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 ...

证券代码：603197 证券简称：保隆科技 公告编号：2024-079 上海保隆汽车科技股份有限公司 截至 2024 年 6 月 30 日止前次募集资金使用情况专项报告 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。 根据《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及相关格 式指引的规定，本公司将关于前次募集资金使用情况专项说明如下： 一、前次募集资金的募集情况 经中国证券监督管理委员会（以下简称中国证监会） 《关于核准上海保隆汽 车科技股份有限公司非公开发行股票的批复》（证监许可[2020]3576 号）核准， 上海保隆汽车科技股份有限公司（以下简称公司） 向特定投资者非公开发行人民 币普通股股票（A 股）41,538,461 股，每股发行价格人民币 22.10 元，募集资金 总额为人民币 917,999,988.10 元，扣除各项发行费用（不含税）人民币 15,779,507.80 元，实际募集资金净额人民币 902,220,480.30 元已汇入公司募集 资金专用户。上述募集资金已于 2021 年 4 月 ...

Financial Performance - The company achieved a revenue of RMB 3,183,696,046.17 for the first half of 2024, representing a year-on-year increase of 21.68% compared to RMB 2,616,477,670.45 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was RMB 148,315,053.31, which is a decrease of 19.40% from RMB 184,012,241.97 in the previous year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 118,598,144.11, a decrease of 18.62% compared to the previous year[16]. - The net cash flow from operating activities was CNY 93,884,947.66, down 39.80% year-on-year[16]. - Basic earnings per share for the first half of the year were CNY 0.71, a decline of 20.22% year-on-year[17]. - The diluted earnings per share were CNY 0.71, down 19.32% compared to the same period last year[17]. - The weighted average return on net assets was 4.97%, a decrease of 2.24% from the previous year[17]. - The company reported a net profit of ¥70,129,827.30 for the first half of 2024, a decrease from ¥155,409,764.67 in the same period of 2023[89]. - The total comprehensive income for the first half of 2024 was CNY 157,517,822.89, compared to CNY 233,676,208.90 in the first half of 2023, showing a decrease of approximately 32.5%[92]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 0.21 per share, totaling RMB 44,532,121.20, which accounts for 30.03% of the net profit attributable to shareholders[3]. - A cash dividend of RMB 0.21 per share will be distributed to all shareholders, totaling RMB 44,532,121.20, which accounts for 30.03% of the net profit attributable to ordinary shareholders[59]. - The company achieved a net profit of RMB 50,434,219.43 for the first half of 2024, with retained earnings at RMB 155,409,764.67 as of the beginning of 2024[58]. - The retained earnings decreased by 135,714,156.80 CNY due to profit distribution[110]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 9,218,213,881.02, reflecting an 8.77% increase compared to the previous year[16]. - The net assets attributable to shareholders at the end of the reporting period were CNY 3,031,117,239.90, an increase of 2.63% from the end of the previous year[16]. - Total liabilities rose to ¥5,866,020,147.94 from ¥5,224,289,714.81, which is an increase of approximately 12.3%[85]. - The total equity attributable to shareholders increased to ¥3,031,117,239.90 from ¥2,953,444,558.25, showing a growth of approximately 2.6%[86]. - The company’s total assets reached 1,846,264,001.69 CNY at the end of the reporting period[111]. Market and Industry Overview - The global automotive production and sales for the first half of 2024 were 41,982,200 units and 42,489,700 units, respectively, showing a year-on-year decline of 3.6% in production and a slight increase of 0.8% in sales[21]. - In the first half of 2024, total automotive sales in China reached 14.04 million units, representing a year-on-year growth of 6.09%[23]. - The production of passenger vehicles in China for H1 2024 was 11.88 million units, with a year-on-year increase of 5.44%[24]. - The sales of new energy vehicles (NEVs) in China reached 4.69 million units in H1 2024, marking a 31.5% increase year-on-year, contributing to 33.4% of total automotive sales[27]. - The overall automotive market in China showed resilience with a total production of 13.89 million units in H1 2024, indicating a stable growth trajectory[23]. Research and Development - The company holds 670 valid authorized patents globally as of June 30, 2024, with R&D investment accounting for 8.52% of operating income in H1 2024[34]. - The company’s R&D expenses increased by 38.81% to RMB 271.27 million in H1 2024, compared to RMB 195.42 million in H1 2023, reflecting a commitment to innovation[44]. - Research and development expenses increased to CNY 37,726,563.26 in the first half of 2024, up from CNY 20,424,518.22 in the first half of 2023, reflecting a growth of approximately 84.9%[93]. Risk Management - The report includes a detailed description of potential risks that the company may face in the future[5]. - The company faces significant market competition risks in the automotive parts industry, which may adversely affect performance growth[53]. - The company is exposed to foreign exchange risks due to high overseas sales revenue, which could impact operating performance[54]. - The company has established long-term relationships with key raw material suppliers to mitigate risks related to price fluctuations and supply shortages[54]. Corporate Governance - The financial report has been declared accurate and complete by the company's management, including the responsible persons[2]. - The board of directors and supervisory board members were present at the meeting to approve the report[2]. - The company has not reported any significant litigation or arbitration matters during the reporting period[67]. - The integrity status of the company and its controlling shareholders remains good during the reporting period[67]. Investment and Financing - The total amount of raised funds is CNY 918 million, with a net amount of CNY 902.22 million after deducting issuance costs[71]. - The company plans to use up to CNY 130 million of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months[74]. - The company has completed the issuance of 102,000 new shares, increasing the total share capital to 212,057,720 shares[75]. Taxation - The company has a corporate income tax rate of 25% for Shanghai Baolong Automotive Technology Co., Ltd. and 15% for several subsidiaries, including Baolong Hofu (Shanghai) Electronics Co., Ltd. and Anhui Toposi Automotive Parts Co., Ltd.[168]. - The company has obtained high-tech enterprise certification for multiple subsidiaries, allowing them to apply a reduced corporate income tax rate of 15% for a period of three years[170]. - The VAT rate for the company's domestic sales of products is 13%, while the VAT rate for technology development services is 6%[167]. Inventory and Receivables - The inventory balance at the end of the period is CNY 1,849,132,297.18, with a provision for inventory depreciation of CNY 53,899,387.10[192]. - The total accounts receivable at the end of the period reached ¥1,687,281,529.13, up from ¥1,485,007,118.93 at the beginning, indicating an increase of about 13.6%[175]. - The provision for bad debts for accounts receivable was reported at ¥30,525,773.56, which is about 1.81% of the total accounts receivable[176].

证券代码：603197 证券简称：保隆科技 公告编号：2024-081 上海保隆汽车科技股份有限公司 关于调整公司 2023 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 2023 年限制性股票与股票期权激励计股票期权行权价格的议案》，同 意公司对 2023 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"） 股票期权行权价格进行调整，由 44.47 元/股调整为 44.26 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、2023 年 8 月 28 日，公司召开第七届董事会第七次会议，会议审议通过 了《关于<2023 年限制性股票与股票期权激励计划（草案）>及其摘要的议案》 《关于<2023 年限制性股票与股票期权激励计划实施考核管理办法>的议案》以及 《关于 ...

证券代码：603197 证券简称：保隆科技 公告编号：2024-078 上海保隆汽车科技股份有限公司 关于修改《公司章程》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。 根据《中华人民共和国公司法》（以下简称"《公司法》"）及《上市公司 章程指引（2023 修订）》等有关规定，公司需增加注册资本并修改《上海保隆 汽车科技股份有限公司章程》（以下简称"《公司章程》"）中注册资本和股份 总数等相关条款。 二、修改《公司章程》的情况说明 第十四届全国人民代表大会常务委员会第七次会议于 2023 年 12 月 29 日表 决通过新修订的《公司法》，于 2024 年 7 月 1 日起施行。根据新修订的《公司 法》，并结合公司增加注册资本等公司实际情况，公司拟对《公司章程》部分条 款进行修订。具体修改内容如下： | | 修订前 | 修订后 | | --- | --- | --- | | 第六条 | 公 司 注 册 资 本 为 人 民 币 | 第六条 公 司 注 册 资 本 为 人 民 币 | | 21,171.3852 | 万元 ...