保隆科技（603197）：系列点评七：25Q2业绩承压，业务多元发展

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a revenue of 3.95 billion yuan for the first half of 2025, representing a year-on-year increase of 24.06%, while the net profit attributable to shareholders decreased by 9.15% to 135 million yuan [1]. - The company is experiencing pressure on its performance in Q2 2025, with a revenue of 2.045 billion yuan, up 20.23% year-on-year, but a significant drop in net profit by 50.76% year-on-year due to global tariff policies and shipping costs [2]. - Emerging businesses are accelerating growth, with sensor and ADAS businesses gaining new orders, contributing to a revenue of 368 million yuan for the sensor business in H1 2025, up 18.71% year-on-year [3]. - The smart suspension business is also growing rapidly, with a revenue of 637 million yuan in H1 2025, up 50.22% year-on-year, and a backlog of orders exceeding 23.87 billion yuan [3]. Summary by Sections Financial Performance - For H1 2025, the company reported a revenue of 3.95 billion yuan and a net profit of 135 million yuan, with a cash dividend of 0.32 yuan per share [1]. - In Q2 2025, the company achieved a revenue of 2.045 billion yuan, with a net profit of 40 million yuan, reflecting a significant decline in profitability [2]. Business Development - The company is expanding its emerging business segments, with the sensor business and ADAS business seeing substantial growth and new orders [3]. - The smart suspension business is also on an upward trajectory, with significant order backlogs and new international contracts [3]. Future Projections - The report forecasts revenues of 8.68 billion yuan, 10.84 billion yuan, and 13.06 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 400 million yuan, 504 million yuan, and 642 million yuan [5]. - The expected EPS for the same years is 1.87 yuan, 2.36 yuan, and 3.01 yuan, with corresponding PE ratios of 23, 18, and 14 [4][5].