中原内配 与GKN合作固态储氢领域氢能布局再下一城

公司研究公司研究东兴证券股份有限公司证券研究报告作固态储氢领域，氢能布局再下一东兴证券股份有限公司证券研究报告力内燃机气缸套等配件的业务合作。GKN氢能事业部的固态金属储氢系统技术成熟，可灵活适配应急电源/离网供能/海上运输等多场景，目前已出货欧美的势能，公司有望凭借在新业务细分领域的技术及市场优势,提升自身传统零中原内配集团股份有限公司主要业务为气资料来源：同花顺、东兴证券研究所无资料来源：同花顺、东兴证券研究所无资料来源：同花顺、东兴证券研究所-/-资料来源：恒生聚源、东兴证券研究所40%20%0%中原内配沪深300资料来源：恒生聚源、东兴证券研究ijj-yjs@执业证书编号：S1480521030003010-66554045wuzhy@执业证书编号：S1480123010003敬请参阅报告结尾处的免责声明东方财智兴盛之源中原内配（002448.SZ与GKN合作固态储氢领域，氢能布局再下一城敬请参阅报告结尾处的免责声明东方财智兴盛之源营业收入（百万元）2,301.572,864.283,291.03420.68484.76资料来源：公司财报、东兴证券研究所，*基于2024-06-06收盘价计算中原内配（002448.SZ与GKN合作固态储氢领域，氢能布局再下一城敬请参阅报告结尾处的免责声明东方财智兴盛之源2,040.792,458.572,764.673,165.503,574.81营业收入2,301.572,864.283,291.033,747.214,230.50426.85302.08329.10404.70465.35营业成本1,725.932,093.462,392.692,706.563,036.43应收账款716.011,145.671,329.531,528.961,743.41营业税金及附加32.3636.3142.7848.7155.006.677.2011.3710.7812.27营业费用67.1981.7692.06105.87119.5213.1237.3727.2431.0235.02管理费用179.96204.93230.75260.11293.66628.95724.32827.86945.821,071.70财务费用28.4328.3830.6227.5123.41248.66237.76240.17242.75245.47研发费用127.35136.90154.15175.52198.153,092.073,245.293,167.223,071.662,966.75资产减值损失-31.07-26.21-30.11-34.29-38.71385.39389.09439.30489.50539.70公允价值变动收益0.061.090.000.000.001,662.891,743.291,670.221,535.731,384.90投资净收益38.9355.2055.2055.2055.20117.46155.61157.40159.09160.67加：其他收益45.9139.6442.4642.4642.46839.49877.06871.19865.33859.46营业利润194.18352.27415.52486.30563.285,132.855,703.865,931.896,237.166,541.56营业外收入1.023.710.000.000.001,253.091,639.671,660.301,727.331,761.47营业外支出5.151.040.000.000.00短期借款259.40686.26653.23609.74530.52利润总额190.05354.93415.52486.30563.28应付账款453.64561.85482.30523.48563.68所得税18.6229.4837.1445.6355.50540.05391.56524.77594.12667.27净利润171.44325.45378.38440.66507.78546.48317.91291.42265.68241.94少数股东损益4.2614.7617.1619.9823.02300.8766.7440.2514.51-9.23归属母公司净利润167.18310.70361.23420.68484.76245.61251.17251.17251.17251.171,799.571,957.581,951.721,993.012,003.41242.55397.93415.08435.06458.09成长能力588.41588.41588.41588.41588.41营业收入增长-6.01%24.45%14.90%13.86%12.90%571.57572.31572.31572.31572.31营业利润增长-18.34%81.41%17.96%17.03%15.83%1,930.762,187.642,404.38-20.82%85.85%16.26%16.46%15.23%3,090.743,348.363,565.093,809.094,080.07获利能力5,132.855,703.865,931.896,237.166,541.56毛利率(%)25.01%26.91%27.30%27.77%28.23%7.45%11.36%11.50%11.76%12.00%3.26%5.45%6.09%6.74%7.41%466.23258.89350.16427.96470.19ROE(%)5.41%9.28%10.13%11.04%11.88%171.44325.45289.45352.17419.74偿债能力209.93216.13213.28220.77220.11资产负债率(%)35%34%33%32%31%28.4328.3830.6227.5123.41流动比率1.631.501.671.832.03-38.93-55.20-55.20-55.20-55.20速动比率1.0950.71-296.28-225.42-214.71-235.29营运能力44.6540.4097.4297.4297.42总资产周转率0.450.500.550.600.65-165.11-184.74-88.50-78.93-69.39应收账款周转率3.292.822.792.772.7481.0654.4585.0075.0065.00应付账款周转率5.284.566.516.857.21-102.14-191.620.000.000.00每股指标（元）-144.03-47.56-173.500.280.530.610.710.82-185.15-217.11-234.630.490.030.300.440.47短期借款增加-180.60426.86-33.035.255.696.066.476.93-160.63-234.13-26.49-25.74-23.74估值比率-14.730.000.000.000.00P/E20.5911.089.538.187.10-64.330.740.000.000.00P/B1.030.970.900.84122.69-137.7727.0375.6060.66EV/EBITDA7.927.816.355.594.98资料来源：公司财报、东兴证券研究所中原内配（002448.SZ与GKN合作固态储氢领域，氢能布局再下一城敬请参阅报告结尾处的免责声明东方财智兴盛之源资料来源：东兴证券研究所中原内配（002448.SZ与GKN合作固态储氢领域，氢能布局再下一城敬请参阅报告结尾处的免责声明东方财智兴盛之源方正证券从事汽车行业研究。2021年加入东兴证券研人研究成果，引用的相关信息和文字均已注明出处。本报告依据公开的信息来源，力求清晰、准确析师本人的研究观点。本人薪酬的任何部分过去不曾与、现在不与，未来也将不会与本报告中的观点直接或间接相关。本证券研究报告所载的信息、观点、结论等内容仅供投资者决策参考。均不构成对任何机构和个人的投资建议，市场有风险，投资者在决定投资前中原内配（002448.SZ与GKN合作固态储氢领域，氢能布局再下一城敬请参阅报告结尾处的免责声明东方财智兴盛之源的机构。本研究报告中所引用信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证，我公司及报告作者在自身所知情的范围内，与本报告所评价或推荐的关系。在法律