Investment Rating - The report gives a "Strong Buy" rating for the company [4][9]. Core Insights - The company is establishing a turning point in its basic operations, with growth opportunities in robotics and liquid cooling businesses. It is focusing on intelligent chassis systems and expanding into new fields such as humanoid robots, low-altitude economy, AI, and data center thermal management [1][4]. Summary by Sections Company Overview - Anhui Zhongding Sealing Parts Co., Ltd. (stock code: 000887) is a leading global provider of automotive parts and high-end manufacturing solutions, with a focus on sealing systems, fluid technology, vibration reduction, and air suspension [14]. Basic Business: Management Optimization and Steady Development - The company is optimizing overseas management and cost control, enhancing competitiveness, and increasing the speed and certainty of overseas business recovery. The overall profit is expected to continue to improve [2][45]. - The company has a diversified customer structure, with significant sales to major automotive manufacturers, including BYD, Volkswagen, and BMW [52]. Emerging Business: Robotics & Liquid Cooling - The company is actively expanding into the humanoid robot sector, focusing on key components such as harmonic reducers and joint assemblies. It has established strategic partnerships to enhance its competitive edge in this field [3][56]. - In the liquid cooling sector, the company has developed a series of cooling units for energy storage and supercomputing centers, leveraging its proprietary thermal management technologies [3][50]. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 1.68 billion, 1.89 billion, and 2.17 billion yuan in 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17.2, 15.3, and 13.3 [4][10].

中鼎股份已获得夫特、重型等多家厂商的样件资格，并与五洲新春等公 司合作，加速在人形机器人领域的布局，尤其是在力觉传感器方面，通 过投资兴汇公司，增强其在六维扭矩和一维拉力、压力传感器领域的竞 争力。 中鼎股份与合肥市官方达成战略合作，成为合肥地区人形机器人产业链 的牵头人，此举将推动更多硬件产品的发展，并巩固其在机器人产业中 的地位。 中鼎股份在算力液冷系统市场表现出色，受益于 AMD 与 OpenAI 的合 作及英伟达算力冷却市场的增长，公司凭借管路制造、密封件制造及机 械加工能力，成功进入该领域，并探索储能领域液冷系统集成。 中鼎股份在底盘领域重点布局悬架系统，旗下 AMK 子公司已成为国内空 气管理单元头部企业，市场份额约为 18%，月度出货量超过 2 万套，并 实现了空簧量产下线，有望进一步垂直整合底盘系统。 中鼎股份首条磁流变减震器与磁流变液智能生产线正式落地，该高端减 震器系统能以毫秒为单位快速调整车辆悬架软硬度，应对复杂工况需求， 提升车辆性能。 Q&A 中鼎股份在机器人领域的布局和进展如何？ 中鼎股份在人形机器人领域有显著布局，并取得了一定进展。公司设立了瑞斯 博公司，专注于人形机器人减速器的 ...

Core Viewpoint - The company is actively positioning itself in the humanoid robot sector by providing various components and establishing strategic partnerships to enhance its market presence and capabilities [2]. Group 1: Product Offerings - The company, through its subsidiaries such as Anhui Ruisi Bo and Xinghui Sensors, has completed its industrial layout in key components including joint assemblies, harmonic reducers, planetary reducers, and force sensors [2]. - The company has developed rubber products and lightweight skeletons, which have been sampled to clients, aiming for the production of robot joint assembly products [2]. Group 2: Strategic Partnerships - The company has signed strategic cooperation agreements with Shenzhen Zhongqing Robot Technology Co., Ltd. and Aifute Intelligent Equipment Co., Ltd. to enhance its core advantages in humanoid robot component assembly products and advance market positioning [2]. - Additionally, a project intention cooperation agreement has been established with Shenzhen Zhujidongli Technology Co., Ltd. to develop the upstream and downstream industrial chain and promote the manufacturing and OEM business of humanoid robots [2].

Group 1: R&D and Technological Capabilities - The company has been in the air suspension system business since the 1990s, continuously enhancing its product assembly technology and holding core technologies in niche markets [2] - As of mid-2025, the company holds 1,304 domestic invention patents and 206 foreign patents, showcasing its strong R&D capabilities [2] - The company has established partnerships with top universities and research institutions, including Tsinghua University, to strengthen innovation and solve key technological challenges [2] Group 2: Order Status and Market Demand - As of mid-2025, the company has received domestic air suspension orders valued at approximately ¥158 billion, with assembly product orders worth about ¥17 billion [3] - The company’s electronic air suspension orders are in high demand, with production schedules extending to 2027, particularly for international orders [3] Group 3: Business Development in Robotics - The company is actively involved in the humanoid robot sector, having already supplied rubber components to Chery's robot and harmonic reducers to Efort Industrial Robots, generating initial revenue [4] - The company has signed strategic cooperation agreements with several leading robotics firms to enhance its core advantages in humanoid robot component assembly [9] - A joint venture with Shenzhen Zhijidong Technology Co., Ltd. is planned to focus on the manufacturing of humanoid robots, leveraging combined resources for improved R&D and manufacturing capabilities [10] Group 4: Financial Performance and Market Position - Despite a significant order backlog, the company reported minimal revenue growth in the first half of the year due to the time lag between order acquisition and product delivery [6] - The company aims to enhance its market valuation through focused management and high-quality development, addressing concerns about its perceived low valuation compared to peers [5] Group 5: Future Prospects and Strategic Goals - The company plans to continue expanding its business in intelligent chassis systems and humanoid robotics, with a focus on new fields such as low-altitude economy and AI [8] - The company has accumulated approximately ¥71 billion in orders for its thermal management systems by mid-2025, indicating strong growth potential in this area [9]

Group 1 - The company has completed industrial layout in joint assemblies, harmonic reducers, planetary reducers, and force sensors through its subsidiaries [1] - The company's rubber products have been matched and lightweight skeletons have been sampled to customers, aiming for the production of robot joint assembly products [1] - The company has signed strategic cooperation agreements with Shenzhen Zhongqing Robot Technology Co., Ltd. and Aft Intelligent Equipment Co., Ltd. to enhance its core advantages in humanoid robot component assembly products [1] Group 2 - The company has also signed a project intention cooperation agreement with Shenzhen Zhujidongli Technology Co., Ltd. to form an upstream and downstream industrial chain layout [1] - The company is advancing the manufacturing and OEM business of robots [1] - The company has supplied rubber parts to Chery Moja Robot and harmonic reducers to Aft Industrial Robots [1]

Core Viewpoint - The company has completed its industrial layout in various products such as joint assemblies, harmonic reducers, planetary reducers, and force sensors through its subsidiaries [1] Group 1: Product Development - The company's rubber products have completed matching, and lightweight skeletons have been sent to customers for sampling [1] - The company aims to achieve the production and manufacturing of robotic joint assembly products [1] Group 2: Strategic Partnerships - The company and its subsidiaries have signed strategic cooperation agreements with Shenzhen Zhongqing Robot Technology Co., Ltd. and Aeffort Intelligent Equipment Co., Ltd. [1] - These partnerships enhance the company's core advantages in humanoid robot component assembly products and advance market layout [1]

Core Viewpoint - The company has completed its industrial layout in various robotic components and has established strategic partnerships to enhance its market position in the humanoid robot assembly sector [1] Group 1: Industrial Layout - The company, through its subsidiaries Anhui Ruisi Bo and Xinghui Sensor, has developed products including joint assemblies, harmonic reducers, planetary reducers, and force sensors [1] - The company's rubber products have been fully integrated, and lightweight skeleton samples have been delivered to clients, marking progress towards the production of robotic joint assembly products [1] Group 2: Strategic Partnerships - The company has signed strategic cooperation agreements with Shenzhen Zhongqing Robot Technology Co., Ltd. and Aft Intelligent Equipment Co., Ltd. to strengthen its core advantages in humanoid robot component assembly [1] - A project intention cooperation agreement has been established with Shenzhen Zhujidongli Technology Co., Ltd. to enhance the upstream and downstream industrial chain layout, promoting the development of robot manufacturing and OEM business [1] Group 3: Product Supply - The company has supplied rubber components to Chery Mocha Robot and harmonic reducers to Aft Industrial Robots, indicating its active role in the supply chain for robotic products [1]

Core Viewpoint - The company maintains a "buy" rating and has a target price of 29.93 yuan, supported by stable performance in the first half of 2025 and active expansion into liquid cooling and humanoid robot joint assembly businesses [2]. Financial Performance - In the first half of 2025, the company achieved revenue of 9.85 billion yuan, a year-on-year increase of 2% - The net profit attributable to shareholders was 817 million yuan, a year-on-year increase of 14% - The net profit margin stood at 8.3% [2] - In Q2 2025, revenue was 4.99 billion yuan, with no year-on-year growth but a quarter-on-quarter increase of 3% - The net profit for Q2 was 410 million yuan, a year-on-year increase of 17% and a quarter-on-quarter increase of 3% [2] Business Development - The company is actively expanding its thermal management solutions for energy storage and supercomputing centers, having launched a series of liquid cooling units and immersion cooling units [2] - The main product for supercomputing center thermal management is the CDU (Cold Liquid Distribution Unit), with plans to gradually apply immersion technology based on actual needs [2] - The company has secured approximately 7.1 billion yuan in orders for its thermal management systems as of the first half of 2025 [2] Humanoid Robot Joint Assembly - The company is focused on developing production capabilities for humanoid robot joint assemblies through subsidiaries like Anhui Ruisi Bo and Xinghui Sensor [3] - The company has completed the industrial layout for products such as joint assemblies, harmonic reducers, planetary reducers, and force sensors [3] - Strategic cooperation agreements have been signed with companies like Zhongqing Robot and Aifute, as well as a project intention cooperation agreement with Shenzhen Zhujidong Technology Co., Ltd., to enhance the upstream and downstream industrial chain [3]

Core Viewpoint - Zhongding Co., Ltd. reported a year-on-year increase in total revenue and net profit for the first half of 2025, indicating improved profitability and operational efficiency [1]. Financial Performance - Total revenue reached 9.846 billion yuan, up 1.83% year-on-year [1]. - Net profit attributable to shareholders was 817 million yuan, an increase of 14.11% year-on-year [1]. - Gross margin improved to 23.58%, reflecting a year-on-year increase of 6.08% [1]. - Net margin rose to 8.26%, with a year-on-year increase of 11.08% [1]. - Total expenses (selling, administrative, and financial) amounted to 813 million yuan, accounting for 8.25% of revenue, down 11.76% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.62 yuan, up 14.81% year-on-year [1]. - Cash flow from operations per share was 0.47 yuan, down 13.56% year-on-year [1]. - Net assets per share rose to 10.41 yuan, a 10% increase year-on-year [1]. Changes in Financial Items - Long-term equity investments increased by 69.18% due to new projects [2]. - Short-term borrowings rose by 33.28% due to increased funding needs [2]. - Financial expenses decreased by 77.18% due to reduced interest expenses and increased exchange gains [2]. - Cash flow from investment activities decreased by 68.75% due to increased payments for financial products and capitalized items [2]. Business Development - The company is focusing on humanoid robots as a core strategic business, with a subsidiary dedicated to developing related components [16]. - The technology team has a competitive advantage in harmonic reducer products, with production lines in trial production [16]. - Existing sealing, rubber, and lightweight businesses are being integrated into the robotics sector, with some products already in development [16].

Core Viewpoint - The company reported steady revenue growth and improved profitability in the first half of 2025, with a focus on expanding its presence in the robotics sector and enhancing its product offerings in the automotive and new energy fields [2][3][4][5]. Financial Performance - In the first half of 2025, the company achieved revenue of 9.846 billion yuan, a year-on-year increase of 1.83%, and a net profit attributable to shareholders of 817 million yuan, up 14.11% year-on-year [2]. - For Q2 2025, revenue was 4.992 billion yuan, reflecting a year-on-year growth of 0.31% and a quarter-on-quarter increase of 2.84% [3]. - The gross profit margin for Q2 2025 was 23.83%, an increase of 1.78 percentage points year-on-year, attributed to changes in product structure [3]. Business Development - The company is actively expanding its business in the new energy vehicle sector, achieving revenue in various segments such as cooling systems (2.606 billion yuan), rubber business (2.043 billion yuan), and sealing systems (1.942 billion yuan) in the first half of 2025 [4]. - The company has launched a series of liquid cooling units for energy storage, leveraging technology from automotive thermal management [4]. Strategic Initiatives - The company has signed multiple strategic cooperation agreements to enter the humanoid robot manufacturing sector, collaborating with firms like Wuzhou Xinchun and Zhongqing Robotics [5]. - A joint venture is planned with Zhujie Power to deepen cooperation in robot manufacturing, and the company has been designated as a chain leader in the industry by the Hefei Baohe District government [5]. Future Projections - Revenue projections for 2025-2027 are estimated at 21.682 billion yuan, 24.392 billion yuan, and 27.685 billion yuan, respectively, with net profits expected to reach 1.696 billion yuan, 1.933 billion yuan, and 2.236 billion yuan [6][9]. - The company’s earnings per share (EPS) are projected to be 1.29 yuan, 1.47 yuan, and 1.70 yuan for the years 2025, 2026, and 2027, respectively [6][9].