证券代码：603197 证券简称：保隆科技 公告编号：2024-115 上海保隆汽车科技股份有限公司 向不特定对象发行可转换公司债券发行结果公告 保荐人（联席主承销商）：长城证券股份有限公司 联席主承销商：信达证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海保隆汽车科技股份有限公司（以下简称"发行人"或"公司"）向不特定对 象发行可转换公司债券（以下简称"可转债"或"保隆转债"）已获得中国证券监督 管理委员会证监许可〔2024〕1184 号文同意注册。长城证券股份有限公司（以下 简称"长城证券"、"保荐人（联席主承销商）"或"主承销商"）为本次发行的保荐人 （联席主承销商），信达证券股份有限公司（以下简称"信达证券"、"联席主承销商" 或"主承销商"）为本次发行的联席主承销商。本次发行的可转债简称为"保隆转债"， 债券代码为"113692"。 | 类别 | 认购数量（手） | 放弃认购数量（手） | | --- | --- | --- | | 原股东 | 929,812 | 0 | | 网 ...

保隆科技（603197.SH） 优于大市 公司空悬业务持续拓展，增资完善供气单元核心部件自制 公司三季度收入同比+21%，业绩持续改善。公司 2024 年前三季度收入 50.26 亿元，同比+21%；归母净利润 2.49 亿元，同比-27%；单季度看，24Q3 实现 营收 18.43 亿元，同比+20%，环比+8%；归母净利润 1 亿元，还原股权激励 费用（0.34 亿）后 1.34 亿元，同比-14%（去年同期存在 2000 万赔付及 3000 万投资收益），环比+14%，扣非净利润 0.91 亿元，同比有所下降，环比+71%。 公司24Q3 净利率环比上升0.54pct。公司24Q3 毛利率24.6%，同比-3.55pct， 环比-0.48pct；净利润 5.78%，同比-3.93pct，环比+0.54pct。其中销售/ 管理/研发费用率分别 3.09%/5.91%/7.92%，同比+1.01/-0.32/+0.45pct，环 比-0.61/-0.61/-0.31pct，主要受股权激励费用影响。 传统业务持续发力，公司份额业内领先。1）TPMS 标配产品，公司 23 年销售 发射器 5448 万只，同比增 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Insights - The company has demonstrated robust revenue growth, with Q3 2024 revenue reaching 1.843 billion yuan, representing a year-on-year increase of 19.75% and a quarter-on-quarter increase of 8.34%. However, net profit attributable to shareholders decreased by 35.21% year-on-year due to stock incentive expenses and a high base from the previous year [3][6]. - The company is experiencing rapid growth in its air suspension and sensor businesses, with significant contributions from key clients such as BYD and Li Auto, which saw sales increase by 14.7% and 19.0% respectively in Q3 2024 [3][6]. - The company has secured multiple new projects in 2024, enhancing its production capacity and global footprint, particularly in the air suspension and TPMS sectors [3][6]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.843 billion yuan, with a year-on-year growth of 19.75% and a quarter-on-quarter growth of 8.34%. The net profit attributable to shareholders was 100 million yuan, down 35.21% year-on-year [3][6]. - For the first three quarters of 2024, the TPMS business generated revenue of 1.621 billion yuan (up 21.23% year-on-year), while the air suspension business saw revenue of 628 million yuan (up 28.86% year-on-year) [3][6]. Future Projections - The company is expected to achieve revenues of 7.105 billion yuan, 8.742 billion yuan, and 10.668 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 20%, 23%, and 22% [6][7]. - The projected net profit attributable to shareholders for the same period is 398 million yuan, 542 million yuan, and 684 million yuan, with growth rates of 5%, 36%, and 26% respectively [6][7]. Market Position and Strategy - The company is focusing on expanding its product offerings in air suspension, sensors, and ADAS, leveraging its traditional TPMS business as a stable growth foundation [4][6]. - Strategic partnerships, such as the collaboration with Bost, are aimed at enhancing capabilities in the automotive intelligent chassis sector [3][6].

从全场经济来看主要还是因为欧洲的一些情况会显得弱一些整体欧洲市场在俄乌冲突之后其实整个积压的订单在今年的上半年已经消耗了几乎完全消耗了叠加了一个宏观的经济下行所以三季度出现了相对来说是没有达到预期的收入 那四季度我们整个传染期从国内和国外的排产数据来看目前还是有比较确定的提升的那就空旋的这一个情况来说其实三季度还是因为配套项目的销售量的波动没有达到一个非常明显的收入的提升但是大家也知道其实我们跟大家传递包括头部的自主品牌和 华为自选的报款车型已经在三季度末四季度初我们已经开始量产从目前的排产数字来说包括客户自己对外公布的大定数字来说还是非常的有热度或者说量是有冲击力的我们从四季度来看包括展望明年各个季度的空权的收入 应该会较今年的前三季度有一个明显的一个跃升此外就是大家会相当关注我们面表层面在毛利率的一些变化确实三季度的毛利率我们环比二季度又有一定的下降总体来说我们看还是因为是一个收入结构的变化因为 前三个季度其实从上半年来看我们在国内的收入占比已经是超过了海外占到集团整体50%以上一些收入的增长引擎特别是胎压包括像更加处在一个成长阶段的空旋传感器和智能驾驶其实较过去一些高毛利的业务像海外的后市场包括一些 c ...

向不特定对象发行可转换公司债券网上中签结果公告 保荐人（联席主承销商）：长城证券股份有限公司 证券代码：603197 证券简称：保隆科技 公告编号：2024-114 上海保隆汽车科技股份有限公司 凡参与保隆转债网上申购的投资者持有的申购配号尾数与上述号码相同的， 则为中签号码。中签号码共有 460,188 个，每个中签号码只能认购 1 手（1,000 元） 保隆转债。 特此公告。 发行人：上海保隆汽车科技股份有限公司 保荐人（联席主承销商）：长城证券股份有限公司 联席主承销商：信达证券股份有限公司 2024 年 11 月 4 日 联席主承销商：信达证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海保隆汽车科技股份有限公司向不特定对象发行可转换公司债券发 行公告》，本次发行的发行人上海保隆汽车科技股份有限公司（以下简称"保隆科 技"）与本次发行的保荐人（联席主承销商）长城证券股份有限公司、联席主承销 商信达证券股份有限公司于 2024 年 11 月 1 日（T+1 日）主持了上海保隆汽车科技 股份有限公 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved revenue of RMB 5,026 million in Q3 2024, a YoY increase of 20.96%, but net profit attributable to shareholders decreased by 26.62% YoY to RMB 249 million [2] - Gross margin declined to 26.20% in the first three quarters of 2024, down 1.72 percentage points YoY, while R&D expenses increased to 8.31% of revenue, up 0.47 percentage points YoY [2] - The company has 11 R&D centers and 19 factories globally, with over 700 authorized patents and 1,321 R&D personnel as of Q3 2024 [3] - R&D expenses reached RMB 415 million in the first three quarters of 2024, accounting for 8.25% of revenue, a 33.45% YoY increase [3] - The company has been recognized by Li Auto for its contributions to the production of 1 million vehicles, providing customized products such as air springs, air tanks, TPMS, and wheel speed sensors [3] Financial Forecasts - Revenue is expected to grow from RMB 7,513 million in 2024E to RMB 11,229 million in 2026E, with a CAGR of 23.01% [4] - Net profit attributable to shareholders is projected to increase from RMB 412 million in 2024E to RMB 772 million in 2026E [4] - EPS is forecasted to rise from RMB 1.94 in 2024E to RMB 3.64 in 2026E, with a corresponding PE ratio decline from 19.70x to 10.52x [4] - ROE is expected to improve from 12.28% in 2024E to 16.81% in 2026E [4] Operational Highlights - The company's gross margin is projected to stabilize at around 27.5% from 2025E onwards [6] - Operating margin is expected to increase from 7.0% in 2024E to 8.7% in 2026E [6] - Asset turnover efficiency is improving, with total asset turnover days decreasing from 425 days in 2024E to 371 days in 2026E [6] - ROIC is forecasted to rise from 7.3% in 2024E to 9.7% in 2026E [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q3 2024 performance met expectations, with total revenue of 1.84 billion yuan, reflecting a quarter-on-quarter increase of 19.8% and a year-on-year increase of 8.3%. The net profit attributable to shareholders was 100 million yuan, showing a quarter-on-quarter decrease of 35.2% but a year-on-year increase of 24.9% [1] - The company's new business segments, particularly sensors and air suspension, demonstrated strong growth, with revenues of 470 million yuan and 630 million yuan respectively, representing increases of 38.0% and 28.9% year-on-year. The growth in the sensor business is driven by product category expansion and new customer acquisition, while the air suspension business benefits from the rapid production and sales of key downstream models [2] - The impact of stock incentive expenses on profits is gradually diminishing, leading to a quarter-on-quarter improvement in performance. The gross profit margin for Q3 2024 was 24.6%, with a net profit margin of 5.7%, indicating a recovery in profitability [3] - The company is positioned as a leader in the air suspension market, with significant breakthroughs in product development and customer acquisition, including partnerships with major automotive manufacturers [4] Financial Forecasts - The revenue forecasts for 2024-2026 are maintained at 73 billion yuan, 95 billion yuan, and 115 billion yuan, representing year-on-year growth rates of 24%, 30%, and 21% respectively. The net profit forecasts for the same period are 4.3 billion yuan, 5.9 billion yuan, and 7.8 billion yuan, with corresponding year-on-year growth rates of 13%, 38%, and 32% [4]

Investment Rating - The report maintains a "Buy" rating for Baolong Technology (603197) [1] Core Views - Q3 2024 performance met expectations with significant quarter-over-quarter recovery in net profit [1] - Net profit margin rebounded quarter-over-quarter while expense ratio continued to decline [2] - Air suspension and sensor businesses maintained rapid growth [3] - Traditional business market share steadily increased with improving overseas operations [4] Financial Performance Q3 2024 Results - Revenue: 5.026 billion yuan (+21% YoY) [1] - Net profit: 249 million yuan (-26.6% YoY) [1] - Gross margin: 26.2% (-1.7pp YoY) [1] - Net margin: 5.3% (-2.9pp YoY) [1] Q3 2024 Highlights - Revenue: 1.843 billion yuan (+19.8% YoY, +8.3% QoQ) [1] - Net profit: 100 million yuan (-35.2% YoY, +24.9% QoQ) [1] - Gross margin: 24.6% (-3.6pp YoY, -0.5pp QoQ) [2] - Net margin: 5.8% (-3.9pp YoY, +0.6pp QoQ) [2] - Expense ratio: 17.8% (+0.1pp YoY, -1.7pp QoQ) [2] Business Segments Air Suspension - H1 2024 revenue: 420 million yuan (+44.5% YoY) [3] - Low penetration rate with growth potential [3] - Strong R&D experience and first-mover advantage in air spring products [3] Sensors - H1 2024 revenue: 310 million yuan (+51.7% YoY) [3] - Product categories include pressure, optical, position, speed, acceleration, and current sensors [3] Traditional Business - TPMS revenue: 990 million yuan (+19.7% YoY) [4] - Overseas operations: 24.43 million yuan net profit (+390% YoY) [4] - Metal pipe revenue: 750 million yuan (+8.4% YoY) [4] - Valve stem revenue: 380 million yuan (+5.1% YoY) [4] Financial Forecast 2024-2026 Projections - EPS: 1.87/2.65/3.56 yuan [4] - PE: 21/15/11x [4] - Net profit CAGR: 25.9% [4] Key Financial Metrics - Revenue growth: 21.62%/25.32%/22.59% [5] - Net profit growth: 4.76%/41.56%/34.45% [5] - ROE: 11.50%/14.43%/16.86% [5] - PB: 2.79/2.59/2.28/1.96 [5] Valuation - Current price: 38.79 yuan [1] - 52-week price range: 26.86-66.15 yuan [6] - Market cap: 8.226 billion yuan [6] - Total assets: 9.634 billion yuan [6] - Net assets per share: 14.60 yuan [6]

公 司 研 究 汽 车 公 司 简 评 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | --- | |---------------------------|-------------| | | | | | | | 数据日期 Table_cominfo] | 2024/10/31 | | 收盘价 | 38.32 | | 总股本 ( 万股 ) | 21,208 | | 流通 A 股 /B 股 ( 万股 ) | 21,122/0 | | 资产负债率 (%) | 64.44% | | 市净率 ( 倍 ) | 2.37 | | 净资产收益率 ( 加权 ) | 8.24 | | 12 个月内最高 / 最低价 | 67.18/26.82 | [Table_Reportdate] 2024年11月1日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn [Table_QuotePic] -73% -57% -42% -27 ...

Investment Rating - Buy | Maintain [2] Core Views - The company's Q3 2024 revenue continued to grow significantly, reaching RMB 1.843 billion (yoy +19.75%, qoq +8.34%), driven by the rapid expansion of emerging businesses such as air suspension and sensors, while maintaining its core businesses like TPMS, valve stems, and automotive metal pipes [2] - Despite the revenue growth, profitability was under short-term pressure, with Q3 2024 gross margin at 24.60% (yoy -3.55pcts, qoq -0.48pcts) and net margin at 5.78% (yoy -3.93pcts, qoq +0.54pcts). The decline in profitability was attributed to higher equity incentive expenses and lower investment income compared to the same period last year [2] - The company has secured multiple air suspension projects, including 23 air spring damper assembly projects, 5 suspension controller projects, and 48 air tank projects, indicating strong growth potential in this segment [3] - The company plans to raise up to RMB 1.39 billion to expand its air suspension system manufacturing capacity, which is expected to further accelerate the growth of its air suspension business [3] Financial Performance Summary - Q3 2024 revenue: RMB 1.843 billion (yoy +19.75%, qoq +8.34%) [2] - Q3 2024 net profit attributable to shareholders: RMB 100 million (yoy -35.21%, qoq +24.87%) [2] - Q1-Q3 2024 revenue: RMB 5.026 billion (yoy +20.96%) [2] - Q1-Q3 2024 net profit attributable to shareholders: RMB 249 million (yoy -26.62%) [2] Future Projections - Expected revenue for 2024-2026: RMB 7.145 billion, RMB 8.636 billion, and RMB 10.635 billion, respectively [4] - Expected net profit attributable to shareholders for 2024-2026: RMB 397 million, RMB 512 million, and RMB 676 million, respectively [4] - Expected EPS for 2024-2026: RMB 1.87, RMB 2.41, and RMB 3.19, respectively [4] - Expected PE ratios for 2024-2026: 21.32x, 16.54x, and 12.52x, respectively [4] Business Highlights - The company has secured 10 OEMs for 23 air spring damper assembly projects, 2 OEMs for 5 suspension controller projects, and 17 OEMs and Tier 1 suppliers for 48 air tank projects, indicating strong market demand for its air suspension products [3] - The company's air suspension business is expected to benefit from the rapid penetration of air suspension systems in new energy vehicles, with capacity expansion plans in place to meet growing demand [3] Financial Ratios and Metrics - Q3 2024 sales/management/R&D/financial expense ratios: 3.09%/5.91%/7.92%/0.87% (yoy +1.01/-0.32/+0.45/-1.02pcts, qoq -0.61/-0.61/-0.31/-0.25pcts) [2] - Expected gross margin for 2024-2026: 26.09%, 26.29%, and 26.24%, respectively [10] - Expected net margin for 2024-2026: 5.56%, 5.93%, and 6.36%, respectively [10] - Expected ROE for 2024-2026: 12.22%, 12.91%, and 13.95%, respectively [10]