每经AI快讯，保隆科技11月3日晚间发布公告称，截至2025年10月31日，公司及其控股子公司对外担保 总额约37.37亿元，占公司最近一期经审计净资产116.89%，公司对控股子公司提供的担保总额约为 37.37亿元，占公司最近一期经审计净资产116.89%，无逾期担保情况。 （记者 王晓波） 每经头条（nbdtoutiao）——"为了孩子吃上饭，自己只能靠喝水撑着"！美政府停摆危机逼近"临界 点"，4200万人吃饭成问题 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-113 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 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： 累计担保情况 | | | | 截至本公告日上市公司及其控股 | 373,709.93 | | --- | --- | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 116.89 | | 特别风险提示（如有请勾选） | 对外担保总额（含本次）超过上市公司最 | | | 近一期经审计净资产 50% | | | 对外担保总额（含本次）超过上市公司最 | | | 近一期经审计净资产 100% | | | □对合并报表外单位担保总额（含本次）达 | | | 到或超过最近一期经审计净资产 30% | | | 本次对资产负债率超过 70%的单位提供担 | | 保 | | 一、担保情况概述 （一）担保的基本情况 2025 年 10 ...

Core Viewpoint - The company reported a mixed performance in Q3, with revenue growth but a significant decline in net profit, attributed to external factors such as tariff fluctuations [1][6]. Financial Performance - Q3 revenue reached 2.1 billion, with a year-on-year increase of 13.9% and a quarter-on-quarter increase of 2.6% - Net profit attributable to shareholders was 60 million, showing a year-on-year decline of 36.9% but a quarter-on-quarter increase of 60% - For the first three quarters, total revenue was 6.05 billion, reflecting a year-on-year growth of 20.3%, while net profit decreased by 20.3% to 200 million [1]. Business Segment Performance - The company achieved double growth in revenue for Q3, with all five major business segments showing year-on-year growth - TPMS revenue increased by 13.1% to 1.82 billion, with expectations for further market share growth due to overseas capacity expansion - Smart suspension revenue surged by 51.7% to 950 million, with optimistic projections for Q4 and 2026 due to new projects and overseas capacity initiatives - Revenue from automotive metal pipes and valve stems grew by 0.4% and 5.1% to 1.12 billion and 620 million, respectively - The automotive sensor segment saw an 18.2% increase in revenue to 560 million [2]. Profitability and Cost Management - Q3 gross margin improved quarter-on-quarter by 0.9 percentage points to 21.3%, despite year-on-year pressure from tariff fluctuations and pricing pressures - The company managed to reduce sales, management, and R&D expense ratios, benefiting from ongoing cost reduction and efficiency improvement efforts - The gross margin is expected to continue improving as high-demand models drive scale effects and internal cost management progresses [3]. Strategic Developments - The smart suspension business is rapidly expanding, with a new joint venture focusing on full active suspension systems - The company secured significant contracts for its smart suspension and sensor products, with plans for mass production in 2026 [4]. - Emerging businesses are accelerating expansion, indicating potential for substantial growth opportunities [5]. Profit Forecast and Valuation - Due to anticipated lower profit margins in new business phases and external pressures, the company has revised its net profit forecasts for 2025-2027 down by 24%, 20%, and 17% to 310 million, 420 million, and 540 million, respectively - Based on comparable company valuation averages, a target price of 41.75 is set for 2026, reflecting a PE ratio of 21.3x [6].

Core Viewpoint - Baolong Technology is a leading global automotive parts supplier, focusing on automotive intelligence and lightweight products, with a comprehensive industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Baolong Technology achieved a revenue of 6.048 billion yuan, ranking 4th in the industry out of 55 companies, significantly above the industry average of 2.15 billion yuan and median of 1.283 billion yuan [2] - The net profit for the same period was 231 million yuan, ranking 7th in the industry, exceeding the average of 129 million yuan and median of 78.31 million yuan, but still below the top competitors [2] - Revenue growth year-on-year was 20.32%, while net profit saw a decline of 20.35% [6][7] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 69.90%, an increase from 64.44% year-on-year, and significantly higher than the industry average of 40.56% [3] - The gross profit margin was 21.65%, slightly above the industry average of 21.56%, despite a decrease from 26.20% in the previous year [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.91% to 22,300, while the average number of circulating A-shares held per shareholder increased by 1.96% to 9,579.24 [5] Group 4: Business Highlights - The sensor business generated 557 million yuan in revenue in the first three quarters of 2025, marking an 18.23% increase year-on-year, with total orders for ADAS exceeding 6.870 billion yuan [6] - The intelligent suspension business saw a revenue of 953 million yuan, a significant increase of 51.73% year-on-year, with total orders exceeding 24.070 billion yuan [6] - Traditional businesses also performed well, with TPMS revenue increasing by 13.11% to 1.822 billion yuan [7]

Core Insights - The company reported a revenue growth of 20.32% year-on-year for the first three quarters of 2025, reaching 6.048 billion yuan, while net profit decreased by 20.35% to 198 million yuan [1] - In Q3 2025, revenue was 2.098 billion yuan, a 14% increase year-on-year and a 2.59% increase quarter-on-quarter, but net profit fell by 36.92% year-on-year to 63 million yuan [1] - The overall gross margin for Q3 2025 was 21.34%, down 3.26 percentage points year-on-year but up 0.86 percentage points quarter-on-quarter [1] Group 1: Traditional Business Performance - The TPMS standard products generated 1.822 billion yuan in revenue for the first three quarters, up 13.11% year-on-year [2] - The company is a leading global player in tire valve products, with revenue of 618 million yuan, reflecting a 5.09% year-on-year increase [2] - Revenue from metal pipe fittings transitioned from exhaust systems to new energy applications, reaching 1.121 billion yuan, a slight increase of 0.35% year-on-year [2] Group 2: Product Development and Market Expansion - The company has enhanced its product lineup in air suspension, including air springs, shock absorbers, and air supply units, with revenue from intelligent suspension reaching 953 million yuan, a 51.73% increase year-on-year [3] - The company has developed a comprehensive sensor layout with 40 types across six categories, achieving 557 million yuan in revenue from automotive sensors, an 18.23% increase year-on-year [3] - The company is advancing in intelligent driving technologies, including millimeter-wave radar, cameras, and ultrasonic radar [3]

Core Viewpoint - The company reported a revenue of 6.048 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.32%, while the net profit attributable to shareholders decreased by 20.35% to 198 million yuan [3] Revenue Analysis - In Q3 2025, the company achieved a revenue of 2.098 billion yuan, up 13.85% year-on-year and 2.59% quarter-on-quarter, driven by increased sales from key customers, particularly NIO, which delivered 87,071 vehicles, a year-on-year increase of 40.77% [3] - The gross profit margin for Q3 2025 was 21.34%, down 3.26 percentage points year-on-year, primarily due to changes in product mix and price reductions from customers [3] - The net profit margin for Q3 2025 was 3.46%, down 2.32 percentage points year-on-year, despite a quarter-on-quarter increase of 0.98 percentage points [3] Cost Structure - The expense ratios for sales, management, R&D, and financial costs in Q3 2025 were 2.95%, 4.84%, 7.52%, and 1.26%, respectively, showing slight year-on-year changes [3] Emerging Business Growth - The company's emerging business, particularly in sensor and ADAS (Advanced Driver Assistance Systems), saw rapid growth, with sensor revenue reaching 557 million yuan in the first three quarters of 2025, a year-on-year increase of 18.23% [5] - As of Q3 2025, the company had accumulated orders exceeding 6.87 billion yuan in the ADAS sector, indicating strong customer expansion [5] Intelligent Suspension Business - The intelligent suspension business experienced significant growth, with revenue of 953 million yuan in the first three quarters of 2025, up 51.73% year-on-year [6] - The company has accumulated orders exceeding 24.07 billion yuan in this sector, with new overseas orders contributing to steady growth [6] Investment Outlook - The company is expected to maintain a leading global market share in traditional businesses while developing a complete product matrix in emerging sectors, projecting revenues of 8.57 billion yuan, 10.70 billion yuan, and 12.90 billion yuan for 2025, 2026, and 2027, respectively [7] - The projected net profit attributable to shareholders for the same years is 304 million yuan, 382 million yuan, and 476 million yuan, with corresponding EPS of 1.42 yuan, 1.79 yuan, and 2.23 yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to see steady revenue growth, with significant contributions from its intelligent suspension and sensor businesses, which are entering a performance realization phase [8] - The company’s revenue for 2025 is projected to be 83.24 billion yuan, with a year-on-year growth rate of 18% [8] - The forecasted net profit for 2025 is 4.08 billion yuan, reflecting a year-on-year growth of 35% [8] Financial Summary - The company’s total revenue for 2023 is reported at 5,897 million yuan, with a year-on-year growth rate of 23% [4] - The projected revenue for 2024 is 7,025 million yuan, with a growth rate of 19% [4] - The expected net profit for 2023 is 379 million yuan, with a significant year-on-year increase of 77% [4] - The net profit for 2024 is forecasted to decrease to 303 million yuan, reflecting a decline of 20% [4] - The company’s gross margin for the first three quarters of 2025 is reported at 21.65%, down 4.55 percentage points year-on-year [7] Revenue Breakdown - Revenue from TMPS & accessories and tools reached 18.22 billion yuan, up 13.11% year-on-year [7] - Revenue from intelligent suspension increased significantly by 51.73% year-on-year, totaling 9.53 billion yuan [7] - Revenue from automotive metal pipe fittings was 11.21 billion yuan, showing a slight increase of 0.35% year-on-year [7] Profitability Metrics - The company’s net profit for the first three quarters of 2025 was reported at 1.98 billion yuan, down 20.35% year-on-year [6] - The gross margin for Q3 2025 was 21.34%, reflecting a decrease of 3.26 percentage points year-on-year [6] - The company has effectively controlled its expenses, with sales, management, R&D, and financial expense ratios showing improvements [7]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company experienced revenue growth in Q3 2025, driven by increased sales from key customers, particularly NIO, which delivered 87,071 vehicles, a year-on-year increase of 40.77% [2][3]. - Despite revenue growth, the company's net profit faced significant pressure, declining by 36.92% year-on-year in Q3 2025, primarily due to increased tariffs and shipping costs [2][3]. - The company's gross margin decreased to 21.34%, down 3.26 percentage points year-on-year, attributed to changes in product mix and price reductions from customers [2][3]. Summary by Sections Revenue Performance - For the first three quarters of 2025, the company reported revenue of 60.48 billion yuan, a year-on-year increase of 20.32% [1]. - Q3 2025 revenue was 20.98 billion yuan, reflecting a year-on-year growth of 13.85% and a quarter-on-quarter increase of 2.59% [2]. Profitability Analysis - The net profit attributable to shareholders for Q3 2025 was 0.63 billion yuan, down 36.92% year-on-year, but up 59.99% quarter-on-quarter [2]. - The net profit margin for Q3 2025 was 3.46%, a decrease of 2.32 percentage points year-on-year [2]. Cost and Expense Management - The company's expense ratios for sales, management, R&D, and financial costs were 2.95%, 4.84%, 7.52%, and 1.26%, respectively, showing mixed changes compared to the previous year [2]. Market Expansion and New Business Growth - The company’s emerging businesses, particularly in sensor and ADAS (Advanced Driver Assistance Systems), are rapidly growing, with sensor revenue for the first three quarters of 2025 reaching 5.57 billion yuan, up 18.23% year-on-year [3]. - The intelligent suspension business also showed strong growth, with revenue of 9.53 billion yuan for the first three quarters of 2025, a year-on-year increase of 51.73% [3]. Financial Forecast - The company is projected to achieve revenues of 85.7 billion yuan, 107.0 billion yuan, and 129.0 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 3.0 billion yuan, 3.8 billion yuan, and 4.8 billion yuan [4][5].

Core Insights - The company reported a revenue of 2.098 billion yuan for Q3 2025, representing a year-on-year growth of 13.85% [2] - Cumulative revenue for the year reached 6.048 billion yuan, with a year-on-year increase of 20.32%, indicating strong business expansion capabilities [2] Financial Performance - Total profit for Q3 was 110.67 million yuan, down 14.92% compared to the same period last year [3] - Net profit attributable to shareholders was 63.26 million yuan, a decrease of 36.92% year-on-year [3] - Net profit excluding non-recurring gains and losses was 33.71 million yuan, down 62.95% year-on-year [3] - Year-to-date net profit attributable to shareholders was 198 million yuan, a decline of 20.35% [4] - Year-to-date net profit excluding non-recurring gains and losses was 132 million yuan, down 36.95% [4] Market Conditions - The decline in profitability is attributed to intensified price competition in the domestic automotive market, leading to lower gross margins [3] - The overall gross margin has decreased, impacting net profit levels [3] Asset and Equity Status - As of September 30, 2025, total assets reached 12.095 billion yuan, an increase of 11.91% from the end of the previous year [4] - Shareholder equity was 3.264 billion yuan, up 2.09% from the previous year-end [4]

Core Insights - Baolong Technology (603197.SH) reported its Q3 2025 results, revealing that as of October 29, 2025, eight institutional investors held a total of 17.8843 million A-shares, accounting for 8.37% of the company's total equity, which represents a decrease of 2.96 percentage points from the previous quarter [1] Institutional Holdings - The total number of institutional investors holding Baolong Technology shares is eight, with a combined holding of 17.8843 million shares [1] - The institutional holding percentage decreased by 2.96 percentage points compared to the previous quarter [1] Public Fund Activity - Two public funds increased their holdings this period, namely Jin Xin Shenzhen Growth Mixed A and Penghua Automotive Industry Mixed Initiation A, with an increase ratio of 0.10% [2] - One public fund, Southern CSI 1000 ETF, reported a slight decrease in holdings compared to the previous quarter [2] - Three new public funds disclosed their holdings this period, including Huaxia Core Manufacturing Mixed A, Huafu Times Selected Mixed A, and Boyuan Enhanced Return Bond A [2] - A total of 194 public funds did not disclose their holdings this period, including notable funds like Xinao Craftsman Selected Two-Year Holding Mixed and Oriental New Energy Vehicle Theme Mixed [2] Social Security Fund - One social security fund, Guangfa Fund Management Co., Ltd. - Social Security Fund 420 Portfolio, did not disclose its holdings this period [2]