开式空悬系统的气路与外界相通，储气罐和气泵是并联的。气泵将外界空气压缩到18bar左右，存储于储气罐内。需要举升车身时，分配阀打开相应通 道，储气罐内的高压气随即给空气弹簧充气；需要降低车身时，分配阀打开相应通道，将空气弹簧内的高压气直接排向大气。 开式空悬举升/下降速度相对闭式空悬更快，约为5mm/s，同时对气泵的要求较高。在不同海拔条件下，受气压影响，举升速度会有一定差异。开式空悬 整体体积较大，需要举升车辆时，先从储气罐内释放空气，当压力不足时，气泵启动为其补充空气。 空气悬挂——这个曾经豪华车才能拥有的配置，近年来逐步大面积普及，不再是高端车型的专属。随着技术不断进步，空气悬挂也不断升级，从单腔到 双腔甚至三腔。这三种空悬到底有什么区别？它们与开式、闭式系统又有怎样的关联呢？ 空气弹簧的开式、闭式系统是啥意思？ 乘用车空气悬架由空气弹簧、气泵、分配阀、储气罐及控制器构成。按照系统与外界空气互换的程度，空气悬架可分为开式系统和闭式系统两类。 开式空悬进气口 闭式空悬系统气路封闭，但也不是完全封闭，当系统内压力低于某一阈值时也会从外界补气。闭式空悬整体结构是串联的，空气弹簧、气泵、储气罐， 三者基本封闭循 ...

| 投资要点 | | --- | 事件： 公司发布2024年年度报告和2025年一季度报告。2024年公司实现营收188.54亿元，同比 +9.33%；归母净利润达12.52亿元，同比+10.63%。24Q4公司营收达43.59亿元，同比-2.50%/环 比-9.68%；24Q4公司归母净利润达2.00亿元，同比-21.84%/环比-40.48%。25Q1营收达48.54亿 元，同比+3.45%/环比+11.37%，归母净利润达4.03亿元，同比+11.52%/环比+101.46%。公司 2024Q4和2025Q1业绩符合我们的预期。 轻量化+空悬持续放量，机器人业务拓展加速： 1）从主业来看，2024年公司空悬系统/轻量化/橡胶业务/冷却系统/密封系统收入分别为 10.65/25.18/40.60/50.72/38.05亿元，同比分别+29.52%/+30.95%/12.78%/-2.20%/+4.72%。公司收 购AKM后，加速空悬向国内乘用车市场的引进。截至2024年，公司国内空悬业务已获订单总 产值152亿元，其中总成产品订单总产值约为17亿元。2）机器人方面，人形机器人是公司未来 发展的核心战略业务 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][9]. Core Insights - The company achieved a revenue of 26.6 billion yuan in 2024, representing a year-on-year increase of 35.02%, and a net profit attributable to shareholders of 3.00 billion yuan, up 39.52% year-on-year [5][11]. - The company's gross margin decreased by 2.10 percentage points to 20.80% in 2024, primarily due to the impact of a "price war" in the vehicle market and increased depreciation from new production capacity [2][5]. - The company is rapidly advancing its robot product line, diversifying its offerings, which is expected to create new growth avenues [2][6]. Financial Performance - In 2024, the company reported a revenue of 72.48 billion yuan in Q4, a year-on-year increase of 30.63%, and a net profit of 7.67 billion yuan, up 38.47% year-on-year [5]. - The five main business lines—damping systems, interior functional components, chassis systems, automotive electronics, and thermal management systems—achieved revenue growth rates of 2.40%, 28.24%, 33.98%, 907.63%, and 38.24% respectively in 2024 [5][11]. - The automotive electronics segment saw a remarkable revenue increase of over 9 times, driven by the large-scale shipment of air suspension products [5][11]. Future Projections - The company is projected to achieve revenues of 34.27 billion yuan, 41.85 billion yuan, and 50.48 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 3.78 billion yuan, 4.62 billion yuan, and 5.57 billion yuan [9][11]. - The gross margin is expected to slightly decline to 20.09% in 2025 and further to 19.99% in 2026 [7][11]. - The company plans to expand its overseas market presence, with significant investments in production facilities in Thailand, Mexico, and Poland [5][9].

证券研究报告·公司点评报告·汽车零部件 中鼎股份（000887） 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,244 | 18,854 | 21,738 | 24,998 | 28,248 | | 同比（%） | 15.63 | 9.33 | 15.30 | 15.00 | 13.00 | | 归母净利润（百万元） | 1,131 | 1,252 | 1,589 | 1,807 | 2,080 | | 同比（%） | 16.78 | 10.63 | 26.97 | 13.72 | 15.09 | | EPS-最新摊薄（元/股） | 0.86 | 0.95 | 1.21 | 1.37 | 1.58 | | P/E（现价&最新摊薄） | 20.18 | 18.24 | 14.36 | 12.63 | 10.97 | [Table_Tag] [Table_Summary] 投资要点 2025 年 04 月 3 ...