保隆科技：覆盖报告：智能化业务持续放量，全球化布局蓄力深蹲

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase in stock price relative to market benchmarks over the next 6 to 12 months [88]. Core Insights - The company is positioned as a leading player in the automotive parts industry, focusing on both traditional and emerging businesses, with a strong emphasis on sensor technology and air suspension systems [92][106]. - The automotive industry is experiencing a shift towards intelligent and lightweight components, creating significant growth opportunities for the company's new product lines [202][230]. - The company has demonstrated robust revenue growth, achieving 58.97 billion yuan in 2023, a year-on-year increase of 23.44%, with a net profit of 3.79 billion yuan, reflecting a 76.92% increase [106][250]. Summary by Sections Company Overview - The company has evolved over two decades into a comprehensive automotive parts enterprise, with a focus on intelligent and lightweight products [92][202]. - It has established a strong market presence in traditional businesses such as tire pressure monitoring systems (TPMS), metal automotive components, and valve stems [92][106]. Industry Analysis - The automotive sector is witnessing a trend towards increased sensor integration and air suspension systems, driven by the demand for intelligent vehicles [2][145]. - The penetration rate of L2-level advanced driver-assistance systems (ADAS) is increasing, with significant growth in the adoption of various safety features [5][149]. Financial Forecast and Investment Recommendations - Revenue from TPMS is expected to grow at a compound annual growth rate (CAGR) of 48% from 2021 to 2025, driven by mandatory installation policies [11][32]. - The air suspension segment is projected to see revenue growth rates of 50%, 64%, and 71% from 2024 to 2026, reflecting strong market demand and the company's competitive advantages [33][32]. - The company anticipates steady growth in sensor revenue, with expected increases of 36%, 50%, and 52% from 2024 to 2026 [248].