首席周观点：2024年第21周

Group 1 - The core view of the report highlights that Zhongyuan Neipei (002448.SZ) has a stable revenue contribution from its traditional business, while new growth areas such as steel pistons, electronic control actuators, brake systems, and hydrogen energy are expected to flourish [3][4][10] - The company has established a modular supply model centered on cylinder liners, with a focus on piston rings and bearings, and has expanded into automotive electronics, brake systems, and hydrogen energy [3][4] - The cylinder liner business remains a leader globally, with sales of 56.6 million units in 2023, representing a growth of 9.11%, and revenue of 1.77 billion yuan, up 12.3% year-on-year [4][10] Group 2 - The steel piston business is benefiting from emission upgrades, with revenue in 2023 reaching 169.5 million yuan, a significant increase of 84.3%, and a gross margin improvement to 23.85% [6][10] - The hydrogen energy segment has established a comprehensive layout in core components for hydrogen fuel cells, with the first batch of products delivered in 2023 and a production capacity of 2,000 fuel cell engines per year [7][10] - The brake system segment, particularly the bi-metal composite brake drums, is positioned to become mainstream due to their advantages in weight reduction and strength, with a market share exceeding 60% [9][10] Group 3 - The electronic control actuator business has seen significant growth, with sales of 2.59 million units in 2023, a year-on-year increase of 109.6%, and the first annual profit achieved by the subsidiary [16][10] - The company is expected to achieve net profits of 361 million, 421 million, and 485 million yuan from 2024 to 2026, with corresponding EPS of 0.61, 0.71, and 0.82 yuan, indicating a positive outlook for future growth [10]