Investment Rating - The industry is rated as "Overweight" [6] Core Views - Multiple automakers have committed to shortening payment terms to within 60 days, which is expected to improve the automotive supply chain ecosystem [1] - The shortening of payment terms is anticipated to alleviate concerns regarding automakers' repayment capabilities and promote healthy industry development [1] - The average cash turnover rates for components, complete vehicles, and dealers in 2024 are projected to be 4.5, 2.2, and 8.9 respectively, with the new payment terms expected to enhance cash flow [1] - The reduction in payment terms aligns with international standards, potentially benefiting Chinese brands in overseas markets [2] - Price competition has paused, leading to a narrowing of discount rates, which is favorable for healthy competition within the industry [2] Summary by Sections Section 1: Impact of Shortened Payment Terms - The adjustment to a 60-day payment term is expected to have limited impact on the cash flow of complete vehicle manufacturers, as many currently operate with payment terms exceeding 110 days [2] - The new terms are expected to enhance the cash turnover ability and cash levels of upstream component manufacturers, with an estimated increase in cash funds of approximately 32 billion yuan (+37%) if accounts receivable turnover improves to 6 [3] Section 2: Export Growth of Domestic Passenger Vehicles - Domestic brands are leading in competitiveness within the market, driving foreign brands out [4] - In 2024, market shares for domestic brands in various price segments are projected to be 80%, 48%, and 42% respectively, with year-on-year increases of 7, 14, and 4 percentage points [4] - In May, domestic brand exports reached 375,000 units, a year-on-year increase of 18% and a month-on-month increase of 10% [4] - The global market is viewed as a significant growth opportunity for Chinese automakers, with a recommendation to focus on industry leaders with global competitiveness [4]

Overview - The automotive fluid pipeline industry is a crucial part of the automotive supply chain, with a significant share in the overall value chain, and is experiencing rapid growth due to the expansion of China's automotive market and global procurement [1][13] - The market size of China's automotive fluid pipeline industry is projected to reach 15.863 billion yuan in 2024, representing a year-on-year growth of 15.08%, with over 60% of this market attributed to new energy vehicles [1][13] Market Policies - The Chinese government has issued various policies to support the development of the automotive fluid pipeline industry, creating a favorable policy environment for growth [4][6] Industry Chain - The automotive fluid pipeline industry consists of upstream raw material suppliers (metals, rubber, plastics), midstream production and R&D, and downstream applications in various automotive systems [7][9] - The demand for fluid pipelines is increasing, particularly in the context of new energy vehicles, which require advanced thermal management systems [7][11] Competitive Landscape - The global automotive parts industry has been historically dominated by developed countries, but Chinese companies are increasingly gaining market share through innovation and cost advantages [15][16] - Key players in the Chinese automotive fluid pipeline industry include Su Lian Co., Zhong Ding Co., Ling Yun Co., and Teng Long Co., with Zhong Ding Co. leading in revenue at 18.85 billion yuan in 2024 [17][19] Development Trends - The industry is expected to focus on enhancing material application, structural performance design, and production processes to meet stricter emissions standards and promote lightweight designs [24]

证券代码：000887 证券简称：中鼎股份 公告编号：2025-029 安徽中鼎密封件股份有限公司 关于使用闲置募集资金进行现金管理的进展公告（123） 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 安徽中鼎密封件股份有限公司（以下简称"公司"）于 2025 年 5 月 23 日召开了 2024 年度股东大会，审议通过了《关于使用闲置募集资金和自有资金进行现金管理的 议案》，同意公司使用不超过 2.5 亿元（人民币，币种下同）的闲置募集资金购买保 本型理财产品和不超过 25 亿元的自有资金购买保本和非保本型理财产品、信托产品 和进行委托贷款业务，使用期限为自公司股东大会审议通过之日起至 2025 年年度股 东大会召开之日止。在上述使用期限及额度范围内，资金可以滚动使用。针对上述事 项，公司保荐机构发表了明确的同意意见。具体内容详见 2025 年 4 月 29 日公司在巨 潮资讯网 www.cninfo.com.cn 上披露的相关公告。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准安徽中鼎密封件股份有限公司公开发行可 转换公司债券的批复》（证监许可 ...

Investment Rating - The report maintains an "Outperform" rating for the humanoid robot industry [4]. Core Insights - The production rhythm of Tesla's humanoid robot Optimus is becoming clearer, and with the continuous layout of major players both domestically and internationally (such as Figure, Zhiyuan, Huawei, Yuzhu, Xiaomi), the humanoid robot industry is expected to accelerate its implementation, with 2025 likely marking the industry's explosive growth point [3]. - Investment opportunities are identified in various segments: assembly segment (Top Group, Sanhua Intelligent Control), reducer segment (Shuanghuan Transmission, Precision Forging Technology, Zhongding Holdings), sensor segment (Lingyun Shares), and other related companies (Yinlun Shares, Junsheng Electronics, Ruihu Mould, Meili Technology) [3]. Market Performance - The Guosen humanoid robot index fell by 3.88% during the week of May 26-30, underperforming the CSI 300 index by 2.79 percentage points and the Shanghai Composite Index by 3.85 percentage points, while year-to-date it has risen by 8.4% [1][11]. - Key companies such as Top Group, Sanhua Intelligent Control, and Zhongding Holdings experienced declines of 3.95%, 4.58%, and 5.6% respectively, while Beite Technology saw an increase of 2.99% [1][11]. Industry Dynamics - Elon Musk announced that the Optimus humanoid robot is expected to walk on Mars by 2027, with SpaceX planning to launch a spacecraft carrying the robot next year [21]. - Yuzhu Technology has changed its name and is set to launch a new robot with 26 degrees of freedom, priced below $10,000 [25]. - Various companies, including Tesla and Xiaoma Zhixing, are releasing plans related to Robotaxi, indicating a growing interest in autonomous vehicle technology [22][23]. Key Company Earnings Forecast and Investment Ratings - Top Group (601689.SH): Outperform, last closing price 49.30 CNY, market cap 85.7 billion CNY, EPS 1.78 for 2024A, PE 28 for 2024A [4]. - Sanhua Intelligent Control (002050.SZ): Outperform, last closing price 25.85 CNY, market cap 96.5 billion CNY, EPS 0.83 for 2024A, PE 31 for 2024A [4]. - Shuanghuan Transmission (002472.SZ): Outperform, last closing price 31.83 CNY, market cap 27 billion CNY, EPS 1.21 for 2024A, PE 26 for 2024A [4]. - Zhongding Holdings (000887.SZ): Outperform, last closing price 17.19 CNY, market cap 22.6 billion CNY, EPS 0.95 for 2024A, PE 18 for 2024A [4].

Investment Rating - The report rates the humanoid robot industry as "Outperform the Market" [4] Core Views - The production rhythm of Tesla's humanoid robot Optimus is becoming clearer, and with the continuous layout of domestic and foreign giants (such as Figure, Zhiyuan, Huawei, Yushu, Xiaomi), the humanoid robot industry is expected to accelerate its landing, with 2025 likely being the starting point for industry explosion, presenting opportunities for industrial upgrades [3][4] Market Performance - The Guosen Humanoid Robot Index fell by 3.88% during the week of May 26-30, underperforming the CSI 300 Index by 2.79 percentage points and the Shanghai Composite Index by 3.85 percentage points, while it has risen by 8.4% year-to-date [1][11] - Key companies such as Top Group, Sanhua Intelligent Control, and Zhongding Holdings experienced declines of 3.95%, 4.58%, and 5.6% respectively, while Beite Technology saw an increase of 2.99% [1][11] Industry Dynamics - Elon Musk stated that the Optimus humanoid robot will walk on Mars by 2027 [21] - Yushu Technology has changed its name and is set to launch a new robot with 26 degrees of freedom priced below $10,000 [25] - Various companies, including Tesla and Xiaoma Zhixing, are releasing plans related to Robotaxi [22][23] - The establishment of the Embodied Intelligence Data Alliance aims to promote the rapid development of embodied intelligence in various sectors [35] Key Company Profit Forecasts and Investment Ratings - Top Group: Outperform the Market, with an EPS of 1.78 for 2024 and 2.04 for 2025, PE ratios of 28 and 24 respectively [4] - Sanhua Intelligent Control: Outperform the Market, with an EPS of 0.83 for 2024 and 1.00 for 2025, PE ratios of 31 and 26 respectively [4] - Shuanghuan Transmission: Outperform the Market, with an EPS of 1.21 for 2024 and 1.50 for 2025, PE ratios of 26 and 21 respectively [4] - Zhongding Holdings: Outperform the Market, with an EPS of 0.95 for 2024 and 1.15 for 2025, PE ratios of 18 and 15 respectively [4]

Group 1 - The reducer concept sector declined by 3.18%, ranking among the top declines in concept sectors, with companies like Jingjin Electric, Dongfeng Technology, and Guangyang Co. experiencing significant drops [1][2] - Among the reducer concept stocks, three companies saw price increases, with Inner Mongolia First Machinery Group rising by 1.96%, Bohai Automobile by 1.32%, and Yingboer by 0.70% [1][2] Group 2 - The reducer concept sector experienced a net outflow of 3.019 billion yuan, with 85 stocks seeing net outflows, and 8 stocks exceeding 100 million yuan in outflows [2][5] - The stock with the highest net outflow was Shanzi Gaoke, with a net outflow of 421 million yuan, followed by Wuzhou Xinchun, Shanghai Electric, and Zhongding Co. with net outflows of 163 million yuan, 134 million yuan, and 129 million yuan respectively [2][5] - The top net inflow stocks in the reducer concept included Yingboer, Inner Mongolia First Machinery Group, and Bohai Automobile, with net inflows of 20.31 million yuan, 16.07 million yuan, and 15.51 million yuan respectively [5]

Overview - The rapid development of the automotive market in China has significantly increased the demand for air suspension systems, driven by consumer preferences for comfort, safety, and performance [1][10] - The air suspension system market is projected to reach a demand of 1.0643 million sets and a market size of 10.737 billion yuan in 2024, with over 60% of the demand coming from the passenger vehicle sector [1][10] Industry Policies - The Chinese government has issued various policies to support the development of the automotive parts industry, including air suspension systems, creating a favorable policy environment for industry growth [4][5] Industry Chain - The air suspension system industry consists of upstream suppliers of raw materials (steel, plastic), component suppliers (air springs, dampers, ECU, sensors), system assemblers in the midstream, and downstream automotive manufacturers and aftermarket services [7][8] Market Demand - The automotive market in China has shown steady growth, with production and sales of vehicles increasing by 14.5% and 11.2% year-on-year in early 2025, respectively, and a notable 50.4% increase in the production of new energy vehicles [8][10] Competitive Landscape - The air suspension system market in China is characterized by an oligopolistic structure, with the top five companies holding over 90% market share. The top three companies (Konghui Technology, Top Group, and Baolong Technology) account for 86.7% of the market [12][14] - Konghui Technology leads the market with an installation volume of 335,470 sets, capturing 41.3% of the market share, followed by Top Group with 25.8% and Baolong Technology with 19.6% [12][14] Company Profiles - Konghui Technology is the first domestic company to achieve OEM mass production of passenger car air suspension systems, supplying over 20 models and expecting to deliver over 600,000 units in 2024 [14] - Top Group specializes in automotive parts, with projected revenues of 26.6 billion yuan in 2024, where air suspension systems are a significant part of their product offerings [17] Development Trends - Future air suspension systems are expected to integrate deeply with intelligent driving systems, allowing for automatic adjustments based on road conditions to enhance ride comfort and vehicle stability [19] - The use of high-strength, lightweight materials such as aluminum and carbon fiber is anticipated to increase in air suspension systems to improve efficiency and performance while maintaining strength [19]

安徽承义律师事务所 关于 安徽中鼎密封件股份有限公司 召开 2024 年年度股东大会的 法律意见书 安徽承义律师事务所 中国.合肥市政务区怀宁路 200 号栢悦中心 5 楼 邮编: 230022 电话（Tel）:（86-551）65609815 传真（Fax）:（86-551）65608051 网址（Website）:www.chengyi-law.com 电子信箱（E-mail）：chengyilawyer@163.com 安徽承义律师事务所 关于安徽中鼎密封件股份有限公司 召开 2024 年年度股东大会的法律意见书 (2025)承义法字第 00120 号 致:安徽中鼎密封件股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 会规则》等法律法规和其他规范性文件的要求，安徽承义律师事务所接受安徽中 鼎密封件股份有限公司（以下简称"公司"）的委托，指派束晓俊、方娟律师（以 下简称"本律师"）就公司召开 2024 年年度股东大会（以下简称"本次股东大会"） 出具法律意见书。 一、本次股东大会召集人资格和召集、召开的程序 经核查，本次股东大会是由公司第九届董事会召集，公司已于 2025 ...

安徽承义律师事务所 关于 安徽中鼎密封件股份有限公司 安徽承义律师事务所 关于安徽中鼎密封件股份有限公司 召开 2024 年年度股东大会的法律意见书 (2025)承义法字第 00120 号 致:安徽中鼎密封件股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 会规则》等法律法规和其他规范性文件的要求，安徽承义律师事务所接受安徽中 鼎密封件股份有限公司（以下简称"公司"）的委托，指派束晓俊、方娟律师（以 下简称"本律师"）就公司召开 2024 年年度股东大会（以下简称"本次股东大会"） 出具法律意见书。 一、本次股东大会召集人资格和召集、召开的程序 召开 2024 年年度股东大会的 法律意见书 安徽承义律师事务所 中国.合肥市政务区怀宁路 200 号栢悦中心 5 楼 邮编: 230022 电话（Tel）:（86-551）65609815 传真（Fax）:（86-551）65608051 网址（Website）:www.chengyi-law.com 电子信箱（E-mail）：chengyilawyer@163.com 经核查，本次股东大会是由公司第九届董事会召集，公司已于 2025 ...

证券代码：000887 证券简称：中鼎股份 公告编号：2025-028 安徽中鼎密封件股份有限公司 二〇二四年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议； 3、本次股东大会以现场投票方式和网络投票相结合的表决方式召开； 4、本次股东大会召开期间无新议案提交表决的情况。 一、会议召开情况 1、召开时间： 2、股权登记日：2025 年 5 月 16 日（星期五） 3、召开地点：安徽省宁国经济技术开发区中鼎股份研发大楼董事会会议室 4、会议召集人：公司董事会 5、会议方式：现场投票和网络投票相结合的表决方式 6、会议主持人：董事长夏迎松先生 7、本次股东大会的召集、召开和表决程序等符合《中华人民共和国公司法》《深 圳证券交易所股票上市规则》等有关法律、法规、规范性文件以及《安徽中鼎密封件股份 有限公司章程》的有关规定。 二、会议出席情况 (1)、现场会议时间：2025 年 5 月 23 日（星期五）下午 15:00； (2)、网络投票时间： ...