瑞鹄模具：顺势入局轻量化，开拓第二成长曲线

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][3]. Core Views - The company is positioned to benefit from the growing demand for lightweight automotive components, leveraging its long-standing relationship with Chery and expanding its product lines in the automotive equipment manufacturing sector [1][2]. - The company has seen significant growth in its automotive parts revenue, with a notable increase in orders and production capacity, particularly in lightweight components [1][2][18]. - The automotive equipment manufacturing sector is experiencing a surge in demand due to the rapid iteration of new vehicle models, especially in the electric vehicle segment, which is driving the need for advanced molds and automated production lines [2][22][24]. Summary by Sections 1. Entry into Lightweight Industry and Continuous Product Line Expansion - The company has over 20 years of experience in the automotive equipment manufacturing industry, focusing on stamping molds and automated welding production lines, and has established itself as a one-stop supplier for high-end automotive manufacturing equipment and lightweight components [1][14]. - The company has formed a joint venture with Chery to expand its lightweight parts business, which includes aluminum alloy components and integrated casting parts [1][14][18]. 2. Stable Growth in Performance with New Business Opportunities - The company has shown a compound annual growth rate (CAGR) of 16.6% in revenue from 2018 to 2023, with a significant increase in both revenue and net profit in the first half of 2024 [18][20]. - The automotive lightweight parts segment is expected to become a new growth driver, with revenue from this segment increasing to 2.6 billion yuan in the first half of 2024, accounting for 23% of total revenue [1][18]. 3. Growth in Equipment Manufacturing Demand and Capacity Breakthrough - The demand for automotive molds is expected to grow due to the accelerated introduction of new vehicle models, particularly in the electric vehicle market, which has seen an annual increase in new models [22][24]. - The company has a strong order backlog of 39.3 billion yuan in the automotive manufacturing equipment sector, reflecting a 15% increase from the previous year [2][18]. 4. Accelerating Layout in Lightweight Field for New Growth Curve - The lightweight technology is becoming increasingly important for improving fuel efficiency and extending the range of electric vehicles, with the domestic penetration rate of new energy vehicles expected to reach 37.1% by 2024 [28]. - The company is well-positioned to capitalize on the growing demand for lightweight components, supported by its strategic partnership with Chery and its established market presence [1][2][28].