内伸和外延双轮驱动，空悬业务放量可期 请务必阅读正文后的重要声明部分 1 数据来源：聚源数据 单位：亿元 2023A 2024E 2025E 2026E （2）降噪减震业务：NVH 模块是中鼎股份五大核心战略业务板块之一，公司于 2015 年收购了欧洲抗震降噪技术领跑者德国 WEGU 并进入宝马、奔驰等高端品牌汽车的供应领 域，其核心产品硅胶动力吸振技术在橡胶减振降噪领域位居全球同行前列，2021 年控股股 东中鼎集团收购日本普利司通股份有限公司旗下减震业务公司以开拓日本市场。公司积极推 进海外企业并购业务的国内落地战略，业绩处于良好增长态势。预计 2024-2026 年营收分别 同比增长 10%/ 10%/ 10%，毛利率分别 20.5%/ 21.0%/ 21.0%。 表 1：分业务收入及毛利率 中鼎股份（000887）23 年年报及 24 年一季报点评 我们选取与公司主营业务相近的拓普集团、浙江仙通、川环科技、保隆科技、天润工业 作为可比公司，2024-2026 年 5 家公司平均 PE 分别为 18/ 14/ 12 倍。考虑到公司海外并购 项目中国落地业绩持续向好，传统密封、减震业务稳健发展，空悬、冷却 ...

三年的年报以及二四年一季度的情况进行披露那我就先简单的从数据层面把一些主要的经营指标包括大家比较关心的一些项目的业务订单这些情况做一个简单的汇报那么首先是从营收层面整个2023年我们事先营收是172个亿同比增长了15.63%那么归属于上市公司股东的经济润有11.31个亿 同比也增长了16.78%克菲之后也有9.77亿元同比增长了28%那么我们整个2023年度的年末总资产也达到了228个亿同比增长了8.67%那么净资产有121个亿同比增长了7.7%那么我们把整个新能源业务包括国内的一些落地项目的数据也做了一个拆分 我就简单把这块也给各位做一个做一个做一个汇报那么首先第一个就是我们从2023年全年来看从生产区域角度来看呢我们整个亚洲地区呢收入占比达到了61.18%那么欧洲这块呢是在30%左右那么美洲这块呢是8.8%也就相当于我们通过这几年的一个无论是从这个 销售端还是生产端的一个整合过程来说我们国内收入增速还是非常快的所以说我们之前呢国内外的收入占比基本上五五开甚至可能海外会越多一些那么截止到目前呢我们整个国内这块收入就已经是突破60%了所以说我们其实现在整体的这个高净利高毛利的这个收入呢是在占比不断提升的所以说 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overseas asset profitability is accelerating recovery, with significant progress in air suspension systems [2] - The company reported a slight miss in 2023 annual results but exceeded expectations in Q1 2024 [4] - The air suspension business is progressing faster than expected, with substantial orders from domestic automakers [5] Financial Performance Summary - **2023 Annual Report**: Revenue reached 17.244 billion yuan, up 16% year-on-year; net profit attributable to shareholders was 1.131 billion yuan, up 17% year-on-year [4] - **2024 Q1 Report**: Revenue was 4.69 billion yuan, up 22% quarter-on-quarter and 5% year-on-year; net profit attributable to shareholders was 360 million yuan, up 38% quarter-on-quarter and 41% year-on-year [4] - **Profitability Metrics**: The gross margin for 2023 was 22.0%, an increase of 1.1 percentage points year-on-year [2] Revenue and Profit Forecasts - Revenue forecasts for 2024 and 2025 have been raised to 19.917 billion yuan and 22.805 billion yuan, respectively [6] - Expected net profit for 2024 and 2025 is maintained at 1.33 billion yuan and 1.54 billion yuan, respectively [6] - The company anticipates a revenue growth rate of 16% in 2026, with net profit growth rates of 18%, 15%, and 13% for the following years [6] Business Segment Performance - The air suspension system revenue for 2023 was 8.2 billion yuan, a year-on-year increase of 20% [5] - The company has secured a total order value of approximately 12.1 billion yuan for its domestic air suspension business [5] - The gross margin for Q1 2024 was 22.42%, reflecting a significant impact from scale effects [6]

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]

| --- | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|----------------------|---------------------|---------------------|-------------------| | ）所 有者 投入 和减 少资本 | | | | | 25,0 00.00 | 25,0 00.00 | | 1 ． 所有 者投 入的 普通股 | | | | | 16,4 25,0 00.00 | 16,4 25,0 00.00 | | 2 ． 其他 权益 工具 持有 者投 入资本 | | | | | | | | 3． 股份 支付 计入 所有 者权 益的 | | | | | | | | 金额 | | | | | | | | 4 ． 其他 （三 | | | | - | - | - | | ）利 润分配 1 ． | | | 17,3 16,0 04.21 17,3 | 280, 613, 953. 61 - | 263, 297, 949. ...

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 ...