空气悬架

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天润工业20250822
2025-08-24 14:47
2025 年上半年天润工业的业绩表现如何? 2025 年上半年,天润工业实现营业收入约 19.5 亿元,同比增长 2.36%。归 属于上市公司的净利润约为 1.00,097 亿元,同比增长 5.69%,净利率略高于 10%。每股收益为 0.17 元。尽管整体业绩持平略有增长,但由于 1 月和 2 月 设备故障导致供货中断,公司未能完全达到预期。3 月份恢复供货后,业绩有 所改善。此外,公司在年度内进行了两次分红,总计每 10 股分红 2.5 元,占 去年利润的 70%至 80%。 上半年供货中断对公司收入的影响及下半年的展望是什么? 由于设备故障,2025 年 1 月和 2 月两条产线停产,影响了产品发货,但并未 影响市场份额。经过排查和修复,3 月份恢复正常供货,上半年欠客户的订单 基本补齐。目前大机产品需求紧张,公司产能处于满产状态,新建产线正在调 天润工业 20250822 摘要 天润工业上半年营收虽略有增长,但受 1-2 月设备故障影响未达预期, 每股收益 0.17 元。3 月恢复供货后业绩改善,并进行了两次分红,总计 每 10 股分红 2.5 元,占去年利润的 70%-80%。 公司预计下半年市场需 ...
天润工业(002283) - 2025年8月22日投资者关系活动记录表
2025-08-22 11:26
问:空气悬架今年和明年的业务规划是怎样的? 证券代码:002283 证券简称:天润工业 天润工业技术股份有限公司投资者关系活动记录表 编号:2025-005 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | 类别 | 现场参观 | | | 其他(电话会议) | | | 会议采用电话会议形式,具体参会人员详见附件。 | | | 上市公司接待人员: | | 活动参与人员 | 董事、董秘、副总经理、财务总监:刘立 | | | 证券办公室部长:冯春 | | | 证券事务代表:吕旭艺 | | 时间 | 2025 年 8 月 22 日(星期五)10:00-10:50 13:30-14:30 | | 地点 | 天润工业技术股份有限公司 | | 形式 | 电话会议 | | | 一、公司简介: 公司董事会秘书刘立女士对公司 2025 年半年度报告 | | 交流内容及具体 | 进行简单解读。 | | | 二、投资者问答: | | 问答记录 | 问:今年上半年公司大马力业务板块的收入是多少, | | | 下半年和 ...
天润工业(002283):1H25业绩稳增 拟收购山东阿尔泰布局轻量化
Xin Lang Cai Jing· 2025-08-22 00:41
1H25 业绩符合我们预期 控费效果显著,现金分红回报股东。公司2Q25 毛利率同环比-2.4pct/+0.6pct 至22.9%,主要受到会计政 策调整、商用车业务温和复苏、混动乘用车/船电大马力业务产能爬坡等多重因素影响。公司2Q25 销 售/研发/管理/财务费用率分别同比-2.0pct/+0.6pct/-1.4pct/+0.4pct 至1.1%/7.4%/4.2%/-0.7%,控制得当。 公司2Q25 经营活动现金流同比+6.7%至4.55 亿元,Capex 同比-19.7%至1.22 亿元,现金流健康。公司公 告向全体股东每10 股派发现金红利0.50 元,分红比例达到29.4%。 拟收购山东阿尔泰布局汽车轻量化,拓展产品种类与客户资源。公司7 月发布公告拟以自有资金1.35 亿 元收购山东阿尔泰汽车配件有限公司100%股权。山东阿尔泰2024 年营业收入5.9 亿元,净利润-1018 万 元,主要生产乘用车发动机壳体、变速箱壳体等高压铝铸件,拥有从熔炼、铸造到加工全链条生产工 艺,为韩国现代、起亚等车企配套。我们认为,天润工业原有汽零业务以铸铁件、铸钢件为主,客户群 体以商用车为主,这次收购有望增强 ...
中鼎股份净利增101%,机器人业务即将放量?
Xin Lang Cai Jing· 2025-08-17 08:35
Group 1 - The core viewpoint of the article highlights the transformation of traditional manufacturing into intelligent mobility, with Zhongding Co. leveraging a 15.2 billion yuan air suspension order to expand into smart chassis and humanoid robotics [2][22] - Zhongding Co. has achieved a revenue of 18.8 billion yuan and holds a 23% global market share in air suspension systems, following its acquisition of German AMK in 2016 [3][22] - The company is positioned in a new battlefield where L3 penetration is expected to reach 85%, indicating a significant shift in the automotive industry towards intelligent driving systems [2] Group 2 - Key technological breakthroughs include a one-piece compressor that reduces noise, control algorithms that respond to road bumps in milliseconds (five times faster than traditional hydraulic systems), and localized production that lowers the air suspension system's price from 12,000 yuan to 8,000 yuan [4] - The air suspension system is evolving from a "comfort feature" to an "intelligent actuator," with the Ideal L6 achieving a 100% installation rate [4][6] - The air suspension business is projected to generate over 5 billion yuan in revenue by 2025, supported by contracts with 32 vehicle models including Mercedes EQE and XPeng G9 [6] Group 3 - Zhongding Co. is also focusing on lightweight and thermal management solutions, with a projected revenue of 2.518 billion yuan from its lightweight components in 2024, representing a 219% growth over four years [7] - The company is entering the AI liquid cooling market, with single vehicle value ranging from 1,000 to 1,500 yuan for new energy vehicles and 200,000 yuan per set for energy storage systems [8] - The thermal management business is expected to contribute 3.6 billion yuan in revenue in 2024, indicating a strong growth trajectory [8] Group 4 - Zhongding Co. is advancing its humanoid robotics strategy with a 1 billion yuan investment, aiming to establish a core component base and enhance its capabilities in motion control algorithms and harmonic reducer production [9][10] - The first batch of harmonic reducers has achieved a yield rate of over 92%, signaling a potential disruption in the industry cost structure [11] - The company reported a net profit of 403 million yuan in Q1 2025, a 101% increase quarter-on-quarter, reflecting the success of its transformation efforts [12][14] Group 5 - The company’s revenue structure for Q1 2025 shows that intelligent chassis contributes 42%, thermal management 31%, lightweight components 22%, and others 5% [15] - Zhongding Co. aims for a net profit exceeding 1.5 billion yuan by 2025, driven by the release of air suspension capacity and the ramp-up of humanoid robotics [15] - The integration of smart mobility and robotics technologies positions Zhongding Co. as a key player in the intelligent motion control sector, transcending traditional component manufacturing boundaries [17][19][22]
汽车空气悬架为何变常见(经济新方位·身边的创新)
Ren Min Ri Bao· 2025-08-03 22:10
Core Insights - The increasing adoption of air suspension systems in domestic electric vehicles (EVs) is transforming the automotive landscape, with consumers questioning the reliability and affordability of these features in lower-priced models [1][2] - Air suspension systems enhance vehicle comfort and performance by replacing traditional metal springs with air springs, allowing for adjustable stiffness and height, which is particularly beneficial for heavier EVs [1][2] - Domestic manufacturers, such as Zhejiang Konghui Automotive Technology Co., are advancing in air suspension technology, achieving a 90% rate of independent intellectual property rights and significantly reducing costs compared to foreign competitors [2][4] Industry Trends - The penetration rate of air suspension in the domestic EV market is rising, driven by decreasing component prices and improved manufacturing capabilities [2] - Domestic companies are focusing on rapid development cycles, with a typical turnaround of 13 months for new models, compared to 18-20 months for foreign suppliers, enhancing their competitive edge [2][4] - Collaboration between domestic parts suppliers and vehicle manufacturers is fostering innovation and cost reduction, enabling a wider range of vehicles, including those priced around 150,000 yuan, to consider air suspension systems [4] Company Developments - Zhejiang Konghui Automotive Technology Co. reported sales exceeding 800 million yuan in the first half of the year, supplying approximately 200,000 sets of air suspension systems [2] - The company has successfully competed against well-known foreign air suspension suppliers, securing contracts based on quality and customization capabilities [2][4] - There is a growing interest from international automotive brands in collaborating with domestic suppliers for air suspension systems, indicating a shift in the global supply chain dynamics [4]
国产新能源汽车用上高端“空气弹簧” 汽车空气悬架为何变常见(经济新方位·身边的创新)
Ren Min Ri Bao· 2025-08-03 21:49
Group 1 - The penetration rate of air suspension in the domestic new energy vehicle market is gradually increasing, with rapid price declines for components [2] - Domestic companies have significantly improved their R&D capabilities, achieving basic self-control over key air suspension technologies, breaking the foreign monopoly [2] - The collaboration between domestic parts manufacturers and vehicle manufacturers is fostering innovation and providing consumers with cost-effective solutions [3] Group 2 - Zhejiang Konghui Automotive Technology Co., Ltd. has achieved sales exceeding 800 million yuan in the first half of the year, supplying approximately 200,000 sets of air suspension systems [2] - The cost of domestic air suspension systems ranges from 4,000 to 6,000 yuan, significantly lower than the 10,000 yuan cost of foreign brands, providing a competitive advantage [2] - The development cycle for new models is approximately 13 months for domestic suppliers, compared to 18 to 20 months for foreign suppliers, enhancing responsiveness to market demands [2]
大车转弯半径秒变小车!被吹爆的后轮转向,真的叫好不叫座?
电动车公社· 2025-07-23 15:46
Core Viewpoint - The article discusses the increasing accessibility and adoption of advanced automotive technologies, particularly rear-wheel steering, which was once exclusive to high-end luxury and performance vehicles. Group 1: Technology Accessibility - Many high-end features that were once exclusive to luxury vehicles are now becoming standard in various models, including electric vehicles [1][2] - Technologies such as air suspension and advanced driving assistance systems have seen significant growth in recent years [2] Group 2: Rear-Wheel Steering - Rear-wheel steering, previously found in high-end models like Porsche 911 and Lamborghini Aventador, is now being standard in many domestic electric vehicles at lower price points [5][7] - Examples include models like the Tengshi N9 and Xiaopeng X9, which offer rear-wheel steering at prices around 400,000 and 300,000 respectively, with some models even exceeding 200,000 [8][10] Group 3: Benefits of Rear-Wheel Steering - Rear-wheel steering significantly enhances maneuverability, allowing larger vehicles to have a turning radius comparable to smaller cars, improving parking and navigation in tight spaces [10][13] - The technology also enables advanced features like crab walking, which relies on rear-wheel steering [14] Group 4: Market Penetration and Challenges - Despite its advantages, rear-wheel steering has a low global penetration rate of only 1.2%, indicating limited adoption compared to other technologies [17] - The complexity and cost of implementing rear-wheel steering systems, along with the need for additional space and maintenance considerations, hinder widespread adoption [53][67] Group 5: Historical Context and Evolution - The evolution of rear-wheel steering began in the late 19th century, with early attempts using simple mechanical systems, leading to its application in agricultural and military vehicles during the 20th century [18][22][24] - The transition to passenger vehicles occurred in the late 20th century, but early systems were passive and had reliability issues, prompting the development of more advanced active systems [29][32] Group 6: Future Prospects - Despite current challenges, domestic companies are investing in rear-wheel steering technology, which may lead to increased accessibility and innovation in the future [70][72] - The potential for domestic suppliers to disrupt the market and drive down costs is highlighted, suggesting a promising outlook for the technology's adoption [72][73]
固定收益:投资策略:转债市场研判及“十强转债”组合
Guoxin Securities· 2025-07-01 08:57
Market Overview - In June 2025, the stock market experienced an overall rise due to the easing of Middle Eastern tensions and multiple thematic catalysts, while bond market interest rates declined [4][7] - The average parity of convertible bonds reached a near-high level, with significant valuation increases for bond-like convertible bonds [5][7] - The China Securities Convertible Bond Index closed at 442.1 points on June 27, marking a 2.68% increase for the month [7] Convertible Bond Market Analysis - As of June 27, the arithmetic average parity of convertible bonds was 103.14 yuan, up 3.77% from the previous month, placing it in the 98th percentile since 2023 [7][23] - The average conversion premium rate for bonds in the price range of 90 to 125 yuan was 21.13%, also in the 48th percentile for 2023 [7][23] - The average yield to maturity (YTM) for bond-like convertible bonds fell below zero, indicating a shift in market sentiment [7][29] Recommended Convertible Bonds - The "Top Ten Convertible Bonds" for July 2025 include: - **Shenzhen Gas Convertible Bond (113067.SH)**: High balance and stable profitability, rated AAA [31][32] - **Hongcheng Convertible Bond (110077.SH)**: Stable operations and high dividend payout, rated AA+ [31][43] - **Weir Convertible Bond (113616.SH)**: Strong growth in consumer electronics and automotive sectors, rated AA+ [31][55] - **Jingce Convertible Bond (123176.SZ)**: Urgent need for domestic semiconductor testing equipment, rated AA- [31][66] - **Haoyuan Convertible Bond (118051.SH)**: Recovery trend in innovative drug development, rated AA- [31][79] - **Huakang Convertible Bond (111018.SH)**: Leading position in functional sugar alcohols, rated AA- [31][90] - **Bohai Convertible Bond (113069.SH)**: Steady growth in special alloy materials, rated AA [31][101] - **Dongcai Convertible Bond (113064.SH)**: Increased demand for high-frequency resin materials driven by AI server construction, rated AA [31][113] Industry Insights - The gas industry, represented by Shenzhen Gas, is experiencing steady growth in natural gas sales, with a 5.06% year-on-year increase in supply volume [36] - The environmental governance sector, led by Hongcheng Environment, shows stable revenue growth from water supply and treatment services, with a focus on expanding its business footprint [46] - The semiconductor industry, highlighted by Weir Group, is benefiting from increased demand in automotive electronics and consumer electronics, with significant revenue growth projected [58] - The healthcare sector, represented by Haoyuan Pharmaceutical, is positioned to capitalize on the recovery of innovative drug research and development [82]
理想i8将于7月下旬发布,CEO李想晒无伪装实车
Feng Huang Wang· 2025-06-19 05:12
Core Insights - Li Auto's CEO Li Xiang announced the upcoming launch of the new model Li Auto i8, scheduled for late July, with preparations in production, team training, and delivery services nearing completion [1] - The Li Auto i8 is positioned as a mid-to-large pure electric SUV, featuring a spacious interior layout and competitive dimensions [1] - The vehicle incorporates design elements from previous models and boasts advanced powertrain specifications, including a dual-motor intelligent all-wheel-drive system [1] Product Specifications - The Li Auto i8 has dimensions of 5085×1960×1740 mm and a wheelbase of 3050 mm, providing significant space advantages in its class [1] - It features a closed front face design, split front headlight assembly, and a continuous rear light design, maintaining a relatively flat roofline [1] - The vehicle is equipped with a dual-motor system, with a maximum power output of 400 kW and a top speed of 180 km/h [1] Battery and Range - The Li Auto i8 offers two battery capacity options: 90 kWh and 98 kWh, with CLTC test ranges of 670 km and 720 km respectively [1] - The vehicle's energy consumption is controlled at 13.4 kWh per 100 km, and it supports a fast-charging capability that adds 500 km of range in just 10 minutes [1] Technology and Features - The Li Auto i8 will feature a customized Hesai ATL laser radar system, air suspension, dual-screen display system, and AR-HUD head-up display [2] - The interior design continues the family style of Li Auto, emphasizing a cohesive brand identity [2]
经观头条|追问车企60天账期承诺:万亿票据、弹性操作、供应链金融何解
Jing Ji Guan Cha Wang· 2025-06-14 05:17
Core Viewpoint - The automotive industry in China is experiencing a significant shift towards reducing payment terms to within 60 days, initiated by several major automakers in response to long-standing issues with extended payment periods that have strained the supply chain [2][3][5]. Group 1: Industry Response - On June 10, 2023, major automakers including China FAW, Dongfeng Motor, GAC Group, and others committed to limiting supplier payment terms to 60 days, with 17 companies making similar pledges by June 13 [2]. - The collective commitment to a 60-day payment term is seen as a positive development for the automotive supply chain, which has been burdened by long payment cycles and financial strain [2][3]. - The recent commitment follows the implementation of the revised "Regulations on Payment of Small and Medium-sized Enterprises" by the State Council, mandating large enterprises to pay small and medium-sized suppliers within 60 days [5]. Group 2: Financial Implications - The average accounts payable turnover days for domestic listed automakers is projected to reach 182 days in 2024, significantly higher than that of German (40.5 days) and American (60.5 days) automakers, highlighting a deep cash flow management issue [5]. - Companies like Seres and others have a high proportion of accounts payable in their liabilities, indicating a reliance on supplier financing [6]. - In Q1 2025, the A-share passenger car industry reported a net operating cash flow of -2.376 billion yuan, the lowest in five years, indicating severe cash flow challenges [6]. Group 3: Challenges in Implementation - Many automakers have not provided clear definitions or details regarding the implementation of the 60-day payment term, raising concerns about the feasibility of this commitment [4]. - Industry experts suggest that the extended payment terms were initially a result of insufficient cash flow, and enforcing a 60-day payment term could impose significant financial pressure on automakers [4][6]. - The use of commercial acceptance bills and bank acceptance bills for payments may still prolong the actual payment timeline, despite the 60-day commitment [10][11]. Group 4: Supply Chain Dynamics - The automotive supply chain is characterized by a complex payment structure, where suppliers often face delays due to the need for goods to be inspected and invoiced before payments can be processed [11]. - The reliance on supply chain finance platforms by automakers has led to extended payment periods, as suppliers may have to wait months to receive payments [9][10]. - The potential for automakers to manipulate payment timelines through acceptance and inspection processes remains a concern for suppliers [11]. Group 5: Future Outlook - The commitment to a 60-day payment term is viewed as a necessary step towards fostering a healthier relationship between automakers and suppliers, promoting high-quality industry development [3][5]. - Experts believe that reducing payment terms could enhance cash flow for suppliers, enabling them to invest in research and development, ultimately benefiting the entire automotive ecosystem [14]. - The long-term success of the 60-day payment term will depend on effective regulatory enforcement and collaboration within the industry [12][14].