Baolong Automotive(603197) 国海证券·2024-09-04 10:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady revenue growth, with its air suspension and sensor businesses continuing to expand significantly [2][4] - The company has secured multiple new projects in 2024, with an expected total lifecycle value of 6.4 billion yuan, covering various automotive components [3][4] - The company is enhancing its production capacity with new facilities in Hefei and Shanghai, which will support the growth of its air suspension and TPMS products [4][6] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 3.184 billion yuan, a year-on-year increase of 21.68%, while the net profit attributable to shareholders was 148 million yuan, down 19.40% year-on-year [4][6] - The revenue breakdown for H1 2024 shows significant growth in various segments: TPMS revenue at 985 million yuan (+19.66%), air suspension at 424 million yuan (+44.48%), and sensors at 310 million yuan (+51.71%) [4][6] - The company expects to achieve revenues of 7.1 billion, 8.7 billion, and 10.7 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 416 million, 553 million, and 692 million yuan [6][7] Earnings Forecast - The earnings per share (EPS) is projected to be 1.96 yuan in 2024, increasing to 3.26 yuan by 2026, with a price-to-earnings (P/E) ratio of 15, 11, and 9 for the respective years [6][7][9] - The company is expected to maintain a return on equity (ROE) of 13% in 2024, increasing to 17% by 2026 [7][9]