瑞鹄模具（002997）：业绩符合预期，轻量化+机器人双轮驱动

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 2.4 billion yuan in 2024, representing a year-on-year increase of 29%, and a net profit attributable to shareholders of 350 million yuan, up 73% year-on-year [1] - The growth in performance is driven by increased terminal sales and successful expansion into new business areas, particularly in the lightweight and robotics sectors [1][3] - The company has established a wholly-owned subsidiary for robotics, aiming to tap into the growing market and create new growth momentum [3] Financial Performance - In Q4 2024, the company reported a revenue of 700 million yuan, a year-on-year increase of 21% and a quarter-on-quarter increase of 15%, with a net profit of 100 million yuan, up 104% year-on-year [1] - The domestic new energy vehicle sales reached 12.87 million units in 2024, a 36% increase year-on-year, with a penetration rate of 41% [1] - The company's first major customer accounted for 49% of its revenue in 2024 [1] Business Segments - Lightweight business: The company reported a revenue of 730 million yuan from this segment, a year-on-year increase of 154%, driven by the sales of Chery vehicles, which saw a 38% increase in total sales and a 233% increase in new energy vehicle sales [1] - Equipment business: This segment generated 1.62 billion yuan in revenue, a 5% year-on-year increase, accounting for 67% of total revenue [1] Profitability and Margins - The company’s gross margin for 2024 was 25.0%, an increase of 3.4 percentage points year-on-year, while the net profit margin was 16.6%, up 5.0 percentage points year-on-year [2] - In Q4 2024, the gross margin improved to 26.8%, a year-on-year increase of 10.4 percentage points [2] Future Outlook - The company forecasts net profits of 450 million yuan, 560 million yuan, and 720 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20, 16, and 13 times [3]