瑞鹄模具（002997）：系列点评十：25Q2业绩超预期，机器人业务稳步推进

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 40.89 CNY on July 21, 2025, corresponding to PE ratios of 19, 15, and 12 for the years 2025, 2026, and 2027 respectively [4][7]. Core Insights - The company reported a strong performance in H1 2025, with revenue of 1.662 billion CNY, a year-on-year increase of 48.30%, and a net profit attributable to shareholders of 227 million CNY, up 40.33% year-on-year [1]. - The company's robot business is progressing steadily, with the establishment of a wholly-owned subsidiary to accelerate its robotics layout in response to the provincial industrial development plan [3]. - The equipment business has a robust order backlog, with total orders amounting to 4.38 billion CNY, a 13.59% increase from the end of the previous year [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 915 million CNY, a year-on-year increase of 48.74% and a quarter-on-quarter increase of 22.51%. The net profit for the same period was 130 million CNY, reflecting a year-on-year growth of 50.78% [2]. - The gross margin for Q2 2025 was 26.35%, with a net profit margin of 16.28%, both showing improvements due to changes in product structure [2]. Business Development - The company has initiated the establishment of a wholly-owned subsidiary focused on robotics, which includes manufacturing, research, and sales, aligning with the provincial action plan for humanoid robot industry development [3]. - The lightweight component business has entered mass production, with significant increases in supply volume expected, contributing to further revenue growth [4]. Revenue and Profit Forecast - The company forecasts revenues of 3.46 billion CNY, 4.46 billion CNY, and 5.56 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits projected at 450 million CNY, 580 million CNY, and 730 million CNY for the same years [6][8].