中鼎股份：全球汽车零部件百强，布局机器人未来可期-20250514

Investment Rating - The report gives a "Buy" rating for the company with a target price of 22.59 CNY based on a 23x PE for 2025 [6][3]. Core Views - The company is well-positioned in the automotive parts industry, with a solid foundation in traditional businesses and promising growth in new sectors such as robotics and new energy vehicles [2][3]. - The company has shown consistent revenue growth and profitability, with a projected revenue of 21.92 billion CNY in 2025 and a net profit of 1.58 billion CNY [3][5]. Summary by Sections Company Overview - Founded in 1980, the company has expanded through overseas acquisitions since 2008, establishing itself as a global leader in automotive parts [1][13]. - The company has a stable shareholding structure, with significant control by its main shareholder [15]. Automotive Parts Business - The company has a strong market presence in sealing and damping systems, with steady revenue growth and an increasing market share [2][19]. - The lightweight chassis system and thermal management systems are key growth drivers, benefiting from the shift towards electric vehicles [2][24]. Robotics Sector - The company has established a subsidiary focused on robotics, aiming to leverage its existing technology in the automotive sector to innovate in this new field [3][25]. - Collaborations with other companies in the robotics space are underway, enhancing the company's capabilities in this area [3][26]. Financial Performance - The company has shown a positive trend in revenue and profit, with a projected revenue growth rate of 16.27% in 2025 [5][29]. - The revenue from the new energy sector reached 7.25 billion CNY in 2024, marking a 21.3% increase year-on-year [32]. Market Position and Strategy - The company is actively expanding its presence in the air suspension market, which is expected to grow significantly due to increasing demand for electric vehicles [70][90]. - The acquisition of AMK has strengthened the company's position in the air suspension technology sector, allowing for local production and cost reduction [77][78].