Group 1 - Yitong Century won a bid for a communication engineering construction service project from China Mobile, with a total bid amount of 228 million yuan (including tax) [1] - Zhiyuan New Energy plans to repurchase shares worth between 33 million and 66 million yuan, with a maximum repurchase price of 22.00 yuan per share [1] - GAC Group reported April automobile sales of 116,400 units, a year-on-year decrease of 12.66% [2] - JAC Motors reported April automobile sales of 30,764 units, a year-on-year decrease of 3.55% [3] Group 2 - Fosun Pharma's subsidiary received FDA approval for a clinical trial of a live biotherapeutic product aimed at treating androgenetic alopecia [4] - Liangxin Co. obtained multiple patent certificates, including 2 invention patents and 32 utility model patents [5] - Sainuo Medical's two products received medical device registration certificates in Mexico and Ecuador [5] - Huayu Pharmaceutical's two products received marketing approvals in France and Spain [6] Group 3 - Shengnong Development reported April sales revenue of 1.533 billion yuan, a year-on-year increase of 0.68% [6] - Hasi Lian's potassium chloride and sodium chloride injection passed the consistency evaluation [7] - Shapuaisi received approval for a supplemental application for levofloxacin eye drops [9] - Tianyu Biological reported April sales revenue of 59.32 million yuan from pig sales [10] Group 4 - *ST Weihai was pre-awarded a project worth 108 million yuan [12] - Luoniushan reported April sales revenue of 125 million yuan from pig sales, a year-on-year increase of 12.72% [13] - Minhe Co. reported April sales revenue of 68.30 million yuan from chick sales, a year-on-year increase of 0.51% [14] Group 5 - Double Ring Technology's application for a specific stock issuance was approved by the Shenzhen Stock Exchange [15] - Hualu Hengsheng plans to repurchase shares worth between 200 million and 300 million yuan [16] - Baolong Technology plans to repurchase shares worth between 100 million and 200 million yuan [17] Group 6 - Huasheng Technology's subsidiary plans to sell shares of a company for 200 million yuan [24] - *ST Gengxing's controlling shareholder plans to increase holdings worth between 30 million and 60 million yuan [25] - Ruihuatai's shareholder plans to reduce holdings by up to 1% of the company's shares [26] Group 7 - Foton Motor reported April commercial vehicle sales of 54,816 units, a year-on-year increase of 21.63% [20] - China Merchants Bank plans to invest 15 billion yuan to establish a financial asset investment company [22] - Jinchengxin plans to invest approximately 231 million USD in the Alacran copper-gold-silver mine project [23] Group 8 - Zhongji United's controlling shareholder plans to reduce holdings by up to 2% of the company's shares [30] - Ningbo Huaxiang signed a strategic cooperation agreement to strengthen collaboration in various areas [31] - SMIC reported a net profit of 1.356 billion yuan for Q1 2025, a year-on-year increase of 166.5% [32] Group 9 - FAW Fuwi received a project notification to develop seat products for a luxury brand, with a total sales amount expected to be 1.39 billion yuan [33] - Huakang Clean won a bid for a purification project worth 64.425 million yuan [34] - Lihua Co. reported April sales revenue of 1.125 billion yuan from chicken sales [35]

? 回购股份资金来源：自有资金及股票回购专项贷款，其中股票回购专项贷 款资金不超过回购股票总金额的 90%。截至本公告日，上海保隆汽车科技股份有限 公司（以下简称"公司"）已经取得了中信银行股份有限公司上海分行出具的《贷 款承诺函》，承诺为公司回购股份提供专项贷款支持，其提供的贷款资金不超过人 民币 18,000 万元（含），贷款用途为回购公司股票，贷款期限为 3 年。具体贷款 事宜将以双方签订的贷款合同为准。 ? 回购股份用途：用于员工持股计划或股权激励。 证券代码：603197 证券简称：保隆科技 公告编号：2025-036 债券代码：113692 债券简称：保隆转债 上海保隆汽车科技股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 回购股份金额：不低于人民币 10,000 万元（含）且不超过人民币 20,000 万元（含）； ? 回购股份价格：不超过人民币 59.00 元/股（含），该回购价格上限不高于 董事会通过回购决议前 30 个交易日公 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 上海保隆汽车科技股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： 回购股份金额：不低于人民币 10,000 万元（含）且不超过人民币 20,000 万元（含）； 回购股份资金来源：自有资金及股票回购专项贷款，其中股票回购专项贷 款资金不超过回购股票总金额的 90%。截至本公告日，上海保隆汽车科技股份有限 公司（以下简称"公司"）已经取得了中信银行股份有限公司上海分行出具的《贷 款承诺函》，承诺为公司回购股份提供专项贷款支持，其提供的贷款资金不超过人 民币 18,000 万元（含），贷款用途为回购公司股票，贷款期限为 3 年。具体贷款 事宜将以双方签订的贷款合同为准。 回购股份用途：用于员工持股计划或股权激励。 回购股份价格：不超过人民币 59.00 元/股（含），该回 ...

保隆科技（603197）公告，公司拟以1亿元至2亿元资金回购股份，回购价格不超过59元/股。本次回购 的资金来源为自有资金及股票回购专项贷款，其中专项贷款资金不超过1.8亿元。回购的股份将用于实 施员工持股计划或股权激励。回购期限为董事会审议通过之日起12个月内。 ...

证券研究报告 保隆科技 (603197 CH) Q1 净利高增，空悬有望持续放量 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 08 日│中国内地 | 汽车零部件 | 保隆科技发布年报，24 年实现营收 70.25 亿元（yoy+19.12%），归母净利 3.03 亿元（yoy-20.14%），低于我们此前预期的 4.1 亿，主要系公司盈利受 ADAS 业务前期毛利率较低拖累。25Q1 营收 19.0 亿元（yoy+28.5%， qoq-4.7%），归母净利 1.0 亿元（yoy+40.0%，qoq+76.5%）。25 年公司空 悬有望配套新势力放量夯实优势，ADAS 等产品扩展助力增长。维持"增持"。 TPMS 业务稳健增长，传感器、空悬快速放量 24 年营收同比+19.1%，其中优势业务 TPMS 保持稳健增长，营收同比+12% 至 21.5 亿元；传感器在手订单饱满，压力、光学、速度位置类传感器迎来 高速增长期，24 年营收同比+25%至 6.7 亿元；空悬 24 年营收同比+42%至 9.9 亿元，系理想、智界等新车型配套 ...

Group 1 - Anxin Fund announced a minimum investment of 25 million yuan in its new mixed securities investment fund, with the fund manager committing at least 5 million yuan [1] - Over 20 fund companies are expected to submit new floating fee rate products, with management fees linked to performance benchmarks to enhance investor experience [2] - A total of 51 funds are scheduled for issuance this month, with equity funds making up over 70% of the new offerings, indicating a strong demand for low-risk assets [3] Group 2 - The total dividend payout of stock funds has increased by over 8 times year-on-year, with stock funds distributing 12.687 billion yuan and mixed funds 4.125 billion yuan [4] - In the first four months of the year, 20 consumer funds saw net value increases exceeding 10%, with several funds achieving over 20% growth, driven by strong performance in domestic brands and emerging consumer trends [5] - Zhu Ran increased holdings in Baolong Technology, with the fund's share count rising by 27,520 shares compared to the end of the previous quarter [6] Group 3 - On May 7, the market experienced a mixed performance, with the Shanghai Composite Index rising by 0.8% and significant trading volume of 1.47 trillion yuan, indicating active market participation [7]

Group 1 - Several fund companies have announced self-purchases, with Anxin Fund committing to invest no less than 20 million yuan, and fund managers contributing at least 5 million yuan for a new mixed fund [1] - Over 20 fund companies are expected to submit new floating fee rate products, indicating a trend towards innovative fund structures in the market [1] - A total of 51 funds have been scheduled for issuance this month, with equity products accounting for over 70% of the total [1] Group 2 - The ETF market saw a positive performance with the Shanghai Composite Index rising by 0.8% and total trading volume reaching 1.47 trillion yuan, an increase of 132.1 billion yuan from the previous trading day [2] - Military stocks experienced a significant surge, with over 20 stocks hitting the daily limit, and military-related ETFs showing strong performance, with some rising by as much as 4.24% [3][6] Group 3 - The S&P Biotechnology ETF led the declines, dropping by 5.08%, while several Hong Kong innovation drug-related ETFs also experienced pullbacks [5] - The military industry is projected to see a turning point in orders by 2025, with new technologies and military trade potentially creating new market opportunities [6]

Core Viewpoint - The company reported a revenue of 7.025 billion yuan for 2024, a year-on-year increase of 19.12%, but a net profit attributable to shareholders of 303 million yuan, a decrease of 20.14% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 1.999 billion yuan, up 14.71% year-on-year, with a net profit of 54 million yuan, an increase of 34.71% [1] - For Q1 2025, the company reported a revenue of 1.905 billion yuan, a year-on-year increase of 28.46%, and a net profit of 95 million yuan, up 39.99% [2] - The company's performance in 2024 was temporarily under pressure due to significant stock incentive expenses and rising shipping costs, but profitability is expected to recover in 2025 as these costs stabilize [2] Business Segments - Traditional business segments showed steady growth, while emerging businesses are rapidly expanding. In 2024, revenue from various segments included: - TPMS: 2.146 billion yuan, up 12.3% - Automotive metal pipes: 1.448 billion yuan, up 1.89% - Intelligent suspension: 999 million yuan, up 41.8% - Valves: 780 million yuan, down 0.55% - Automotive sensors: 665 million yuan, up 25.37% [2] - The company’s traditional business is expected to provide stable cash flow, while new businesses are anticipated to contribute significantly to revenue growth [2] Strategic Initiatives - The company signed a strategic cooperation agreement with Thyssenkrupp Bilstein in April 2025, aiming to target the global automotive intelligent suspension market, particularly in China and Europe [3] - This partnership is expected to enhance the competitiveness of both companies' products in the global market for dampers and air springs [3] Investment Outlook - The company is projected to achieve revenues of 9.024 billion yuan, 11.105 billion yuan, and 13.286 billion yuan from 2025 to 2027, with net profits of 534 million yuan, 683 million yuan, and 810 million yuan, reflecting year-on-year growth rates of 76.4%, 27.9%, and 18.6% respectively [3]

保隆科技 20250506 摘要 • 2024 年保隆科技中国区业务收入占比首次超过海外，达 53.8%，北美和 欧洲分别占比 25.4%和 17.9%。胎压监测（TPMS）仍为最大收入来源， 占比 31.3%，车辆传感器和智能悬架分别占比 9.7%和 14.5%。 • 公司在全球七个国家设有九个生产园区和 11 个研发中心，总部位于上海 松江，并在多地布局研发和制造基地，包括江苏高邮的汽车铝外壳产能、 安徽宁国的机械零部件生产园区等。 • 保隆科技服务全球超过 2,300 家客户，包括自主品牌、跨国品牌和造车新 势力，同时作为二级供应商为一级供应商提供产品，另有不到 20%的收入 来自售后市场。 • 2024 年研发投入达 5.7 亿元，占营收的 8.1%。截至 2024 年底，研发工 程人员达 1,333 名，占员工总数 17%，持续高强度研发投入以支持技术 创新。 • 为应对美国加征关税，公司与客户协商调整价格，前装客户已同意吸收新 增关税。中长期来看，公司计划将部分气门嘴产品转移至泰国生产，排气 系统管件转移至墨西哥。 Q&A 保隆科技 2024 年度及 2025 年第一季度的业绩表现如何？ 保隆科技 ...

| 投资要点 | | --- | 公告要点： 盈利预测与投资评级： 由于公司传统业务增速放缓，且新产品放量对整体毛利率有所影响，我们下调2025-2026年营 收 预 测 为 91/111 亿 元 （ 原 为 95/115 亿 元 ） ， 预 计 2027 年 营 收 为 135 亿 元 ， 同 比 分 别 +30%/+22%/+21%；下调2025-2026年归母净利润为5.1/7.2亿元（原为5.9/7.8亿元），预计2027 年归母净利润为9.2亿元，同比分别+68%/+41%/+28%，对应PE分别为16/11/9倍，维持"买入"评 级。 风险提示： 新产品落地不及预期，乘用车价格战超出预期 公司发布2024年年报及2025年一季报，2024年业绩低于我们预期，2025年一季报业绩符合我们 预期。2024年营业收入为70.3亿元，同比+19.1%，归母净利润为3.0亿元，同比-20.1%，扣非归 母净利润为2.5亿元，同比-14.0%。25Q1营业收入19.0亿元，同环比+28.5%/-4.7%，归母净利润 1.0亿元，同环比+40.0%/+76.5%，扣非归母净利润0.8亿元，同环比+25.1%/+ ...