保隆科技(603197)季报点评：看好智能悬架海外市场前景

Core Viewpoint - Baolong Technology's performance in the first three quarters of 2025 is under pressure, but the company is optimistic about the prospects of its intelligent suspension in overseas markets. The rating is maintained at "Buy" [1]. Financial Performance - Baolong Technology reported a revenue of 2.1 billion yuan in Q3 2025, representing a year-on-year increase of 14% and a quarter-on-quarter increase of 3% [2]. - The net profit attributable to shareholders in Q3 2025 was 60 million yuan, a year-on-year decrease of 37% but a quarter-on-quarter increase of 60% [2]. - The net profit margin stood at 3.5%, down 2.3 percentage points year-on-year and down 1.0 percentage point quarter-on-quarter [2]. Strategic Developments - Baolong Technology and Weifu High-Tech have formed a strong partnership to focus on fully active suspension systems, aiming to promote their widespread application in the automotive market [3]. - Baolong Technology has secured a product specification for intelligent suspension systems from a leading domestic high-end luxury SUV brand, with multiple overseas specifications also obtained [3]. - The company has entered trial production for electronic shock absorbers and is ramping up production for closed-loop air supply units, while also securing a specification for height sensors from a U.S. luxury electric vehicle brand [3].