瑞鹄模具：零部件新业务稳定放量，三季度净利率同环比提升

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][16] Core Views - The company achieved a year-on-year net profit growth of 64% in the first three quarters of 2024, with revenue reaching 1.726 billion yuan, up 33% year-on-year [1][5] - The revenue growth rate of the company exceeded the industry average by 24 percentage points, driven by high sales growth from customers and the ramp-up of new business [1][5] - The company's gross profit margin for Q3 2024 was 24.5%, with a net profit margin of 15.04%, reflecting improvements in operational efficiency and scale effects [1][8] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 605 million yuan, a 38% increase year-on-year, while net profit was 91 million yuan, up 42% year-on-year [1][5] - The company’s revenue for the first three quarters of 2024 was 1.726 billion yuan, with a net profit of 253 million yuan [1][5] Business Development - The company is expanding its customer base, adding clients such as Toyota and Dacia, and is benefiting from strong sales growth from Chery, which saw a 56% increase in sales [1][5][12] - The company has established a complete product line for automotive manufacturing equipment, including stamping molds and automation production lines [12][14] Profitability and Efficiency - The company’s net profit margin improved by 1.06 percentage points quarter-on-quarter, attributed to enhanced internal management efficiency and increased capacity utilization [1][8] - The sales, management, and R&D expense ratios for Q3 2024 were 1.16%, 5.45%, and 5.29%, respectively, showing a slight improvement compared to previous periods [1][8] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 340 million yuan, 430 million yuan, and 542 million yuan for 2024, 2025, and 2026, respectively [2][17] - The company is well-positioned to benefit from the rapid growth of its automotive parts business and deepening collaborations with key clients [2][16]