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 ...

央视网消息：连日来，多地持续高温天气。当不少人在室内享受清凉时，有这样一群人冒着酷暑、头顶烈日，坚守在岗位上。 山西：检车员头顶烈日守护电煤列车安全 持续的高温天气，电煤需求量急剧攀升，晋煤外运更加繁忙。在山西长治长子南列检作业场，每天有7000多辆满载电煤的列车发出，驶向 河南、山东、河北等地。 瓦日铁路穿越太行山脉，沿线地形复杂，连续长大坡道有十几公里，列车运行过程中需要频繁制动，造成闸瓦磨耗严重。暑运期间，车流 量比平时高出百分之十。在长子南列检作业场，每天要更换300余块闸瓦。 一列60辆编组的电煤列车通常要在35分钟内完成技术检查作业，才能确保准点发车。其中，闸瓦更换、部件损耗检查等核心检车环节必须 由人工完成，而关键的制动性能试风作业则交由智能机器人同步推进。这个专攻制动检测的"小能手"因高效精准又带着几分萌态，被检车员们 称为"小螃蟹"。 项目建设如期进行，企业生产也不停歇。在河南的这家铝业生产车间，工人们正在赶制发往安徽的6000吨铝合金板材。除了给员工发放高 温补贴，企业还在车间配备了盐点水、西瓜、藿香正气水等防暑降温物资。 河南省气象台预计，未来几日河南高温闷热天气仍将持续，提醒公众要注意 ...

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 ...

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].