Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the relevant market index by more than 15% over the next 12 months [4]. Core Insights - The company reported a revenue of 5.897 billion yuan in 2023, representing a year-on-year increase of 23.44%, and a net profit attributable to shareholders of 379 million yuan, up 76.92% year-on-year [9][11]. - In Q1 2024, the company achieved a revenue of 1.483 billion yuan, a year-on-year increase of 24.94%, but a quarter-on-quarter decrease of 14.89% [6][11]. - The growth in revenue is attributed to the expansion of air suspension and sensor businesses, which significantly boosted overall performance [9][19]. - The company has a strong order backlog and is expanding its customer base, particularly in traditional valve and tire pressure monitoring systems (TPMS) [12][13]. Summary by Sections Financial Performance - In 2023, the company’s revenue was 58.97 billion yuan, with a net profit of 3.79 billion yuan. The Q4 2023 revenue was 17.42 billion yuan, with a net profit of 0.40 billion yuan [9][11]. - The revenue breakdown by product for 2023 includes TPMS (1.911 billion yuan), automotive metal parts (1.421 billion yuan), valve stems (0.784 billion yuan), air suspension (0.701 billion yuan), and sensors (0.531 billion yuan), with respective year-on-year growth rates of 29.44%, 6.09%, 9.64%, 174.75%, and 45.16% [9][19]. Profitability Metrics - The overall gross margin for 2023 was 27.4%, with a projected increase to 29.1% in 2024 [16]. - The company’s net profit margin for 2023 was 6.4%, with an expected increase to 6.0% in 2024 [16]. Future Projections - The report adjusts the net profit forecast for 2024 to 483 million yuan and for 2025 to 596 million yuan, with a first-time forecast for 2026 at 735 million yuan [13][16]. - The company is expected to maintain growth in its air suspension and sensor businesses, with profitability likely to improve as these segments expand [12][13].

[Table_Main] 证券研究报告 | 公司点评 保隆科技(603197.SH) 2024 年 04 月 29 日 | --- | --- | |-----------------------------|----------------------------| | 保隆科技（ 买入（维持） | 603197.SH ）：业绩 | | 所属行业：汽车 / 汽车零部件 | | | 当前价格 ( 元 ) ： 43.18 | 稳健增长，空悬业务快速突破 | | | | 邓健全 秦梓月 市场表现 -29% -14% 0% 14% 29% 43% 57% 2023-05 2023-09 2024-01 保隆科技 沪深300 相关研究 事件：公司发布 2023 年年报以及 2024 年一季报，2023 年公司实现营收 58.97 亿 元，同比+23.44%；实现归母净利润 3.79 亿元，同比+76.92%；扣非后归母净利 润 2.94 亿元，同比+251.91%。2024 年 Q1 公司实现营业收入 14.83 亿元，同比 +24.94%；实现归母净利润 0.68 亿元，同比-27.16%；扣非后归母净利润 0.6 ...

Investment Rating - The report maintains a "Buy - A" rating for the company, with a 6-month target price of 56.12 CNY per share, indicating a potential upside from the current price of 41.55 CNY [12][34]. Core Insights - In 2023, the company achieved a revenue of 5.897 billion CNY, representing a year-on-year growth of 23.44%, with significant contributions from TPMS, air suspension, and sensors [1][20]. - The company is expected to enter a rapid growth phase in its air suspension business, having secured contracts with several major automotive models [2]. - The company has developed core technologies in six categories of sensors, enhancing its domestic supply capabilities and accelerating the replacement of foreign suppliers [2]. - The production capacity for air suspension, TPMS, and sensors is set to increase with the commissioning of new facilities, which will support ongoing revenue growth [2]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 1.742 billion CNY, a year-on-year increase of 11.56%, driven primarily by air suspension sales [1]. - The gross profit margin for Q4 2023 was 26.18%, down 2.06 percentage points year-on-year, attributed to one-time expenses and changes in product mix [1]. - The company’s net profit for Q4 2023 was 40 million CNY, a decline of 59.62% year-on-year, influenced by increased expenses and asset impairments [1]. - For Q1 2024, the company achieved a revenue of 1.483 billion CNY, up 24.94% year-on-year, with a gross margin of 29.45% [11][20]. Financial Projections - The company is projected to achieve net profits of 520 million CNY, 650 million CNY, and 800 million CNY for the years 2024, 2025, and 2026, respectively [34]. - The expected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 17.7, 14.0, and 11.4, respectively, indicating a favorable valuation outlook [34]. - The report anticipates a steady increase in revenue, with projections of 7.778 billion CNY in 2024, 10.08 billion CNY in 2025, and 12.49 billion CNY in 2026 [34].

公 司 年 报 点 评 证 券 研 究 报 告 公 司 报 告 保隆科技(603197.SH) 成熟业务份额提升，空气悬架业务保持高增长 | --- | --- | |----------------------------|------------------------| | 主要数据 | | | 行业 | 汽车 | | 公司网址 | www.baolong.biz | | 大股东 / 持股 | 陈洪凌 /16.25% | | 实际控制人 | 陈洪凌 , 张祖秋 , 宋瑾 | | 总股本 ( 百万股 ) | 212 | | 流通 A 股 ( 百万股 ) | 210 | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 92 | | 流通 A 股市值 ( 亿元 ) | 91 | | 每股净资产 ( 元 ) | 14.38 | | 资产负债率 (%) | 61.1 | | 行情走势图 | | 推荐（维持） 证券分析师 股价：43.18 元 事项： | --- | --- | --- | --- | --- | --- | |---------------------|-------|--- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][19]. Core Views - The company achieved significant revenue growth in 2023, with a total revenue of 5.897 billion yuan, representing a year-on-year increase of 23.44%. The net profit for the same year was 379 million yuan, up 76.92% year-on-year [15][16]. - In Q1 2024, the company reported a revenue of 1.483 billion yuan, a year-on-year increase of 24.94%, but the net profit decreased by 27.16% to 68 million yuan, primarily due to increased equity incentive expenses [16]. - The traditional business segments, such as TPMS, showed stable growth, while new segments like air suspension and sensors contributed significantly to revenue, with air suspension revenue increasing by 174.75% year-on-year [17]. - The long-term growth outlook for the company remains strong, supported by a clear growth path, cost control, and a high level of self-manufacturing for key components [18]. - The earnings forecast for 2024 and 2025 has been adjusted to 7.450 billion yuan and 9.179 billion yuan, respectively, with corresponding net profits of 462 million yuan and 661 million yuan [19]. Financial Summary - The company’s revenue and profit forecasts for the upcoming years are as follows: - 2024E Revenue: 7.450 billion yuan, Net Profit: 462 million yuan - 2025E Revenue: 9.179 billion yuan, Net Profit: 661 million yuan - 2026E Revenue: 11.098 billion yuan, Net Profit: 888 million yuan [3][19]. - The P/E ratios for 2024, 2025, and 2026 are projected to be 19.8, 13.9, and 10.3, respectively, indicating a favorable valuation trend [3][19]. - The company’s market price is currently at 43.18 yuan, with a market capitalization of 9.156 billion yuan [11].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 43.18 yuan on April 26, 2024, corresponding to PE ratios of 18, 13, and 10 for the years 2024, 2025, and 2026 respectively [1][6]. Core Insights - The company reported a revenue of 5.9 billion yuan in 2023, a year-on-year increase of 23.4%, and a net profit attributable to shareholders of 0.38 billion yuan, up 76.9% year-on-year. The first quarter of 2024 saw a revenue of 1.48 billion yuan, a 24.9% increase year-on-year, but a 14.9% decrease quarter-on-quarter [1]. - The company's air suspension business has secured new projects, with a cumulative project value exceeding 18 billion yuan, and new orders continuing to grow rapidly. The market share for air suspension reached 20.7% in 2023 [1]. - Traditional businesses such as TPMS and sensors are experiencing steady growth, with TPMS revenue reaching 1.91 billion yuan, a 29.3% increase year-on-year [1]. Summary by Sections Revenue and Profitability - In 2023, the company achieved a total revenue of 5.9 billion yuan, with a growth rate of 23.4%. The automotive OEM&AM market revenue was 5.65 billion yuan, up 28.2% year-on-year. The first quarter of 2024 revenue was 1.48 billion yuan, showing a year-on-year increase of 24.9% [1]. - The net profit attributable to shareholders for 2023 was 0.38 billion yuan, reflecting a 76.9% increase year-on-year. The first quarter of 2024 net profit was 0.07 billion yuan, down 27.2% year-on-year but up 69.8% quarter-on-quarter [1]. Business Segments - The air suspension business has been expanding, with new project values exceeding 18 billion yuan and new orders maintaining high growth rates. The company is expected to further increase its production capacity with the new facility in Hefei [1]. - The TPMS business generated 1.91 billion yuan in revenue, a 29.3% increase year-on-year, while the sensor business has secured projects worth over 6 billion yuan [1]. Financial Projections - The company forecasts revenues of 7.85 billion yuan, 9.65 billion yuan, and 12.42 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 0.51 billion yuan, 0.69 billion yuan, and 0.95 billion yuan for the same years [1][12].

上海保隆汽车科技股份有限公司 审 计 报 告 大信审字[2024]第 1-02579 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 审计报告 大信审字[2024]第 1-02579 号 上海保隆汽车科技股份有限公司全体股东： 一、审计意见 我们审计了上海保隆汽车科技股份有限公司（以下简称贵公司）的财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表 ...

上海保隆汽车科技股份有限公司 前次募集资金使用情况 审核报告 大信专审字[2024]第 1-02328 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 电话 Telephone： +86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 前次募集资金使用情况审核报告 大信专审字[2024]第 1-02328 号 上海保隆汽车科技股份有限公司全体股东： 我们对上海保隆汽车科技股份有限公司（以下简称贵公司）编制的截至2023年12月31日 止的《前次募集资金使用情况专项报告》（以下简 ...

证券代码：603197 证券简称：保隆科技 公告编号：2024-023 上海保隆汽车科技股份有限公司 关于公司 2023 年关联交易情况及 2024 年关联交易计划的公告 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： 本议案不需要提交股东大会审议。 公司 2024 年预计发生的日常关联交易是公司日常生产经营所需，对公司 经营无重大影响。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于 2024 年 4 月 25 日召开了第七届独立董事第一次专门会议、第七届董 事会审计委员会第六次会议，会议均以同意 3 票，反对 0 票，弃权 0 票的表决结 果审议通过了《关于公司 2023 年度关联交易情况及 2024 年度关联交易预计的议 案》，并同意提交董事会审议。 公司于 2024 年 4 月 25 日召开第七届董事会第十二次会议，对《关于公司 2023 年度关联交易情况及 2024 年度关联交易预计的议案》进行了审议，表决结 果为同意 9 票，反对 0 票，弃权 0 票。根据相关法律法规及《公司章 ...

证券代码：603197 证券简称：保隆科技 公告编号：2024-031 上海保隆汽车科技股份有限公司 关于公司实际控制人部分股票解除质押的公告 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。 二、实际控制人累计质押情况 | 股东名 | 持股数量 | 持股比 | 本次解除质 押前累计质 | 本次解除 | 占其所 | 占公司 | 已质押股份情况 已质押 | 已质押 | 未质押股份情况 | 未质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 质押后累 | 持股份 | 总股本 | | | 未质押股 | | | 称 | | 例 | | 计质押数 | | | 股份中 | 股份中 | 份中限售 | 股份中 | | | | | 押数量 | 量 | 比例 | 比例 | 限售股 | 冻结股 | | 冻结股 | | | | | | | | | 份数量 | 份数量 | 股份数量 | 份数量 | | 陈洪凌 | 34,457,626 | ...