Investment Rating - The report assigns an investment rating of AA/AA to the company and its convertible bond issuance [6][7]. Core Insights - The company is one of the largest suppliers of exhaust system components and valve stems globally, with a focus on automotive smart and lightweight products [18]. - The convertible bond issuance is sized at 1.39 billion yuan with a maturity of 6 years, featuring a conversion price of 40.11 yuan and a compensation interest rate of 8%, indicating a high level of return [6][7]. - The company's stock price has decreased by 29.38% year-to-date as of October 29, 2024, underperforming the industry index which declined by 12.12% [6]. - The company has a diluted total share capital rate of 14.05% and a diluted circulating share capital rate of 14.09%, indicating some dilution pressure [6][7]. Summary by Sections Convertible Bond Analysis - The bond's pure debt value is calculated at 95.9 yuan, with a corresponding yield to maturity (YTM) of 2.16%, providing sufficient debt protection [6]. - The expected subscription rate is approximately 0.0067% based on recent market conditions and subscription limits [10]. Company Overview - The company is controlled by Chen Hongling, Zhang Zuqiu, and Song Jin, with a significant portion of shares pledged, indicating potential equity pledge risks [11]. - The company specializes in automotive components, including TPMS, sensors, ADAS products, and air suspension systems, with TPMS and metal components being core products [11][12]. Industry Analysis - The automotive parts industry is closely linked to the automotive supply chain, with a competitive landscape that includes various levels of suppliers [16]. - The company has established a strong market position in TPMS, exhaust system components, and valve stems, with significant global market shares [16][18]. Financial Analysis - For the first half of 2024, the company reported revenues of 3.184 billion yuan, a year-on-year increase of 21.68%, while net profit decreased by 19.40% due to increased stock incentive costs and R&D investments [34]. - The company has experienced steady growth in its main business revenue, driven by traditional and new business segments [34].

Investment Rating - The report gives a positive investment rating for the convertible bond, suggesting a 15% premium on the first day of listing, with an expected listing price of around 112 RMB [6][34]. Core Insights - The company, Baolong Technology, is positioned as a leading supplier in the automotive parts industry, specifically in exhaust system components and tire pressure monitoring systems (TPMS) [10][31]. - The company has shown significant revenue growth, with a 21.68% increase in revenue for the first half of 2024 compared to the same period in the previous year [25][29]. - The convertible bond has a high pure bond value and a substantial debt floor protection, making it an attractive investment opportunity [3][6]. Summary by Sections 1. Convertible Bond Basic Terms and Subscription Value Analysis - The Baolong convertible bond has an issuance scale of 1.39 billion RMB, with a bond and issuer rating of AA/AA [3][4]. - The conversion price is set at 40.11 RMB, with a conversion value of 97.06 RMB as of October 29, 2024 [3][4]. - The dilution pressure on total share capital is 16.34%, indicating a significant impact if fully converted [3][5]. 2. Baolong Technology's Fundamental Analysis 2.1 Industry and Supply Chain Analysis - The company is a major player in the automotive parts sector, focusing on intelligent and lightweight products [10][31]. - It has established a strong market presence in both domestic and international markets, with a notable share in the TPMS segment [10][11]. 2.2 Shareholding Structure Analysis - As of October 28, 2024, the major shareholders include Chen Hongling and Zhang Zuqiu, holding a combined 27.37% of the total shares [23][24]. 2.3 Company Operating Performance - In 2024H1, the company achieved a revenue of 3.184 billion RMB, with a net profit of 148 million RMB, reflecting a decline of 19.40% year-on-year [25][29]. - The gross margin for the same period was 27.12%, showing a slight decrease compared to previous periods [25][29]. 2.4 Peer Comparison and Competitive Advantages - Baolong Technology's revenue growth rate of 21.68% in 2024H1 outperformed the average growth rate of its peers [29][30]. - The company maintains a competitive edge through its established relationships with major automotive manufacturers and its strong R&D capabilities [31][32]. 3. Fundraising Project Analysis - The funds raised from the convertible bond will be allocated to various projects, including the expansion of intelligent manufacturing for air suspension systems [34][35]. - The expected internal rate of return for the air suspension system project is 19.48%, indicating a promising investment opportunity [34][35].

证券代码：603197 证券简称：保隆科技 公告编号：2024-110 上海保隆汽车科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 一、说明会类型 上海保隆汽车科技股份有限公司（以下简称"公司"）拟于 2024 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披露《公司 2024 年第三季度报告》。 为了便于广大投资者更全面深入地了解公司 2024 年第三季度的经营成果、财务 状况等具体情况，公司拟于 2024 年 11 月 5 日（星期二）通过网络文字互动方式 召开"上海保隆汽车科技股份有限公司 2024 年第三季度业绩说明会"。 本次业绩说明会将于 2024 年 11 月 5 日（星期二）15:00-16:30 在全景网 "投资者关系互动平台(http://ir.p5w.net)以网络文字互动的方式召开，欢迎 广大投资者积极参与。 三、说明会参会人员 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个别及连带责任。 重要内容提示： 投资者可于 2024 年 11 月 4 日（星期一）17:0 ...

证券代码：603197 证券简称：保隆科技 公告编号：2024-112 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提示性公告 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。 特别提示 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"或"公司"）向 不特定对象发行可转换公司债券（以下简称"保隆转债"，代码"113692"）已获得 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号文同意 注册。本次发行的保荐人（联席主承销商）为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"），联席主承销商为信达证券股 份有限公司（以下简称"信达证券"、"联席主承销商"或"主承销商"）。本次发 行的募集说明书摘要、发行公告及募集说明书已于2024年10月29日（T-2日）在上海证 券交易所网站（http://www.sse.com.cn）公告。 公司根据《中华人民共 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,842,607,549.59, representing a year-on-year increase of 19.75%[2] - The net profit attributable to shareholders for Q3 2024 was ¥100,282,202.93, a decrease of 35.21% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥90,983,481.27, down 30.60% year-on-year[2] - The basic earnings per share for Q3 2024 was ¥0.47, reflecting a decline of 36.49% compared to the previous year[3] - The diluted earnings per share for Q3 2024 was also ¥0.47, showing a decrease of 36.49% year-on-year[3] - The weighted average return on equity for Q3 2024 was 3.27%, down 2.64 percentage points from the previous year[3] - Total operating revenue for the first three quarters of 2024 reached ¥5,026,303,595.76, an increase of 20.9% compared to ¥4,155,190,709.25 in the same period of 2023[18] - Net profit for the first three quarters of 2024 was ¥263,971,147.89, compared to ¥338,876,722.22 in the same period of 2023, indicating a decrease of 22.0%[18] - The total comprehensive income for Q3 2024 is CNY 244,940,003.84, down from CNY 362,107,349.79 in Q3 2023, indicating a decrease of about 32.4%[19] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥9,633,763,037.83, an increase of 13.67% from the end of the previous year[3] - The equity attributable to shareholders at the end of Q3 2024 was ¥3,097,025,399.59, up 4.86% from the end of the previous year[3] - Total assets as of the end of the third quarter of 2024 were ¥9,633,763,037.83, compared to ¥8,475,140,841.76 at the end of the third quarter of 2023, marking an increase of 13.6%[16] - Total liabilities increased to ¥6,208,477,763.77 in the third quarter of 2024 from ¥5,224,289,714.81 in 2023, reflecting a growth of 18.9%[16] - The company's total liabilities amounted to ¥790,130,083.77, an increase from ¥762,676,166.48 in the previous year[26] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥310,489,252.59, reflecting a year-on-year increase of 24.59%[2] - Cash flow from operating activities for the first three quarters of 2024 is CNY 310,489,252.59, compared to CNY 249,208,420.48 in the same period of 2023, reflecting an increase of approximately 24.6%[21] - The cash inflow from operating activities totaled CNY 4,942,891,725.57 in the first three quarters of 2024, up from CNY 4,285,815,432.70 in 2023, marking an increase of about 15.4%[21] - The net cash flow from investing activities for Q3 2024 is CNY -561,707,344.96, slightly improved from CNY -621,709,382.20 in Q3 2023[22] - The net cash flow from financing activities for Q3 2024 is CNY 293,223,071.97, down from CNY 596,004,224.59 in Q3 2023, indicating a decrease of approximately 50.8%[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,623[8] - The top 10 shareholders hold a total of 100,000,000 shares, representing 47.75% of the total shares[8] - The company has a significant shareholder, Chen Hongling, holding 34,457,626 shares, which is 16.25% of the total shares[8] Research and Development - Research and development expenses for the first three quarters of 2024 amounted to ¥417,651,603.91, a significant increase from ¥310,777,019.78 in 2023, representing a growth of 34.3%[18] - Research and development expenses increased to ¥57,936,575.83 in the first three quarters of 2024, compared to ¥34,106,704.95 in the same period of 2023, reflecting a rise of 70.1%[27] Other Information - Non-recurring gains and losses for Q3 2024 included government subsidies of ¥16,446,696.47, contributing to the overall financial performance[4] - The company has reported no new significant related party transactions or changes in shareholder relationships during the reporting period[9] - The company has not disclosed any new strategies or product developments in the current report[12] - The company's financial statements for the third quarter of 2024 have not received any audit opinion type, indicating no issues were found[13]

证券代码：603197 证券简称：保隆科技 公告编号：2024-108 上海保隆汽车科技股份有限公司 第七届监事会第二十次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 上海保隆汽车科技股份有限公司（以下简称"公司"）第七届监事会第二十 次会议于 2024 年 10 月 19 日以书面、电话和电子邮件方式通知全体监事，并于 2024 年 10 月 29 日在上海市松江区沈砖公路 5500 号公司 422 会议室以现场结合 通讯的方式召开。会议由监事会主席姚新民先生召集并主持，会议应出席监事 3 名，实际出席监事 3 名。这次会议的通知、召开及审议程序符合《公司法》《证 券法》等法律法规及《公司章程》的有关规定，所作决议合法有效。 二、监事会会议审议情况 会议审议并通过了以下议案，并形成了决议： （一）审议通过了《公司 2024 年第三季度报告》 监事会认为：董事会编制和审核的《公司 2024 年第三季度报告》的程序符 合法律、行政法规和中国证监会及上海证券交易所的相关规定，报告内容真实、 ...

证券代码：603197 证券简称：保隆科技 公告编号：2024-109 上海保隆汽车科技股份有限公司 关于公司对外投资暨关联交易的公告 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： 投资标的名称：上海博邦汽车技术有限公司（以下简称"上海博邦"、 "标的公司"） 投资金额：3,500.00 万元人民币 关联交易：该关联方为公司联营企业，公司董事长张祖秋先生在该关 联方企业担任董事，根据《上海证券交易所股票上市规则》，本次交易构成 关联交易，但不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 履行的审议程序：公司于 2024 年 10 月 29 日召开第七届独立董事第 三次专门会议、第七届董事会第二十次会议及第七届监事会第二十次会议， 审议通过了《关于公司对外投资暨关联交易的议案》，关联董事张祖秋先生 回避表决，该议案无需提交股东大会审议。 过去 12 个月内，除了公司及子公司与上海博邦发生的 365.90 万元 的日常关联交易外，和上海博邦及其他关联方没有发生本次交易相同类别的 关联交易。 截至本公 ...

证券代码：603197 证券简称：保隆科技 公告编号：2024-107 上海保隆汽车科技股份有限公司 第七届董事会第二十次会议决议公告 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、董事会会议召开情况 表决结果：8 票同意，0 票弃权，0 票反对,1 票回避。 本议案已经第七届独立董事第三次专门会议、第七届董事会审计委员会第九 次会议审议通过，并同意提交董事会审议。 会议审议通过了以下议案，并形成了决议： 1、审议通过了《公司 2024 年第三季度报告》 表决结果：9 票同意，0 票弃权，0 票反对。 本议案已经第七届董事会审计委员会第九次会议审议通过，并同意提交董事 会审议。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《上 海保隆汽车科技股份有限公司 2024 年第三季度报告》。 2、审议通过了《关于公司对外投资暨关联交易的议案》 关联董事张祖秋先生已回避表决。 上海保隆汽车科技股份有限公司（以下简称"公司"）第七届董事会第二十 次会议于 2024 年 10 月 19 日以书面、电话 ...

证券代码：603197 证券简称：保隆科技 公告编号：2024-111 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 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： 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司（以下简称"公司"）全资子公司，不存在其他关 联关系。 公司本次为保隆工贸提供担保金额为人民币 41,000.00 万元。截止本公 告披露日，公司实际为保隆工贸提供的担保余额为人民币 92,400.00 万元（不含 本次担保金额）。 特别风险提示：公司及其控股子公司对外担保总额 312,093.80 万元（不 含本次担保金额），占公司最近一期经审计净资产 105.67%，公司对控股子公司 提供的担保总额为 312,093.80 万元（不含本次担保金额），占公司最近一期经 审计净资产 105.67%，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浙商银行股份有限公司上海分行（以下 ...

关于董事会与监事会决议的更正公告 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：2024-105 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"）于 2024 年 10 月 29 日披露了《第七届董事会第十九次会议决议公告》《第七届监事会第十九次会议 决议公告》，经事后核查，上述两个公告中"1、逐项审议通过了《关于进一步 明确公司向不特定对象发行可转换公司债券方案的议案》"之"（5）初始转股 价格"有误，现更正如下： 1、逐项审议通过了《关于进一步明确公司向不特定对象发行可转换公司债 券方案的议案》 （5）初始转股价格 本次发行的可转换公司债券的初始转股价格为 40.11 元/股，不低于募集说 明书公告日前二十个交易日公司 A 股股票交易均价（若在该二十个交易日内发 1 生过因除权、除息引起股价调整的情形，则对调整前交易日的交易均价按经过相 应除权、除息调整后的价格计算）和前一个交易日公司 A 股股票交易均价。 上述更正公告不会导致议案审议结 ...