中鼎股份(000887)：净利率持续提升 战略布局人形机器人配套业务

Financial Performance - In 2024, the company achieved revenue of 18.85 billion (up 9.3% year-on-year) and a net profit attributable to shareholders of 1.25 billion (up 10.6% year-on-year) [1] - In Q1 2025, the company reported revenue of 4.85 billion (up 3.5% year-on-year) and a net profit of 0.4 billion (up 11.5% year-on-year) [1] - The dividend proposal for 2024 is a cash dividend of 1.5 per 10 shares (including tax) [1] Operational Insights - Domestic revenue growth is strong, while overseas cost control shows effectiveness, leading to sustained improvement in profitability [2] - The overall gross margin increased year-on-year, with domestic revenue showing positive growth and overseas business revenue remaining stable [2] - The net profit margin for 2024 reached 6.6%, with Q1 2025 further improving to 8.2% [2] Business Segments - The lightweight and air suspension segments showed significant revenue growth, while traditional rubber business remained stable [2] - The air suspension business's revenue growth and gross margin were slightly below expectations due to lower-than-expected customer growth [2] - The lightweight business saw a notable improvement in gross margin, attributed to achieving economies of scale, with total orders amounting to 14.2 billion for 2024 [2] Robotics Development - The company established a new subsidiary, Anhui Ruisi Bo, to focus on humanoid robot component assembly [3] - The company has a competitive advantage in harmonic reducer technology and is expanding into related products such as force sensors [3] - Strategic partnerships have been signed with several companies to enhance capabilities in humanoid robot components [3] Profit Forecast - The net profit forecast for 2025 and 2026 has been adjusted to 1.67 billion and 1.89 billion, respectively, with a new forecast of 2.04 billion for 2027 [4] - The traditional rubber damping business remains stable, while air suspension and lightweight businesses are in a high growth phase [4] - The strategic focus on humanoid robotics opens new growth opportunities for the company [4]