Core Viewpoint - Zhongyuan Neipei (002448.SZ) has signed a strategic cooperation framework agreement with Ningbo Puzhi Future Robotics Co., Ltd. to collaborate on humanoid robot-related business [1] Group 1: Company Overview - Ningbo Puzhi Company is established by Junsheng Group's Ningbo Junpu Artificial Intelligence and Humanoid Robot Research Institute and its affiliate Shanghai Zhiyuan New Technology Co., Ltd. [1] - The company focuses on the application of general-purpose robots in smart manufacturing, with main business areas including robot body research and development, customized solutions for industrial scenarios, and innovation center operations [1] Group 2: Production Capacity - Ningbo Puzhi Company has an annual production capacity of 3,000 humanoid and wheeled robots, making it the first enterprise in Ningbo to achieve large-scale production in this field [1] Group 3: Strategic Development - The collaboration aims to develop specialized electric control actuators for humanoid robot joints, facilitating the transition of existing electric control system technology into the robotics sector [1] - This partnership is expected to optimize product performance by leveraging the partner's scenario resources, enabling the company to upgrade from an automotive parts supplier to a core component service provider in both "automotive + robotics" sectors, aligning with industry technological iteration trends [1]

每经AI快讯，中原内配（SZ 002448，收盘价：12.62元）12月19日晚间发布公告称，2025年12月19日， 中原内配集团股份有限公司控股子公司中原内配电子科技有限公司与宁波普智未来机器人有限公司签署 了《战略合作框架协议》，双方就人形机器人相关业务达成战略合作意向。 2025年1至6月份，中原内配的营业收入构成为：汽车零部件制造业占比88.67%，其他占比11.33%。 截至发稿，中原内配市值为74亿元。 每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ （记者 曾健辉） ...

Core Viewpoint - Zhongyuan Neipei (002448.SZ) has signed a strategic cooperation framework agreement with Ningbo Puzhi Future Robotics Co., Ltd. to collaborate on humanoid robot-related business [1] Group 1: Company Overview - Zhongyuan Neipei's subsidiary, Zhongyuan Neipei (Shanghai) Electronic Technology Co., Ltd., is involved in the strategic partnership with Ningbo Puzhi Company [1] - Ningbo Puzhi Company is established by Junsheng Group's Ningbo Junpu Artificial Intelligence and Humanoid Robotics Research Institute and its affiliate, Shanghai Zhiyuan New Technology Co., Ltd. [1] - Ningbo Puzhi Company focuses on the application of general-purpose robots in smart manufacturing, with main business areas including robot body research and development, customized solutions for industrial scenarios, and innovation center operations [1] Group 2: Production Capacity and Market Position - Ningbo Puzhi Company has an annual production capacity of 3,000 humanoid and wheeled robots, making it the first company in Ningbo to achieve large-scale production in this field [1] - The collaboration aims to develop specialized electric control actuators for humanoid robot joints, enhancing the existing electric control system technology for application in the robotics sector [1] Group 3: Strategic Implications - The partnership is expected to facilitate the transition from an automotive parts supplier to a core component service provider in both the "automotive + robotics" dual-track market, aligning with industry technology iteration trends [1]

Core Viewpoint - Zhongyuan Neipei (002448.SZ) has signed a strategic cooperation framework agreement with Ningbo Puzhi Future Robotics Co., Ltd. to collaborate on humanoid robot-related business [1] Group 1: Strategic Cooperation - The agreement establishes Ningbo Puzhi as the core supplier of joint modules for Zhongyuan's humanoid robots, ensuring product quality meets technical requirements and industry standards [1] - Specific details regarding product specifications, procurement quantities, unit prices, delivery cycles, acceptance standards, and payment methods will be outlined in separate sales or procurement contracts [1]

Core Viewpoint - The company has signed a strategic cooperation framework agreement with Ningbo Puzhi Future Robotics Co., Ltd., marking a significant step towards enhancing its capabilities in the humanoid robotics sector [1] Group 1: Partnership Details - The company's subsidiary, Zhongyuan Neipei (Shanghai) Electronic Technology Co., Ltd., will become the core supplier of humanoid robot joint modules for Ningbo Puzhi [1] - The agreement includes a five-year cooperation period starting from the date of signing [1] Group 2: Strategic Goals - The collaboration aims to promote technological commonality in the humanoid robotics field [1] - The partnership is intended to facilitate the company's transition from an automotive parts supplier to a core component service provider in both the automotive and robotics sectors [1]

证券代码：002448 证券简称：中原内配 公告编号：2025-046 中原内配集团股份有限公司 关于控股子公司签署战略合作框架协议的公告 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、本次签署的合作协议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、本合作协议的签署预计对公司2025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。敬请广大投资者谨慎决策，注意投 资风险。 一、本次框架协议签署概况 2025年12月19日，中原内配集团股份有限公司（以下简称"公司"）控股子 公司中原内配（上海）电子科技有限公司（以下简称"上海子公司"）与宁波普 智未来机器人有限公司（以下简称"宁波普智公司"）签署了《战略合作框架协 议》（以下简称"合作协议"），双方就人形 ...

Investment Summary - The automotive industry is benefiting from the acceleration of smart technology and the development of the robotics industry, with the parts sector outperforming the vehicle sector. From January 1 to December 12, 2025, the CITIC passenger car index fell by 0.40%, while the CITIC automotive parts index rose by 34.76%, indicating a significant difference in performance between the two sectors [4][18][25]. Group 1: 2025 Market Performance and Earnings Review - The automotive parts sector achieved a revenue of 7,541.60 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.75%, and a net profit of 460.10 billion yuan, up 19.60% year-on-year [49]. - The passenger vehicle sector's revenue reached 15,203.16 billion yuan, growing by 8.68% year-on-year, while the net profit decreased by 15.72% to 391.90 billion yuan [31][49]. - The performance of passenger vehicle companies varied, with most showing revenue growth, but some, like BYD and Great Wall Motors, experienced profit declines [39][42]. Group 2: Outlook for 2026 - The automotive market in 2026 is expected to see a decline in policies, while exports and new energy vehicles (NEVs) will continue to rise. The "old-for-new" policy is anticipated to drive high growth in vehicle sales in 2025, but its absence in 2026 may lead to a demand shortfall [5][62][66]. - The penetration rate of NEVs is expected to continue increasing, with smart and high-end vehicles becoming new growth drivers. By 2025, the penetration rate of NEVs reached 46.7% [72][73]. - The L3 commercial application is expected to reach a critical point in 2026, with smart chassis technology anticipated to be applied in large quantities [5][6]. Group 3: Investment Strategy - The investment strategy focuses on the smart automotive sector, particularly as the industry transitions from L2 to L3 autonomous driving. Companies that continue to invest in this area are expected to benefit significantly [6][8]. - Recommended companies in the vehicle sector include SAIC Motor, Jianghuai Automobile, and Chery Automobile, which are positioned to leverage advancements in smart driving technology [6][8]. - In the parts sector, companies like Baolong Technology and Top Group are highlighted for their potential to benefit from the implementation of line control steering and braking systems, which are set to enter mass application in 2026 [8][49].

Summary of Zhongyuan Neipei Conference Call Company Overview - **Company**: Zhongyuan Neipei - **Industry**: Automotive components, specifically focusing on internal combustion engine parts, AI-related products, and automotive electronics Key Points and Arguments Business Expansion and Growth Opportunities - Zhongyuan Neipei is actively expanding into the AI-related business, leveraging its existing expertise in cylinder sleeves and pistons to enter the AI backup power market, which has significantly higher profit margins than traditional internal combustion engine components, potentially becoming a new growth driver for the company [2][3] - The acquisition of Henan Hengjiu is aimed at expanding the bimetal brake drum business, which is expected to generate over 600 million RMB in revenue by 2025, with a growth rate exceeding 50% [2][17] - The management transition to a second-generation leadership has led to a strategic shift towards AI and electronic industries, enabling the company to seize new market opportunities and accelerate growth [2][7] Financial Performance and Projections - Historical performance shows a robust revenue compound annual growth rate (CAGR) of approximately 11% over the past decade, despite some fluctuations in profit due to external factors [6] - Future growth is projected to exceed 20% over the next two to three years, driven by the development of AI, automation, and automotive electronics, alongside stable support from traditional core businesses [8][24] - The company’s current valuation is low, estimated at around 13-14 times earnings for 2026, with a potential market capitalization exceeding 10 billion RMB [3][9] Product Development and Market Position - The internal combustion engine key components business is expected to grow due to the release of technical cooperation agreements, allowing for increased production of pistons and cylinder sleeves, particularly in the AI backup power market [11] - The automotive electronics segment, primarily focused on turbocharger actuators, is projected to grow by about 10% in 2025, with further acceleration expected post-2027 as new projects are launched [12] - The bimetal brake drum products offer advantages such as lightweight design, enhanced safety, and improved wear resistance, making them increasingly popular in new vehicle models [13][14] Market Dynamics and Competitive Landscape - The brake drum market is substantial, with an estimated value of around 3 billion RMB for heavy-duty trucks, and the overall market size nearing 10 billion RMB when considering both front and rear installations [18][19] - Henan Hengjiu's revenue has shown significant growth, from 100-200 million RMB in 2023 to an expected 600 million RMB in 2025, indicating strong market acceptance and potential [17][20] Strategic Initiatives and Future Outlook - The company is maintaining investments in hydrogen energy, focusing on fuel cell engines and components, despite slow industrialization progress, with plans to intensify efforts once the market matures [21] - The tool business, primarily involving cubic boron nitride tools, is expected to maintain a growth rate of 30%-40%, indicating further expansion potential [22] - The company is also exploring opportunities in robotics, leveraging its automotive electronics and manufacturing capabilities [23] Conclusion - Zhongyuan Neipei is positioned for significant growth through strategic expansions into AI and automotive electronics, alongside a solid foundation in traditional internal combustion engine components. The management's proactive approach and market dynamics suggest a promising outlook for the company's future performance [24]

Core Insights - The company has a strong technical capability in the production of internal combustion engine cylinder liners and has expanded its product line to include key components such as pistons, piston rings, and bearings, establishing a comprehensive supply chain in the internal combustion engine friction pair components industry [1][2]. Group 1: Business Overview - The company has a long-standing presence in the internal combustion engine PCU business, serving both domestic and international markets with clients including BYD, Geely, Cummins, and Caterpillar [2]. - The company has entered the brake system sector through its subsidiary, producing innovative dual-metal brake drums and discs, which have broken foreign technological monopolies and achieved international leading standards [3]. Group 2: Product Development - The company has developed dual-metal composite brake drums and discs that enhance stiffness by 50% compared to similar market products and double their lifespan, showcasing its independent intellectual property [3]. - The company has successfully entered the international mainstream turbocharger supplier system and is achieving bulk supply in the domestic market for electronic control actuators [4]. Group 3: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 3.87 billion, 4.59 billion, and 5.31 billion yuan, representing year-on-year growth rates of 17%, 19%, and 16% respectively, with net profit forecasts of 420 million, 510 million, and 580 million yuan, reflecting growth rates of 104%, 22%, and 15% [6]. - The company is assigned a valuation of 18 times earnings for 2026, corresponding to a target stock price of 15.72 yuan and a target market value of 9.2 billion yuan, indicating a "buy" rating based on its leading position in the internal combustion engine PCU sector and growth potential in new businesses [6].

（文章来源：证券日报） 证券日报网讯 12月11日，中原内配在互动平台回答投资者提问时表示，截至2025年12月10日收盘，公 司股东户数为47615户。 ...