研報掘金丨東吳證券:瑞鵠模具裝備製造業務訂單持續增長,產能擴張配合訂單增長釋放
格隆匯5月24日丨東吳證券23日研報指出,受到新能源產業趨勢影響(車型加速迭代+新產能建設),瑞鵠模具(002997.SZ)裝備製造業務在手訂單逐年增長,2020-2022年分別為20.4/24.5/30.3億元。同時,公司合作奇瑞汽車成立輕量化子公司,拓展鋁合金輕量化壓鑄零部件業務。公司所在安徽省汽車集羣優勢明顯。2025年規劃全省汽車生產規模超過300萬台,有望進一步推動供應鏈企業蓬勃發展。公司核心客户奇瑞汽車產品矩陣完善,深耕海外乘用車市場,2022年海外銷售佔比達到36.5%,成為國內自主品牌出海領軍企業,隨着奇瑞汽車產品出海戰略的持續推進,瑞鵠模具作為奇瑞全國最大生產基地所在地的供應鏈企業,有望獲得更多的發展機會。另外,公司裝備製造業務訂單持續增長,2022年公司裝備製造業務在手訂單30.3億元,2023年1月中標奇瑞汽車衝焊車間3.8億元新訂單項目,鋁合金動力總成產品研發成功並按計劃批產。產能擴張配合訂單增長釋放,公司業績有望進一步提升。考慮到產業發展趨勢+公司所在安徽省區位優勢,IPO+可轉債募投的產能釋放後所具備的發展潛力。首次覆蓋,給予“買入”評級。
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