Baolong Automotive(SH:603197) GUOTAI HAITONG SECURITIES·2025-11-03 13:26Investment Rating - The report maintains a "Buy" rating for Baolong Technology [2][5]. Core Views - The report expresses optimism about the overseas market prospects for Baolong Technology's intelligent suspension systems, despite the company's performance being under pressure in the first three quarters of 2025 [2][11]. Financial Summary - Total revenue for 2023 is projected at 5,897 million, with a growth rate of 23.4%. Revenue is expected to reach 7,025 million in 2024, 8,390 million in 2025, 9,903 million in 2026, and 11,541 million in 2027, with growth rates of 19.1%, 19.4%, 18.0%, and 16.5% respectively [4][12]. - Net profit attributable to shareholders is forecasted to be 379 million in 2023, decreasing to 303 million in 2024, then recovering to 343 million in 2025, 493 million in 2026, and 698 million in 2027, with respective growth rates of 76.9%, -20.1%, 13.4%, 43.5%, and 41.8% [4][12]. - Earnings per share (EPS) is expected to be 1.77 in 2023, dropping to 1.42 in 2024, and then rising to 1.61 in 2025, 2.31 in 2026, and 3.27 in 2027 [4][12]. Market Data - The target price for Baolong Technology is set at 44.98 yuan, with a current market capitalization of 8,042 million [5][6]. - The stock has traded within a range of 33.98 to 52.50 yuan over the past 52 weeks [6]. Strategic Developments - Baolong Technology has formed a strategic partnership with Weifu High-Tech to enhance its full active suspension systems, indicating a deepening focus on intelligent suspension technology [11]. - The company has secured multiple overseas contracts for its intelligent suspension products, including a significant contract for a high-end luxury SUV model [11].