Baolong Automotive(SH:603197) Soochow Securities·2025-05-06 03:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 revenue is projected to be 7.03 billion yuan, a year-on-year increase of 19.1%, while the net profit attributable to the parent company is expected to be 300 million yuan, a year-on-year decrease of 20.1% [7] - In Q1 2025, the company reported a revenue of 1.9 billion yuan, with a year-on-year increase of 76.5% in net profit attributable to the parent company [7] - The company is experiencing strong growth in new businesses, particularly in the sensor and air suspension sectors, with revenues of 670 million yuan and 990 million yuan respectively, representing year-on-year growth of 25.4% and 41.8% [7] - The overall gross margin for 2024 is expected to be 25.1%, a decrease of 2.4 percentage points year-on-year, primarily due to the lower margins of new products [7] Financial Forecasts - Total revenue forecasts for 2025 and 2026 have been adjusted to 9.1 billion yuan and 11.1 billion yuan respectively, down from previous estimates of 9.5 billion yuan and 11.5 billion yuan [7] - The net profit attributable to the parent company for 2025 and 2026 is revised to 510 million yuan and 720 million yuan respectively, compared to earlier estimates of 590 million yuan and 780 million yuan [7] - The projected P/E ratios for 2025, 2026, and 2027 are 16, 11, and 9 times respectively [7]