Investment Rating - The report maintains a "Recommended" rating for the company, indicating a strong potential for stock performance in the next six months [6][28]. Core Insights - The company has shown significant improvement in overseas business profitability, with a notable increase in gross margin from 14.5% in 2022 to 19.1% in 2023. The air suspension business has also made substantial progress, contributing to overall revenue growth [28]. - The air suspension business generated revenue of 820 million in 2023, reflecting a year-on-year increase of 20%, with a gross margin of 22.7% [5][28]. - The company has a strong foothold in the air supply unit market and is expanding its air spring business, which is expected to enhance profitability as scale effects take hold [6][35]. Financial Summary - The company reported total revenue of 17.24 billion in 2023, a year-on-year increase of 15.6%, with a net profit of 1.13 billion, up 16.8% from the previous year [28]. - The projected net profits for 2024 and 2025 are 1.39 billion and 1.65 billion, respectively, with a new forecast for 2026 set at 1.88 billion [6][28]. - The gross margin for 2023 was 22.0%, with expectations for continued improvement in profitability across various business segments [28]. Business Development - The company is focusing on traditional business growth while also pushing for the development of new businesses such as air suspension systems, lightweight chassis systems, and thermal management systems [6]. - The company has established a global organizational structure to enhance management of overseas operations, which has led to improved efficiency and profitability [28]. - The company’s major clients include BYD, Li Auto, and Changan, with sales in the new energy sector reaching 5.98 billion in 2023, accounting for 36.3% of automotive business revenue [23].

Investment Rating - The report maintains a "Recommend" rating for Zhongding Co Ltd (000887 SZ) [3] Core Views - Overseas business profitability has improved with gross margin increasing from 14 5% in 2022 to 19 1% in 2023 [6] - Air suspension business achieved significant breakthroughs with revenue reaching 820 million yuan in 2023 (YoY +20%) and gross margin improving to 22 7% [7] - The company's customer structure continues to optimize with new energy vehicle business accounting for 36 3% of automotive revenue in 2023 [7] - Air suspension system market has vast potential and Zhongding has secured air spring project approvals marking a milestone in this business [11] Financial Performance - 2023 revenue reached 17 24 billion yuan (YoY +15 6%) with net profit attributable to parent company of 1 13 billion yuan (YoY +16 8%) [6] - Q1 2024 revenue was 4 69 billion yuan (YoY +21 6%) with net profit of 360 million yuan (YoY +37 6%) [6] - 2023 dividend plan proposes 2 yuan per 10 shares cash dividend (tax included) [6] - 2024/2025 net profit forecasts adjusted to 1 386/1 653 billion yuan with 2026 forecast at 1 878 billion yuan [14] Business Segments - Overseas production distribution in 2023: Asia 61 2% Europe 30 0% Americas 8 8% [6] - New energy vehicle business reached 5 98 billion yuan in 2023 accounting for 36 3% of automotive revenue [7] - Domestic new energy vehicle business reached 4 32 billion yuan accounting for 53 1% of domestic revenue [7] - Air suspension system total order value reached 12 1 billion yuan with assembly products accounting for 1 7 billion yuan [7] Future Outlook - Air suspension system business is in high growth phase with core components achieving localization [14] - The company is accelerating layout of other hardware assembly products including magnetorheological damper projects [14] - Traditional business maintains stable growth while new businesses (air suspension lightweight chassis thermal management) show good development momentum [14] Financial Ratios - 2023 gross margin improved to 22 0% from 20 9% in 2022 [10] - 2023 ROE reached 9 4% with forecast to increase to 11 7% by 2026 [17] - 2023 EPS was 0 86 yuan with forecast to reach 1 43 yuan by 2026 [17] - 2023 P/E ratio was 15 3x with forecast to decrease to 9 2x by 2026 [10]

Financial Performance - The company's revenue for the first quarter reached ¥4,692,198,237.48, representing a year-over-year increase of 21.58% compared to ¥3,859,400,993.20[3] - Net profit attributable to shareholders was ¥360,935,095.41, up 37.56% from ¥262,384,653.95 in the same period last year[3] - The net profit excluding non-recurring gains and losses was ¥302,014,681.35, reflecting a 40.48% increase from ¥214,991,122.97 year-over-year[3] - Basic earnings per share rose to ¥0.27, a 35.00% increase from ¥0.20 in the same quarter last year[3] - The total profit reached CNY 430,119,323.32, up from CNY 313,618,131.90 in the previous year, reflecting a growth of approximately 37.2%[44] - The net profit attributable to the parent company was CNY 360,935,095.41, compared to CNY 262,384,653.95 in the same period last year, marking an increase of around 37.5%[44] Cash Flow - The net cash flow from operating activities was ¥322,482,469.62, which is a 35.00% increase compared to ¥238,881,856.59 in the previous year[3] - The net cash flow from investing activities was -383,668,625.76, an improvement compared to -610,700,940.92 in the previous period[18] - The net cash flow from financing activities increased significantly to 222,862,739.87 from 62,686,944.82, indicating a positive trend in financing operations[18] - The cash inflow from sales of goods and services reached CNY 4,018,440,517.56, an increase from CNY 3,606,015,691.53 in the previous period, representing a growth of approximately 11.43%[38] - The company reported a cash inflow of CNY 10,729,282.6 from the disposal of subsidiaries and other operating units[35] - The company’s cash flow from other operating activities was CNY 58,768,126.48, an increase from CNY 45,388,647.01 in the previous period, representing a growth of approximately 29.5%[38] Assets and Liabilities - Total assets at the end of the reporting period were ¥23,133,638,313.50, marking a 1.27% increase from ¥22,844,191,495.69 at the end of the previous year[3] - Total liabilities decreased slightly from 10,747,917,767.81 to 10,718,898,776.72, a reduction of about 0.27%[12] - The total current liabilities decreased from 7,523,080,665.32 to 7,447,989,683.15, a decline of approximately 1.00%[12] - The total non-current assets amounted to 9,662,469,568.68, slightly up from 9,632,521,413.47, showing a growth of about 0.31%[12] - Cash and cash equivalents at the end of the period increased to 1,926,287,323.01 from 1,564,918,342.42, marking a rise of about 22.99%[18] Shareholder Information - The number of common shareholders at the end of the reporting period was 80,245, with the largest shareholder holding 40.46% of the shares[20] - The largest shareholder, Anhui Zhongding Holding (Group) Co., Ltd., holds 532,701,321 shares, which is 40.46% of the total shares[20] - Shareholders' equity attributable to the company was ¥12,357,907,971.91, up 2.43% from ¥12,064,199,955.89 at the end of the last year[3] Expenses - Total operating costs amounted to CNY 4,317,593,564.22, up from CNY 3,600,800,012.88, indicating an increase of about 19.8%[26] - Research and development expenses were CNY 215,009,332.11, compared to CNY 178,308,709.98 in the prior period, reflecting a rise of approximately 20.5%[26] - The company has seen a significant increase in sales expenses, which rose to CNY 117,084,377.09 from CNY 96,255,174.41, marking an increase of about 21.6%[26] - Tax expenses increased to CNY 31,887,051.91 from CNY 24,452,249.57, which is an increase of approximately 30.5%[26] Comprehensive Income - The total comprehensive income for the period was CNY 291,556,078.83, compared to CNY 262,821,595.99 in the prior year, reflecting an increase of approximately 10.9%[44] - The company’s other comprehensive income after tax showed a loss of CNY 67,227,079.40, contrasting with a gain of CNY 2,894,365.54 in the previous year[44] - Other comprehensive income showed a negative value of CNY -235,925,085.29, compared to CNY -168,698,005.90 in the previous period[63] Management and Governance - The management team guarantees the authenticity and completeness of the quarterly report, assuming legal responsibility for any misstatements[65] - The company confirmed that there are no adjustments or restatements required for previous accounting data[66] - The company does not have any non-recurring gains or losses that meet the definition of non-operating income[66]

Financial Performance - The total comprehensive income for the period decreased by 17,950,500.01, with a total of 695,344,156.97 for the current year and 677,393,656.96 for the previous year[11]. - The net profit distribution for the period was 17,316,004.21, with a reduction of 263,297,949.40 allocated to owners[10]. - The company reported a total revenue of 1,316 million RMB for the current period, with a significant increase of 3,530 million RMB compared to the previous period[17]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion for the fiscal year, representing a 20% year-over-year growth[61]. - Net profit attributable to shareholders for 2023 was ¥1,131,459,559.10, up 16.78% from ¥968,913,403.16 in the previous year[153]. - The net profit after deducting non-recurring gains and losses was ¥976,944,969.55, reflecting a significant increase of 28.60% from ¥759,671,614.17 in 2022[153]. - The company reported a net income of $300 million, a 25% increase compared to the previous fiscal year[61]. Equity and Reserves - The owner's equity at the end of the previous year was 8,205,476,322.38, with a capital reserve of 3,530,321,025.47[14]. - The total owner's equity at the beginning of the year was 8,205,507,400.88, with a capital reserve of 3,530,321,025.47[14]. - The total owner's equity at the end of the current period was 7,029,640,010.00[14]. - The company reported a total of 1,316,489,747.00 in share capital at the end of the previous year[14]. - The total amount of surplus reserves transferred to capital was 17,316,004.21[10]. - The company utilized 434,611.82 from the surplus reserves during the period[9]. Growth and Market Strategy - The company plans to expand its market presence and is focusing on new product development to drive future growth[18]. - The company has outlined a performance guidance for the upcoming year, aiming for a revenue growth of approximately 15%[18]. - The company is actively pursuing mergers and acquisitions to enhance its competitive position in the market[18]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in sales in that region over the next two years[61]. - New product launches included a state-of-the-art sealing technology, expected to capture 10% of the market share within the first year[61]. Research and Development - The company has invested significantly in research and development, with a budget allocation of 500 million RMB for new technologies[18]. - Research and development expenses increased by 10%, totaling $150 million, to support innovation and new technology initiatives[61]. - The company is focused on the research and development of new materials and automotive components, indicating a commitment to innovation[150]. Operational Efficiency - The company reported a net profit margin of 20%, showcasing its operational efficiency and cost management[18]. - The gross profit margin improved to 40%, up from 35% in the previous year, reflecting better cost management and pricing strategies[61]. - The company plans to implement cost-cutting measures aimed at reducing operational expenses by 5% in the upcoming fiscal year[61]. Customer Engagement - The user base has grown by 25% year-over-year, indicating strong demand for the company's products[18]. - User data showed a 15% increase in active users, reaching 10 million by the end of the reporting period[61]. - The company is implementing new strategies to improve customer engagement and retention, aiming for a 10% increase in customer loyalty metrics[18]. Environmental Responsibility - The company has established an effective energy management system, maintaining ISO50001 certification in 2023, and has built a distributed photovoltaic power station with a capacity of 29.6MWp[197]. - The company is actively integrating green and environmental protection concepts into its operations, promoting energy conservation and emission reduction initiatives[197]. - The company has implemented measures to reduce carbon emissions, aligning with national "dual carbon" policy trends[197]. - The company has developed emergency response plans for environmental incidents, which have been filed with relevant environmental authorities[195]. - The company has established monitoring protocols for emissions and pollutants, ensuring compliance with environmental regulations[190]. - Tianjin Zhongding Automotive Parts Co., Ltd. received an administrative penalty for environmental issues, specifically for non-compliance with air pollution prevention regulations[198]. - The company was fined RMB 25,000 for failing to operate environmental protection equipment properly[198]. - The company has committed to rectify the illegal behavior immediately, ensuring compliance with environmental regulations[198]. Financial Management - The company emphasizes the importance of assessing credit risk for financial instruments that are overdue by more than 30 days[123]. - The company has retained almost all risks and rewards associated with transferred financial assets, indicating a cautious approach to asset management[132]. - The company has established a financial loss recovery mechanism for previously impaired financial assets[125]. - The company has a clear policy for recognizing and reporting expected credit loss provisions[123]. - The company maintains a transparent approach to financial reporting, ensuring accuracy and completeness in its annual report[139].

证券代码：000887 证券简称：中鼎股份 公告编号：2024-015 王嘉麟先生简历如下： 安徽中鼎密封件股份有限公司 关于更换保荐代表人的公告 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"）于近日收到保荐机构民生 证券股份有限公司（以下简称"民生证券"或"保荐机构"）《关于更换安徽中鼎密 封件股份有限公司持续督导保荐代表人的函》。 民生证券系公司 2018 年公开发行可转换公司债券项目（以下简称"本项目"） 的保荐机构，本项目的法定持续督导期间为 2018 年 6 月 20 日至 2020 年 12 月 31 日止，鉴于本项目募集资金尚未使用完毕，保荐机构继续履行募集资金相关的持 续督导职责。 民生证券原委派保荐代表人谢国敏先生、方芳女士负责本项目的持续督导工 作。鉴于方芳女士因工作需要，不再继续履行本项目的持续督导工作。为保证持 续督导工作有序进行，民生证券委派保荐代表人王嘉麟先生（简历附后）接替方 芳女士负责本项目后续的持续督导工作。本次变更后，本项目的持续督导保荐代 表人为谢国敏先生和王嘉麟先生。 公司 ...

证券代码：000887 证券简称：中鼎股份 公告编号：2024-014 安徽中鼎密封件股份有限公司 关于举行 2023 年度业绩说明会的公告 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"）将于 2024 年 4 月 30 日在 《中国证券报》、《证券时报》、《上海证券报》及巨潮资讯网（www.cninfo.com.cn） 披露《2023 年年度报告》，为使投资者更加全面、深入地了解公司情况，加强公 司与投资者的沟通互动，公司定于 2024 年 5 月 6 日（星期一）下午 15:00-17:00 召开 2023 年度业绩说明会（以下简称"业绩说明会"），就投资者关心的问题进行 沟通和交流。 2、提问征集：投资者可于 2024 年 5 月 6 日（星期一）12:00 前登录上海证 券 报 · 中 国 证 券 网 路 演 中 心 " 提 问 预 征 集 " 栏 目 （ 网 址 ： https://company.cnstock.com/wtzj/000887 或扫描以下二维码向公司提问，公司将在 业绩说明会上对投资者 ...

证券代码：000887 证券简称：中鼎股份 公告编号：2024-013 安徽中鼎密封件股份有限公司 关于获得空气悬挂系统总成产品项目定点书的公告 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"）子公司上海鼎瑜智能科技有 限公司（以下简称"上海鼎瑜"）近期收到客户通知，公司成为国内某头部自主品牌 主机厂（限于保密协议，无法披露其名称，以下简称"客户"）新能源平台项目空气 悬挂系统总成产品的批量供应商。本次项目生命周期为6年，生命周期总金额约为2.48 亿元。 董 事 会 2024 年 4 月 25 日 同时公司也在加快空悬系统其他硬件总成产品的落地速度。 二、对上市公司的影响 公司一直在加速推进完善中国乘用车市场空气悬架系统性能和成本最优化的供 应链体系，目前已实现空气供给单元及空气弹簧产品订单的落地。公司子公司安美科 （安徽）汽车电驱有限公司已取得国内多家造车新势力及传统自主品牌龙头企业空气 供给单元订单。上海鼎瑜依托公司在橡胶领域的研发、制造等核心优势，专注于空气 弹簧的研发、生产，并持续推进技 ...

公 司 报 告 证 券 研 究 报 告 推荐（维持） 公 司 事 项 点 评 中鼎股份(000887.SZ) 空气弹簧首获定点，具备里程碑意义 股价：12.76 元 | --- | --- | |--------------------------|------------------------------------| | | | | 主要数据 | | | 行业 | 汽车 | | 公司网址 | www.zhongdinggroup.com | | 大股东 / 持股 | 安徽中鼎控股 ( 集团 ) 股份有限公司 | | | /40.46% | | 实际控制人 | 夏鼎湖 , 夏迎松 | | 总股本 ( 百万股 ) | 1,316 | | | | | 流通 A 股 ( 百万股 ) | 1,314 | | 流通 B/H 股 ( 百万股 | ) | | 总市值（亿元） | 168 | | 流通 A 股市值 ( 亿元 | ) 168 | | 每股净资产 ( 元 ) | 8.95 | | 资产负债率 (%) | 47.4 | 行情走势图 中鼎股份 = 沪深300指数 证券分析师 | --- | --- | |---- ...

安徽中鼎密封件股份有限公司 关于获得空气悬挂系统总成产品项目定点书的公告 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 证券代码：000887 证券简称：中鼎股份 公告编号：2024-012 安徽中鼎密封件股份有限公司（以下简称"公司"）子公司安徽中鼎减震橡胶技 术有限公司近期收到客户通知，公司成为国内某新能源品牌主机厂（限于保密协议， 无法披露其名称，以下简称"客户"）新平台项目空气悬挂系统总成产品的批量供应 商。本次项目生命周期为6年，生命周期总金额约为14.18亿元。 二、对上市公司的影响 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，但将对公司未来汽车空气悬挂系统领域市 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 董 事 会 2024 年 4 月 19 日 （安徽）汽车电驱有限公司已取得国内多家造车新势力及传统自主品牌龙头企业空气 供给单元订单。上海鼎瑜智能科技有限公司依托公司在橡胶领域的 ...

[ T able_StockInfo] 2024 年 04 月 12 日 证券研究报告•公司研究报告 买入 （首次） 当前价：11.49 元 中鼎股份（000887）汽车 目标价：19.26 元（6 个月） [Table_Summary 推荐逻辑：（]1）公司是国内非轮胎橡胶制品龙头企业，在空悬系统、NVH 系 统、冷却系统、密封系统等领域行业领先。（2）传统业务稳定增长，海外并购 项目国内落地成长。2023H1，KACO中国营业收入 3.4亿元，净利润 0.6亿元； 安徽威固实现营收 1.2亿元，同比增长 8%，净利润 0.2亿元，同比增长 42%。 （3）增量业务：细分领域行业领先，业务放量可期。截至 2023年 6月，AMK 中国已获订单总产值 78.4 亿元。2020 年以来，TFH 全球已公告订单生命周期 总产值为 61.0 亿元。2021 年以来，安徽望锦、四川望锦、成都望锦合计已公 告订单生命周期总产值约 144 亿元。 增量业务：细分领域行业领先，业务放量可期。（1）空悬模块：国内空气供给 单元龙头，在手订单充足。国产化下空悬系统单车价值下降，应用车型不断下 探，渗透率预计将快速提升。中鼎股份 ...