编号：2025-002 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（线上交流） 参与单位名称 信达证券 徐国铨 太平基金 王寓捷 平安养老 陈良源 中信保诚基金 王优草 前海联合基金 张志成 时间 2025 年 6 月 6 日 地点 郑州市德威广场 上市公司接待人 员姓名 财务总监兼董事会秘书李培、证券事务代表朱会珍、证券部闫辉 投资者关系活动 主要内容介绍 1、公司目前的主要产品结构是怎样的？ 回答：公司及下属子公司主要产品布局目前分为四大板块， 一是内燃机的核心关键零部件气缸套、活塞、活塞环、轴瓦；二 是汽车电子领域的涡轮增压器的电控执行器；三是制动系统零部 件的复合制动鼓；四是氢能领域的氢燃料电池发动机及其核心零 部件。 2、公司泰国建厂的最新进展情况如何？ 回答：2025 年 3 月，公司为加速推进海外业务的战略布局， 向泰国公司增资 41,000 万泰铢，泰国工厂总投资额由不超过人 民币 2.1 亿元增加至不超过人民币 3.5 亿元。增资后，泰国工厂 的设计规划调整为建设铸造生产线 4 条、气缸套加工生产线 18 | 条 ...

Investment Rating - The report maintains a "Recommended" rating for Zhongyuan Neipei (002448.SZ) [6] Core Views - The company achieved a revenue of 3.31 billion yuan in 2024, a year-on-year increase of 15.6%, while the net profit attributable to shareholders was 204 million yuan, a decrease of 34.4% [1] - In Q1 2025, the company reported a revenue of 950 million yuan, up 13.8% year-on-year, and a net profit of 111 million yuan, an increase of 25.9% [1] - The gross margin for 2024 and Q1 2025 was 25.7% and 27.8%, respectively, with fluctuations mainly due to changes in the business structure [2] Summary by Sections Financial Performance - The company’s gross margin fluctuated due to changes in domestic and overseas business proportions, with overseas revenue declining by 8% in 2024 due to economic downturns, while domestic revenue increased by 49% [2] - The expense ratio for 2024 and Q1 2025 was 14.5% and 12.6%, respectively, showing a continuous decline over five years, indicating improved cost control [2] Profit Impact - The profit was significantly impacted by a goodwill impairment of 120 million yuan related to the acquisition of Incodel Holding LLC in the U.S., leading to a net profit margin of 6.2% for 2024, down 4.7 percentage points year-on-year [3] - Excluding the goodwill impairment, the net profit for 2024 would have shown an approximate growth of 10% year-on-year [3] Business Development - The company maintains stable partnerships with major clients in the cylinder sleeve and piston product sectors, with sales growth of 17% and 23% for these products in 2024 [4] - New business ventures, such as the brake system and hydrogen energy projects, are progressing, with the brake system generating revenue of 473 million yuan and a net profit of 33.73 million yuan in its first full year [4] - The company is accelerating the construction of a production base in Thailand for cylinder sleeves, aiming for an annual output of 7 million units [3] Future Outlook - The company is expected to achieve revenues of 3.76 billion, 4.24 billion, and 4.78 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.6%, 12.9%, and 12.7% [5] - Projected net profits for the same years are 377 million, 433 million, and 490 million yuan, with significant growth anticipated in 2025 [5]