保隆科技：业绩环比持续改善，盈利拐点明确

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [3]. Core Views - The company has shown continuous improvement in performance, with a clear turning point in profitability. The revenue for the first three quarters of 2024 reached 5.026 billion yuan, a year-on-year increase of 20.96%, while the net profit was 2.49 billion yuan, down 26.62% year-on-year [1][2]. - The report highlights the growth in the air suspension and automotive sensor businesses, which are expected to drive future revenue growth. The air suspension business has received recognition from major clients, and the automotive sensor segment is poised for rapid development [1][2]. - The company is projected to achieve a revenue of 7.05 billion yuan in 2024, with a year-on-year growth rate of 20%. The net profit is expected to be 393 million yuan, reflecting a modest growth of 4% [1][2]. Summary by Sections Financial Performance - Revenue for 2022 was 4.778 billion yuan, increasing to 5.897 billion yuan in 2023, with projections of 7.05 billion yuan in 2024 and 8.879 billion yuan in 2025 [1]. - Net profit for 2022 was 214 million yuan, rising to 378 million yuan in 2023, with an expected 393 million yuan in 2024 and 559 million yuan in 2025 [1]. - Earnings per share (EPS) increased from 1.01 yuan in 2022 to 1.79 yuan in 2023, with projections of 1.85 yuan in 2024 and 2.63 yuan in 2025 [1]. Business Segments - The air suspension business has been a significant contributor, with revenue growth driven by new product development and successful client acquisition [1]. - The automotive sensor segment is expected to experience rapid growth, with various types of sensors being developed and recognized in the market [1]. Market Position - The company has established a strong position in the air suspension industry, with a comprehensive technology system covering multiple product lines [1]. - The report emphasizes the company's ability to adapt and grow in response to market demands, particularly in the context of increasing automotive electronic integration [1].