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 ...

上市企业：拓普集团（601689）、科博达（603786）、保隆科技（603197）、中鼎股份（000887）、天 润工业（002283）、科曼股份（430156.NQ）、比亚迪（002594）、上汽集团（600104）、一汽解放 （000800）、长安汽车（000625）、吉利汽车（00175.HK）、东风股份（600006）、广汽集团 （601238）、长城汽车（601633）、江淮汽车（600418）、中国重汽（000951） 相关企业：浙江孔辉汽车科技股份有限公司、威巴克（无锡）减震器有限公司、大陆投资（中国）有限 公司 内容概要：随着我国汽车市场的迅猛发展，带动空气悬挂系统市场需求与日俱增，此外，随着消费者对 汽车舒适性、安全性和性能要求不断提高，空气悬架系统能够有效提升车辆的行驶品质，满足消费者对 于舒适驾乘体验的追求，特别是在新能源汽车和自动驾驶技术发展的推动下，消费者对车辆配置的关注 度也在提升，空气悬架作为高端配置之一，近年来市场需求持续增长，据统计，2024年我国空气悬挂系 统需求量达106.43万套，市场规模达107.37亿元，其中，乘用车领域占比超60%。 关键词：空气悬挂系统市场政策 ...

证券代码：000887 证券简称：中鼎股份 安徽中鼎密封件股份有限公司 投资者关系活动记录表 编号：2025-002 | | □特定对象调研 分析师会议 □媒体采访  业绩说明会 | | --- | --- | | 投资者关系 | | | 活动类别 | □新闻发布会 路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 及人员姓名 | 参与中鼎股份 2024 年度网上业绩说明会的线上投资者 | | 时间 | 2025 年 5 月 15 日下午 15:00-17:00 | | 地点 | 上海证券报·中国证券网路演中心 | | | （https://roadshow.cnstock.com/） | | 上市公司接待 | 董事长、总经理：夏迎松 董事、副总经理、财务总监：易善兵 | | 人员姓名 | 副总经理、董事会秘书：蒋伟坚 | | | 独立董事：唐玮 | | | 公司于 年 月 在上海 2025 5 15 日（星期四）15:00-17:00 | | | 证券报·中国证券网路演中心举行 2024 年度网上业绩说明 | | | 会，本次业绩说明会采用线上回答 ...

Company Overview - Suzhou Ruima Precision Industrial Group Co., Ltd. was established as a joint-stock company on November 20, 2017, after the transformation from Suzhou Ruima Metal Forming Co., Ltd. [1] - The company's registered capital is RMB 70.5 million, with a net asset of RMB 168,139,050.60 as of the end of the reporting period [1][6]. Shareholding Structure - The major shareholders include Chen Xiaomin (80.38%), Weng Rongrong (7.62%), and Suzhou Industrial Park Zhongquanxin Investment Enterprise (Limited Partnership) (7.30%) [1]. - The total share capital after the initial public offering (IPO) is RMB 100 million, with 25 million shares issued at a par value of RMB 1.00 per share [2]. Stock Incentive Plans - The company approved a stock option incentive plan, allowing for a total of 478,200 stock options to be exercised by 39 eligible participants, with the first exercise condition met [3]. - The total share capital increased to 120,652,200 shares after the first exercise period, with additional stock options of 174,000 shares to be exercised by 6 participants in December 2024 [4][5]. Business Activities - The main business activities include the research, production, and sales of precision metal stamping structural parts, fasteners, precision molds, automotive seat harnesses, and components for air suspension systems [6]. Financial Reporting - The financial statements are prepared based on the going concern principle and comply with the relevant accounting standards [6][7]. - The company assesses its ability to continue as a going concern and has not identified any factors that would affect this ability [6]. Accounting Policies - The company follows important accounting policies and estimates as per the enterprise accounting standards, ensuring that the financial statements reflect a true and complete view of its financial position and performance [6][8]. - The accounting year runs from January 1 to December 31, with the functional currency being Renminbi [7]. Financial Instruments - Financial assets are classified based on the business model and cash flow characteristics, including those measured at amortized cost and those measured at fair value [27][30]. - The company recognizes financial liabilities based on their classification, including those measured at fair value and those measured at amortized cost [30].

公司积极布局新能源汽车领域，以智能底盘系统为核心，同时在热管 理系统、底盘轻量化系统、空气悬挂系统等多个新能源板块处于国际 领先水平。公司 2024 年新能源领域业务已经达到 72.49 亿元销售额， 占 2024 年年度汽车业务营业收入比例为 40.20%，其中国内 2024 年新 能源领域业务销售额为 54.61 亿元，占 2024 年年度国内营业收入比例 为 56.01%。 [Table_Title] 证券研究报告 / 公司点评报告 毛利率持续向上，大力发展人形机器人业务 [Table_Summary] 事件：公司发布 2024 年年度报告和 2025 年一季度报告。2024 年全年 公司实现营业收入 188.54 亿元，同比+9.33%，实现归母净利润 12.52 亿元，同比+10.63%。2025Q1 实现营收 48.54 亿元，同比+3.45%，实现 归母净利润 4.03 亿元，同比+11.52%。 毛利率向上，公司费用率稳定。2024 年公司毛利率 22.82%，同比+0.86 个百分点。2025Q1 毛利率 23.32%，同比+0.91 个百分点。2024 年公司 销售/管理/研发/财务费用率 ...

中鼎股份（000887） 2024 年年报&2025 年一季报点评：业绩符合 预期，机器人产品量产在即 买入（维持） 证券研究报告·公司点评报告·汽车零部件 | [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_ ...

0 1 事 件 概 述 公司披露 2024 年年度报告和 2025 年第一季度报告： 1 ） 2024 年度实现营收 188.54 亿 元 ， 同 比 +9.33% ；归母净利润 12.52 亿元，同比 +10.63% ；扣非归母净利润 10.75 亿元，同比 +10.06% ； 2 ） 2025Q1 营收 48.54 亿元，同比 +3.45% ，环比 +11.37% ；归母净利润 4.03 亿元，同比 +11.52% ，环 比 +101.46% ；扣非归母净利润 3.67 亿元，同比 +21.43% ，环比 +189.02% 。 0 2 分 析 判 断 ► 2024 圆满收官 2025Q1 符合预期 1 ）收入端： 公司 2024Q4 营收 43.59 亿元，同比 -2.50% ，环比 -9.68% ； 2025Q1 营收 48.54 亿 元，同比 +3.45% ，环比 +11.37% ，在手订单释放带动营收稳健增长； 2 ）利润端： 公司 2024Q4 归母净 利润 2.00 亿元，同比 -21.84% ，环比 -40.48% ，同环比下滑系减值影响； 2025Q1 归母净利润 4.03 亿 元，同比 + ...

Core Insights - The company reported a revenue of 18.854 billion yuan for 2024, representing a year-on-year increase of 9.33%, and a net profit attributable to shareholders of 1.252 billion yuan, up 10.63% year-on-year [1] - For Q1 2025, the company achieved a revenue of 4.854 billion yuan, a year-on-year increase of 3.45% and a quarter-on-quarter increase of 11.37%, with a net profit of 403 million yuan, up 11.52% year-on-year and 101.46% quarter-on-quarter [1][2] Revenue Performance - In Q4 2024, the company recorded a revenue of 4.359 billion yuan, down 2.50% year-on-year and 9.68% quarter-on-quarter, while Q1 2025 showed a recovery with a revenue of 4.854 billion yuan [2] - The company’s order backlog has contributed to stable revenue growth, indicating a positive outlook for future performance [2] Profitability Analysis - The gross profit margin for Q4 2024 was 24.52%, an increase of 1.22 percentage points year-on-year and 2.07 percentage points quarter-on-quarter, while Q1 2025 saw a gross profit margin of 23.32%, up 0.90 percentage points year-on-year but down 1.20 percentage points quarter-on-quarter [2] - The net profit for Q4 2024 was 200 million yuan, down 21.84% year-on-year and 40.48% quarter-on-quarter, primarily due to impairment impacts [2] Cost Structure - The company’s expense ratios for Q4 2024 were 1.54% for sales, 5.89% for management, 3.98% for R&D, and 0.87% for financial expenses, showing a mixed trend in year-on-year and quarter-on-quarter changes [2] - In Q1 2025, the expense ratios were 2.37% for sales, 5.51% for management, 5.04% for R&D, and 0.92% for financial expenses, reflecting normal fluctuations [2] Business Development - The company is actively expanding in the new energy vehicle sector, focusing on intelligent chassis systems and has achieved significant order growth in thermal management, lightweighting, and air suspension systems [3] - The company has signed multiple strategic cooperation agreements to expand its humanoid robot product line, indicating a strong commitment to this emerging market [3] Future Projections - Revenue projections for 2025-2027 are estimated at 21.68 billion, 24.39 billion, and 27.69 billion yuan, with net profits of 1.65 billion, 1.89 billion, and 2.17 billion yuan respectively [4] - The company is expected to maintain a strong market position in the automotive sector while advancing in the robotics field, potentially leading to increased performance and valuation [4]

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 17,477.73 million yuan, a year-on-year increase of 22.51% [4] - The net profit attributable to shareholders in Q1 2025 was 1,868.79 million yuan, up 49.72% year-on-year [4] - For the year 2024, the company reported revenue of 75,223.52 million yuan, a growth of 34.71% compared to the previous year [4] - The net profit for 2024 was 10,650.25 million yuan, reflecting a year-on-year increase of 52.91% [4] - The proposed cash dividend for 2024 is 2.00 yuan per 10 shares, totaling an estimated distribution of 1,316.77 million yuan [4] Group 2: Investment and Expansion Plans - The company has invested 4.16 billion Thai Baht (approximately 90 million yuan) in establishing a subsidiary in Thailand for auto parts production [5] - The company plans to enhance market penetration in domestic, European, Oceanian, and Middle Eastern markets [5] - As of March 31, 2025, the company held cash and bank financial products totaling 264 million yuan, with no bank loans [8] - The company maintains a "reservoir-style" operating model to ensure sufficient funds for future risks and development [8] Group 3: Operational Updates - The Thai factory's construction is complete, with equipment installation and assembly in progress, expected to be operational by Q2 2025 [6] - The development of the intelligent RV towing robot is progressing normally, with software copyright obtained on April 11, 2025 [6] Group 4: Product Offerings - The company offers various products for vehicle modification, including air suspension kits, modified axles, limited-slip differentials, electronic ignition modules, brake modification kits, exhaust manifolds, and wireless charging modules [9]