瑞鹄模具：设备+汽配双轮驱动，公司开启高速成长

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [42]. Core Viewpoints - The company has a strong competitive edge in the automotive equipment sector and is expanding into lightweight components, which is expected to drive significant growth [39][41]. - The company has established solid relationships with major global automotive manufacturers, including Chery, which is its largest customer, contributing 29.38% of revenue in 2023 [50][52]. - The automotive equipment and lightweight components businesses are projected to grow rapidly, with revenue forecasts of 27.46 billion, 38.85 billion, and 56.46 billion yuan from 2024 to 2026 [38][42]. Summary by Sections 1. Company Background and Management - The management team has extensive industry experience, with the chairman having nearly 30 years in automotive manufacturing equipment [2]. - The company has a strong employee stock ownership structure, which helps retain key talent and aligns management with strategic goals [3]. 2. Business Operations and Market Position - The company has a well-diversified product matrix, focusing on automotive manufacturing equipment and lightweight components, with significant growth potential in both areas [50]. - The automotive equipment business is expected to benefit from the rapid iteration of new energy vehicles, with a projected increase in demand for stamping molds and automated welding lines [8][14]. 3. Financial Performance and Projections - In 2023, the company achieved a revenue of 18.77 billion yuan, a year-on-year increase of 60.73%, marking the highest growth rate in nearly a decade [76]. - The company’s gross margin is stable at over 20%, with the lightweight components business expected to enhance overall profitability as it scales [56][85]. 4. Industry Trends and Opportunities - The new energy vehicle market is experiencing rapid growth, with sales reaching 9.495 million units in 2023, which is expected to further drive demand for automotive equipment [58]. - The trend towards lightweight automotive components is anticipated to increase the penetration of aluminum die-casting parts, providing a significant market opportunity for the company [18].