空气弹簧首获定点，具备里程碑意义

Investment Rating - The report maintains a "Recommendation" rating for Zhongding Co., Ltd. [1] Core Viewpoints - Zhongding Co., Ltd. has recently become a mass supplier of air suspension system assemblies for a domestic new energy vehicle brand, marking a significant milestone with a project lifecycle worth approximately 1.418 billion yuan [3] - The company is accelerating the optimization of its supply chain for air suspension systems in the Chinese passenger car market, leveraging its strong background in rubber formulation and manufacturing [3] - The breakthrough in air spring product orders is expected to lay a foundation for further market expansion in air suspension system assemblies [3] - The domestic air suspension market is experiencing rapid growth, with a projected increase in new car sales equipped with air suspension systems, which is expected to drive up the penetration rate significantly [4] Financial Summary - The projected revenue for Zhongding Co., Ltd. is expected to grow from 12.577 billion yuan in 2023 to 21.997 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of approximately 16.2% [5] - The net profit is forecasted to increase from 1.131 billion yuan in 2023 to 1.647 billion yuan in 2025, with a notable year-on-year growth of 22.9% in 2024 [5] - The gross margin is expected to stabilize around 21.4% to 22.3% over the next few years, indicating a solid profitability outlook [5] - The company's return on equity (ROE) is projected to improve from 8.6% in 2023 to 11.9% in 2025, suggesting enhanced shareholder value [5] Business Development - The air suspension system market has high entry barriers and significant value components, with domestic suppliers like Zhongding Co., Ltd. poised to benefit from increased localization efforts [4] - The company is expected to enhance its profitability in the air suspension sector as domestic production rates rise [8] - The report anticipates steady growth in overseas business recovery, contributing positively to the overall operational performance of Zhongding Co., Ltd. [8]