瑞鹄模具：业绩符合预期，在手订单充足-20250424

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 quarter-on-quarter increase of 7.0%. The net profit attributable to the parent company was 100 million yuan, up 28.5% year-on-year but down 0.3% quarter-on-quarter [1] - The strong performance is attributed to increased downstream demand and the accelerated release of new product capacity. The domestic new energy vehicle sales in Q1 reached 3.075 million units, a year-on-year increase of 47%, with Chery's sales at 620,000 units, up 17.1% year-on-year, including 164,000 new energy vehicles, which saw a significant increase of 172% year-on-year [1] - The company has a robust order backlog, with 3.9 billion yuan in hand orders as of the end of 2024, representing a year-on-year increase of 13%, which supports future growth [2] Financial Performance - For the fiscal year 2023, the company reported revenue of 1.877 billion yuan, with a year-on-year growth rate of 60.7%. The net profit attributable to the parent company was 202 million yuan, reflecting a year-on-year growth of 44.4% [4] - The projected net profits for 2025, 2026, and 2027 are 450 million yuan, 556 million yuan, and 712 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 15, and 11 [3] - The company is expected to maintain a gross profit margin of 25.0% in Q1 2025, which is an increase of 1.3 percentage points year-on-year [1] Business Development - The company has launched four integrated die-casting products and three dynamic total parts models, supplying 770,000 parts, which is a year-on-year increase of 125%. The supply of welding parts reached 58.88 million units, up 210% year-on-year [2] - The establishment of a wholly-owned subsidiary focused on industrial and intelligent robot manufacturing aims to tap into the growing robotics market, aligning with regional development plans [2]