Baolong Automotive(SH:603197) Minsheng Securities·2025-04-30 07:55Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company experienced revenue growth of 19.12% year-on-year in 2024, reaching 7.025 billion yuan, but faced a decline in net profit by 20.14% to 303 million yuan [1][5]. - In Q1 2025, the company reported a revenue of 1.905 billion yuan, a year-on-year increase of 28.46%, and a net profit of 95 million yuan, up 39.99% year-on-year [2][3]. - The company is seeing strong growth in its emerging businesses, particularly in sensor and ADAS (Advanced Driver Assistance Systems) sectors, with significant order backlogs [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 70.25 billion yuan, with a net profit of 3.03 billion yuan, reflecting a 20.14% decrease [1]. - For Q1 2025, the revenue was 19.05 billion yuan, with a net profit of 0.95 billion yuan, marking a 39.99% increase year-on-year [2]. Business Segments - The sensor business generated 6.65 billion yuan in revenue in 2024, growing by 25.37% year-on-year, while the ADAS business had an order backlog exceeding 66.70 billion yuan as of Q1 2025 [3]. - The air suspension business also showed strong growth, with 2024 revenue of 9.93 billion yuan, up 41.80% year-on-year, and an order backlog of over 234.80 billion yuan [3]. Future Projections - The report forecasts revenues of 86.8 billion yuan, 108.4 billion yuan, and 130.6 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 5.0 billion yuan, 6.5 billion yuan, and 8.4 billion yuan [4][5]. - The expected EPS for 2025, 2026, and 2027 is 2.34 yuan, 3.05 yuan, and 3.90 yuan respectively, with corresponding PE ratios of 16, 12, and 10 [4][5].