证券代码：603197 证券简称：保隆科技 公告编号：2024-118 关于签订募集资金三方监管协议的公告 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。 一、募集资金基本情况 上海保隆汽车科技股份有限公司 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可〔2024〕 1184 号文《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》核准，上海保隆汽车科技股份有限公司（以下简称"公司"） 于 2024 年 10 月 31 日向不特定对象发行面值总额 139,000.00 万元可转换公司债 券，期限 6 年，每张面值为人民币 100 元，发行数量 1,390.00 万张，募集资金 总额为人民币 139,000.00 万元。扣除发行费用人民币 1,292.75 万元（不含税） 后，募集资金净额为人民币 137,707.25 万元。上述募集资金到位情况已经大信 会计师事务所（特殊普通合伙）验证，并由其出具《验资报告》（大信验字〔2024〕 第 1-00069 号）。 二、协议的签订情况和募集资 ...

（深圳市福田区福田街道金田路 2026 号能源大厦南塔楼 10-19 层） 上海保隆汽车科技股份有限公司 证券代码：603197 证券简称：保隆科技 公告编号：2024-117 （上海市松江区沈砖公路 5500 号） 向不特定对象发行可转换公司债券 上市公告书 保荐机构（主承销商） 联席主承销商 （北京市西城区闹市口大街 9 号院 1 号楼） 二〇二四年十一月 第一节 重要声明与提示 上海保隆汽车科技股份有限公司（以下简称"保隆科技""发行人""公司" 或"本公司"）全体董事、监事、高级管理人员保证上市公告书的真实性、准确 性、完整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并对其 内容的真实性、准确性和完整性承担个别及连带的法律责任。 根据《中华人民共和国公司法》《中华人民共和国证券法》《可转换公司债券 管理办法》等有关法律、法规的规定，本公司董事、高级管理人员已依法履行诚 信和勤勉尽责的义务和责任。中国证券监督管理委员会（以下简称"中国证监会"）、 上海证券交易所（以下简称"上交所"）、其他政府机关对本公司可转换公司债券 上市及有关事项的意见，均不表明对本公司的任何保证。 本公司提醒广大投资者 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 1.84 billion yuan in Q3 2024, representing a year-on-year increase of 20% and a quarter-on-quarter increase of 8%. However, the net profit attributable to the parent company was 100 million yuan, down 35% year-on-year but up 25% quarter-on-quarter. The gross margin was 24.6%, a decrease of 3.6 percentage points year-on-year and 0.5 percentage points quarter-on-quarter. The net profit margin was 5.8%, down 3.9 percentage points year-on-year but up 0.5 percentage points quarter-on-quarter [5][6] Summary by Sections Revenue and Profitability - The company achieved a revenue of 1.84 billion yuan in Q3 2024, with a year-on-year growth of 20% and a quarter-on-quarter growth of 8%. The net profit attributable to the parent company was 100 million yuan, reflecting a year-on-year decline of 35% but a quarter-on-quarter increase of 25%. The gross margin stood at 24.6%, down 3.6 percentage points year-on-year and 0.5 percentage points quarter-on-quarter. The net profit margin was 5.8%, down 3.9 percentage points year-on-year but up 0.5 percentage points quarter-on-quarter [5][6] Project Wins - In Q3 2024, the company secured multiple air suspension assembly projects, with the expected value per vehicle set to increase. Notable wins include: 1. A project with a domestic brand car manufacturer for a new air suspension system, with a total project value of 450 million yuan over five years, expected to start production in June 2025. 2. A project with a leading joint venture brand for air suspension components, with a total project value of 170 million yuan over five years, expected to start production in December 2025. 3. A project with a new energy vehicle manufacturer for air suspension components, with a total project value of 900 million yuan over five years, expected to start production in January 2026. 4. A project with a well-known European manufacturer for air suspension systems, with a total project value exceeding 240 million yuan over seven years, expected to start production in 2027 [6] Financial Forecast - The company is expected to achieve revenues of 7.17 billion yuan, 9.15 billion yuan, and 11.48 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is projected to be 409 million yuan, 579 million yuan, and 788 million yuan for the same years. The corresponding EPS is expected to be 1.93 yuan, 2.73 yuan, and 3.72 yuan [7][10]

证券代码：603197 证券简称：保隆科技 公告编号：2024-116 上海保隆汽车科技股份有限公司 关于签订募集资金专户存储三方监管协议的公告 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。 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可〔2024〕 1184 号文《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》核准，上海保隆汽车科技股份有限公司（以下简称"公司"） 于 2024 年 10 月 31 日向不特定对象发行面值总额 139,000.00 万元可转换公司债 券，期限 6 年，每张面值为人民币 100 元，发行数量 1,390.00 万张，募集资金 总额为人民币 1,390,000,000 元。扣除发行费用人民币 1,292.75 万元（不含税） 后，募集资金净额为人民币 137,707.25 万元。上述募集资金到位情况已经大信 会计师事务所（特殊普通合伙）验证，并由其出具《验资报告》（大信验字〔2024〕 第 1-00069 号）。 二、协议的签订 ...

证券代码：603197 证券简称：保隆科技 公告编号：2024-115 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发行结果公告 保荐人（联席主承销商）：长城证券股份有限公司 联席主承销商：信达证券股份有限公司 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： 上海保隆汽车科技股份有限公司（以下简称"发行人"或"公司"）向不特定对 象发行可转换公司债券（以下简称"可转债"或"保隆转债"）已获得中国证券监督 管理委员会证监许可〔2024〕1184 号文同意注册。长城证券股份有限公司（以下 简称"长城证券"、"保荐人（联席主承销商）"或"主承销商"）为本次发行的保荐人 （联席主承销商），信达证券股份有限公司（以下简称"信达证券"、"联席主承销商" 或"主承销商"）为本次发行的联席主承销商。本次发行的可转债简称为"保隆转债"， 债券代码为"113692"。 | 类别 | 认购数量（手） | 放弃认购数量（手） | | --- | --- | --- | | 原股东 | 929,812 | 0 | | 网 ...

保隆科技（603197.SH） 优于大市 公司空悬业务持续拓展，增资完善供气单元核心部件自制 公司三季度收入同比+21%，业绩持续改善。公司 2024 年前三季度收入 50.26 亿元，同比+21%；归母净利润 2.49 亿元，同比-27%；单季度看，24Q3 实现 营收 18.43 亿元，同比+20%，环比+8%；归母净利润 1 亿元，还原股权激励 费用（0.34 亿）后 1.34 亿元，同比-14%（去年同期存在 2000 万赔付及 3000 万投资收益），环比+14%，扣非净利润 0.91 亿元，同比有所下降，环比+71%。 公司24Q3 净利率环比上升0.54pct。公司24Q3 毛利率24.6%，同比-3.55pct， 环比-0.48pct；净利润 5.78%，同比-3.93pct，环比+0.54pct。其中销售/ 管理/研发费用率分别 3.09%/5.91%/7.92%，同比+1.01/-0.32/+0.45pct，环 比-0.61/-0.61/-0.31pct，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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Insights - The company has demonstrated robust revenue growth, with Q3 2024 revenue reaching 1.843 billion yuan, representing a year-on-year increase of 19.75% and a quarter-on-quarter increase of 8.34%. However, net profit attributable to shareholders decreased by 35.21% year-on-year due to stock incentive expenses and a high base from the previous year [3][6]. - The company is experiencing rapid growth in its air suspension and sensor businesses, with significant contributions from key clients such as BYD and Li Auto, which saw sales increase by 14.7% and 19.0% respectively in Q3 2024 [3][6]. - The company has secured multiple new projects in 2024, enhancing its production capacity and global footprint, particularly in the air suspension and TPMS sectors [3][6]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.843 billion yuan, with a year-on-year growth of 19.75% and a quarter-on-quarter growth of 8.34%. The net profit attributable to shareholders was 100 million yuan, down 35.21% year-on-year [3][6]. - For the first three quarters of 2024, the TPMS business generated revenue of 1.621 billion yuan (up 21.23% year-on-year), while the air suspension business saw revenue of 628 million yuan (up 28.86% year-on-year) [3][6]. Future Projections - The company is expected to achieve revenues of 7.105 billion yuan, 8.742 billion yuan, and 10.668 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 20%, 23%, and 22% [6][7]. - The projected net profit attributable to shareholders for the same period is 398 million yuan, 542 million yuan, and 684 million yuan, with growth rates of 5%, 36%, and 26% respectively [6][7]. Market Position and Strategy - The company is focusing on expanding its product offerings in air suspension, sensors, and ADAS, leveraging its traditional TPMS business as a stable growth foundation [4][6]. - Strategic partnerships, such as the collaboration with Bost, are aimed at enhancing capabilities in the automotive intelligent chassis sector [3][6].

Summary of Conference Call Company and Industry Overview - The conference call primarily discusses the performance and outlook of a company in the automotive parts industry, specifically focusing on air suspension systems, sensors, and smart driving technologies. Key Points and Arguments Economic and Market Conditions - The European market has shown weakness due to the ongoing impacts of the Russia-Ukraine conflict, leading to a decline in expected revenues for Q3 [1] - Despite challenges, there is optimism for Q4 and beyond, with production data indicating a potential increase in revenue [1] Revenue and Product Performance - Domestic revenue has surpassed international revenue, accounting for over 50% of total group revenue [2] - The smart driving business has seen significant growth, with Q3 revenues reaching approximately 110 million, up from 70 million in the first half of the year [3] - The company is experiencing a decline in gross margin due to changes in revenue structure and lower margins from new product lines [2][3] Cost and Shipping Trends - Shipping costs peaked in July and August but have since decreased significantly, with container shipping rates to North America dropping over 25% and to Europe by more than 40% [3][4] - The company anticipates improved shipping conditions in Q4, which will positively impact overall costs [4] Product Development and Client Acquisition - The company has secured numerous air suspension projects, with a win rate exceeding 55% in the first half of the year [5][6] - New partnerships with major clients, including Huawei, are expected to drive future growth in air suspension systems [6] - The company is also expanding its sensor business, with a target to achieve over 50% growth in the coming year [12][13] Challenges and Strategic Responses - The company faces pricing pressures in certain segments, particularly in sensors and tire pressure monitoring systems, due to competition [9][26] - Efforts are being made to control costs and improve efficiency through flexible production lines and standardized materials [9][10] Future Outlook - The company projects that air suspension penetration in the domestic market will exceed 15% by 2026, driven by increasing consumer acceptance and demand for enhanced vehicle features [21][23] - The smart driving segment aims for substantial growth, with expectations of reaching a revenue scale of 2.5 to 3 billion by year-end [25] - The company is also exploring new growth avenues through AI-driven sales strategies in the aftermarket segment [19] Financial Considerations - The company is managing its financial structure carefully, with a focus on reducing costs associated with stock options and maintaining a stable gross margin around 25% [11][10] - The impact of potential tariffs due to U.S. elections is being assessed, with plans to increase local production to mitigate risks [28][29] Additional Important Content - The company has made strategic investments in partnerships, such as with Bobo Technology, to enhance its product offerings in air suspension systems [30][31] - The conference concluded with an invitation for further inquiries, indicating a commitment to transparency and investor engagement [32]

向不特定对象发行可转换公司债券网上中签结果公告 保荐人（联席主承销商）：长城证券股份有限公司 证券代码：603197 证券简称：保隆科技 公告编号：2024-114 上海保隆汽车科技股份有限公司 凡参与保隆转债网上申购的投资者持有的申购配号尾数与上述号码相同的， 则为中签号码。中签号码共有 460,188 个，每个中签号码只能认购 1 手（1,000 元） 保隆转债。 特此公告。 发行人：上海保隆汽车科技股份有限公司 保荐人（联席主承销商）：长城证券股份有限公司 联席主承销商：信达证券股份有限公司 2024 年 11 月 4 日 联席主承销商：信达证券股份有限公司 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发 行公告》，本次发行的发行人上海保隆汽车科技股份有限公司（以下简称"保隆科 技"）与本次发行的保荐人（联席主承销商）长城证券股份有限公司、联席主承销 商信达证券股份有限公司于 2024 年 11 月 1 日（T+1 日）主持了上海保隆汽车科技 股份有限公 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved revenue of RMB 5,026 million in Q3 2024, a YoY increase of 20.96%, but net profit attributable to shareholders decreased by 26.62% YoY to RMB 249 million [2] - Gross margin declined to 26.20% in the first three quarters of 2024, down 1.72 percentage points YoY, while R&D expenses increased to 8.31% of revenue, up 0.47 percentage points YoY [2] - The company has 11 R&D centers and 19 factories globally, with over 700 authorized patents and 1,321 R&D personnel as of Q3 2024 [3] - R&D expenses reached RMB 415 million in the first three quarters of 2024, accounting for 8.25% of revenue, a 33.45% YoY increase [3] - The company has been recognized by Li Auto for its contributions to the production of 1 million vehicles, providing customized products such as air springs, air tanks, TPMS, and wheel speed sensors [3] Financial Forecasts - Revenue is expected to grow from RMB 7,513 million in 2024E to RMB 11,229 million in 2026E, with a CAGR of 23.01% [4] - Net profit attributable to shareholders is projected to increase from RMB 412 million in 2024E to RMB 772 million in 2026E [4] - EPS is forecasted to rise from RMB 1.94 in 2024E to RMB 3.64 in 2026E, with a corresponding PE ratio decline from 19.70x to 10.52x [4] - ROE is expected to improve from 12.28% in 2024E to 16.81% in 2026E [4] Operational Highlights - The company's gross margin is projected to stabilize at around 27.5% from 2025E onwards [6] - Operating margin is expected to increase from 7.0% in 2024E to 8.7% in 2026E [6] - Asset turnover efficiency is improving, with total asset turnover days decreasing from 425 days in 2024E to 371 days in 2026E [6] - ROIC is forecasted to rise from 7.3% in 2024E to 9.7% in 2026E [6]