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【2025半年报点评/瑞鹄模具】25H1营收&利润共振上行,装备业务贡献增量
| Acres of the All I | | | | | | | --- | --- | --- | --- | --- | --- | | 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业总收入(百万元) | 1.877 | 2.424 | 3.332 | 4.610 | 5.880 | | 同比 (%) | 60.73 | 29.16 | 37.43 | 38.38 | 27.55 | | 归母净利润(百万元) | 202.26 | 350.32 | 450.44 | 570.15 | 712.81 | | 同比 (%) | 44.44 | 73.20 | 28.58 | 26.58 | 25.02 | | EPS-最新摊薄(元/股) | 0.97 | 1.67 | 2.15 | 2.72 | 3.41 | | P/E(现价&最新摊薄) | 41.78 | 24.12 | 18.76 | 14.82 | 11.85 | 投资要点 公告要点: 公司发布2025年半年报,2025H1公司营收达16.62亿元,同比+48.30%,25H1公司归母净 ...
东吴证券晨会纪要-20250723
Soochow Securities· 2025-07-23 00:32
证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-23 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250722:25Q2 固收+基金转债持仓十大亮点 透过 2025Q2 基金持仓数据,观察到如下 10 点特征: 特征 1:2025Q2, 固收+基金规模整体为净申购,其中一级债基和二级债基的基金规模增幅 相对更明显,转债基金规模环比下降明显。 特征 2:观察大类资产配置 情况,固收+基金整体降低了含权仓位的比例,提高了债券和现金类资产 仓位,其中仅灵活配置型基金提高了股票和转债仓位,转债基金提高了转 债仓位。含权仓位的下降也使得各类型固收+基金跑输了万得可转债等权 指数,可转债基金和灵活配置型基金相对领先,跑赢中证转债加权指数。 特征 3:就转债资产仓位而言,公募基金整体略微下降 0.08pct,固收+基 金整体下降 0.54pct,只有可转债基金环比增加 0.77pct。转债指数在二季 度连创新高但整体仓位下降,原因或有:一是转债规模退出较多,但固收 +整体仍持续净申购,转债仓位被动下降;二是 6 月转债估值、小微盘指 数达到相对高位,参考 3 月前高后,泡沫破裂 ...
瑞鹄模具(002997):2025年半年报点评:25H1营收、利润共振上行,装备业务贡献增量
Soochow Securities· 2025-07-22 12:45
证券研究报告·公司点评报告·汽车零部件 瑞鹄模具(002997) 2025 年半年报点评:25H1 营收&利润共振上 行,装备业务贡献增量 买入(维持) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1,877 | 2,424 | 3,332 | 4,610 | 5,880 | | 同比(%) | 60.73 | 29.16 | 37.43 | 38.38 | 27.55 | | 归母净利润(百万元) | 202.26 | 350.32 | 450.44 | 570.15 | 712.81 | | 同比(%) | 44.44 | 73.20 | 28.58 | 26.58 | 25.02 | | EPS-最新摊薄(元/股) | 0.97 | 1.67 | 2.15 | 2.72 | 3.41 | | P/E(现价&最新摊薄) | 41.78 | 24.12 | 18.76 | 14.82 | 11.85 | [Table_T ...
瑞鹄模具 | 2025H1:业绩超预期 机器人业务稳步推进【民生汽车 崔琰团队】
汽车琰究· 2025-07-22 09:32
01 事件概述 公司披露2025年半年度报告,2025H1营收16.62亿元,同比+48.30%;归母净利润2.27亿元,同比+40.33%;扣 非归母净利2.17亿元,同比+41.76%。 02 分析判断 ► 25Q2业绩超预期 智界销量略承压 1)营收端: 2025Q2营收9.15亿元,同比+48.74%,环比+22.51%。2025Q2公司大客户奇瑞销量为640,099辆, 同比+12.10%,环比+3.24%,带动营收端增长。2025Q2重点车型智界R7与S7累计销量为15,031辆,环 比-52.82%,表现承压,公司营收端逆势增长,主要系装备业务拉动。 2)利润端: 2025Q2公司实现归母净利 润 1.30 亿 元 , 同 比 +50.78% , 环 比 +32.93% , 表 现 亮 眼 。 公 司 2025Q2 毛 利 率 为 26.35% , 同 环 比 分 别 +1.86pct/+1.35pct,净利率为16.28%,同环比分别+0.20/+1.40pct,同环比均提升系产品结构改变影响。 3)费 用 端 : 2025Q2 销 售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 ...
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
Minsheng Securities· 2025-07-22 07:55
瑞鹄模具(002997.SZ)系列点评十 25Q2 业绩超预期 机器人业务稳步推进 2025 年 07 月 22 日 ➢ 事件概述:公司披露 2025 年半年度报告,2025H1 营收 16.62 亿元,同比 +48.30%;归母净利润 2.27 亿元,同比+40.33%;扣非归母净利 2.17 亿元,同 比+41.76%。 ➢ 25Q2 业绩超预期 智界销量略承压。1)营收端:2025Q2 营收 9.15 亿元, 同比+48.74%,环比+22.51%。2025Q2 公司大客户奇瑞销量为 640,099 辆, 同比+12.10%,环比+3.24%,带动营收端增长。2025Q2 重点车型智界 R7 与 S7 累计销量为 15,031 辆,环比-52.82%,表现承压,公司营收端逆势增长,主 要系装备业务拉动。2)利润端:2025Q2 公司实现归母净利润 1.30 亿元,同比 +50.78%,环比+32.93%,表现亮眼。公司 2025Q2 毛利率为 26.35%,同环比 分别+1.86pct/+1.35pct,净利率为 16.28%,同环比分别+0.20/+1.40pct,同 环比均提升系产品结构改变影响。3 ...
【2025年一季报点评/瑞鹄模具】25Q1净利润高增,可转债扩产放量
汽车零部件业务快速放量,发行可转债加速扩产: | 投资要点 | | --- | 事件: 公司发布2025年一季报,2025Q1公司营收达7.47亿元,同比+47.76%/环比+6.98%,主要系模具 Q1交付多+智界R7 Q1集中交付;25Q1公司归母净利润达0.97亿元,同比+28.49%/环 比-0.31%。 从盈利能力看,公司25Q1毛利率达25.00%,同比+1.26pct/环比-1.82pct;25Q1净利率14.88%, 同比-1.37pct/环比-2.03%。25Q1公司三费费用率达4.49%,同比-1.80pct/环比-1.14pct。其中销售 费用/管理费用/财务费用率分别达0.69%/3.84%/-0.05%,研发费用率达3.93%。 25Q1投资收益1337万,环比减少1000万,主要系奇瑞销量Q1 62万辆,同比+17%,环 比-27%。在奇瑞Q1销量环比下滑导致投资收益减少一千万的情况下,公司净利润能保持环比 持平,经营持续向好。 | 现金流量表(百万元) | 2024A | 2025E | 2026E | 2027E | 重要财务与估值指标 | 2024A | 2025E | 20 ...
瑞鹄模具 | 2025Q1:业绩符合预期 机器人业务加速拓展【民生汽车 崔琰团队】
汽车琰究· 2025-04-24 09:15
0 1 事 件 概 述 公司披露2025年一季度报告,2025年一季度营收7.47亿元,同比+47.76%;归母净利润0.97亿元,同比 +28.49%;扣非归母净利0.93亿元,同比+31.41%。 0 2 分 析 判 断 ► 25Q1 业绩符合预期 大客户奇瑞销量高增 1 )营收端 : 2025Q1 营收 7.47 亿元,同比 +47.76% ,环比 +6.98% 。 2025Q1 公司大客户奇瑞销量 为 620,025 辆,同比 +17.94% ,环比 -27.15% 。重点车型智界 R7 Q1 销量为 28,690 辆 , 环 比 -15.33% ,公司营收端环比逆势提升。 2 )利润端 : 2025Q1 公司实现归母净利润 0.97 亿元,同比 +28.49% , 环 比 -0.31% , 符 合 预 期 。 公 司 2025Q1 毛 利 率 为 25.00% , 同 环 比 分 别 +1.27pct/-1.81pct ,净利率为 14.88% ,同环比分别 -1.37/-2.03pct ,系产品结构改变影响。 3 )费 用端 : 2025Q1 销售 / 管理 / 研发 / 财务费用率分别为 0.6 ...
瑞鹄模具 | 2024业绩符合预期 2025机器人布局加速【民生汽车 崔琰团队】
汽车琰究· 2025-03-25 14:37
Core Viewpoint - The company reported a strong performance in 2024, with revenue of 2.424 billion yuan, a year-on-year increase of 29.16%, and a net profit attributable to shareholders of 350 million yuan, up 73.20% year-on-year [2][3]. Revenue Analysis - In 2024, the company's revenue from mold inspection tools and automated production lines was 1.625 billion yuan, a year-on-year increase of 4.73%, driven by the release of existing orders. Revenue from automotive parts and accessories reached 730 million yuan, a significant increase of 153.89%, establishing it as the company's second growth driver [3]. - The company achieved a total of 851,123 vehicle sales for its major client Chery in Q4 2024, reflecting a year-on-year increase of 35.51% and a quarter-on-quarter increase of 30.51%, contributing to the overall performance improvement [3]. Profitability Insights - In Q4 2024, the company reported a net profit of 98 million yuan, aligning with previous forecasts. The gross profit margin for Q4 was 26.81%, an increase of 10.35 percentage points year-on-year and 2.27 percentage points quarter-on-quarter. The net profit margin was 16.91%, up 8.00 percentage points year-on-year but down 0.30 percentage points quarter-on-quarter [3]. - The significant year-on-year improvement in profitability is attributed to the scale effect of the parts business [3]. Cost Structure - The expense ratios for sales, management, R&D, and financial costs in Q4 2024 were 1.70%, 3.33%, 4.61%, and 0.30%, respectively. These figures reflect year-on-year changes of -0.53, -1.24, -0.48, and +0.81 percentage points, and quarter-on-quarter changes of +0.62, -2.16, -0.66, and +1.24 percentage points, indicating normal fluctuations in expenses [3]. Strategic Developments - The company established a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robotics Co., Ltd., to accelerate its robotics layout in response to the "23456" innovation system and industrial ecosystem development plan announced by the Anhui Provincial Ministry of Industry and Information Technology [4]. - The company has been actively involved in robotics since 2016, focusing on robot assembly and laser measurement projects, and has developed intelligent manufacturing solutions since 2017 [4]. Order and Production Capacity - As of the end of 2024, the company had a robust order backlog of 3.856 billion yuan, a year-on-year increase of 12.78%, indicating full production capacity [5]. - The lightweight parts business has entered full-scale production, with significant increases in supply volumes for various models, including 766,900 aluminum alloy integrated die-casting body structure parts, a year-on-year increase of 125.49%, and 58.8801 million high-strength plates and aluminum alloy welded parts, up 210.25% year-on-year [5]. Investment Outlook - The company is expected to see further performance improvements driven by its robust order backlog in equipment business and the release of production capacity in lightweight business. Revenue projections for 2025-2027 are 3.46 billion yuan, 4.46 billion yuan, and 5.56 billion yuan, with net profits of 450 million yuan, 580 million yuan, and 720 million yuan, respectively [5][7].