瑞鹄模具：公司季报点评：业绩稳健增长，智界R7有望推动公司盈利提升

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a robust revenue growth of 33.0% year-on-year for the first three quarters of 2024, achieving a total revenue of 1.73 billion yuan [4] - The net profit attributable to shareholders for the same period increased by 63.7% year-on-year, reaching 250 million yuan [4] - In Q3 2024, the company generated revenue of 610 million yuan, reflecting a 38.0% year-on-year growth, while the net profit for the quarter was 90 million yuan, up 41.6% year-on-year [4] - The company’s net profit margin for Q3 2024 was 17.2%, an increase of 1.6 percentage points year-on-year, while the gross margin was 24.5%, a decrease of 4.6 percentage points year-on-year [4] - The growth in revenue is attributed to an increase in orders at the end of 2023, which converted into delivery volumes, and the ramp-up of automotive parts production [4] - The company has a strong order backlog in its equipment manufacturing business, with contract liabilities amounting to approximately 1.45 billion yuan as of September 2024, a 2% increase from the beginning of the year [4] - The performance of the ZhiJie R7 model is expected to drive growth in the automotive parts business, with significant pre-orders indicating strong market demand [4] Financial Summary - The company is projected to achieve revenues of 2.8 billion yuan, 3.7 billion yuan, and 4.5 billion yuan for the years 2024, 2025, and 2026, respectively [5] - The net profit attributable to shareholders is expected to be 350 million yuan, 440 million yuan, and 550 million yuan for the same years [5] - The earnings per share (EPS) are forecasted to be 1.67 yuan, 2.10 yuan, and 2.65 yuan for 2024, 2025, and 2026, respectively [5] - The company’s price-to-earnings (PE) ratio is projected to be 19x, 15x, and 12x for the years 2024, 2025, and 2026, respectively [5] - The reasonable PE range for the company in 2024 is estimated to be between 21x and 23x, corresponding to a fair value range of 35.12 to 38.46 yuan [5] Performance Comparison - The company’s stock has shown a relative performance of -3.4% over the last month compared to the CSI 300 index, with an absolute increase of 20.4% over the same period [2][3]