Baolong Automotive(603197) 东吴证券·2024-11-01 18:00Investment 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]