Investment Rating - The report upgrades the investment rating to "Buy" [2][10]. Core Insights - The company has a stable profit contribution from its traditional business, particularly in cylinder sleeves, which ranks among the industry's top in production and sales. The global market for automotive cylinder sleeves is expected to grow at a CAGR of 6.87% from 2024 to 2029, driven by the continued reliance on internal combustion engines in commercial vehicles and machinery [1][73]. - The company has completed its industrial layout in the hydrogen fuel cell system sector and is entering the commercialization phase, with a production capacity of 2,000 fuel cell engines per year. The first batch of 50 units has been produced and delivered, indicating potential for further growth in this area [7][14]. Summary by Sections Business Overview - The company is a leading global supplier of cylinder sleeves, with a strong market presence and a diverse customer base, including major international and domestic automotive manufacturers [56][62]. - The traditional internal combustion engine components, particularly cylinder sleeves, remain the core revenue source, accounting for 62% of total revenue in 2023 [67][68]. Financial Performance - In 2023, the company achieved total revenue of 2.864 billion yuan, a year-on-year increase of 24.45%, and a net profit attributable to shareholders of 311 million yuan, up 85.85% [39][41]. - The company forecasts revenue growth for 2024-2026, with expected revenues of 3.419 billion yuan, 3.845 billion yuan, and 4.194 billion yuan, representing year-on-year growth rates of 19.37%, 12.47%, and 9.08% respectively [10][39]. Market Trends - The report highlights the increasing penetration of steel pistons in diesel engines due to stricter emission standards, which presents further growth opportunities for the company [27][79]. - The hydrogen fuel cell business is anticipated to become a significant growth driver, with projected revenue growth rates of 200%, 67%, and 40% from 2024 to 2026 [14][28]. Innovation and R&D - The company has a strong R&D capability, having developed various advanced technologies for low-carbon fuel engines, positioning itself as a leader in the industry [38][56]. - The company is actively expanding into new business areas, including automotive electronics and brake systems, while maintaining its competitive edge in traditional internal combustion engine components [56][21].

证券代码：002448 证券简称：中原内配 公告编号：2024-033 中原内配集团股份有限公司 关于控股股东股份解除质押的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 中原内配集团股份有限公司（以下简称"公司"）于近日接到公司控股股东、 董事长薛德龙先生的通知，薛德龙先生持有的本公司部分股份办理了解除质押手 续，具体事项如下： | 股东名 | 是否为控股股 东或第一大股 | 本次解除质 | 占其所 | 占公司 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 押股份数量 | 持股份 | 总股本 | 质押起始日 | 解除日期 | 质权人 | | 称 | 东及其一致行 | （万股） | 比例 | 比例 | | | | | | 动人 | | （%） | （%） | | | | | | | | | | | | 国泰君安证 | | 薛德龙 | 是 | 1,532 | 16.09 | 2.60 | 2024/1/10 | 2024/7/12 | 券股份有限 | | | | | | | | ...

Summary of Conference Call Notes Company and Industry Overview - The conference call pertains to Zhongyuan Neipei, a company involved in the automotive parts industry, specifically focusing on brake systems and components for heavy-duty vehicles. Key Points and Arguments Business Performance and Market Position - The company estimates a unit value of approximately 6,000 to 7,000 yuan per vehicle for its products in the heavy truck sector, with actuator components priced around 200 to 300 yuan each [1][4]. - The company has established a strong customer base, including major clients such as Sinotruk, Shaanxi Automobile, Dongfeng Dana, and FAW [3][4]. - The company anticipates achieving its annual economic target of 40 to 50 million yuan, despite a slight downturn in the heavy truck market during the second quarter [4]. Product Development and Market Expansion - The company is experiencing growth in its new brake products, particularly in the North American market, following a recent acquisition that has allowed it to penetrate this market effectively [4][16]. - The company expects to produce between 120,000 to 140,000 units of its new brake products this year, capturing approximately 20% of the market share for heavy trucks [5][6]. - The transition from traditional brake products to new dual-metal brake products is ongoing, with the company currently holding an 80% market share in this segment [9][10]. Future Growth and Strategic Initiatives - The company is focusing on expanding its hydrogen fuel technology and has set a target to deliver 200 units this year, with significant interest from potential clients [17][18]. - A new factory in Thailand is under construction with an investment of 210 million yuan, expected to be operational by the end of 2025, which will help reduce tariffs and improve profit margins [24][25][27]. - The company plans to leverage its new production capabilities to enhance its competitive position in both domestic and international markets, particularly in North America and Europe [20][23]. Financial Projections and Market Strategy - The company projects revenues from its automatic brake business to reach 1 billion yuan within three years, with a focus on expanding its electronic product line to achieve similar growth [36][41]. - The company is also exploring partnerships with major global players, such as Cummins and DBM, to enhance its technological capabilities and market reach [20][38]. Challenges and Considerations - The company acknowledges challenges in the aftermarket segment due to competition from lower-quality products, but it aims to establish a stronger presence through innovative product designs [11][12]. - The transition to new product lines requires careful management to ensure customer acceptance and market penetration [7][8]. Additional Important Information - The company is actively working on improving its production efficiency and expanding its product offerings to meet the evolving demands of the automotive industry [44][45]. - The management emphasizes the importance of maintaining strong relationships with key clients to secure long-term contracts and ensure stable revenue streams [26][29]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic direction, market positioning, and future growth prospects.

证券代码：002448 证券简称：中原内配 公告编号：2024-032 中原内配集团股份有限公司 2023 年年度权益分派实施公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 中原内配集团股份有限公司（以下简称"公司"）2023 年年度权益分派方案 已获 2024 年 5 月 16 日召开的 2023 年年度股东大会审议通过，现将权益分派事 宜公告如下： 一、 股东大会审议通过分配方案等情况 1、公司 2023 年度利润分配方案已于 2024 年 5 月 16 日召开的 2023 年度股 东大会审议通过，详见公司 2024 年 5 月 17 日在指定信息披露媒体《证券时报》 《上海证券报》和巨潮资讯网（http://www.cninfo.com.cn）发布的相关决议公告。 公司 2023 年年度权益分派方案为：以 2023 年末公司总股本 588,409,646 股 为基数，向全体股东每 10 股派发现金红利 1.3 元（含税），不送红股，不以公积 金转增股本，本次合计分配现金 76,493,253.98 元。如董事会及股东大会审议通 过公司 2023 年年度 ...

证券代码：002448 证券简称：中原内配 公告编号：2024-031 中原内配集团股份有限公司 关于公司与吉凯恩氢能事业部签署合作谅解备忘录 的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示 1、本次签署的备忘录为双方合作的框架性协议，履约过程中可能会出现因 双方经营计划、发展战略调整以及不可抗力等原因，导致变更、中止或终止，具 体实施内容和进度尚存在不确定性。后续合作与项目推进等具体事项尚需双方进 一步协商确定，具体合作内容以签订的具体项目合同为准。 2、本备忘录的签署预计对公司2024年度的财务状况和经营成果不构成重大 影响。 公司将按照法律法规和《公司章程》的相关规定，对合作后续事项的落 地 实施履行相应的审批程序和信息披露义务，敬请广大投资者注意投资风险。 本次签署的备忘录为双方合作的框架性协议，后续合作与项目推进等具体事 项尚需双方进一步协商确定，公司后续将根据相关事项的进展情况履行审批程序， 并及时履行信息披露义务。 根据《深圳证券交易所股票上市规则》《公司章程》等的规定，本次备忘录 的签署不构成关联交易，亦不构成《上市公司重大资产重 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][14]. Core Views - The company's industrial layout is expected to enhance profitability, with projected revenues of 3.431 billion, 3.660 billion, and 4.211 billion yuan for 2024-2026, representing year-on-year growth of 19.79%, 12.49%, and 9.11% respectively. The net profit attributable to shareholders is forecasted to be 375 million, 430 million, and 473 million yuan, with growth rates of 20.66%, 14.66%, and 10.04% respectively [2][12]. Financial Performance - In 2023, the company achieved a revenue of 2.864 billion yuan, a year-on-year increase of 24.45%, and a net profit of 311 million yuan, up 85.85% [12]. - For Q1 2024, the company reported a revenue of 835 million yuan, a 20.55% increase year-on-year, and a net profit of 89 million yuan, up 8.24% [12]. - The company is a global leader in cylinder sleeves, with sales of 56 million units in 2023, a 9.11% increase, and revenue growth of 12.29% [12]. - The electric control actuator business saw a significant increase in revenue, reaching 246 million yuan in 2023, a 111.3% year-on-year growth [12]. Market Position and Strategy - The company has established a strong competitive advantage in the automotive parts industry, particularly in the fields of automotive electronics and brake systems, while also actively expanding into hydrogen energy and fuel cell systems [22]. - The acquisition of Hengjiu Braking Systems is aimed at enhancing the company's capabilities in the automotive brake system sector [12]. Future Outlook - The company is expected to continue its growth trajectory with a focus on expanding its product offerings and market reach, particularly in the hydrogen energy sector, where it has already delivered its first batch of hydrogen fuel cell engines [12][22].

北 京 大成 律师 事 务所 关 于 中 原 内配 集团 股 份有 限公 司 2023 年 度 股东 大 会 之 法 律 意见 书 北 京 大 成 律 师 事 务 所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层 16-21F, Tower B, ZT INTERNATIONAL CENTER, No.10, Chaoyangmen Nandajie, Chaoyang District, Beijing Tel: +86 10-58137799 Fax: +86 10-58137788 北京大成律师事务所 关于中原内配集团股份有限公司 2023 年度股东大会之法律意见书 致：中原内配集团股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）和中国证券监督管理委员会《上市公司 股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法 规和其他有关规范性文件的要求，北京大成律师事务所（以下简称"本所"）接受 中原内配集团股份有限公司（以下简称"公司"）的委托，指派律师参 ...

证券代码：002448 证券简称：中原内配 公告编号：2024-030 中原内配集团股份有限公司 2023年度股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 重要提示： 1、本次股东大会未出现否决提案的情形。 1、现场会议时间：2024年5月16日（周四）下午14：30 2、网络投票时间 通过深圳证券交易所交易系统进行网络投票的时间为：2024年5月16日上午 9:15-9:25、9:30-11:30，下午13:00-15:00； 通过深圳证券交易所互联网投票系统投票的时间为2024年5月16日9：15至 2024年5月16日15：00期间的任意时间。 （二）会议召开地点：公司二楼会议室 （三）会议召集人：公司董事会 （四）现场会议主持人：董事长薛德龙先生 （五）召开方式：现场投票与网络投票相结合的方式 （六）股权登记日：2024年5月9日（周四） 二、会议出席情况 2、本次股东大会不涉及变更以往股东大会已通过的决议的情形。 一、召开会议基本情况 （一）会议召开时间 表决结果：同意 143,694,578 股，占出席会议所有股东所持股份的 99. ...

证券代码：002448 证券简称：中原内配 公告编号：2024-029 中原内配集团股份有限公司 关于与通用汽车公司签署重要供货合同的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 1、合同生效日：合同在客户系统释放后立即生效，即2024年5月13日生效。 2、风险提示：合同虽已正式生效，合同双方均具有履行能力，但由于本合 同履行期较长、合同金额较大，在合同履行过程中存在因宏观经济、市场环境、 政策变化及美元与人民币汇率等不可预见的或其他不可抗力等因素而导致的履 约风险。后续公司将严格按照供货合同规定积极做好产品生产、供应、质量管理 等工作，同时加强风险管控，减少市场波动、汇率波动可能造成的风险。敬请广 大投资者理性投资，注意投资风险。 3、合同履行对公司当期业绩的影响：依据新产品验证流程及通用汽车公司 产量需求预测，本合同项下产品预计自2024年四季度实现批量供货。因此，本次 合同的实施对公司本年度经营业绩无重大影响，预计将对公司未来的经营业绩产 生一定积极作用。上述合同为日常经营合同，合同的签署与履行不会对公司的独 立性造成影响，公司主营业务 ...

中原内配集团股份有限公司 2023 年度财务决算报告 本期纳入公司合并财务报表范围的子公司共 23 户，具体包括： | 子公司名称 | 子公司类型 | 级次 | 持股比例（%） | 表决权比例（%） | | --- | --- | --- | --- | --- | | 中内凯思汽车新动力系统有限公司 | 全资子公司 | 二级 | 100.00 | 100.00 | | 中惠教育科技(河南)有限公司 | 控股子公司 | 三级 | 51.00 | 51.00 | | 中原内配集团（美国）有限责任公司 | 全资子公司 | 二级 | 100.00 | 100.00 | | Incodel Holding LLC | 全资子公司 | 三级 | 100.00 | 100.00 | | ZYNP Asset Management LLC | 全资子公司 | 三级 | 100.00 | 100.00 | | 中原内配（欧洲）有限责任公司 | 全资子公司 | 二级 | 100.00 | 100.00 | | 中原内配有限责任公司（俄罗斯子公司） | 全资子公司 | 二级 | 100.00 | 100.00 | | 河南省中原 ...