Core Viewpoint - Baolong Technology (603197.SH) is a supplier of intelligent suspension products for Huawei's HarmonyOS Intelligent Driving, indicating a strategic partnership in the automotive technology sector [1] Company Summary - Baolong Technology's intelligent suspension products are utilized in several models, including the Zun Jie S800, Zhi Jie R7, and Zhi Jie S7, showcasing the company's involvement in advanced automotive solutions [1]

Core Viewpoint - Baolong Technology (603197.SH) has received a designated project for its binocular stereo vision camera from a client in the low-altitude flying vehicle sector, with mass production expected next year [1] Group 1 - The company’s binocular stereo vision camera has been selected for a low-altitude flying vehicle project [1] - Mass production of the camera is anticipated to begin next year [1]

Core Viewpoint - Baolong Technology (603197.SH) currently does not supply or validate products for robotics companies [1] Company Summary - The company has confirmed through an interactive platform that there are no ongoing product supplies to robotics enterprises [1]

Core Viewpoint - Shanghai Baolong Automotive Technology Co., Ltd. maintains a stable credit rating of AA for both its main entity and the "Baolong Convertible Bonds," reflecting its competitive advantages in production scale, global layout, R&D technology, and customer resources in the automotive parts industry [4][5]. Company Overview - The company is a leading automotive parts supplier, with a focus on products such as tire pressure monitoring systems (TPMS), metal pipes, valves, and sensors [11][12]. - As of the end of 2024, the company reported total assets of 108.08 billion yuan and equity of 35.41 billion yuan, with operating revenue reaching 70.25 billion yuan and total profit of 4.32 billion yuan [10][12]. Financial Performance - In 2024, the company's revenue increased by 19.12% year-on-year to 70.25 billion yuan, driven by the expansion of TPMS, sensors, and intelligent suspension products [6][15]. - The company's total debt rose to 49.76 billion yuan, a 36.66% increase from the previous year, with a debt-to-equity ratio of 58.42% [7][10]. - The operating cash flow for 2024 was 4.29 billion yuan, with a cash income ratio of 92.50% [6][10]. Business Segments - The traditional business segments, including valves and metal pipes, remained stable, while emerging segments like TPMS and intelligent suspension saw significant growth, with production capacity increasing by 36.67% and 61.50% respectively [6][15]. - The company’s main business revenue composition includes TPMS and related products, which accounted for 33.05% of total revenue, while intelligent suspension contributed 12.12% [16]. Market Position and Competition - The automotive parts industry is highly competitive, with many players, which may negatively impact the company's growth [8]. - The company holds a strong market position, ranking second in the Chinese market for passenger car air suspension systems with a market share of 27.5% [13]. Risk Factors - The company faces risks from exchange rate fluctuations, geopolitical issues, and international trade tensions, which could affect its operational stability [8][10]. - The gross profit margin for the main business decreased by 2.00 percentage points to 24.88% in 2024, influenced by competitive pricing and changes in product mix [15][16]. Future Outlook - The company is expected to maintain stable credit conditions, with traditional businesses remaining steady and emerging products continuing to expand [5][6]. - Potential factors for credit rating upgrades include increased market share and sustained revenue growth, while significant declines in profitability or rising leverage could lead to downgrades [5].

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-081 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 上海保隆汽车科技股份有限公司 关于"保隆转债"2025 年跟踪评级结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司证券发行注册管理办法》《公司债券发行与交易管理办法》 《上海证券交易所公司债券上市规则》等相关规定，上海保隆汽车科技股份有限 公司（以下简称"公司"）委托联合资信评估股份有限公司（以下简称"联合资 信"）对公司 2024 年 10 月 31 日发行的可转换公司债券（债券代码：113692， 债券简称：保隆转债）进行了跟踪信用评级。 公司前次主体长期信用等级为"AA"，保隆转债信用等级为"AA"，评级展 望为稳定，评级机构为联合资信，评级时间为 2025 年 1 月 3 日。 联合资信在对公司经营状况及行业情况等进行综合分析与评估的基础上，于 2025 年 7 月 30 日出具了《上海保隆汽车科技股份有限公 ...

上海保隆汽车科技股份有限公司 2025 年跟踪评级报告 | 17 | | --- | | | | 121 | | # R | | 节 : ラミ | | 服务 | www.lhratings.com 1 联合〔2025〕7526 号 联合资信评估股份有限公司通过对上海保隆汽车科技股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持上海保隆汽 车科技股份有限公司主体长期信用等级为 AA，维持"保隆转债"的信用 等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年七月三十日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受上海保隆汽车科技股份有限公司（以下简称 ...

证券代码：603197 证券简称：保隆科技 债券代码：113692 债券简称：保隆转债 上海保隆汽车科技股份有限公司 会议资料 上海保隆汽车科技股份有限公司 目 录 为了维护投资者的合法权益，确保股东在本公司 2025 年第二次临时股东会 期间依法行使权利，保证股东会的正常秩序和议事效率，依据中国证券监督管理 委员会《上市公司股东会规则》的有关规定，本次股东会会议须知如下： 一、股东会设立秘书处，负责会议的程序安排和会务工作。 二、董事会在股东会的召开过程中，应当以维护股东的合法权益，确保正常 程序和议事效率为原则，认真履行法定职责。 三、股东参加股东会，依法享有发言权、表决权等各项法定权利，并认真履 行法定义务，不得侵犯其他股东的合法权益，不得扰乱会议的正常秩序。出席会 议人员发生干扰股东会秩序和侵犯股东合法权益的行为，会议秘书处将报告有关 部门处理。出席会议人员应听从会议工作人员劝导，共同维护好股东会秩序和安 全。 四、股东在会议上有权发言和提问。为维护股东会的秩序，保证各股东充分 行使发言、提问的权利，请准备发言和提问的股东事先向会议秘书处登记，并提 供发言提纲。会议秘书处与主持人视会议的具体情况安排股 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-080 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 上海保隆汽车科技股份有限公司 公司于 2024 年 12 月 30 日召开第七届董事会第二十二次会议及第七届监事 会第二十二次会议，审议通过《关于使用部分闲置募集资金暂时补充流动资金的 议案》，同意公司使用不超过 3 亿元闲置募集资金暂时补充流动资金，使用期限 自公司董事会审议通过之日起不超过 12 个月。具体内容详见公司 2024 年 12 月 31 日披露于上海证券交易所网站的《上海保隆汽车科技股份有限公司关于使用 部分闲置募集资金暂时补充流动资金的公告》（公告编号：2024-131）。 公司于 2025 年 5 月 20 日召开第七届董事会第二十五次会议及第七届监事会 第二十四次会议，审议通过《关于使用部分闲置募集资金暂时补充流动资金的议 案》，同意公司使用不超过 8,000 万元闲置募集资金暂时补充流动资金，使用期 限自公司董事会审议通过之日起不超过 12 个月。具体内容详见公司 2025 年 5 月 21 日披露于 ...

证券代码：603197 证券简称：保隆科技 债券代码：113692 债券简称：保隆转债 上海保隆汽车科技股份有限公司 2025 年第二次临时股东会 会议资料 上海保隆汽车科技股份有限公司 2025 年第二次临时股东会会议须知 为了维护投资者的合法权益，确保股东在本公司 2025 年第二次临时股东会 期间依法行使权利，保证股东会的正常秩序和议事效率，依据中国证券监督管理 委员会《上市公司股东会规则》的有关规定，本次股东会会议须知如下： 2025 年 8 月 | 关于选举公司独立董事的议案 6 | | --- | 2025 年第二次临时股东会会议资料 一、股东会设立秘书处，负责会议的程序安排和会务工作。 二、董事会在股东会的召开过程中，应当以维护股东的合法权益，确保正常 程序和议事效率为原则，认真履行法定职责。 三、股东参加股东会，依法享有发言权、表决权等各项法定权利，并认真履 行法定义务，不得侵犯其他股东的合法权益，不得扰乱会议的正常秩序。出席会 议人员发生干扰股东会秩序和侵犯股东合法权益的行为，会议秘书处将报告有关 部门处理。出席会议人员应听从会议工作人员劝导，共同维护好股东会秩序和安 全。 四、股东在会议上 ...

Investment Rating - The industry investment rating is "Leading the Market," indicating that it is expected to outperform the relevant market index by more than 10% over the next 6-12 months [8]. Core Insights - The domestic computing power market is expected to continue its robust growth, driven by advancements in AI technology and the development of new energy systems [6]. - AI technology is rapidly advancing from parameter competition to practical applications, enhancing productivity and reducing operational costs across various sectors [2][5]. - The integration of AI in content generation and marketing is becoming widespread, significantly improving efficiency and effectiveness [3]. Summary by Sections AI Computing Power - Domestic computing power chips are being released, with significant performance improvements, such as Huawei's CloudMatrix384 AI super node achieving 300 pFLOPS and enhancing inference throughput to 2300 tokens per second [1]. - The super node supports mixed expert models and can flexibly allocate resources, improving task parallel processing and increasing effective utilization of computing power by over 50% [1]. Energy Management Challenges - Data centers face challenges in power supply stability, cost control, and carbon emission management, with electricity costs accounting for nearly 60% of operational expenses [1]. - A shift towards a more flexible energy management model that integrates power supply, distribution, computing, and cooling is necessary to meet modern data center demands [1]. New Energy Trends - The report emphasizes the importance of incorporating renewable energy sources like solar and wind power into the electricity supply to enhance stability and reduce costs and emissions [1]. - It highlights the need to explore load flexibility on the demand side to optimize energy use and balance supply and demand [1]. AI Applications and Market Growth - The global AI market is expanding, with companies like Keguan achieving operational profitability through AI models [2]. - The report notes the potential for new consumer scenarios driven by advancements in robotics, VR, and smart driving technologies [5]. Investment Recommendations - The report suggests focusing on companies involved in the domestic computing power supply chain and those with relevant technological reserves, such as Cambrian, Haiguang Information, and others [6]. - It also recommends monitoring companies in the AI application space, including BlueFocus, Tencent, and Bilibili, among others [6].