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].

Investment Rating - The investment rating for Baolong Technology (603197.SH) is "Buy" [1] Core Views - The company's revenue for the first half of 2024 reached 3.18 billion yuan, a year-on-year increase of 21.7%, while the net profit attributable to shareholders was 150 million yuan, a year-on-year decrease of 19.4% [1] - The decline in net profit is primarily due to the impact of stock incentive expenses, which are expected to gradually decrease in subsequent quarters [1] - Traditional business segments are showing steady growth, while emerging businesses are maintaining high growth rates [1] Summary by Relevant Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.70 billion yuan, a year-on-year increase of 19.0%, with a net profit of 80 million yuan, down 11.4% year-on-year [1] - The gross margin for Q2 was 25.08%, a decrease of 2.31 percentage points year-on-year and 4.37 percentage points quarter-on-quarter [1] - The net margin was 5.24%, down 1.35 percentage points year-on-year but up 0.64 percentage points quarter-on-quarter [1] Business Segments - The TPMS business generated revenue of 990 million yuan, up 19.7% year-on-year; the metal pipe fittings business generated 750 million yuan, up 8.4%; and the valve stem business generated 380 million yuan, up 5.1% [1] - Emerging businesses, including air suspension and sensor businesses, reported revenues of 420 million yuan (up 44.5%) and 310 million yuan (up 51.7%), respectively [1] - The emerging business revenue accounted for 13.56% and 9.92% of total revenue, an increase of 2.13 percentage points and 1.96 percentage points year-on-year, respectively [1] Future Outlook - The company is expected to see a gradual increase in net profit, with projections of 420 million yuan, 590 million yuan, and 780 million yuan for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 15, 11, and 8 times [1]

Investment Rating - The report maintains a "Buy-A" rating for the company, with a target price of 37.6 CNY per share over the next six months [4][5]. Core Views - The company achieved a revenue of 3.184 billion CNY in the first half of 2024, representing a year-on-year increase of 21.68%, while the net profit attributable to shareholders was 148 million CNY, down 19.4% year-on-year [1][2]. - In Q2 2024, the company reported a revenue of 1.7 billion CNY, with year-on-year and quarter-on-quarter growth of 18.97% and 14.69%, respectively. The net profit for the same period was 80 million CNY, showing a year-on-year decline of 11.5% but a quarter-on-quarter increase of 18.09% [1][2]. - The company is experiencing growth in its TPMS, air suspension, and sensor segments, with significant increases in market share and profitability [1][3]. Revenue Analysis - The revenue breakdown for the first half of 2024 includes: - TPMS: 985 million CNY, up 19.66% year-on-year - Metal pipe fittings: 750 million CNY, up 8.41% year-on-year - Valves: 378 million CNY, up 5.1% year-on-year - Air suspension: 424 million CNY, up 44.5% year-on-year - Sensors: 310 million CNY, up 51.71% year-on-year [1][2]. Profitability Analysis - The gross margin for Q2 2024 was 25.08%, reflecting a decline of 4.37 percentage points year-on-year and 2.31 percentage points quarter-on-quarter, primarily due to customer concentration and rising shipping costs [2]. - The net profit margin for Q2 2024 was 5.24%, down 1.35 percentage points year-on-year but up 0.64 percentage points quarter-on-quarter [2]. Future Outlook - The company expects to see rapid growth in its air suspension business, with production ramping up for models from NIO and BYD, and a projected increase in production capacity for the second half of the year [3]. - The company forecasts net profits of 400 million CNY, 580 million CNY, and 770 million CNY for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 15, 10, and 8 times [4][7].

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 ...

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。 ...

证券代码：603197 证券简称：保隆科技 公告编号：2024-080 上海保隆汽车科技股份有限公司 关于调整公司 2021 年限制性股票与股票期权激励计划 股票期权行权价格的公告 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。 2024 年 8 月 28 日，上海保隆汽车科技股份有限公司（以下简称"公司"） 召开了第七届董事会第十七次会议、第七届监事会第十七次会议，审议通过了《关 于调整公司 2021 年限制性股票与股票期权激励计划股票期权行权价格的议案》， 同意公司对 2021 年限制性股票与股票期权激励计划（以下简称"本次激励计划"） 的股票期权行权价格进行调整，首次授予的行权价格由 26.98 元/股调整为 26.77 元/股，预留授予的行权价格由 53.10 元/股调整为 52.89 元/股。现将有关事项公 告如下： 一、本次激励计划已履行的相关审批程序及实施情况 1、2021 年 7 月 20 日，公司召开第六届董事会第十一次会议，审议通过了 《关于<上海保隆汽车科技股份有限公司 2021 年限制性股票与股票期权激 ...

证券代码：603197 证券简称：保隆科技 公告编号：2024-082 上海保隆汽车科技股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 18 日 至 2024 年 9 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东大会召开日期：2024 年 9 月 18 日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2024 年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的 ...

上海保隆汽车科技股份有限公司 监事会议事规则 上海保隆汽车科技股份有限公司 监事会议事规则 第一条 宗旨 1.1 为进一步规范本公司监事会的议事方式和表决程序，促使监事和监 事会有效地履行监督职责，完善公司法人治理结构，根据《中华人 民共和国公司法》《上海证券交易所股票上市规则》等相关法律、 行政法规、部门规章、规范性文件和《上海保隆汽车科技股份有限 公司章程》（以下简称"公司章程"）的有关规定，制订本规则。 第二条 监事会办公室 第三条 监事会定期会议和临时会议 1 2.1 监事会设监事会办公室，处理监事会日常事务。 2.2 监事会主席兼任监事会办公室负责人，保管监事会印章。监事会主 席可以要求其他人员协助其处理监事会日常事务。 上海保隆汽车科技股份有限公司 监事会议事规则 （7） 公司章程规定的其他情形。 监事会临时会议应于会议召开五日前书面通知。如遇情况紧急，需 要尽快召开监事会临时会议的，监事会可以随时通过电话、传真或 者电子邮件方式发出会议通知，但召集人应当在会议上做出说明。 第四条 定期会议的提案 4.1 在发出召开监事会定期会议的通知之前，监事会办公室应当向全体 监事征集会议提案，并至少用两天的 ...