瑞鹄模具：Q3单季利润创新高，成长路径清晰

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 36.52 RMB [7]. Core Views - The company achieved a record high profit in Q3, driven by stable growth in its equipment business and increased production from major automotive client Chery [1][2]. - The company’s revenue for Q3 was 605 million RMB, representing a year-over-year increase of 37.97% and a quarter-over-quarter decrease of 1.68%. The net profit attributable to the parent company was 90.84 million RMB, up 41.61% year-over-year and up 5.74% quarter-over-quarter [1]. - For the first three quarters of 2024, the company reported a revenue of 1.726 billion RMB, a year-over-year increase of 32.99%, and a net profit of 253 million RMB, reflecting a year-over-year increase of 63.66% [1]. Summary by Sections Q3 Performance - The company’s Q3 performance met expectations, with significant contributions from the equipment business and increased production from Chery, which saw a sales increase of 29% year-over-year [2][4]. - The company’s cost control measures and reduced asset impairment losses contributed to a higher net profit growth rate compared to revenue growth [2]. Equipment Business Outlook - The equipment manufacturing business has a robust order backlog, with orders amounting to 3.93 billion RMB as of June 2024, a 15% increase from the end of 2023 [2][3]. - The company is well-positioned to benefit from the industry's shift towards platform-based and electric intelligent vehicles, which is expected to drive long-term growth in its equipment business [3]. Lightweight Automotive Parts - The company is exploring opportunities in the lightweight automotive parts sector, having developed products for Chery that include stamping parts and high-pressure die-cast aluminum components [4]. - The sales growth of Chery, which increased by 41% year-over-year in the first three quarters of 2024, is expected to enhance the company’s performance in the automotive parts segment [4]. Profit Forecast and Valuation - The net profit forecasts for 2024, 2025, and 2026 have been adjusted to 347 million RMB, 439 million RMB, and 529 million RMB, respectively [5]. - The company is assigned a price-to-earnings (PE) ratio of 22 times for 2024, leading to a target price of 36.52 RMB [5].