Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% compared to the benchmark in the next six months [8][10]. Core Insights - The company's core business profitability recovery supports an overall gross margin increase, with the gross margin for 2023 at 27.4%, down 0.6 percentage points year-on-year. New businesses (sensors/air suspension) experienced a decline in gross margin due to production ramp-up and market competition, with margins down 3.0 percentage points and 1.7 percentage points respectively. Mature businesses (automotive metal pipe fittings/valve stems) benefited from post-pandemic recovery in overseas markets, with margins increasing by 4.7 percentage points and 4.9 percentage points respectively. The TPMS business saw a gross margin decline of 1.1 percentage points. The increase in profitability from mature businesses offsets the pressure from new business production ramp-up [1][9][25]. Financial Performance Summary - In 2023, the company achieved operating revenue of 5.9 billion yuan, a year-on-year increase of 23.4%. The net profit attributable to the parent company was 380 million yuan, up 76.9% year-on-year, while the net profit excluding non-recurring items was 290 million yuan, a significant increase of 251.9% year-on-year. For Q1 2024, the operating revenue was 1.48 billion yuan, with a year-on-year increase of 24.9% but a quarter-on-quarter decrease of 14.9%. The net profit attributable to the parent company was 68 million yuan, with a year-on-year decrease of 27.2% but a quarter-on-quarter increase of 69.8% [9][10][19]. Profit Forecast and Valuation - The report forecasts the company's revenue for 2024 and 2025 to be 7.8 billion yuan and 9.5 billion yuan respectively, with expected growth rates of 32% and 22%. The net profit attributable to the parent company is revised down to 500 million yuan and 650 million yuan for 2024 and 2025 respectively, with expected growth rates of 33% and 30%. The projected net profit for 2026 is 820 million yuan, with a growth rate of 26%. Corresponding P/E ratios are 18, 13, and 11 times for 2024, 2025, and 2026 respectively [10][18].

风险提示： 1）市场竞争风险； 2）产能不及预期风险； 3）大宗原材料价格及汇率波动风险，成本下沉不及预期。 | --- | --- | --- | --- | --- | |---------------------------------------------------|-------|-------|-------|-----------------------| | [Tab 重要财务指标 le_Profit] \n主要财务指标 | 2023A | 2024E | 2025E | 单位 : 百万元 \n2026E | | 营业收入 | 5897 | 7840 | 9971 | 12026 | | 收入同比（ % ） | 23.4% | 32.9% | 27.2% | 20.6% | | 归属母公司净利润 | 379 | 500 | 681 | 830 | | 净利润同比（ % ） | 76.9% | 31.9% | 36.2% | 21.9% | | 毛利率（ % ） | 27.4% | 27.2% | 26.9% | 26.8% | | ROE （ % ） | 12.8% | 14.3% | 1 ...

[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 保隆科技（603197）公司年报点评 2024 年 04 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_QuoteInfo] -14.58% -1.58% 11.42% 24.42% 37.42% 2023/5 2023/8 2023/11 2024/2 保隆科技 海通综指 分析师:刘一鸣 Tel:(021)23154145 Email:lym15114@haitong.com 证书:S0850522120003 空气悬架和传感器引领增长，定点开拓和 产能扩张同步推进 [Table_Summary] 投资要点： 2023 年空气悬架、传感器、TPMS 引领增长，收入同比增速分别 175%、45%、 29%。1）伴随着国内新车市场定价 30 万元以上车型销量占比上升、空气悬 架系统性价比的进一步提升、以及消费者对该产品的认可度提升，将会促使 越来越多的中级新能源汽车和燃油车通过配置空气悬架系统以提升产品竞争 力和客户满意度。2）随着汽车电子化程度的不断提高，公司包括压力类传感 器、光 ...

保隆科技（603197.SH） 买入 核心观点 公司研究·财报点评 证券研究报告 | 2024年04月30日 证券分析师：唐旭霞 0755-81981814 tangxx@guosen.com.cn S0980519080002 ■ 营业收入(亿元) - yoy 70 50% 60 40% 50 30% 40 30 20% 20 10% 10 0 0% 2019 2020 2021 2022 2023 资料来源:公司公告、Wind、国信证券经济研究所整理 图8:保隆科技单季度四项费用率情况（单位:%） 15% 销售费用率 管理费用李 财务费用李 研发费用率 10% 5% 0% -5% －10% 203101 202103 pplick olo polo polo polo - 202202 201303 - 202407 请务必阅读正文之后的免责声明及其项下所有内容 | --- | --- | --- | --- | --- | --- | |---------------|-----------------------------------------------------|-------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the relevant market index by more than 15% over the next 12 months [4]. Core Insights - The company reported a revenue of 5.897 billion yuan in 2023, representing a year-on-year increase of 23.44%, and a net profit attributable to shareholders of 379 million yuan, up 76.92% year-on-year [9][11]. - In Q1 2024, the company achieved a revenue of 1.483 billion yuan, a year-on-year increase of 24.94%, but a quarter-on-quarter decrease of 14.89% [6][11]. - The growth in revenue is attributed to the expansion of air suspension and sensor businesses, which significantly boosted overall performance [9][19]. - The company has a strong order backlog and is expanding its customer base, particularly in traditional valve and tire pressure monitoring systems (TPMS) [12][13]. Summary by Sections Financial Performance - In 2023, the company’s revenue was 58.97 billion yuan, with a net profit of 3.79 billion yuan. The Q4 2023 revenue was 17.42 billion yuan, with a net profit of 0.40 billion yuan [9][11]. - The revenue breakdown by product for 2023 includes TPMS (1.911 billion yuan), automotive metal parts (1.421 billion yuan), valve stems (0.784 billion yuan), air suspension (0.701 billion yuan), and sensors (0.531 billion yuan), with respective year-on-year growth rates of 29.44%, 6.09%, 9.64%, 174.75%, and 45.16% [9][19]. Profitability Metrics - The overall gross margin for 2023 was 27.4%, with a projected increase to 29.1% in 2024 [16]. - The company’s net profit margin for 2023 was 6.4%, with an expected increase to 6.0% in 2024 [16]. Future Projections - The report adjusts the net profit forecast for 2024 to 483 million yuan and for 2025 to 596 million yuan, with a first-time forecast for 2026 at 735 million yuan [13][16]. - The company is expected to maintain growth in its air suspension and sensor businesses, with profitability likely to improve as these segments expand [12][13].

[Table_Main] 证券研究报告 | 公司点评 保隆科技(603197.SH) 2024 年 04 月 29 日 | --- | --- | |-----------------------------|----------------------------| | 保隆科技（ 买入（维持） | 603197.SH ）：业绩 | | 所属行业：汽车 / 汽车零部件 | | | 当前价格 ( 元 ) ： 43.18 | 稳健增长，空悬业务快速突破 | | | | 邓健全 秦梓月 市场表现 -29% -14% 0% 14% 29% 43% 57% 2023-05 2023-09 2024-01 保隆科技 沪深300 相关研究 事件：公司发布 2023 年年报以及 2024 年一季报，2023 年公司实现营收 58.97 亿 元，同比+23.44%；实现归母净利润 3.79 亿元，同比+76.92%；扣非后归母净利 润 2.94 亿元，同比+251.91%。2024 年 Q1 公司实现营业收入 14.83 亿元，同比 +24.94%；实现归母净利润 0.68 亿元，同比-27.16%；扣非后归母净利润 0.6 ...

2024 年 04 月 29 日 保隆科技(603197.SH) 23 年公司营收 58.97 亿元，同比+23.44%，收入符合预期，TMPS、传 感器、空悬贡献主要增长，其中，TPMS 营收 19.11 亿元，同比+29%； 空气悬架营收 7.01 亿元，同比+175%，毛利率 24.57%，同比-1.68pct； 传感器营收 5.31 亿元，同比+45%，空悬和传感器业务在产能爬坡期， 利润率不稳定，成熟产品 TPMS 市场占有率提升。 2023Q4 公司实现营收 17.42 亿元，同比增长 11.56%，收入创单季度 新高，预计主要是空悬贡献，理想 L8 销量 4 万辆，环比+17%；2023Q4 实现归母净利 0.4 亿元，同比-59.62%。2023Q4 毛利率 26.18%，同比 -2.06pct，我们认为毛利率下降主要由于 1）四季度有奖金等一次性 费用，2）产品结构变化，Q4 空悬销量增加，空悬毛利率低于总体水 平。2023Q4 期间费用率 21.9%，同比增加 4.08pct，其中研发费用率 分别为 9.11%，同比+3.42pct，主要是由于股权激励费用及空悬等新 产品投入研发。另外 2 ...

公 司 年 报 点 评 证 券 研 究 报 告 公 司 报 告 保隆科技(603197.SH) 成熟业务份额提升，空气悬架业务保持高增长 | --- | --- | |----------------------------|------------------------| | 主要数据 | | | 行业 | 汽车 | | 公司网址 | www.baolong.biz | | 大股东 / 持股 | 陈洪凌 /16.25% | | 实际控制人 | 陈洪凌 , 张祖秋 , 宋瑾 | | 总股本 ( 百万股 ) | 212 | | 流通 A 股 ( 百万股 ) | 210 | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 92 | | 流通 A 股市值 ( 亿元 ) | 91 | | 每股净资产 ( 元 ) | 14.38 | | 资产负债率 (%) | 61.1 | | 行情走势图 | | 推荐（维持） 证券分析师 股价：43.18 元 事项： | --- | --- | --- | --- | --- | --- | |---------------------|-------|--- ...

[Table_Industry] [Table_Title] 评级：买入（维持） [Table_Finance1] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 4,778 5,897 7,450 9,179 11,098 增长率 yoy% 23% 23% 26% 23% 21% 净利润（百万元） 214 379 462 661 888 增长率 yoy% -20% 77% 22% 43% 34% 每股收益（元） 1.01 1.79 2.18 3.12 4.19 每股现金流量 0.83 2.06 5.22 3.07 4.23 净资产收益率 8% 12% 13% 16% 17% P/E 42.8 24.2 19.8 13.9 10.3 P/B 3.7 3.1 2.8 2.3 1.9 备注：数据统计日期截至 2024 年 4 月 26 日收盘价 市场价格：43.18 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 Emai ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 43.18 yuan on April 26, 2024, corresponding to PE ratios of 18, 13, and 10 for the years 2024, 2025, and 2026 respectively [1][6]. Core Insights - The company reported a revenue of 5.9 billion yuan in 2023, a year-on-year increase of 23.4%, and a net profit attributable to shareholders of 0.38 billion yuan, up 76.9% year-on-year. The first quarter of 2024 saw a revenue of 1.48 billion yuan, a 24.9% increase year-on-year, but a 14.9% decrease quarter-on-quarter [1]. - The company's air suspension business has secured new projects, with a cumulative project value exceeding 18 billion yuan, and new orders continuing to grow rapidly. The market share for air suspension reached 20.7% in 2023 [1]. - Traditional businesses such as TPMS and sensors are experiencing steady growth, with TPMS revenue reaching 1.91 billion yuan, a 29.3% increase year-on-year [1]. Summary by Sections Revenue and Profitability - In 2023, the company achieved a total revenue of 5.9 billion yuan, with a growth rate of 23.4%. The automotive OEM&AM market revenue was 5.65 billion yuan, up 28.2% year-on-year. The first quarter of 2024 revenue was 1.48 billion yuan, showing a year-on-year increase of 24.9% [1]. - The net profit attributable to shareholders for 2023 was 0.38 billion yuan, reflecting a 76.9% increase year-on-year. The first quarter of 2024 net profit was 0.07 billion yuan, down 27.2% year-on-year but up 69.8% quarter-on-quarter [1]. Business Segments - The air suspension business has been expanding, with new project values exceeding 18 billion yuan and new orders maintaining high growth rates. The company is expected to further increase its production capacity with the new facility in Hefei [1]. - The TPMS business generated 1.91 billion yuan in revenue, a 29.3% increase year-on-year, while the sensor business has secured projects worth over 6 billion yuan [1]. Financial Projections - The company forecasts revenues of 7.85 billion yuan, 9.65 billion yuan, and 12.42 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 0.51 billion yuan, 0.69 billion yuan, and 0.95 billion yuan for the same years [1][12].