瑞鹄模具2024三季报点评：盈利稳中有升，业绩符合预期

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's earnings are steadily increasing, with performance meeting expectations. For the first three quarters of 2024, the company achieved revenue of 1.73 billion yuan, a year-on-year increase of 33%. The net profit attributable to shareholders was 250 million yuan, up 63.7% year-on-year [1] - The revenue growth is driven by both equipment and lightweight parts businesses, with Q3 revenue reaching 610 million yuan, a 38% increase year-on-year [1] - The company has a solid order backlog supporting growth, with significant orders from both traditional domestic brands and new energy vehicle manufacturers [1] Financial Summary - Revenue (in million yuan): - 2022A: 1,168 - 2023A: 1,877 - 2024E: 2,678 - 2025E: 3,766 - 2026E: 4,529 - Year-on-year growth rates: - 2023A: 61% - 2024E: 43% - 2025E: 41% - 2026E: 20% [1] - Net profit (in million yuan): - 2022A: 140 - 2023A: 202 - 2024E: 359 - 2025E: 456 - 2026E: 573 - Year-on-year growth rates: - 2023A: 44% - 2024E: 78% - 2025E: 27% - 2026E: 26% [1] - Earnings per share (in yuan): - 2023A: 0.97 - 2024E: 1.72 - 2025E: 2.18 - 2026E: 2.74 [1] Business Highlights - The equipment business continues to break into mainstream luxury clients internationally, with increasing orders from domestic market leaders and new energy vehicle manufacturers [1] - The lightweight parts business has entered mass production, with significant revenue contributions expected from aluminum alloy integrated die-casting components [1] - The company is positioned to benefit from the acceleration of model launches and the strengthening of domestic production trends, enhancing the value per vehicle [1]