瑞鹄模具（002997）：Q3业绩持续向上，机器人加速布局

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company continues to show strong performance with Q3 revenue reaching 942 million RMB, a year-over-year increase of 55.72% and a quarter-over-quarter increase of 2.93%. The net profit attributable to shareholders for Q3 was 128 million RMB, up 40.90% year-over-year but down 1.19% quarter-over-quarter [1][2] - The company is actively expanding its production capacity through the issuance of convertible bonds and is also making significant investments in the robotics sector, which is expected to support future growth [1][3] - The company has a solid order backlog of 4.38 billion RMB in its automotive manufacturing equipment business, which is expected to ensure sustained revenue growth [2] Summary by Sections Q3 Performance - Q3 revenue was 942 million RMB, with a year-over-year growth of 55.72% and a quarter-over-quarter growth of 2.93%. The net profit attributable to shareholders was 128 million RMB, reflecting a year-over-year increase of 40.90% [1][2] Financial Metrics - For the first three quarters of 2025, the company achieved a revenue of 2.604 billion RMB, a year-over-year increase of 50.90%, and a net profit of 355 million RMB, up 40.53% year-over-year [1][2] - The gross margin for Q3 was 26%, an increase of 1.45 percentage points year-over-year, while the net profit margin was 13.59%, a decrease of 1.42 percentage points year-over-year [2] Investment and Expansion - The company plans to raise 750 million RMB through convertible bonds to fund various projects, including the upgrade of precision mold manufacturing and the development of intelligent robotics systems [3][4] - The company is establishing a new subsidiary to produce 3,000 intelligent mobile robots annually, aligning with regional industrial development plans [4] Profit Forecast and Valuation - The projected net profits for 2025-2027 are 440 million RMB, 550 million RMB, and 670 million RMB, respectively, with a compound annual growth rate of 24.07% [5] - The target price for the company's stock is set at 52.20 RMB, based on a price-to-earnings ratio of 20 times for 2026 [5]