证券研究报告 | 2025年10月12日 中原内配（002448.SZ） 优于大市 气缸套全球龙头，品类拓展打开增量空间 全球先进的气缸套龙头供应商，技术积淀深厚。中原内配前身为 1958 年设 立的国营孟县机械厂，经多年产品技术打造和客户合作积累，逐步成长 为全球气缸套龙头。其收入结构（25H1）：内燃机零部件占比 66.1%， 汽车电子占比 7.9%，制动系统占比 14.7%，其他业务占比 11.3%。 营收多年保持稳定增长，重视研发和业务开拓。中原内配营收从 2014 年 10.8 亿元增长到 2024 年 33.1 亿元，复合增速 11.8%；2025H1 营收 19.43 亿元， 同比+14.6%，归母净利润 2.34 亿元，同比+32%；2025H1 公司销售/管理/研 发费用率 2.0%/5.8%/4.3%，同比-0.8/-0.4/-0.3pct，持续推进费用优化； 同时公司高度重视研发，重视新兴业务的开拓，2024 年在上海组建产业 发展研究院，聚焦前瞻技术和新兴产业，引领公司战略落地和产业发展。 内燃机零部件构筑基本盘，切入应急电源发电机组业务助力主业升级。公司 深度布局内燃机业务（气缸套、 ...

核心观点 气缸套龙头供应商，技术积淀深厚 中原内配前身为1958年设立的国营孟县机械厂，经多年产品技术打造和客户合作积累，逐步成长为全球气缸套龙头。其收入结构（25H1）： 内燃机零部件占比66.1%，汽车电 子占比7.9%，制动系统占比14.7%，其他业务占比11.3% 。 营收多年保持稳定增长，重视研发和业务开拓。 业绩稳健的气缸套全球龙头 中原内配营收从2014年10.8亿元增长到2024年33.1亿元，复合增速11.8%； 2025H1营收19.43亿元，同比+14.6%，归母净利润2.34亿元，同比+32% ；2025H1公司销售/管理/研发 费用率2.0%/5.8%/4.3%，同比-0.8/-0.4/-0.3pct，持续推进费用优化；同时公司高度重视研发，重视新兴业务的开拓， 2024年在上海组建产业发展研究院，聚焦前瞻技术和新兴 产业，引领公司战略落地和产业发展 。 内燃机零部件构筑基本盘，切入应急电源发电机组业务助力主业升级 公司深度布局内燃机业务（气缸套、活塞等），在工程装备研究、新型材料、机械加工等领域处行业前沿；公司及公司参股子公司中原吉凯恩生产和销售的大缸径气缸套可配 套于柴油发电机组 ...

Product Portfolio - The company has developed a product structure consisting of four major segments: internal combustion engine components, automotive electronics, braking systems, and hydrogen energy [2][3] - The internal combustion engine segment includes cylinder liners, pistons, piston rings, and bearings, with cylinder liners recognized as a manufacturing champion and holding a leading global market share [2] - The automotive electronics segment focuses on turbocharger electronic actuators, which have seen a year-on-year increase in market share [2] - The braking system segment features composite brake drums, which are positioned at the forefront of the industry due to technological advantages and product performance [2] - The hydrogen energy segment includes a comprehensive range of products such as hydrogen fuel cell engines and bipolar plates [2] Overseas Expansion - The company plans to invest no more than RMB 350 million to establish a factory in Thailand, aiming to enhance its global market presence [3] - The Thai factory will feature four casting production lines and 18 cylinder liner processing lines, with an annual design capacity of 7 million cylinder liners [3] - The first casting production line has been completed, and the initial batch of qualified products has been successfully produced [3] Product Advantages and Capacity Expansion - The company's dual-metal composite brake drum offers advantages such as lightweight design, improved durability, and better thermal performance compared to traditional brake drums [4] - The second phase of the brake drum project was completed and put into production in June 2025, with an overall planned annual capacity of 1.4 million units [4] - The company will adjust production lines based on market demand to meet both domestic and international customer needs [4] Electric Actuator Development - The electric actuator product line includes various models for gasoline and diesel engines, with advantages in size, weight, integration, and cost [5][6] - The company has secured a significant order from an international client for its diesel engine smart electric actuators, breaking the monopoly of foreign brands in the high-end commercial vehicle market [6] - Continuous investment in production line expansion is planned to meet the growing demand for electric actuators [6] Research and Development Initiatives - In 2024, the company established an industrial development research institute in Shanghai, focusing on internal combustion engine research, new energy development, and automotive electronics [7] - The research institute aims to enhance innovation and support the company's technological advancements and industrial upgrades [7]

Performance Forecast - The company expects a net profit of 218 million to 249 million yuan for the current reporting period, representing a year-on-year growth of 23.21% to 40.73% compared to 176.94 million yuan in the same period last year [1] - The profit attributable to shareholders is projected to be 214 million to 245 million yuan, with a year-on-year growth of 34.72% to 54.23% compared to 158.85 million yuan in the previous year [1] - Basic earnings per share are estimated to be between 0.37 yuan and 0.42 yuan, up from 0.30 yuan per share in the previous year [1] Reasons for Performance Change - The company has actively seized market opportunities and expanded market share despite the complex domestic and international economic environment [1] - Significant growth in the production and sales of core products such as cylinder liners, pistons, brake drums, and electronic control actuators has been achieved compared to the previous year [1] - Continuous optimization of resource allocation, cost reduction, and control of period expenses have further enhanced profitability, leading to stable growth in operating profit [1]

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]

Core Viewpoint - The company reported a revenue increase of 15.57% for the year 2024, but net profit decreased by 34.37% due to goodwill impairment [1][3] Group 1: Financial Performance - The company achieved an operating income of 3.31 billion yuan, with a net profit attributable to shareholders of 204 million yuan [1] - The company proposed a cash dividend of 1.3 yuan per 10 shares (tax included) [1] - A significant goodwill impairment of 120 million yuan was recorded, impacting net profit [3] Group 2: Business Growth and Market Position - The company maintained its leading position in the global cylinder liner industry, with a 19.29% increase in cylinder liner sales, totaling 68.81 million units [2] - Sales in the automotive electronics sector, particularly for electronic control actuators, grew by 21.16%, reaching 298 million yuan [2] - The dual-metal brake drum sales surged by 366.67%, generating 374 million yuan in revenue, reflecting strong market expansion [2] Group 3: Strategic Initiatives and Future Outlook - The company aims to enhance its operational management and financial control through continuous technological innovation and improved subsidiary management [4] - For 2025, the company targets cylinder liner sales of no less than 72.4 million units and brake drum sales of at least 1.41 million units [4] - The company is focused on building competitive advantages in both automotive components and hydrogen energy sectors, pursuing a dual-line strategy [4]