Summary of Zhongyuan Neipei Conference Call Company Overview - **Company**: Zhongyuan Neipei - **Industry**: Automotive components, specifically focusing on internal combustion engine parts, AI-related products, and automotive electronics Key Points and Arguments Business Expansion and Growth Opportunities - Zhongyuan Neipei is actively expanding into the AI-related business, leveraging its existing expertise in cylinder sleeves and pistons to enter the AI backup power market, which has significantly higher profit margins than traditional internal combustion engine components, potentially becoming a new growth driver for the company [2][3] - The acquisition of Henan Hengjiu is aimed at expanding the bimetal brake drum business, which is expected to generate over 600 million RMB in revenue by 2025, with a growth rate exceeding 50% [2][17] - The management transition to a second-generation leadership has led to a strategic shift towards AI and electronic industries, enabling the company to seize new market opportunities and accelerate growth [2][7] Financial Performance and Projections - Historical performance shows a robust revenue compound annual growth rate (CAGR) of approximately 11% over the past decade, despite some fluctuations in profit due to external factors [6] - Future growth is projected to exceed 20% over the next two to three years, driven by the development of AI, automation, and automotive electronics, alongside stable support from traditional core businesses [8][24] - The company’s current valuation is low, estimated at around 13-14 times earnings for 2026, with a potential market capitalization exceeding 10 billion RMB [3][9] Product Development and Market Position - The internal combustion engine key components business is expected to grow due to the release of technical cooperation agreements, allowing for increased production of pistons and cylinder sleeves, particularly in the AI backup power market [11] - The automotive electronics segment, primarily focused on turbocharger actuators, is projected to grow by about 10% in 2025, with further acceleration expected post-2027 as new projects are launched [12] - The bimetal brake drum products offer advantages such as lightweight design, enhanced safety, and improved wear resistance, making them increasingly popular in new vehicle models [13][14] Market Dynamics and Competitive Landscape - The brake drum market is substantial, with an estimated value of around 3 billion RMB for heavy-duty trucks, and the overall market size nearing 10 billion RMB when considering both front and rear installations [18][19] - Henan Hengjiu's revenue has shown significant growth, from 100-200 million RMB in 2023 to an expected 600 million RMB in 2025, indicating strong market acceptance and potential [17][20] Strategic Initiatives and Future Outlook - The company is maintaining investments in hydrogen energy, focusing on fuel cell engines and components, despite slow industrialization progress, with plans to intensify efforts once the market matures [21] - The tool business, primarily involving cubic boron nitride tools, is expected to maintain a growth rate of 30%-40%, indicating further expansion potential [22] - The company is also exploring opportunities in robotics, leveraging its automotive electronics and manufacturing capabilities [23] Conclusion - Zhongyuan Neipei is positioned for significant growth through strategic expansions into AI and automotive electronics, alongside a solid foundation in traditional internal combustion engine components. The management's proactive approach and market dynamics suggest a promising outlook for the company's future performance [24]

证券简称： 汇隆活塞 证券代码： 833455 大连汇隆活塞股份有限公司 辽宁省大连市经济技术开发区钢铁路 76 号 大连汇隆活塞股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 保荐人（主承销商） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发 行人经营与收益变化或者股票价格变动引致的投资风险。 1-1- ...

证券简称： 汇隆活塞 证券代码： 833455 辽宁省大连市经济技术开发区钢铁路 76 号 大连汇隆活塞股份有限公司 1-1-1 大连汇隆活塞股份有限公司招股说明书（注册稿） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室 本招股说明书注册稿不具有据以发行股票的法律效力，投资者应当以正式公告的招股说明书 全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 保荐人（主承销商） 素，审慎作出投资决定。 本次发行概况 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不存在虚 假记载、误 ...

证券简称： 汇隆活塞 证券代码： 833455 辽宁省大连市经济技术开发区钢铁路 76 号 大连汇隆活塞股份有限公司 本招股说明书注册稿不具有据以发行股票的法律效力，投资者应当以正式公告的招股说明书 全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 保荐人（主承销商） 素，审慎作出投资决定。 1-1-1 大连汇隆活塞股份有限公司招股说明书（注册稿） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人 ...