Ge Long Hui·2025-12-04 06:35Core Viewpoint - The report from Huazhong Securities indicates that Baolong Technology's sensor business is experiencing rapid growth, with a performance turning point expected to emerge [1] Group 1: Financial Performance - In Q3 2025, revenue continues to grow, although profit margins are under pressure due to year-on-year declines, leading to a decrease in gross margin compared to the previous year [1] - The company anticipates net profits attributable to the parent company for 2025-2027 to be 304 million, 467 million, and 557 million yuan, respectively, corresponding to price-to-earnings ratios of 25, 16, and 14 times [1] Group 2: Business Growth Drivers - Core business growth remains strong, with key product lines showing differentiated high growth, particularly in intelligent suspension, TPMS, and sensor businesses, which are driving overall company growth [1] - The company is focusing on high-intensity R&D to achieve breakthroughs in core technology areas, ensuring independent R&D of core components and system integration [1] Group 3: Market Strategy - The company is building a diversified market structure with "OEM + AM + non-automotive" segments and has established partnerships with several traditional automakers to ensure stable business growth [1] - Global expansion efforts include setting up production and R&D centers in the US, Germany, and Hungary to support business development [1] Group 4: Future Outlook - The sensor business is expected to maintain rapid growth, with the air suspension business likely to see quick growth as customer sales improve, alleviating price pressure from year-on-year declines [1]