Core Viewpoint - The company is a global leader in power piston component systems, with a strong performance foundation and significant growth potential in various sectors, including automotive and data centers [1][2]. Group 1: Company Overview - The company specializes in internal combustion engine components such as cylinder liners, pistons, piston rings, and bearings, serving major clients like Caterpillar and Cummins [1]. - In the first half of 2025, the company's revenue from PCU, electronic control actuators, and brake drums reached 1.28 billion, 150 million, and 290 million respectively, accounting for 66.1%, 7.9%, and 14.7% of total revenue [1]. - The company expects a net profit attributable to shareholders of 368-428 million in 2025, representing a year-on-year growth of 80.5% to 110.0% [1]. Group 2: Market Trends and Growth Drivers - The demand for large-diameter products is surging due to the booming AI capital expenditure cycle, with the company benefiting from data center construction [2]. - The company’s subsidiary, Zhongyuan Jikean, is a core supplier of large-diameter cylinder liners, achieving revenue of 330 million in the first half of 2025 with a net profit margin of 14% [2]. - The company plans to acquire 59% of Zhongyuan Jikean, which will enhance its consolidated earnings [2]. Group 3: Product Development and Expansion - The company is experiencing significant growth in its automotive increment business, particularly in brake drums, which saw a growth rate of 56.3% in the first half of 2025 [3]. - The company is expanding its production capacity for brake drums and has initiated a third-phase expansion project to meet customer demand [3]. - The company’s electronic control actuators have entered mainstream manufacturers' systems, with a growing market share, and it is extending its product line into air suspension and robotic joint modules [3]. Group 4: Financial Projections - The company is projected to achieve revenues of 3.92 billion, 4.69 billion, and 5.75 billion from 2025 to 2027, with net profits of 410 million, 570 million, and 680 million respectively [3].

Business Overview - The company has established four core business modules: Engine, Automotive Electronics, Brake Systems, and Hydrogen Energy [2][3]. - In the Engine sector, the company has a leading position with steady growth in cylinder sleeve production and a significant increase in piston sales in 2025 [2]. - The Automotive Electronics segment has seen a rising market share for turbocharger electronic actuators and expansion into air suspension management units [2]. - The Brake Systems focus on bi-metal composite brake drums, leveraging technology and performance advantages to expand product variety [2][3]. - The Hydrogen Energy sector has developed a comprehensive product line including fuel cell engines and compressors, with mass production already underway [3]. Acquisition Strategy - The company plans to acquire 59% of Zhongyuan Jikean, a joint venture established in 2005, to capitalize on the growing AIDC backup power market and shipbuilding industry [3][4]. - Post-acquisition, Zhongyuan Jikean will become a wholly-owned subsidiary, enhancing the company's capabilities in high-end cylinder sleeves and strengthening its competitive edge in the global market [4]. Product Development and Capacity Expansion - The company’s bi-metal brake drums offer superior durability and lightweight design, addressing the automotive industry's shift towards lighter vehicles [5]. - The current annual production capacity for brake drums is 1.6 million units, with plans for further expansion based on market demand [5]. - The Thailand factory has established production lines for cylinder sleeves and is expected to contribute revenue starting in 2026 [6]. Robotics Collaboration - The Shanghai subsidiary is collaborating with Ningbo Puzhi to develop specialized electronic actuators for humanoid robots, leveraging its expertise in automotive electronic systems [6][7]. - This partnership aims to transition from automotive components to a dual focus on automotive and robotics, aligning with industry trends [7]. Shareholder Returns and Risk Management - The company is committed to optimizing profit structures and enhancing shareholder returns through diversified methods, including cash dividends [7]. - There are risks associated with the humanoid robot joint venture, as the product is still in development and has not yet generated revenue [7].

·战略产品快速放量：电控执行器、钢质活塞等重点布局产品的产销量较上年同期显著提升，其中电控执行器已打破外资垄断，实现国内主流车企全覆盖并 批量进入国际市场。 1月20日，中原内配发布2025年度业绩预告，公司归属于上市公司股东的净利润预计为36,800万元至42,800万元，相较于上年同期，同比增长80.47%至 109.9%；扣除非经常性损益后的净利润预计为35,860万元至41,860万元，同比增幅达87.59%至118.97%；基本每股收益为0.63元/股至0.73元/股，盈利能力显 著提升。 值得注意的是，2024年度公司曾对收购Incodel Holding LLC 100%股权形成的商誉计提减值准备12,022.25万元，而2025年度经初步减值测试，该商誉资产组 无减值迹象，对业绩形成正向支撑。 ·核心业务稳扎稳打：公司气缸套产品凭借产品优势与成本竞争力，在市场竞争中实现产销量稳步增长，持续巩固行业领先地位。 ·子公司贡献强劲增量：子公司恒久制动精准把握重卡市场机遇，通过产能扩充与布局优化，实现制动鼓产品产销量跨越式增长，成为业绩增长重要引擎。 ·运营效率持续优化：公司推进"5G+智能制造"工厂 ...

1、2024年度，公司对收购IncodelHoldingLLC100%股权形成的商誉所在资产组计提商誉减值准备 12,022.25万元。2025年度终了，公司对上述资产组进行减值测试，初步判断不存在减值迹象。2、2025 年度，公司核心业务延续稳健增长态势。具体表现为：①公司气缸套产品凭借产品优势和成本竞争力， 在激烈的市场竞争中实现产销量稳步增长，持续巩固行业领先地位；②子公司恒久制动精准把握重卡市 场爆发的机遇，通过产能快速扩充与生产布局优化，实现制动鼓产品产销量的跨越式增长，成为公司业 绩增长的重要引擎；③电控执行器、钢质活塞等战略布局重点产品，产销量较上年同期均实现显著提 升。3、2025年度，公司通过深化精益管理、优化费用支出结构、提升整体运营效率，在业务规模扩大 的同时，实现盈利能力稳步提升，经营利润的稳健性进一步增强。面对复杂多变的市场环境，公司展现 出突出的抗风险能力与高质量发展韧性，为后续持续稳健增长奠定了坚实基础。 格隆汇1月20日丨中原内配(002448.SZ)公布，预计2025年归属于上市公司股东的净利润36,800万元～ 42,800万元，比上年同期增长80.47%～109.90%， ...

人民财讯1月20日电，中原内配（002448）1月20日发布业绩预告，预计2025年归母净利润为3.68亿元— 4.28亿元，同比增长80.47%—109.9%。2025年度，公司核心业务延续稳健增长态势。公司气缸套产品产 销量稳步增长；子公司恒久制动把握重卡市场机遇，制动鼓产品实现跨越式增长；电控执行器、钢质活 塞等重点产品产销量显著提升。 ...

中原内配（002448）(002448.SZ)披露2025年度业绩预告，公司预计2025年度归属于上市公司股东的净 利润3.68亿元至4.28亿元，同比增长80.47%至109.90%;扣除非经常性损益后的净利润3.59亿元至4.19亿 元，同比增长87.59%至118.97%。 2025年度，公司核心业务延续稳健增长态势。具体表现为：①公司气缸套产品凭借产品优势和成本竞争 力，在激烈的市场竞争中实现产销量稳步增长，持续巩固行业领先地位;②子公司恒久制动精准把握重 卡市场爆发的机遇，通过产能快速扩充与生产布局优化，实现制动鼓产品产销量的跨越式增长，成为公 司业绩增长的重要引擎;③电控执行器、钢质活塞等战略布局重点产品，产销量较上年同期均实现显著 提升。 ...

2025年度，公司核心业务延续稳健增长态势。具体表现为：①公司气缸套产品凭借产品优势和成本竞争 力，在激烈的市场竞争中实现产销量稳步增长，持续巩固行业领先地位;②子公司恒久制动精准把握重 卡市场爆发的机遇，通过产能快速扩充与生产布局优化，实现制动鼓产品产销量的跨越式增长，成为公 司业绩增长的重要引擎;③电控执行器、钢质活塞等战略布局重点产品，产销量较上年同期均实现显著 提升。 智通财经APP讯，中原内配(002448.SZ)披露2025年度业绩预告，公司预计2025年度归属于上市公司股东 的净利润3.68亿元至4.28亿元，同比增长80.47%至109.90%;扣除非经常性损益后的净利润3.59亿元至4.19 亿元，同比增长87.59% 至118.97%。 ...

中原内配公告，预计2025年度净利润为3.68亿元至4.28亿元，同比增长80.47%~109.90%。2025年度，公 司核心业务延续稳健增长态势。具体表现为：①公司气缸套产品凭借产品优势和成本竞争力，在激烈的 市场竞争中实现产销量稳步增长，持续巩固行业领先地位；②子公司恒久制动精准把握重卡市场爆发的 机遇，通过产能快速扩充与生产布局优化，实现制动鼓产品产销量的跨越式增长，成为公司业绩增长的 重要引擎；③电控执行器、钢质活塞等战略布局重点产品，产销量较上年同期均实现显著提升。 ...

南财智讯1月20日电，中原内配发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 36800万元—42800万元，同比预增80.47%—109.90%；预计2025年全年归属于上市公司股东的扣除非经 常性损益的净利润为35860万元—41860万元，同比预增87.59%—118.97%，变动原因如下：1、2024年 度，公司对收购IncodelHoldingLLC100%股权形成的商誉所在资产组计提商誉减值准备12,022.25万元。 2025年度终了，公司对上述资产组进行减值测试，初步判断不存在减值迹象。2、2025年度，公司核心 业务延续稳健增长态势。具体表现为：①公司气缸套产品凭借产品优势和成本竞争力，在激烈的市场竞 争中实现产销量稳步增长，持续巩固行业领先地位；②子公司恒久制动精准把握重卡市场爆发的机遇， 通过产能快速扩充与生产布局优化，实现制动鼓产品产销量的跨越式增长，成为公司业绩增长的重要引 擎；③电控执行器、钢质活塞等战略布局重点产品，产销量较上年同期均实现显著提升。3、2025年 度，公司通过深化精益管理、优化费用支出结构、提升整体运营效率，在业务规模扩大的同时，实现盈 利能力稳 ...

Core Viewpoint - Zhongyuan Neipei's performance is recovering, with its stock price approaching historical highs, driven by strategic initiatives in the humanoid robotics sector and improved financial metrics [1][2][4]. Financial Performance - The stock price of Zhongyuan Neipei has significantly increased, closing at 12.81 CNY per share on December 29, 2023, marking a year-to-date increase of over 100% [2][4]. - The company achieved a revenue of 23.02 billion CNY in 2022, with a projected increase to 33.1 billion CNY by 2024, reflecting a year-on-year growth of 15.57% [3]. - In the first three quarters of 2025, Zhongyuan Neipei reported revenues of 28.67 billion CNY and a net profit of 3.26 billion CNY, representing year-on-year growth of 16.35% and 39.89%, respectively [3]. Strategic Initiatives - Zhongyuan Neipei is expanding into the humanoid robotics sector, having signed a strategic cooperation framework agreement with Ningbo Puzhi Future Robotics Co., Ltd. on December 19, 2023 [2][5]. - The partnership aims to leverage both companies' strengths, with Ningbo Puzhi's expertise in robot development and Zhongyuan Neipei's capabilities in precision manufacturing [6]. - The Shanghai subsidiary of Zhongyuan Neipei has secured a significant order for intelligent electronic control actuators from a European engineering group, valued at approximately 490 million CNY over a nine-year lifecycle [6].