瑞鹄模具（002997）：业绩实现同比高增，机器人布局加速

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and future projections [2][4]. Core Insights - The company achieved a revenue of 2.42 billion yuan in 2024, representing a year-on-year growth of 29.2%, and a net profit attributable to shareholders of 350 million yuan, which is a 73.2% increase year-on-year [2][4]. - The dual drivers of the business are the equipment and lightweight components sectors, which have significantly enhanced profitability [4]. - The company has established a wholly-owned subsidiary in Anhui for robotics, indicating a strategic move to expand into the robotics sector [4]. Financial Performance Summary - In 2024, the company reported total revenue of 24.2 billion yuan, a 29.2% increase from 2023, and a net profit of 3.5 billion yuan, up 73.2% from the previous year [4][5]. - The gross margin improved to 25.0%, an increase of 4.2 percentage points year-on-year [4]. - The automotive manufacturing equipment business generated revenue of 16.2 billion yuan, a 4.7% increase, while the lightweight automotive components business saw a remarkable 153.9% growth, reaching 7.3 billion yuan [4]. Future Projections - The company forecasts net profits of 460 million yuan, 570 million yuan, and 700 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 2.2, 2.7, and 3.3 yuan [4][5]. - The projected revenue for 2025 is 3.4 billion yuan, reflecting a growth rate of 40.4% [5]. Business Development - The company has a robust order backlog in the manufacturing equipment sector, with an order book of 3.86 billion yuan, a 12.8% increase year-on-year [4]. - The second phase of the lightweight automotive components factory has been completed and is expected to enhance production capacity significantly [4]. - The company has initiated the construction of a second phase project for high-strength plates and aluminum alloy welding components, expected to partially commence production by mid-2025 [4].