保隆科技：动态点评：新业务持续突破，多项目加速定点

Investment Rating - The report initiates coverage with a rating of "Accumulate" for the company [7][11]. Core Views - The company has secured a global project for temperature sensor harnesses with a total lifecycle value of 180 million RMB, with mass production expected in Q2 2026 [2]. - In 2023, the company achieved revenue of 5.897 billion RMB, a year-on-year increase of 23%, and a net profit attributable to shareholders of 379 million RMB, up 77% year-on-year [3]. - The company is expected to see revenue growth driven by new projects and cost reduction measures, with projected revenues of 7.413 billion RMB, 9.460 billion RMB, and 10.892 billion RMB for 2024, 2025, and 2026 respectively [7]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 5.897 billion RMB, with a year-on-year growth of 23%. The net profit attributable to shareholders was 379 million RMB, reflecting a 77% increase year-on-year. The first quarter of 2024 saw revenue of 1.483 billion RMB, a 25% increase year-on-year, but a net profit decrease of 27% [3][14]. - The company’s traditional businesses, including TPMS and automotive metal fittings, saw revenue increases of 29% and 6% respectively, while new businesses like air suspension and sensors grew by 175% and 45% [3]. Business Development - The company has gained 13 new project approvals since 2024, with a total lifecycle value exceeding 6.77 billion RMB. The air suspension products account for 54.6 billion RMB of this total, while sensors contribute 730 million RMB [10]. - The company aims to enhance its core component self-manufacturing rate and reduce costs through upstream initiatives, which is expected to drive revenue and profit growth [3]. Profitability Outlook - The company’s gross margin for 2023 was 27.40%, a slight decrease of 0.6 percentage points year-on-year, while the net margin improved by 1.71 percentage points to 6.47% [23]. - The first quarter of 2024 showed a gross margin of 29.45%, reflecting a year-on-year increase, but the net margin decreased to 4.60% due to rising costs [23]. Future Projections - The company is projected to achieve revenues of 7.413 billion RMB in 2024, 9.460 billion RMB in 2025, and 10.892 billion RMB in 2026, with corresponding net profits of 448 million RMB, 597 million RMB, and 694 million RMB [14][7].