瑞鹄模具（002997）：业绩符合预期，在手订单充足

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's Q1 2025 performance met expectations, with revenue of 750 million yuan, a year-on-year increase of 47.8%, and a net profit of 100 million yuan, up 28.5% year-on-year [1] - The strong performance is attributed to increased downstream demand and the accelerated release of new product capacities [1] - The company has a robust order backlog of 3.9 billion yuan, ensuring future growth [2] - The establishment of a subsidiary focused on robotics is seen as a new growth driver, aligning with regional industrial development plans [2] Financial Performance Summary - Revenue projections for 2025-2027 are 3.8 billion, 4.7 billion, and 6.0 billion yuan, respectively, with corresponding net profits of 450 million, 556 million, and 712 million yuan [3][4] - The company’s gross margin for Q1 2025 was 25.0%, a year-on-year increase of 1.3 percentage points [1] - The projected P/E ratios for 2025-2027 are 18, 15, and 11 times, indicating a favorable valuation trend [3][4] Business Development Summary - The company has launched four integrated die-casting products and three dynamic total parts, with supply quantities increasing significantly [2] - The lightweight business has 16 models in mass production and three projects under development, with ongoing capacity expansion to meet customer demand [2] - The robotics subsidiary aims to tap into the growing market, with the local industry showing significant output and growth potential [2]