瑞鹄模具（002997）：模具主业持续发力，加速布局机器人产线

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance over the next six months [4][7]. Core Views - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 942 million yuan (up 55.72% year-on-year) and net profit at 128 million yuan (up 40.90% year-on-year) [1]. - The establishment of a new subsidiary aims to produce 3,000 mobile composite robots annually, marking a strategic shift from automotive molds to system integration and overall solutions, enhancing customer loyalty and profitability [2]. - An investment of over 267 million yuan is planned to improve the integration of mold manufacturing processes, which is expected to enhance production efficiency and quality [3]. Financial Projections - Projected revenues for 2025, 2026, and 2027 are 3.26 billion yuan, 4.52 billion yuan, and 5.69 billion yuan respectively, with corresponding net profits of 458.53 million yuan, 589.40 million yuan, and 726.99 million yuan [4][6]. - The earnings per share (EPS) are expected to be 2.19 yuan in 2025, 2.82 yuan in 2026, and 3.47 yuan in 2027, with price-to-earnings (P/E) ratios of 17.42, 13.56, and 10.99 respectively [4][6].