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]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q3 2024 performance met expectations, with total revenue of 1.84 billion yuan, reflecting a quarter-on-quarter increase of 19.8% and a year-on-year increase of 8.3%. The net profit attributable to shareholders was 100 million yuan, showing a quarter-on-quarter decrease of 35.2% but a year-on-year increase of 24.9% [1] - The company's new business segments, particularly sensors and air suspension, demonstrated strong growth, with revenues of 470 million yuan and 630 million yuan respectively, representing increases of 38.0% and 28.9% year-on-year. The growth in the sensor business is driven by product category expansion and new customer acquisition, while the air suspension business benefits from the rapid production and sales of key downstream models [2] - The impact of stock incentive expenses on profits is gradually diminishing, leading to a quarter-on-quarter improvement in performance. The gross profit margin for Q3 2024 was 24.6%, with a net profit margin of 5.7%, indicating a recovery in profitability [3] - The company is positioned as a leader in the air suspension market, with significant breakthroughs in product development and customer acquisition, including partnerships with major automotive manufacturers [4] Financial Forecasts - The revenue forecasts for 2024-2026 are maintained at 73 billion yuan, 95 billion yuan, and 115 billion yuan, representing year-on-year growth rates of 24%, 30%, and 21% respectively. The net profit forecasts for the same period are 4.3 billion yuan, 5.9 billion yuan, and 7.8 billion yuan, with corresponding year-on-year growth rates of 13%, 38%, and 32% [4]

Investment Rating - The report maintains a "Buy" rating for Baolong Technology (603197) [1] Core Views - Q3 2024 performance met expectations with significant quarter-over-quarter recovery in net profit [1] - Net profit margin rebounded quarter-over-quarter while expense ratio continued to decline [2] - Air suspension and sensor businesses maintained rapid growth [3] - Traditional business market share steadily increased with improving overseas operations [4] Financial Performance Q3 2024 Results - Revenue: 5.026 billion yuan (+21% YoY) [1] - Net profit: 249 million yuan (-26.6% YoY) [1] - Gross margin: 26.2% (-1.7pp YoY) [1] - Net margin: 5.3% (-2.9pp YoY) [1] Q3 2024 Highlights - Revenue: 1.843 billion yuan (+19.8% YoY, +8.3% QoQ) [1] - Net profit: 100 million yuan (-35.2% YoY, +24.9% QoQ) [1] - Gross margin: 24.6% (-3.6pp YoY, -0.5pp QoQ) [2] - Net margin: 5.8% (-3.9pp YoY, +0.6pp QoQ) [2] - Expense ratio: 17.8% (+0.1pp YoY, -1.7pp QoQ) [2] Business Segments Air Suspension - H1 2024 revenue: 420 million yuan (+44.5% YoY) [3] - Low penetration rate with growth potential [3] - Strong R&D experience and first-mover advantage in air spring products [3] Sensors - H1 2024 revenue: 310 million yuan (+51.7% YoY) [3] - Product categories include pressure, optical, position, speed, acceleration, and current sensors [3] Traditional Business - TPMS revenue: 990 million yuan (+19.7% YoY) [4] - Overseas operations: 24.43 million yuan net profit (+390% YoY) [4] - Metal pipe revenue: 750 million yuan (+8.4% YoY) [4] - Valve stem revenue: 380 million yuan (+5.1% YoY) [4] Financial Forecast 2024-2026 Projections - EPS: 1.87/2.65/3.56 yuan [4] - PE: 21/15/11x [4] - Net profit CAGR: 25.9% [4] Key Financial Metrics - Revenue growth: 21.62%/25.32%/22.59% [5] - Net profit growth: 4.76%/41.56%/34.45% [5] - ROE: 11.50%/14.43%/16.86% [5] - PB: 2.79/2.59/2.28/1.96 [5] Valuation - Current price: 38.79 yuan [1] - 52-week price range: 26.86-66.15 yuan [6] - Market cap: 8.226 billion yuan [6] - Total assets: 9.634 billion yuan [6] - Net assets per share: 14.60 yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has a leading global market share in its mature business, with a robust order backlog in emerging sectors. The profit forecast remains unchanged, expecting net profits of 386 million yuan, 496 million yuan, and 647 million yuan for 2024-2026, with corresponding EPS of 1.82 yuan, 2.34 yuan, and 3.05 yuan, resulting in PE ratios of 21X, 16X, and 13X based on the closing price on October 31, 2024 [5] - The company plans to increase its investment in Shanghai Bobang to strengthen its cooperation in the air compressor sector. The air suspension business has established a strong market position in China, with ongoing expansions into electric control dampers and closed systems, enhancing the self-manufacturing rate of components [5] - The company has secured project approvals from various clients, including a well-known European OEM, marking a significant breakthrough in overseas expansion for its air suspension business [8][9] Financial Performance Summary - For Q3 2024, the company reported revenue of 1.843 billion yuan, a year-on-year increase of 20%, while net profit attributable to shareholders was 100 million yuan, a decrease of 35% year-on-year. For the first three quarters of 2024, total revenue reached 5.026 billion yuan, up 21% year-on-year, with a net profit of 249 million yuan, down 27% year-on-year [10] - The company's main revenue and profit figures for the years 2021 to 2026 are as follows: - Main revenue (million yuan): 3898 (2021), 4778 (2022), 5897 (2023), 7245 (2024E), 9298 (2025E), 11838 (2026E) - Net profit (million yuan): 268 (2021), 214 (2022), 379 (2023), 386 (2024E), 496 (2025E), 647 (2026E) - EPS (yuan): 1.27 (2021), 1.01 (2022), 1.79 (2023), 1.82 (2024E), 2.34 (2025E), 3.05 (2026E) [6][10]

Investment Rating - Buy | Maintain [2] Core Views - The company's Q3 2024 revenue continued to grow significantly, reaching RMB 1.843 billion (yoy +19.75%, qoq +8.34%), driven by the rapid expansion of emerging businesses such as air suspension and sensors, while maintaining its core businesses like TPMS, valve stems, and automotive metal pipes [2] - Despite the revenue growth, profitability was under short-term pressure, with Q3 2024 gross margin at 24.60% (yoy -3.55pcts, qoq -0.48pcts) and net margin at 5.78% (yoy -3.93pcts, qoq +0.54pcts). The decline in profitability was attributed to higher equity incentive expenses and lower investment income compared to the same period last year [2] - The company has secured multiple air suspension projects, including 23 air spring damper assembly projects, 5 suspension controller projects, and 48 air tank projects, indicating strong growth potential in this segment [3] - The company plans to raise up to RMB 1.39 billion to expand its air suspension system manufacturing capacity, which is expected to further accelerate the growth of its air suspension business [3] Financial Performance Summary - Q3 2024 revenue: RMB 1.843 billion (yoy +19.75%, qoq +8.34%) [2] - Q3 2024 net profit attributable to shareholders: RMB 100 million (yoy -35.21%, qoq +24.87%) [2] - Q1-Q3 2024 revenue: RMB 5.026 billion (yoy +20.96%) [2] - Q1-Q3 2024 net profit attributable to shareholders: RMB 249 million (yoy -26.62%) [2] Future Projections - Expected revenue for 2024-2026: RMB 7.145 billion, RMB 8.636 billion, and RMB 10.635 billion, respectively [4] - Expected net profit attributable to shareholders for 2024-2026: RMB 397 million, RMB 512 million, and RMB 676 million, respectively [4] - Expected EPS for 2024-2026: RMB 1.87, RMB 2.41, and RMB 3.19, respectively [4] - Expected PE ratios for 2024-2026: 21.32x, 16.54x, and 12.52x, respectively [4] Business Highlights - The company has secured 10 OEMs for 23 air spring damper assembly projects, 2 OEMs for 5 suspension controller projects, and 17 OEMs and Tier 1 suppliers for 48 air tank projects, indicating strong market demand for its air suspension products [3] - The company's air suspension business is expected to benefit from the rapid penetration of air suspension systems in new energy vehicles, with capacity expansion plans in place to meet growing demand [3] Financial Ratios and Metrics - Q3 2024 sales/management/R&D/financial expense ratios: 3.09%/5.91%/7.92%/0.87% (yoy +1.01/-0.32/+0.45/-1.02pcts, qoq -0.61/-0.61/-0.31/-0.25pcts) [2] - Expected gross margin for 2024-2026: 26.09%, 26.29%, and 26.24%, respectively [10] - Expected net margin for 2024-2026: 5.56%, 5.93%, and 6.36%, respectively [10] - Expected ROE for 2024-2026: 12.22%, 12.91%, and 13.95%, respectively [10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][6]. Core Insights - The company reported a revenue of 5.026 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 21.0%. However, the net profit attributable to shareholders decreased by 26.6% to 249 million yuan [5][6]. - The third quarter of 2024 showed a significant sequential growth in net profit, with a 71.2% increase in the net profit excluding non-recurring items, indicating an initial sign of a performance turnaround [5][6]. - The gross margin for Q3 2024 was 24.6%, slightly down from the previous quarter, influenced by the appreciation of the yuan and changes in business structure [5][6]. - The company has secured multiple new business contracts, enhancing its global presence and growth potential, particularly in the air suspension and sensor segments [5][6]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.843 billion yuan, with a quarter-on-quarter increase of 19.7% and a year-on-year increase of 8.3%. The net profit for the same quarter was 100 million yuan, reflecting a quarter-on-quarter decrease of 35.2% but a year-on-year increase of 24.9% [5][6]. - The overall revenue for 2024 is projected to reach 7.074 billion yuan, with a growth rate of 20.0% [6]. Profitability Metrics - The report forecasts net profits of 408 million yuan for 2024, with a projected growth rate of 7.6% [6]. - The company’s return on equity (ROE) is expected to improve from 8.0% in 2024 to 18.7% by 2026 [6]. Business Development - The company has made significant strides in expanding its new business lines, including air suspension and sensors, which are expected to replicate the growth trajectory of its traditional business [5][6]. - The establishment of a production facility in Hungary is anticipated to enhance production capacity and support global expansion efforts [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [3]. Core Views - The company has shown continuous improvement in performance, with a clear turning point in profitability. The revenue for the first three quarters of 2024 reached 5.026 billion yuan, a year-on-year increase of 20.96%, while the net profit was 2.49 billion yuan, down 26.62% year-on-year [1][2]. - The report highlights the growth in the air suspension and automotive sensor businesses, which are expected to drive future revenue growth. The air suspension business has received recognition from major clients, and the automotive sensor segment is poised for rapid development [1][2]. - The company is projected to achieve a revenue of 7.05 billion yuan in 2024, with a year-on-year growth rate of 20%. The net profit is expected to be 393 million yuan, reflecting a modest growth of 4% [1][2]. Summary by Sections Financial Performance - Revenue for 2022 was 4.778 billion yuan, increasing to 5.897 billion yuan in 2023, with projections of 7.05 billion yuan in 2024 and 8.879 billion yuan in 2025 [1]. - Net profit for 2022 was 214 million yuan, rising to 378 million yuan in 2023, with an expected 393 million yuan in 2024 and 559 million yuan in 2025 [1]. - Earnings per share (EPS) increased from 1.01 yuan in 2022 to 1.79 yuan in 2023, with projections of 1.85 yuan in 2024 and 2.63 yuan in 2025 [1]. Business Segments - The air suspension business has been a significant contributor, with revenue growth driven by new product development and successful client acquisition [1]. - The automotive sensor segment is expected to experience rapid growth, with various types of sensors being developed and recognized in the market [1]. Market Position - The company has established a strong position in the air suspension industry, with a comprehensive technology system covering multiple product lines [1]. - The report emphasizes the company's ability to adapt and grow in response to market demands, particularly in the context of increasing automotive electronic integration [1].

证券代码：603197 证券简称：保隆科技 公告编号：2024-113 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 网上中签率及优先配售结果公告 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： | 类别 | 中签率/配 售比例 | 有效申购数量 | 实际配售数 | 实际获配金额 | | --- | --- | --- | --- | --- | | | （%） | （手） | 量（手） | （元） | | 原股东 | 100 | 929,812 | 929,812 | 929,812,000 | | 网上社会公众投 资者 | 0.00558023 | 8,246,749,469 | 460,188 | 460,188,000 | | 网下机构投资者 | - | - | - | - | | 合计 | | 8,247,679,281 | 1,390,000 | 1,390,000,000 | 特别提示 上海保隆汽车科 ...