[Table_Industry] [评Ta级ble：_T买itle入] （维持） 市场价格：29.8 元 分析师：何俊艺 执业证书编号：S0740523020004 分析师：刘欣畅 执业证书编号：S0740522120003 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：hejunyi@zts.com.cn [公Ta司ble盈_F利in预anc测e1及] 估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 4,778 5,897 7,150 8,879 10,400 增长率 yoy% 23% 23% 21% 24.% 17.% 净利润（百万元） 214 379 420 559 764 增长率 yoy% -20% 77% 11% 33% 37% 每股收益（元） 1.01 1.79 1.98 2.63 3.60 每股现金流量 0.83 2.06 5.62 3.07 4.77 净资产收益率 8% 12% 12% 13% 15% P/E 29.5 16.7 15.0 11.3 8.3 P/B 2.5 2.1 1.9 1.7 1.4 备注：数据统计日期截 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady revenue growth, with its air suspension and sensor businesses continuing to expand significantly [2][4] - The company has secured multiple new projects in 2024, with an expected total lifecycle value of 6.4 billion yuan, covering various automotive components [3][4] - The company is enhancing its production capacity with new facilities in Hefei and Shanghai, which will support the growth of its air suspension and TPMS products [4][6] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 3.184 billion yuan, a year-on-year increase of 21.68%, while the net profit attributable to shareholders was 148 million yuan, down 19.40% year-on-year [4][6] - The revenue breakdown for H1 2024 shows significant growth in various segments: TPMS revenue at 985 million yuan (+19.66%), air suspension at 424 million yuan (+44.48%), and sensors at 310 million yuan (+51.71%) [4][6] - The company expects to achieve revenues of 7.1 billion, 8.7 billion, and 10.7 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 416 million, 553 million, and 692 million yuan [6][7] Earnings Forecast - The earnings per share (EPS) is projected to be 1.96 yuan in 2024, increasing to 3.26 yuan by 2026, with a price-to-earnings (P/E) ratio of 15, 11, and 9 for the respective years [6][7][9] - The company is expected to maintain a return on equity (ROE) of 13% in 2024, increasing to 17% by 2026 [7][9]

[ T able_StockInfo] 2024 年 09 月 02 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：28.88 元 保隆科技（603197）汽车 目标价：37.20 元（6 个月） 盈利能力承压，股权激励费用增加 [Table_Summary 事件：公司发布] 2024年半年报，24H1实现营收 31.84亿元，同比+21.7%；归 母净利润 1.48亿元，同比-19.4%；毛利率 27.1%，同比-0.7pp，净利率 4.94%， 同比-2.3pp。24Q2 实现营收 17 亿元，同比+19%，环比+14.7%；归母净利润 0.8 亿元，同比-11.4%，环比+18.1%。 股权激励影响利润，盈利能力承压。24H1 公司归母净利润下降主要是由于计股 权激励费用和人力支出增加影响等因素所致，24Q2毛利率 25.1%，同比-2.3pp， 环比-4.4pp，净利率 5.2%，同比-1.4pp，环比+0.6pp，费用率 19.6%，同比+0.5pp， 环比-2.4pp，盈利能力承压。从地区来看，24H1 国内收入占比 49.7%，同比 +7.3pp，与海外占比差距不断缩小，表明 ...

保隆科技（ [Table_StockNameRptType] 603197） 公司点评 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公 司 研 究 2024 年 09 月 02 日 公司点评 买入/维持 保隆科技(603197) 目标价: 昨收盘:29.80 空悬龙头再起航 | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------|---------|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 40.32 [6][7]. Core Insights - The company reported a revenue of RMB 3.18 billion for H1 2024, representing a year-on-year growth of 21.7%, while the net profit attributable to the parent company was RMB 150 million, down 19.4% year-on-year, which aligns with expectations [1]. - The air suspension business saw a significant revenue increase of 44.5% year-on-year to RMB 420 million in H1 2024, with further growth anticipated in the second half of the year due to new electric vehicle projects [2]. - The self-branded sensor project experienced a robust growth of 52% year-on-year, generating RMB 310 million in revenue for H1 2024 [2]. - The company’s gross margin in Q2 2024 decreased to 25.1%, impacted by rising freight costs and a shift in revenue mix towards emerging businesses, but is expected to improve in the second half of the year [3]. - The company has made significant progress in its emerging businesses, including the self-developed air compressor, which has been designated by leading new energy vehicle manufacturers, indicating strong order expansion capabilities [4]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of RMB 3.18 billion, a 21.7% increase year-on-year, while the net profit attributable to the parent company was RMB 150 million, reflecting a 19.4% decline [1]. - The revenue for Q2 2024 was RMB 1.7 billion, up 19.0% year-on-year and 14.7% quarter-on-quarter, with a net profit of RMB 80 million, down 11.4% year-on-year but up 18.1% quarter-on-quarter [1]. Business Segments - The air suspension segment's revenue grew by 44.5% to RMB 420 million in H1 2024, with expectations for acceleration in the second half due to new projects [2]. - The self-branded sensor project saw a 52% increase in revenue to RMB 310 million in H1 2024 [2]. - The TPMS business continued its steady growth, with H1 revenue increasing by 19.7% to RMB 985 million [2]. Profitability and Margins - The gross margin for Q2 2024 decreased by 2.3 percentage points year-on-year to 25.1%, attributed to increased freight costs and a higher proportion of revenue from emerging businesses [3]. - The net profit margin for Q2 2024 was 5.2%, reflecting a year-on-year decrease of 1.4 percentage points [3]. Emerging Business Developments - The company has established production capabilities for key components in the air suspension sector, with significant orders from leading new energy vehicle manufacturers [4]. - Other emerging projects, such as the BDU liquid cooling plate, are expected to contribute to future growth [4].

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本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 30 日 保隆科技(603197.SH) 公司快报 24Q2 业绩符合预期，空悬新车量产在即 事件：2024 年上半年公司实现营收 31.84 亿元，同比+21.68%， 实现归母净利 1.48 亿元，同比-19.4%。单二季度看，2024Q2 实 现营收 17 亿元，同环比分别为+18.97%、+14.69%;2024Q2 实现归 母净利 0.8 亿元，同环比分别为-11.5%、+18.09%。 收入端：TMPS 市占率提升、空悬随理想排产波动 2024 年上半年公司实现营收 31.84 亿元，同比+21.68%，实现归 母净利 1.48 亿元，同比-19.4%。分业务看，1）TPMS9.85 亿元， 同比+19.66%；2）金属管件 7.5 亿元，同比+8.41%；3）气门嘴 3.78 亿元，同比+5.1%；4）空悬 4.24 亿元，同比+44.5%；5）传感器 3.1 亿元，同比+51.71%。其中，TPMS、空悬、传感器增速亮眼， 国内的 TMPS 市占率仍在持续提升，保富海外的盈利性提升，净利 率接近 5%；空悬业务随着理 ...

关于向不特定对象发行可转换公司债券申请 证券代码：603197 证券简称：保隆科技 公告编号：2024-084 上海保隆汽车科技股份有限公司 公司董事会将根据相关法律法规及上述批复文件的要求，在公司股东大会的 授权范围内办理本次向不特定对象发行可转换公司债券的相关事宜，并及时履行 信息披露义务。敬请广大投资者注意投资风险。 特此公告。 获得中国证券监督管理委员会同意注册批复的公告 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。 上海保隆汽车科技股份有限公司（以下简称"公司"）近日收到中国证券监 督管理委员会出具的《关于同意上海保隆汽车科技股份有限公司向不特定对象发 行可转换公司债券注册的批复》（证监许可〔2024〕1184 号），主要内容如下： 一、同意你公司向不特定对象发行可转换公司债券的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。 ...

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。 证券代码：603197 证券简称：保隆科技 公告编号：2024-083 上海保隆汽车科技股份有限公司 关于公司为控股子公司提供担保的公告 重要内容提示： 公司及控股子公司不存在逾期担保的情形。 特别风险提示：公司及其控股子公司对外担保总额为 321,553.80 万元 （不含本次担保金额），占公司最近一期经审计净资产 108.87%，公司对控股子公 司提供的担保总额为 321,553.80 万元（不含本次担保金额），占公司最近一期 经审计净资产 108.87%，无逾期担保情况。敬请投资者注意相关风险。 一、担保情况概述 （一）担保的基本情况 1、公司全资子公司保隆工贸同中国建设银行股份有限公司上海松江支行（以 下简称"建设银行"）开展业务，为保证相应业务的顺利开展，公司与建设银行 签署了《本金最高额保证合同》，公司为保隆工贸提供不超过 10,000.00 万元人 民币的连带责任保证担保。 1 被担保人名称：上海保隆工贸有限公司（以下简称"保隆工贸"）为上 海保隆汽车科技股份有限公 ...