保隆科技：Q2业绩符预期，新业务定点持续突破

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 40.32 [6][7]. Core Insights - The company reported a revenue of RMB 3.18 billion for H1 2024, representing a year-on-year growth of 21.7%, while the net profit attributable to the parent company was RMB 150 million, down 19.4% year-on-year, which aligns with expectations [1]. - The air suspension business saw a significant revenue increase of 44.5% year-on-year to RMB 420 million in H1 2024, with further growth anticipated in the second half of the year due to new electric vehicle projects [2]. - The self-branded sensor project experienced a robust growth of 52% year-on-year, generating RMB 310 million in revenue for H1 2024 [2]. - The company’s gross margin in Q2 2024 decreased to 25.1%, impacted by rising freight costs and a shift in revenue mix towards emerging businesses, but is expected to improve in the second half of the year [3]. - The company has made significant progress in its emerging businesses, including the self-developed air compressor, which has been designated by leading new energy vehicle manufacturers, indicating strong order expansion capabilities [4]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of RMB 3.18 billion, a 21.7% increase year-on-year, while the net profit attributable to the parent company was RMB 150 million, reflecting a 19.4% decline [1]. - The revenue for Q2 2024 was RMB 1.7 billion, up 19.0% year-on-year and 14.7% quarter-on-quarter, with a net profit of RMB 80 million, down 11.4% year-on-year but up 18.1% quarter-on-quarter [1]. Business Segments - The air suspension segment's revenue grew by 44.5% to RMB 420 million in H1 2024, with expectations for acceleration in the second half due to new projects [2]. - The self-branded sensor project saw a 52% increase in revenue to RMB 310 million in H1 2024 [2]. - The TPMS business continued its steady growth, with H1 revenue increasing by 19.7% to RMB 985 million [2]. Profitability and Margins - The gross margin for Q2 2024 decreased by 2.3 percentage points year-on-year to 25.1%, attributed to increased freight costs and a higher proportion of revenue from emerging businesses [3]. - The net profit margin for Q2 2024 was 5.2%, reflecting a year-on-year decrease of 1.4 percentage points [3]. Emerging Business Developments - The company has established production capabilities for key components in the air suspension sector, with significant orders from leading new energy vehicle manufacturers [4]. - Other emerging projects, such as the BDU liquid cooling plate, are expected to contribute to future growth [4].