20240820-国投证券-瑞鹄模具-002997.SZ-2024年H1业绩高增_零部件业务快速放量_5页_963kb

Summary of Haitong Securities Research Report: Ruihu Molding (002997.SZ)

摘要（中文）

国投证券研究报告对瑞鹄模具2024年上半年业绩进行分析，认为其零部件业务快速放量，营收和净利润实现大幅增长。上半年公司实现营收1121亿元，同比增长305%，归母净利润162亿元，同比增长794%。驱动因素主要来自零部件业务的高增速（2448%）以及装备业务的稳健增长（77%）。毛利率和净利率同比大幅提升，带动净利润增长显著高于收入。

研究指出，装备业务订单储备充足，截至6月底在手订单393亿元，未来1-2年有望持续贡献收入；零部件方面，多个项目已进入量产阶段，伴随产能提升，预计将进一步放量。但需关注零部件垫款增加对现金流的影响，以及存货和资本开支的压力。

维持“买入-A”评级，目标价368元/股，预计2024-2026年归母净利润分别为33亿、39亿、46亿元（对应PE分别为166倍、141倍、119倍）。风险提示包括销量不及预期、市场竞争加剧及折旧压力。

Ruihu Molding (002997.SZ) 2024 H1 Performance Analysis

According to Haitong Securities, Ruihu Molding’s H1 2024 financial performance shows significant growth with total revenue up 305% year-on-year to 112.1 billion yuan, and net profit attributable to shareholders up 794% to 16.2 billion yuan. Key drivers are the rapid growth of its auto parts business (244.8% YoY) and stable expansion in equipment business (77% YoY). Margins also saw sharp improvements in both segments.

The report recommends maintaining a "Buy" rating with a 12-month target price of 36.8 yuan per share. However, it highlights risks including sales volume, competitive pressure, and depreciation costs.