中鼎股份：公司半年报点评：积极布局海外工厂，空悬、热管理业务持续推进

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 9.7 billion yuan for the first half of 2024, representing a year-on-year increase of 18%. The net profit attributable to shareholders was 720 million yuan, up 35% year-on-year. The gross margin was 22.2%, an increase of 1.1 percentage points, and the net margin was 7.4%, also up by 1.1 percentage points [3][4] - The air suspension business is progressing well, with AMK China securing orders from several new energy vehicle manufacturers and traditional leading brands. The company’s subsidiary, Dingyu Technology, focuses on the research and production of air springs and has achieved project designations for its products [3][4] - The company is actively expanding its lightweight manufacturing capabilities overseas, with factories in Slovakia and Mexico under construction. The lightweight business has accumulated orders worth approximately 4.6 billion yuan in the first half of 2024 [4] - The company is also advancing its thermal management system business for new energy vehicles, with orders totaling around 5.6 billion yuan in the first half of 2024 [4] Financial Summary - For the first half of 2024, the company achieved a revenue of 9.7 billion yuan, with a net profit of 720 million yuan. The second quarter alone saw a revenue of 5 billion yuan, a 15% increase year-on-year [3] - The company forecasts revenues of 19.9 billion yuan, 23.1 billion yuan, and 26.5 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.45 billion yuan, 1.73 billion yuan, and 2.04 billion yuan for the same years [4][5] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.10 yuan, 1.32 yuan, and 1.55 yuan respectively [5][6] - The company’s gross margin is expected to remain stable around 21.9% for the next few years, with a net profit margin projected to increase gradually [6][7]