瑞鹄模具：24Q3业绩同比高增，看好智界R7贡献增量

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4]. Core Views - The company achieved significant year-on-year growth in Q3 2024, with revenue reaching 6.05 billion yuan, up 37.97% year-on-year, and a net profit of 0.91 billion yuan, up 41.61% year-on-year [1]. - The automotive manufacturing equipment business has a solid order backlog of 3.93 billion yuan, representing a 14.95% increase from the end of the previous year, providing a strong foundation for revenue growth [2]. - The collaboration with Chery on the launch of the ZhiJie R7 electric SUV is expected to contribute significantly to revenue starting in Q4 2024, with pre-orders exceeding 6,300 units [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 1.726 billion yuan, a 32.99% increase year-on-year, and a net profit of 253 million yuan, a 63.66% increase year-on-year [1]. - The gross margin for Q3 2024 was 24.54%, with a net margin of 17.21%, reflecting a year-on-year increase of 1.61 percentage points [1]. - The company forecasts net profits of 349 million yuan, 434 million yuan, and 568 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 15, and 12 [3]. Business Development - The lightweight component business is entering mass production, with various products like aluminum alloy integrated die-casting body structure components and high-strength plates expected to drive revenue growth [2]. - The company’s automotive lightweight components accounted for approximately 20% of revenue in Q1 2024, contributing positively to the overall revenue growth for the first three quarters [2].