保隆科技：传统业务稳步增长，汽车智能化新业务快速放量

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][22][59]. Core Insights - The company is expected to maintain steady revenue growth from its traditional businesses while rapidly expanding its new businesses related to automotive intelligence and lightweight products. The revenue for 2024-2026 is projected to be 71.51 billion, 89.22 billion, and 106.60 billion yuan, respectively, with corresponding net profits of 4.04 billion, 5.77 billion, and 7.38 billion yuan [31][57]. - The company has a leading market share in traditional businesses such as TPMS, valve stems, and automotive exhaust system components, which collectively accounted for 66.37% of total revenue in the first half of 2024. The TPMS segment is expected to benefit from domestic substitution and increased demand due to battery depletion [30][31]. - Emerging businesses, particularly air suspension and sensors, are anticipated to experience significant revenue growth, driven by the acceleration of automotive intelligence penetration and domestic substitution processes [57]. Summary by Sections 1. Business Overview - The company has established a strong position in the market with its traditional products, while also actively expanding into new areas such as automotive sensors and air suspension systems. The revenue from these new segments is expected to grow rapidly as the automotive industry shifts towards greater intelligence and lightweight solutions [29][57]. 2. Revenue and Profit Forecast - Revenue growth rates for various segments from 2024 to 2026 are projected as follows: TPMS at 20%, automotive metal pipes at 8%, valve stems at 5%, air suspension at 45%, and sensors at 50%. Overall, the company’s revenue is expected to grow at a compound annual growth rate (CAGR) of 15.44% from 2019 to 2023 [15][17][31]. 3. Valuation - The report estimates a price-to-earnings (P/E) ratio of 14.08 for 2025, with a valuation range of 40.8 to 54.4 yuan based on comparisons with peer companies, which have an average P/E of 15.41 for the same year [22][31][59].