Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights the potential for growth in the air suspension and thermal management business segments, with recent project wins indicating strong future revenue streams [5][6] - The company reported a revenue of 4.83 billion yuan for Q3 2024, representing a year-on-year increase of 5% but a quarter-on-quarter decrease of 3% [5] - The net profit attributable to the parent company for Q3 2024 was 340 million yuan, down 3% year-on-year and 6% quarter-on-quarter [5] - The gross margin for Q3 2024 was 22.5%, showing a slight improvement of 0.4 percentage points year-on-year and quarter-on-quarter [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 4.83 billion yuan, with a year-on-year growth of 5% and a quarter-on-quarter decline of 3% [5] - The net profit for the same period was 340 million yuan, reflecting a decrease of 3% year-on-year and 6% quarter-on-quarter [5] - The gross margin stood at 22.5%, which is an increase of 0.4 percentage points compared to the previous year and the previous quarter [5] Project Wins - The company secured significant contracts in the air suspension sector, including a 3-year project with a leading domestic new energy vehicle manufacturer, valued at approximately 49.16 million yuan [5] - Another contract was awarded for the air supply unit assembly for a new energy platform, with a project lifecycle of 6 years and a total value of about 757 million yuan [5] - In the thermal management segment, the company became a supplier for a battery pack liquid cooling system, with a project lifecycle of 6 years and a total value of approximately 1.787 billion yuan [6] Revenue and Profit Forecast - The company is projected to achieve revenues of 19.9 billion yuan, 23.1 billion yuan, and 26.5 billion yuan for the years 2024, 2025, and 2026 respectively [6] - The net profit attributable to the parent company is expected to be 1.468 billion yuan, 1.737 billion yuan, and 2.035 billion yuan for the same years [6] - The earnings per share (EPS) are forecasted to be 1.11 yuan, 1.32 yuan, and 1.55 yuan for 2024, 2025, and 2026 respectively [6]

2024 年 11 月 07 日 汽车 中鼎股份(000887.SZ) 轻量化及空气悬架业务保持高增长 推荐（维持） 事项： 股价：13.62 元 | --- | --- | |--------------------------|------------------------------------| | 主要数据 \n行业 | 汽车 | | 公司网址 | www.zhongdinggroup.com | | 大股东 / 持股 | 安徽中鼎控股 ( 集团 ) 股份有限公司 | | | /40.46% | | 实际控制人 | 夏鼎湖 , 夏迎松 | | 总股本 ( 百万股 ) | 1,316 | | 流通 A 股 ( 百万股 ) | 1,314 | | 流通 B/H 股 ( 百万股 | ) | | 总市值（亿元） | 179 | | 流通 A 股市值 ( 亿元 | ) 179 | | 每股净资产 ( 元 ) | 9.72 | | 资产负债率 (%) | 46.5 | | | | 行情走势图 中鼎股份 == 沪深300指数 公 司 事 项 点 评 公司公告，孙公司成都望锦成为国内某自主品牌两个新平台项目底盘轻 ...

二、对上市公司的影响 近年来，公司大力发展智能底盘系统业务，推进底盘轻量化系统总成产品，汽车 轻量化已经在汽车制造业中形成广泛的共识，底盘的轻量化对整车的性能起着举足轻 重的作用。公司旗下子公司四川望锦公司，其核心技术为球头铰链总成产品，是底盘 系统核心安全部件及性能部件，拥有行业领先的技术。此次获得客户的认可，为公司 进一步拓展未来轻量化底盘产品市场奠定基础。 三、风险提示 后续公司将按客户要求，在规定的时间内完成上述系列产品的生产。该事项对公 司本年度的经营业绩不会产生较大的影响，但将对公司未来轻量化底盘系统领域市场 发展及业绩产生积极的影响。本次配套存在不确定性影响，敬请广大投资者注意投资 风险。 特此公告。 安徽中鼎密封件股份有限公司 证券代码：000887 证券简称：中鼎股份 公告编号：2024-053 安徽中鼎密封件股份有限公司 关于获得供应商项目定点书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、定点通知概况 安徽中鼎密封件股份有限公司（以下简称"公司"）孙公司成都望锦汽车部件有 限公司（以下简称"成都望锦"）近期收到客户通知，公司 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 14.495 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13.47%. The net profit attributable to shareholders was 1.052 billion yuan, up 20.10% year-on-year, and the net profit after deducting non-recurring items was 948 million yuan, an increase of 30.43% year-on-year [1] - The gross margin improved year-on-year, with Q3 2024 gross margins at 22.45%, reflecting a year-on-year increase of 0.42 percentage points. The net profit margin for Q3 was 7.02%, showing a year-on-year increase of 1.17 percentage points [2] - The company has received recognition from domestic and international clients, including awards from Mann+Hummel and Li Auto, and has secured new project designations [3] - The company has launched a "Quality Return Dual Improvement" action plan aimed at enhancing core competitiveness and ensuring sustainable development [3] - The company is expected to see a compound annual growth rate (CAGR) of 19.2% in net profit attributable to shareholders from 2024 to 2026 [4] Financial Summary - For Q3 2024, the company achieved a revenue of 4.826 billion yuan, with a year-on-year increase of 5.25% and a quarter-on-quarter decrease of 3.03%. The net profit attributable to shareholders was 336 million yuan, down 2.60% year-on-year and 5.52% quarter-on-quarter [1] - The company’s operating income for 2024 is projected to be 172.44 billion yuan, with a growth rate of 16.11%. The net profit attributable to shareholders is expected to be 11.31 billion yuan, with a growth rate of 17.34% [5] - The company’s gross margin for Q1, Q2, and Q3 of 2024 was 22.42%, 22.05%, and 22.45%, respectively, while the net profit margin was 7.65%, 7.24%, and 7.02% [2]

Summary of the Conference Call Company Overview - The conference call was held for Zhongding Co., a leading automotive parts company, discussing its Q3 2024 performance and future outlook [1][2]. Key Financial Metrics - For the first three quarters of 2024, Zhongding reported: - Revenue: 14.495 billion CNY, up 13.47% year-over-year [1] - Net profit attributable to shareholders: 1.052 billion CNY, up 20.1% year-over-year [1] - Adjusted net profit: 948 million CNY, up 30.43% year-over-year [1] - Q3 revenue: 4.826 billion CNY, up 5.25% year-over-year [1]. Business Segments Performance Air Suspension - Air suspension revenue for the first three quarters was approximately 830 million CNY, with domestic sales around 300 million CNY and overseas sales about 530 million CNY [3][4]. - The company has secured projects with four major clients, with a total lifecycle value of approximately 1.7 billion CNY [4]. Lightweighting - Major clients include BYD, Li Auto, Changan, Chery, and Geely, with expected revenue growth from 1.5 billion CNY in 2023 to 2.5 billion CNY in 2024 [7][8]. - The company is expanding its overseas operations, particularly in Slovakia and Mexico, to enhance growth [8][9]. Thermal Management - Revenue from thermal management products reached approximately 1.6 billion CNY domestically and nearly 2.2 billion CNY overseas [12]. - Key clients include Ford, BMW, and domestic brands like Li Auto and BYD [12][13]. Sealing and Damping - Revenue from sealing products is stable at around 2.9 billion CNY, with a profit of over 300 million CNY [16]. - The sealing segment is primarily driven by clients like BYD, Volkswagen, and General Motors [16][17]. Competitive Landscape - The company faces competition mainly from domestic players like Top and Baolong in the air suspension market [5]. - The management aims for a gross profit margin of around 10% for air suspension products, with a long-term goal of 15% [5][6]. Future Outlook - The company anticipates revenue growth in air suspension to reach 2 billion CNY in 2024 and aims for 2.5 to 3 billion CNY by 2025 [6][7]. - The lightweighting segment is projected to grow significantly, with expectations of reaching 3.5 billion CNY in 2025 [8][12]. - The thermal management segment is expected to continue its upward trend, with a target of 5.5 billion CNY in revenue for the year [15]. Additional Insights - The company is focusing on expanding its product offerings and improving quality to meet increasing demand [11]. - There are ongoing discussions about potential new clients and product lines, particularly in the lightweighting and thermal management sectors [11][12]. - The management is also addressing challenges related to overseas operations, including labor costs and efficiency improvements [18][19]. Conclusion - Zhongding Co. is experiencing robust growth across its business segments, with a strong focus on expanding its market presence both domestically and internationally. The company is well-positioned to capitalize on emerging opportunities in the automotive parts industry while navigating competitive pressures and operational challenges.

证券研究报告 经营预测指标与估值 中鼎股份 (000887 CH) 海外需求压制营收,经营改善持续兑现 | --- | --- | |---------------------------------|------------| | | | | 年春研究 | 李报点评 | | 2024 年 10 月 31 日 \| 中国内地 | 汽车零部件 | 中鼎股份发布三季报:Q3 实现营收 48.26 亿元(yoy+5.25%, goq-3.03%), 环比表现受欧洲等海外市场需求影响,归母净利 3.36 亿元（yoy-2.60%, qoq-5.52%)。2024年Q1-Q3 实现营收 144.95 亿元(yoy+13.47%),归母 净利 10.52 亿元（yoy+20.10%）, 扣非净利 9.48 亿元（yoy+30.43%）。公 司有望不断提升海外经营主体经营效能,实现盈利改善,维持"买入"评级。 净外需求走弱拖累 Q3 营收增速,自主品牌配套有望驱动成长 Q3公司营收环比略有下滑,主要或系海外业务受下游需求走弱的影响,Q3 欧洲乘用车销量环比下滑约 19%,同比下滑 11%。而公司 Q3 同比仍实现 营收增长 ...

安徽中鼎密封件股份有限公司 2024 年第三季度报告 1 证券代码：000887 证券简称：中鼎股份 公告编号：2024-052 安徽中鼎密封件股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 安徽中鼎密封件股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------|-------------------------|----- ...

1 Anhui Zhongding Sealing Parts Co.,Ltd. Report of Q3 2024 The Company and all members of the Board of Directors have guaranteed that the information disclosed is true, accurate and complete, and contains no false record, misleading statements or material omissions. Anhui Zhongding Sealing Parts Co.,Ltd. Report of Q3 2024 Anhui Zhongding Sealing Parts Co.,Ltd. Report of Q3 2024 Stock Abbreviation: Zhongding Stock Stock code: 000887 October 2024 Important Notice： □ Yes √ No Note: This Report has been prepare ...

证券代码：000887 证券简称：中鼎股份 公告编号：2024-051 安徽中鼎密封件股份有限公司 关于参与认购基金份额暨对外投资的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、对外投资概述 注册资本：1000 万人民币 法定代表人：刘奉丽 企业类型： 其他有限责任公司 为满足公司战略发展需要，在保持公司自有主营业务发展的同时，公司看好并计 划参与新能源汽车产业链投资，公司与山东铁发资本投资管理有限公司（以下简称"铁 发资本"）、浙江久立投资管理有限公司签署了《珠海充能挚鼎立股权投资合伙企业 （有限合伙）合伙协议》（以下合称"合伙协议"），拟共同投资设立珠海充能挚鼎立 股权投资合伙企业（有限合伙）（以下简称"合伙企业"或"珠海充能挚鼎立基金"）。 珠海充能挚鼎立基金规模为 3,119 万元，其中公司作为有限合伙人拟以自有资金认缴 出资 2,618 万元，认缴额度占合伙企业认缴出资总额的 83.9372%。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 7 号—交易与关联交易》及《公司章程》等有关规定，本次投资事项无需提 ...

证券时报e公司讯，企查查APP显示，近日，珠海充能挚鼎立股权投资合伙企业（有限合伙）成立，经 营范围包含：以私募基金从事股权投资、投资管理、资产管理等活动。 企查查股权穿透显示，该公司由中鼎股份(000887)等共同持股。 ...