公司研究公司研究東興證券股份有限公司證券研究報告作固態(tài)儲氫領域，氫能布局再下一東興證券股份有限公司證券研究報告力內燃機氣缸套等配件的業(yè)務合作。GKN氫能事業(yè)部的固態(tài)金屬儲氫系統(tǒng)技術成熟，可靈活適配應急電源/離網供能/海上運輸等多場景，目前已出貨歐美的勢能，公司有望憑借在新業(yè)務細分領域的技術及市場優(yōu)勢,提升自身傳統(tǒng)零中原內配集團股份有限公司主要業(yè)務為氣資料來源：同花順、東興證券研究所無資料來源：同花順、東興證券研究所無資料來源：同花順、東興證券研究所-/-資料來源：恒生聚源、東興證券研究所40%20%0%中原內配滬深300資料來源：恒生聚源、東興證券研究ijj-yjs@執(zhí)業(yè)證書編號：S1480521030003010-66554045wuzhy@執(zhí)業(yè)證書編號：S1480123010003敬請參閱報告結尾處的免責聲明東方財智興盛之源中原內配（002448.SZ與GKN合作固態(tài)儲氫領域，氫能布局再下一城敬請參閱報告結尾處的免責聲明東方財智興盛之源營業(yè)收入（百萬元）2,301.572,864.283,291.03420.68484.76資料來源：公司財報、東興證券研究所，*基于2024-06-06收盤價計算中原內配（002448.SZ與GKN合作固態(tài)儲氫領域，氫能布局再下一城敬請參閱報告結尾處的免責聲明東方財智興盛之源2,040.792,458.572,764.673,165.503,574.81營業(yè)收入2,301.572,864.283,291.033,747.214,230.50426.85302.08329.10404.70465.35營業(yè)成本1,725.932,093.462,392.692,706.563,036.43應收賬款716.011,145.671,329.531,528.961,743.41營業(yè)稅金及附加32.3636.3142.7848.7155.006.677.2011.3710.7812.27營業(yè)費用67.1981.7692.06105.87119.5213.1237.3727.2431.0235.02管理費用179.96204.93230.75260.11293.66628.95724.32827.86945.821,071.70財務費用28.4328.3830.6227.5123.41248.66237.76240.17242.75245.47研發(fā)費用127.35136.90154.15175.52198.153,092.073,245.293,167.223,071.662,966.75資產減值損失-31.07-26.21-30.11-34.29-38.71385.39389.09439.30489.50539.70公允價值變動收益0.061.090.000.000.001,662.891,743.291,670.221,535.731,384.90投資凈收益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營業(yè)利潤194.18352.27415.52486.30563.285,132.855,703.865,931.896,237.166,541.56營業(yè)外收入1.023.710.000.000.001,253.091,639.671,660.301,727.331,761.47營業(yè)外支出5.151.040.000.000.00短期借款259.40686.26653.23609.74530.52利潤總額190.05354.93415.52486.30563.28應付賬款453.64561.85482.30523.48563.68所得稅18.6229.4837.1445.6355.50540.05391.56524.77594.12667.27凈利潤171.44325.45378.38440.66507.78546.48317.91291.42265.68241.94少數股東損益4.2614.7617.1619.9823.02300.8766.7440.2514.51-9.23歸屬母公司凈利潤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成長能力588.41588.41588.41588.41588.41營業(yè)收入增長-6.01%24.45%14.90%13.86%12.90%571.57572.31572.31572.31572.31營業(yè)利潤增長-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獲利能力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償債能力209.93216.13213.28220.77220.11資產負債率(%)35%34%33%32%31%28.4328.3830.6227.5123.41流動比率1.631.501.671.832.03-38.93-55.20-55.20-55.20-55.20速動比率1.0950.71-296.28-225.42-214.71-235.29營運能力44.6540.4097.4297.4297.42總資產周轉率0.450.500.550.600.65-165.11-184.74-88.50-78.93-69.39應收賬款周轉率3.292.822.792.772.7481.0654.4585.0075.0065.00應付賬款周轉率5.284.566.516.857.21-102.14-191.620.000.000.00每股指標（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資料來源：公司財報、東興證券研究所中原內配（002448.SZ與GKN合作固態(tài)儲氫領域，氫能布局再下一城敬請參閱報告結尾處的免責聲明東方財智興盛之源資料來源：東興證券研究所中原內配（002448.SZ與GKN合作固態(tài)儲氫領域，氫能布局再下一城敬請參閱報告結尾處的免責聲明東方財智興盛之源方正證券從事汽車行業(yè)研究。2021年加入東興證券研人研究成果，引用的相關信息和文字均已注明出處。本報告依據公開的信息來源，力求清晰、準確析師本人的研究觀點。本人薪酬的任何部分過去不曾與、現在不與，未來也將不會與本報告中的觀點直接或間接相關。本證券研究報告所載的信息、觀點、結論等內容僅供投資者決策參考。均不構成對任何機構和個人的投資建議，市場有風險，投資者在決定投資前中原內配（002448.SZ與GKN合作固態(tài)儲氫領域，氫能布局再下一城敬請參閱報告結尾處的免責聲明東方財智興盛之源的機構。本研究報告中所引用信息均來源于公開資料，我公司對這些信息的準確性和完整性不作任何保證，我公司及報告作者在自身所知情的范圍內，與本報告所評價或推薦的關系。在法律