Core Viewpoint - The company anticipates significant revenue growth in its suspension business for Q4, driven by high capacity utilization in its intelligent suspension and sensor operations [1] Group 1: Business Performance - The company expects a notable increase in suspension business revenue in Q4, contributing to overall performance improvement [1] - The full-active suspension business is projected to gradually generate revenue starting in the second half of next year [1] Group 2: Market Outlook - The company forecasts that the domestic market penetration rate for air suspension systems will exceed 15% over the next two years [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of approximately 6.048 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.3%. However, the net profit attributable to shareholders decreased by 20.3% year-on-year to 198 million yuan, and the net profit after deducting non-recurring items fell by 37.0% year-on-year to 132 million yuan, slightly below expectations [5][7] - The company experienced a quarter-on-quarter revenue increase of 13.9% in Q3 2025, reaching 2.098 billion yuan, while the net profit attributable to shareholders was 63 million yuan, showing a significant quarter-on-quarter improvement of 60.0% [7] - The company is expected to see further growth in its air suspension business in Q4, driven by strong orders from models such as NIO ES8 and Li Auto L90, which are anticipated to lead to record-high revenue in this segment [7] - The company has slightly adjusted its profit forecast for 2025-2027, now projecting net profits of 354 million yuan, 493 million yuan, and 624 million yuan respectively, with corresponding year-on-year growth rates of 17.0%, 39.4%, and 26.5% [7] Financial Data and Profit Forecast - For 2025, the total revenue is estimated at 8.661 billion yuan, with a year-on-year growth rate of 23.3%. The net profit attributable to shareholders is projected to be 354 million yuan, reflecting a year-on-year increase of 17.0% [6] - The gross profit margin for Q3 2025 was reported at 21.3%, with a slight quarter-on-quarter improvement of 0.9 percentage points [7] - The company’s return on equity (ROE) for 2025 is projected to be 10.6%, with a price-to-earnings (PE) ratio of 23 [6][7]

Group 1 - The company announced that it will provide guarantees for its wholly-owned subsidiary Baolong Industry and its controlling subsidiaries Baofu China and Longgan Electronics to facilitate their financing needs [2][35] - The total amount of guarantees for the year 2025 is capped at 4.5 billion RMB, which has been approved by the board and shareholders [3][36] - The guarantees provided do not require separate board or shareholder meetings for approval as they fall within the previously approved total guarantee amount [4][36] Group 2 - As of October 31, 2025, the total amount of guarantees provided by the company and its subsidiaries is approximately 3.74 billion RMB, which represents 116.89% of the company's latest audited net assets [36] - There are no overdue guarantees, and the company has not provided guarantees for its controlling shareholders or related parties [36]

Investment Rating - The report maintains a "Buy" rating for Baolong Technology [2][5]. Core Views - The report expresses optimism about the overseas market prospects for Baolong Technology's intelligent suspension systems, despite the company's performance being under pressure in the first three quarters of 2025 [2][11]. Financial Summary - Total revenue for 2023 is projected at 5,897 million, with a growth rate of 23.4%. Revenue is expected to reach 7,025 million in 2024, 8,390 million in 2025, 9,903 million in 2026, and 11,541 million in 2027, with growth rates of 19.1%, 19.4%, 18.0%, and 16.5% respectively [4][12]. - Net profit attributable to shareholders is forecasted to be 379 million in 2023, decreasing to 303 million in 2024, then recovering to 343 million in 2025, 493 million in 2026, and 698 million in 2027, with respective growth rates of 76.9%, -20.1%, 13.4%, 43.5%, and 41.8% [4][12]. - Earnings per share (EPS) is expected to be 1.77 in 2023, dropping to 1.42 in 2024, and then rising to 1.61 in 2025, 2.31 in 2026, and 3.27 in 2027 [4][12]. Market Data - The target price for Baolong Technology is set at 44.98 yuan, with a current market capitalization of 8,042 million [5][6]. - The stock has traded within a range of 33.98 to 52.50 yuan over the past 52 weeks [6]. Strategic Developments - Baolong Technology has formed a strategic partnership with Weifu High-Tech to enhance its full active suspension systems, indicating a deepening focus on intelligent suspension technology [11]. - The company has secured multiple overseas contracts for its intelligent suspension products, including a significant contract for a high-end luxury SUV model [11].

Core Points - Baolong Technology announced that as of October 31, 2025, the total external guarantees provided by the company and its subsidiaries amount to 373,709.93 million yuan, which represents 116.89% of the company's most recent audited net assets [1] - The total guarantees provided to subsidiaries by the company is also 373,709.93 million yuan, maintaining the same percentage of 116.89% of the latest audited net assets [1] - There are no overdue guarantees reported by the company, and it has not provided any guarantees for its controlling shareholders, actual controllers, or their related parties [1]

事件：2025Q3 实现营收 20.98 亿元，同环比分别+13.85%/+2.59%；实现归母 净利 0.63 亿元，同环比分别-36.92%/+59.99%。 收入：空悬同比持续高速增长、爆款车型贡献增量 前三季度公司实现营收 60.48 亿元，同比增长 20.32%，其中空悬收入 9.53 亿元同 比+51.73%，传感器收入 5.57 亿元，同比+18.23%。2025Q3 实现营收 20.98 亿元， 同环比分别+13.85%/+2.59%，25Q3 收入同环比增长，主要是因为空悬业务收入提 升，主要为理想及蔚来贡献增量：蔚来乐道 L90 在三季度上市，三季度销量 2.2 万 辆贡献主要收入增量；理想 i8 及 i6 第三季度销量 1.7 万辆，环比增加 1.4 万辆。 展望四季度，蔚来 ES8 在三季度末上市销量爬坡，同时理想、小鹏等在四季度冲 量，25Q4 收入或将持续增长。 利润：25Q3 毛利率环比改善，汇兑贡献减少 2024Q4 实现归母净利 0.54 亿元，环比下降 46.2%，1）2025Q3 实现毛利率 21.34%，同比-3.26pct，环比+0.86pct，同比毛利率下降主要是因 ...

Core Viewpoint - Baolong Technology's performance in the first three quarters of 2025 is under pressure, but the company is optimistic about the prospects of its intelligent suspension in overseas markets. The rating is maintained at "Buy" [1]. Financial Performance - Baolong Technology reported a revenue of 2.1 billion yuan in Q3 2025, representing a year-on-year increase of 14% and a quarter-on-quarter increase of 3% [2]. - The net profit attributable to shareholders in Q3 2025 was 60 million yuan, a year-on-year decrease of 37% but a quarter-on-quarter increase of 60% [2]. - The net profit margin stood at 3.5%, down 2.3 percentage points year-on-year and down 1.0 percentage point quarter-on-quarter [2]. Strategic Developments - Baolong Technology and Weifu High-Tech have formed a strong partnership to focus on fully active suspension systems, aiming to promote their widespread application in the automotive market [3]. - Baolong Technology has secured a product specification for intelligent suspension systems from a leading domestic high-end luxury SUV brand, with multiple overseas specifications also obtained [3]. - The company has entered trial production for electronic shock absorbers and is ramping up production for closed-loop air supply units, while also securing a specification for height sensors from a U.S. luxury electric vehicle brand [3].

Group 1: Overall Market Performance - The overall performance of the passenger car sector in Q3 2025 was below expectations, primarily due to a slowdown in industry growth and intensified competition across all price segments[3] - The passenger car industry saw a year-on-year growth rate of only 3% in retail sales, 23% in exports, and 13% in wholesale during Q3 2025, indicating a significant deceleration compared to previous quarters[27] - The inventory levels in the industry remain healthy, with a controlled increase in stock despite the overall market pressures[27] Group 2: Segment-Specific Insights - Heavy-duty trucks experienced a strong performance in Q3 2025, with wholesale, domestic, and export sales increasing by 58.1%, 64.5%, and 22.9% year-on-year, respectively[5] - The bus sector also performed well, with leading companies like Yutong achieving significant revenue growth, driven by robust demand from both domestic and international markets[6] - The motorcycle segment saw a 57.4% increase in large-displacement motorcycle exports, while domestic sales faced pressure, declining by 9.3% year-on-year[7] Group 3: Financial Metrics and Adjustments - The average selling price (ASP) for vehicles remained stable in Q3 2025, with some companies like BYD implementing price increases starting in July[3] - The gross profit margins for many companies showed slight recovery, attributed to stable sales and limited discounting in the market[3] - Several companies, including Great Wall Motors and Changan, reported a decline in net profit due to foreign exchange losses and inventory adjustments[4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company is expected to see a recovery in performance driven by the growth of its air suspension business, with projected net profits for 2025-2027 at 339 million, 413 million, and 538 million yuan respectively, corresponding to PE ratios of 23.5, 19.3, and 14.8 times [3][4]. - The company achieved a revenue of 6.048 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 20.32%, although net profit was impacted by intensified price competition in the domestic automotive market [3][4]. - The company’s main business includes automotive intelligent driving systems and air suspension systems, with future growth expected from intelligent driving products and air suspension business [3][4]. Summary by Sections Financial Data and Profit Forecast - Total revenue is projected to grow from 5.897 billion yuan in 2023 to 12.897 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20% [4][29]. - The net profit is expected to fluctuate, with a significant drop in 2024 to 303 million yuan, followed by a recovery in subsequent years [4][29]. - The gross margin is forecasted to decline slightly from 27.4% in 2023 to 23.8% in 2027, indicating potential pressure on profitability [4][29]. Industry and Company Situation - The company is positioned in the automotive sector, focusing on intelligent driving systems and air suspension, with a market share of 19.7% in the air suspension segment as of August 2025 [3][4]. - The demand for intelligent driving products is expected to grow alongside the electrification and intelligence of vehicles, with a penetration rate of 52.09% for L2 and above intelligent driving in China as of Q1 2025 [3][4]. - The company’s TPMS business has a strong foothold with major global automotive manufacturers, benefiting from the increasing safety standards in the automotive industry [3][4]. Key Assumptions - The air suspension business is anticipated to grow significantly, with revenue growth rates projected at 49%, 76%, and 33% for 2025-2027 [3][4]. - The TPMS business is expected to maintain stable growth, with revenue growth rates of 22%, 23%, and 25% for the same period [3][4]. - The sensor business is projected to grow at approximately 18% annually from 2025 to 2027 [3][4].

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 ...