Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][7] Core Views - The lightweight and air suspension businesses are experiencing high growth, with significant order volumes and a strong market position [4][5] - The company has a solid financial outlook, with expected net profits of 1.37 billion, 1.65 billion, and 1.98 billion for 2024, 2025, and 2026 respectively [7][10] - The company is benefiting from the expansion of hybrid vehicles and the strong performance of benchmark brands in the air suspension market [7] Summary by Sections Company Overview - Zhongding Co., Ltd. operates in the automotive industry, with a total market capitalization of 179 billion and a total share capital of 1,316 million shares [3] Business Performance - The lightweight business has seen revenue growth from 440 million in 2020 to approximately 3 billion, with orders totaling around 4.6 billion for the first half of 2024 [4] - The air suspension business is positioned for high growth, supported by the increasing localization of key components and successful product launches [5] Financial Projections - Revenue is projected to grow from 17.24 billion in 2023 to 27.51 billion in 2026, with a compound annual growth rate (CAGR) of 14.9% [10] - The net profit margin is expected to improve, with net profit increasing from 1.13 billion in 2023 to 1.98 billion in 2026 [10][11] Valuation Metrics - The company is currently valued at a low P/E ratio of 15.8 for 2023, which is expected to decrease to 9.1 by 2026, indicating potential for price appreciation [6][11]

二、对上市公司的影响 近年来，公司大力发展智能底盘系统业务，推进底盘轻量化系统总成产品，汽车 轻量化已经在汽车制造业中形成广泛的共识，底盘的轻量化对整车的性能起着举足轻 重的作用。公司旗下子公司四川望锦公司，其核心技术为球头铰链总成产品，是底盘 系统核心安全部件及性能部件，拥有行业领先的技术。此次获得客户的认可，为公司 进一步拓展未来轻量化底盘产品市场奠定基础。 三、风险提示 后续公司将按客户要求，在规定的时间内完成上述系列产品的生产。该事项对公 司本年度的经营业绩不会产生较大的影响，但将对公司未来轻量化底盘系统领域市场 发展及业绩产生积极的影响。本次配套存在不确定性影响，敬请广大投资者注意投资 风险。 特此公告。 安徽中鼎密封件股份有限公司 证券代码：000887 证券简称：中鼎股份 公告编号：2024-053 安徽中鼎密封件股份有限公司 关于获得供应商项目定点书的公告 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。 一、定点通知概况 安徽中鼎密封件股份有限公司（以下简称"公司"）孙公司成都望锦汽车部件有 限公司（以下简称"成都望锦"）近期收到客户通知，公司 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 14.495 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13.47%. The net profit attributable to shareholders was 1.052 billion yuan, up 20.10% year-on-year, and the net profit after deducting non-recurring items was 948 million yuan, an increase of 30.43% year-on-year [1] - The gross margin improved year-on-year, with Q3 2024 gross margins at 22.45%, reflecting a year-on-year increase of 0.42 percentage points. The net profit margin for Q3 was 7.02%, showing a year-on-year increase of 1.17 percentage points [2] - The company has received recognition from domestic and international clients, including awards from Mann+Hummel and Li Auto, and has secured new project designations [3] - The company has launched a "Quality Return Dual Improvement" action plan aimed at enhancing core competitiveness and ensuring sustainable development [3] - The company is expected to see a compound annual growth rate (CAGR) of 19.2% in net profit attributable to shareholders from 2024 to 2026 [4] Financial Summary - For Q3 2024, the company achieved a revenue of 4.826 billion yuan, with a year-on-year increase of 5.25% and a quarter-on-quarter decrease of 3.03%. The net profit attributable to shareholders was 336 million yuan, down 2.60% year-on-year and 5.52% quarter-on-quarter [1] - The company’s operating income for 2024 is projected to be 172.44 billion yuan, with a growth rate of 16.11%. The net profit attributable to shareholders is expected to be 11.31 billion yuan, with a growth rate of 17.34% [5] - The company’s gross margin for Q1, Q2, and Q3 of 2024 was 22.42%, 22.05%, and 22.45%, respectively, while the net profit margin was 7.65%, 7.24%, and 7.02% [2]

Summary of the Conference Call Company Overview - The conference call was held for Zhongding Co., a leading automotive parts company, discussing its Q3 2024 performance and future outlook [1][2]. Key Financial Metrics - For the first three quarters of 2024, Zhongding reported: - Revenue: 14.495 billion CNY, up 13.47% year-over-year [1] - Net profit attributable to shareholders: 1.052 billion CNY, up 20.1% year-over-year [1] - Adjusted net profit: 948 million CNY, up 30.43% year-over-year [1] - Q3 revenue: 4.826 billion CNY, up 5.25% year-over-year [1]. Business Segments Performance Air Suspension - Air suspension revenue for the first three quarters was approximately 830 million CNY, with domestic sales around 300 million CNY and overseas sales about 530 million CNY [3][4]. - The company has secured projects with four major clients, with a total lifecycle value of approximately 1.7 billion CNY [4]. Lightweighting - Major clients include BYD, Li Auto, Changan, Chery, and Geely, with expected revenue growth from 1.5 billion CNY in 2023 to 2.5 billion CNY in 2024 [7][8]. - The company is expanding its overseas operations, particularly in Slovakia and Mexico, to enhance growth [8][9]. Thermal Management - Revenue from thermal management products reached approximately 1.6 billion CNY domestically and nearly 2.2 billion CNY overseas [12]. - Key clients include Ford, BMW, and domestic brands like Li Auto and BYD [12][13]. Sealing and Damping - Revenue from sealing products is stable at around 2.9 billion CNY, with a profit of over 300 million CNY [16]. - The sealing segment is primarily driven by clients like BYD, Volkswagen, and General Motors [16][17]. Competitive Landscape - The company faces competition mainly from domestic players like Top and Baolong in the air suspension market [5]. - The management aims for a gross profit margin of around 10% for air suspension products, with a long-term goal of 15% [5][6]. Future Outlook - The company anticipates revenue growth in air suspension to reach 2 billion CNY in 2024 and aims for 2.5 to 3 billion CNY by 2025 [6][7]. - The lightweighting segment is projected to grow significantly, with expectations of reaching 3.5 billion CNY in 2025 [8][12]. - The thermal management segment is expected to continue its upward trend, with a target of 5.5 billion CNY in revenue for the year [15]. Additional Insights - The company is focusing on expanding its product offerings and improving quality to meet increasing demand [11]. - There are ongoing discussions about potential new clients and product lines, particularly in the lightweighting and thermal management sectors [11][12]. - The management is also addressing challenges related to overseas operations, including labor costs and efficiency improvements [18][19]. Conclusion - Zhongding Co. is experiencing robust growth across its business segments, with a strong focus on expanding its market presence both domestically and internationally. The company is well-positioned to capitalize on emerging opportunities in the automotive parts industry while navigating competitive pressures and operational challenges.

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 18.49, up from the previous value of RMB 15.18 [5][8]. Core Views - The company has shown resilience in revenue growth despite a slight decline in Q3 due to weakened overseas demand, particularly in Europe. The revenue for Q3 reached RMB 4.826 billion, representing a year-on-year increase of 5.25% [1][2]. - The company is expected to enhance operational efficiency in overseas markets, leading to improved profitability [1]. - The growth momentum in the company's new business segments, particularly in air suspension and cooling systems, is anticipated to drive future revenue growth [4]. Summary by Sections Revenue and Profitability - Q3 revenue was RMB 4.826 billion, with a year-on-year growth of 5.25% and a quarter-on-quarter decline of 3.03%. The net profit attributable to shareholders was RMB 336 million, down 2.60% year-on-year and 5.52% quarter-on-quarter [1]. - For the first three quarters of 2024, the company achieved a revenue of RMB 14.495 billion, a year-on-year increase of 13.47%, and a net profit of RMB 1.052 billion, up 20.10% year-on-year [1]. Margin Analysis - The gross margin for Q3 improved by 0.42 percentage points year-on-year and 0.4 percentage points quarter-on-quarter. The net profit margin decreased by 0.40 percentage points to 7.02%, but the non-recurring net profit margin increased by 0.4 percentage points year-on-year [3]. - The company has maintained stable control over sales, management, and R&D expense ratios, which were 2.60%, 5.72%, and 4.65% respectively [3]. Business Growth Drivers - The company is focusing on expanding its market share in traditional business areas while also enhancing the value provided to core customers through new products in air suspension systems [2]. - The air suspension business is expected to contribute significantly, with new orders amounting to approximately RMB 1.27 billion announced in the second half of the year [4]. - The cooling systems segment is also being developed, with new products like liquid cooling plates being introduced [4]. Financial Forecast - The report maintains previous profit forecasts, estimating net profits for 2024, 2025, and 2026 to be RMB 1.453 billion, RMB 1.822 billion, and RMB 2.205 billion respectively [5][6]. - The estimated PE ratio for 2025 is set at 13.4 times, aligning with the average of comparable companies [5].

1 Anhui Zhongding Sealing Parts Co.,Ltd. Report of Q3 2024 The Company and all members of the Board of Directors have guaranteed that the information disclosed is true, accurate and complete, and contains no false record, misleading statements or material omissions. Anhui Zhongding Sealing Parts Co.,Ltd. Report of Q3 2024 Anhui Zhongding Sealing Parts Co.,Ltd. Report of Q3 2024 Stock Abbreviation: Zhongding Stock Stock code: 000887 October 2024 Important Notice： □ Yes √ No Note: This Report has been prepare ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥4,826,047,064.83, representing a 5.25% increase compared to the same period last year[2]. - Net profit attributable to shareholders was ¥335,679,074.25, a decrease of 2.60% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was ¥306,264,237.52, showing a 12.22% increase compared to the previous year[2]. - The basic earnings per share for the reporting period was ¥0.26, down 3.70% year-on-year[2]. - The diluted earnings per share also stood at ¥0.26, reflecting a decrease of 3.70% compared to the same period last year[2]. - The weighted average return on equity was 2.60%, a decrease of 0.32% year-on-year[2]. - Total operating revenue for the current period reached CNY 14,495,242,519.77, an increase of 13.5% compared to CNY 12,774,099,548.15 in the previous period[14]. - Net profit attributable to shareholders of the parent company was CNY 1,051,912,288.58, up 20.1% from CNY 875,838,601.48 in the same period last year[15]. - The company reported a basic and diluted earnings per share of CNY 0.80, compared to CNY 0.67 in the previous year, indicating a growth of 19.4%[16]. - Total comprehensive income for the current period was CNY 1,025,209,715.69, an increase from CNY 870,672,520.54 in the same period last year[15]. - Operating profit for the current period was CNY 1,291,837,233.63, an increase of 24.3% compared to CNY 1,038,679,574.68 in the previous period[15]. - The company’s total operating costs were CNY 13,392,633,042.87, which is a 12.9% increase from CNY 11,867,784,559.37 in the prior year[14]. Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥1,242,844,002.80, reflecting an 89.10% increase year-on-year[2]. - Net cash flow from operating activities increased by 89.10% to CNY 1,242,844,002.80 from CNY 657,234,744.07, driven by higher sales and increased cash receipts[5]. - The cash inflow from operating activities for the current period was CNY 13,672,769,136.56, an increase of 15.5% compared to CNY 11,872,921,631.14 in the previous period[17]. - The total cash outflow from operating activities was CNY 12,429,925,133.76, an increase from CNY 11,215,686,887.07, which is a rise of 10.8%[17]. - The cash inflow from sales of goods and services was CNY 13,448,766,254.61, compared to CNY 11,655,626,481.56, reflecting an increase of 15.4%[17]. - The net cash flow from investing activities was -CNY 850,155,175.02, worsening from -CNY 614,566,621.46 in the previous period[18]. - The cash inflow from financing activities totaled CNY 2,988,345,431.98, compared to CNY 2,669,619,406.79 in the previous period, marking an increase of 11.9%[18]. - The net cash flow from financing activities was CNY 45,585,052.34, a significant improvement from -CNY 264,314,091.42 in the previous period[18]. - The ending cash and cash equivalents balance was CNY 2,202,815,408.16, up from CNY 1,683,762,178.20, indicating a growth of 30.8%[18]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥24,025,812,465.44, a 5.17% increase from the end of the previous year[2]. - Shareholders' equity attributable to the parent company reached ¥12,789,999,519.10, up 6.02% from the previous year-end[2]. - Other current assets due within one year increased by 38.45% to CNY 1,662,679,824.12 from CNY 1,200,905,204.88, primarily due to an increase in fixed income securities[5]. - Other non-current financial assets rose by 47.07% to CNY 389,848,801.70 from CNY 265,069,840.78, mainly due to the addition of new non-current financial asset projects[5]. - The company's financial liabilities due within one year increased by 73.57% to CNY 459,493,632.26 from CNY 264,724,898.85, mainly due to an increase in long-term borrowings due within one year[5]. - The company's estimated liabilities rose significantly, with a 53.22% increase to CNY 84,305,809.37 from CNY 6,769,420.40, due to the addition of estimated liability projects[5]. - Total liabilities rose to RMB 11,160,786,234.19 from RMB 10,747,917,767.81, reflecting an increase of approximately 3.84%[12]. - The company's short-term borrowings increased to RMB 2,623,998,400.82 from RMB 2,530,009,731.17, which is an increase of about 3.00%[12]. - The total equity remained stable at RMB 1,316,489,747.00, unchanged from the previous period[12]. - The company's long-term equity investments increased to RMB 287,345,502.87 from RMB 273,788,896.31, showing a growth of approximately 4.95%[12]. - The total non-current assets increased to RMB 9,877,085,299.63 from RMB 9,632,521,413.47, indicating a growth of approximately 2.54%[12]. Other Financial Metrics - Non-recurring gains and losses included a government subsidy of ¥20,997,268.85 for the reporting period[3]. - Financial expenses surged by 93.26% to CNY 181,717,798.60 from CNY 94,029,393.40, attributed to increased loan interest rates in euros and dollars, as well as reduced exchange gains[5]. - Other income increased by 103.14% to CNY 112,604,599.67 from CNY 55,432,383.23, primarily due to an increase in tax deductions[5]. - Minority interests increased to CNY 75,026,712.15 from CNY 32,073,771.99, reflecting a significant growth of 133.4%[13]. - Research and development expenses increased to CNY 671,486,023.22, representing a rise of 11.6% from CNY 601,511,358.74 in the prior period[14]. - The company's cash and cash equivalents amounted to RMB 2,352,416,961.16, compared to RMB 2,176,668,984.69 at the beginning of the period, representing a growth of approximately 8.06%[11]. - Inventory increased to RMB 3,750,586,621.39 from RMB 3,508,509,355.57, marking a rise of about 6.89%[11]. - The total assets of Anhui Zhongding Sealing Parts Co., Ltd. reached RMB 24,025,812,465.44, an increase from RMB 22,844,191,495.69 at the beginning of the period, reflecting a growth of approximately 5.15%[11].

证券代码：000887 证券简称：中鼎股份 公告编号：2024-051 安徽中鼎密封件股份有限公司 关于参与认购基金份额暨对外投资的公告 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。 一、对外投资概述 注册资本：1000 万人民币 法定代表人：刘奉丽 企业类型： 其他有限责任公司 为满足公司战略发展需要，在保持公司自有主营业务发展的同时，公司看好并计 划参与新能源汽车产业链投资，公司与山东铁发资本投资管理有限公司（以下简称"铁 发资本"）、浙江久立投资管理有限公司签署了《珠海充能挚鼎立股权投资合伙企业 （有限合伙）合伙协议》（以下合称"合伙协议"），拟共同投资设立珠海充能挚鼎立 股权投资合伙企业（有限合伙）（以下简称"合伙企业"或"珠海充能挚鼎立基金"）。 珠海充能挚鼎立基金规模为 3,119 万元，其中公司作为有限合伙人拟以自有资金认缴 出资 2,618 万元，认缴额度占合伙企业认缴出资总额的 83.9372%。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 7 号—交易与关联交易》及《公司章程》等有关规定，本次投资事项无需提 ...

证券时报e公司讯，企查查APP显示，近日，珠海充能挚鼎立股权投资合伙企业（有限合伙）成立，经 营范围包含：以私募基金从事股权投资、投资管理、资产管理等活动。 企查查股权穿透显示，该公司由中鼎股份(000887)等共同持股。 ...

公司董事会对魏安力先生为公司所做出的贡献深表感谢。公司董事、监事、高级 管理人员及全体员工，对魏安力先生的逝世表示沉痛哀悼，并向其家人表示深切慰问。 证券代码：000887 证券简称：中鼎股份 公告编号：2024-050 安徽中鼎密封件股份有限公司 关于公司独立董事逝世的公告 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。 安徽中鼎密封件股份有限公司（以下简称"公司"）董事会沉痛公告，公司独立董 事魏安力先生于近日因病医治无效不幸逝世。 魏安力先生在担任公司独立董事、提名委员会主任委员、薪酬与绩效考核委员会 委员、战略委员会委员期间，勤勉尽责、恪尽职守，以诚恳、忠实的态度履行了作为 独立董事应尽的职责和义务，在保障公司董事会合规决策、维护公司及股东的整体利 益等方面尽职尽责，为公司治理和发展做出了重要的贡献。 2024 年 10 月 8 日 魏安力先生逝世后，公司现任董事由7人减少至6人，未低于《公司法》要求的董 事会最低法定人数，但低于《公司章程》规定的董事会成员人数，同时公司独立董事 人数将少于董事会成员的三分之一。公司将根据《公司法》等法律法规和《公司章 ...