中金公司研报指出，中鼎股份深耕智能底盘，机器人业务未来可期。公司以密封减震起家，依托海外并 购的品牌技术，强化高端化产品布局，市占率稳中有升，现金牛业务平稳增长。公司坚持"全球并购、 中国整合"的发展战略，叠加近年来国内新能源汽车快速发展，驱动高利润率的国内业务占比提升。此 外，公司持续加强海外工厂的精细化管理、成本费用管控、本土化布局，盈利能力存在改善空间。公司 前瞻布局机器人+液冷潜力业务。认为公司作为机器人链主企业，依托安徽省前瞻政策和产业集群，复 用车端在技术、管理、客户的禀赋能力，有望构筑竞争壁垒。再次覆盖中鼎股份给予"跑赢行业"评级， 目标价28.51元。 ...

Investment Highlights - The company is rated to outperform the industry with a target price of 28.51 yuan, corresponding to a 2026 P/E of 20 times. It is a leading non-tire rubber enterprise in China, strategically entering the robotics sector starting in 2024 to create a new growth driver [1] - The company is transforming into an intelligent chassis supplier while maintaining stable traditional business. It has strengthened its high-end product layout through overseas acquisitions, resulting in a steady increase in market share and stable growth in cash cow businesses [1] - The company has expanded into three incremental businesses: air suspension, cooling, and lightweighting since 2016, transitioning from providing single rubber parts to becoming a supplier of intelligent chassis systems, thereby increasing the value ceiling per vehicle [1] Profitability and Management - The company's profitability is stabilizing and improving. It adheres to a "global acquisition, China integration" strategy, benefiting from the rapid development of domestic new energy vehicles, which has increased the proportion of high-margin domestic business [2] - The company is enhancing the refined management of overseas factories, controlling costs, and localizing operations, indicating potential for improved profitability [1] Forward-looking Layout - The company is comprehensively laying out the robotics industry chain, covering joint assemblies, core components, lightweight skeletons, rubber parts, and OEM production. It has already established production lines for reducers and tactile sensors and is actively engaging potential customers [2] - In the liquid cooling sector, the company has launched a series of liquid cooling units for energy storage and is developing CDU, cold plates, pipelines, and immersion liquid cooling products for supercomputing center thermal management [2] Potential Catalysts - Emerging business projects in robotics and AI liquid cooling are expected to serve as potential catalysts for growth [3] Earnings Forecast and Valuation - The company’s EPS is projected to be 1.25 yuan, 1.43 yuan, and 1.50 yuan for 2025 to 2027, with a CAGR of 17% from 2024 to 2027. The current stock price corresponds to a 2026 P/E of 16.1 times, with a 24% upside potential compared to the target price of 28.51 yuan [4]