[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）公司半年报点评 2024 年 09 月 09 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 06 日收盘价（元） ] | 32.15 | | 52 周股价波动（元） | 26.82-67.55 | | 总股本 / 流通 A 股（百万股） | 212/210 | | 总市值 / 流通市值（百万元） | 6818/6762 | | 相关研究 | | | [Table_ReportInfo] 《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》 2024.04.30 | | | 《预告四季度业绩压力，智驾核心零部件成长 | | | 逻辑不变》 2024.01.30 | | | 《 23Q3 扣非归母净利润大幅增长， ...

保隆科技（603197.SH） 优于大市 业绩环比明显改善，公司空悬首获海外车企定点 公司二季度收入同比+19%，业绩环比明显改善。保隆科技 2024 年第二季度 实现收入 17.01 亿元，同比+19%，环比+15%；归母净利润 0.8 亿元，同比-11%， 环比+18%，主要受股权激励费用（单 Q2 为 3856 万元）影响，还原股权激励 费用后经营性利润 1.19 亿元，同比+30%，环比+11%。 公司 24Q2 毛利率同比增长 1.21pct。公司 24Q2 毛利率 25.08%，同比下降 4.37pct；归母净利润 5.24%，同比-1.66%，其中销售/管理/研发/财务费用 率分别为 3.70%/6.53%/8.23%/1.12%，同比-0.35/+0.30/+0.82/-0.28pct， 研发、管理费用率上升主要受股权激励费用影响。 传统业务持续发力，公司份额业内领先。1）TPMS 标配产品，公司 23 年销售 发射器 5448 万只，同比增长 43%，稳居高位。2）气门嘴及平衡块市场需求 平稳，公司是全球最大轮胎气门嘴企业之一，前瞻布局 TPMS 气门嘴。3）金 属管件核心从排气管转向新能源 ...

证券代码：603197 证券简称：保隆科技 公告编号：2024-087 上海保隆汽车科技股份有限公司 关于获得空气悬架系统产品项目定点通知书的公告 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。 重要内容提示： 定点通知并不反映主机厂最终的实际采购数量，目前项目总金额仅为预 计金额，后续实际开展情况存在不确定性，具体以订单结算金额为准。 公司实际销售金额将与汽车实际产量等因素直接相关，整个项目的实施 周期比较长，而汽车市场整体情况、国家宏观经济形势等因素均可能对主机厂的 生产计划和采购需求构成影响，进而为供货量带来不确定性影响；尽管合同双方 具备履约能力，但在合同履约过程中，可能会出现因产品开发遇阻、主机厂业务 调整或不可抗力等原因，导致项目延期、变更、中止或终止。 一、定点通知书概况 上海保隆汽车科技股份有限公司（以下简称"公司"）近日收到国内某自主 品牌主机厂（限于保密协议，无法披露其名称，以下简称"客户"）的《定点通 知书》，选择公司作为其全新平台项目空气悬架系统的双腔空气弹簧总成、供气 单元、储气罐、高度传感器等产品的 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [10]. Core Views - The company is experiencing steady revenue growth, with a projected revenue increase from 71.50 billion in 2024 to 104.00 billion in 2026, reflecting year-on-year growth rates of 21.24%, 24.18%, and 17.13% respectively [2]. - The net profit forecast for 2024 is adjusted to 4.20 billion, with expected growth rates of 10.99%, 32.84%, and 36.76% for the following years [2]. - The company's air suspension and sensor businesses are showing significant growth, with air suspension revenue increasing by 44.48% and sensor revenue by 51.71% in the first half of 2024 [6][3]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 31.84 billion, a year-on-year increase of 21.68%, while the net profit was 1.48 billion, down 19.40% [3][5]. - The second quarter of 2024 saw revenue of 17.01 billion, up 18.97% year-on-year and 14.69% quarter-on-quarter [5][3]. Revenue Breakdown - The domestic business revenue in the first half of 2024 was 15.82 billion, a 42.75% increase year-on-year, driven by rapid growth in air suspension and sensor businesses [5]. - Traditional business segments such as metal pipe fittings and valve stems also showed positive growth, with revenues of 7.50 billion and 3.78 billion respectively [2]. Profitability Metrics - The company's gross margin for the first half of 2024 was 27.12%, slightly down by 0.66% year-on-year, primarily due to increased stock incentive costs [5]. - The projected earnings per share (EPS) for 2024 is 1.79, increasing to 3.60 by 2026, indicating a strong growth trajectory [2][9]. Valuation Ratios - The price-to-earnings (P/E) ratio is projected to decrease from 15.0 in 2024 to 8.3 in 2026, suggesting the stock may become increasingly attractive [2]. - The price-to-book (P/B) ratio is expected to decline from 1.9 in 2024 to 1.4 in 2026, further indicating potential value [2].

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]

Investment Rating - The report maintains a "Buy" rating for Baolong Technology (603197) with a target price of 37.20 CNY over the next six months [1][6]. Core Insights - The company's revenue for the first half of 2024 reached 3.184 billion CNY, a year-on-year increase of 21.7%, while the net profit attributable to shareholders was 148 million CNY, a decrease of 19.4% [1]. - The decline in net profit is primarily attributed to increased stock incentive expenses and labor costs, which have pressured profitability [1]. - The company has seen significant growth in its air suspension and sensor segments, with air suspension revenue increasing by 44.5% year-on-year and sensor revenue rising by 51.7% [1][2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.7 billion CNY, a year-on-year increase of 19% and a quarter-on-quarter increase of 14.7% [1]. - The gross margin for H1 2024 was 27.1%, down 0.7 percentage points year-on-year, while the net margin was 4.94%, down 2.3 percentage points [1]. - The company's domestic revenue accounted for 49.7% of total revenue, reflecting a 7.3 percentage point increase year-on-year, indicating a growing domestic customer base [1]. Business Segments - The air suspension segment generated 420 million CNY in revenue in H1 2024, with a low penetration rate expected to grow as the market for vehicles priced above 300,000 CNY expands [1]. - The sensor segment's revenue reached 310 million CNY, benefiting from the increasing demand for various types of sensors in the context of electric and intelligent vehicle development [1][2]. - The TPMS segment reported revenue of 990 million CNY, a year-on-year increase of 19.7%, with the company being a leading global manufacturer in this area [2]. Profit Forecast and Valuation - The forecast for EPS from 2024 to 2026 is 1.86 CNY, 2.41 CNY, and 3.28 CNY, respectively, with corresponding PE ratios of 16, 12, and 9 [2][5]. - The report anticipates a compound annual growth rate (CAGR) of 22.5% for net profit attributable to shareholders over the same period [2]. - The average valuation of comparable companies is set at 20 times PE, leading to the target price of 37.20 CNY for Baolong Technology [6].

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]