证券日报网讯保隆科技（603197）11月26日在互动平台回答投资者提问时表示，公司4D毫米波雷达尚 无定点项目。公司正和多个欧洲豪华品牌交流，在谈项目超过10个，产品包括空气弹簧、空气供给单元 和储气罐等。 ...

格隆汇11月26日丨保隆科技(603197.SH)在互动平台表示，公司4D毫米波雷达尚无定点项目。公司正和 多个欧洲豪华品牌交流，在谈项目超过10个，产品包括空气弹簧、空气供给单元和储气罐等。 ...

Investment Rating - The investment rating for Zhongding Co., Ltd. is "Recommended" (maintained) [1]. Core Views - The company has demonstrated strong profitability resilience and is steadily advancing its humanoid robot supporting business. The traditional non-tire rubber component business remains stable, while new businesses such as air suspension and lightweight components are developing steadily, opening new growth opportunities [8]. Summary by Sections Company Overview - Zhongding Co., Ltd. operates in the automotive industry, with a total market capitalization of 30.1 billion yuan and a total share capital of 1,316 million shares [1]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 14.6 billion yuan (up 0.4% year-on-year) and a net profit attributable to shareholders of 1.3 billion yuan (up 24% year-on-year) [4]. - The company's gross margin reached 25.8% and net margin 10.4% in the third quarter, indicating robust profitability [7]. Revenue and Profit Forecast - Revenue projections for 2025 to 2027 are as follows: - 2025: 20.9 billion yuan (up 10.9% year-on-year) - 2026: 23.8 billion yuan (up 13.7% year-on-year) - 2027: 27.0 billion yuan (up 13.8% year-on-year) [6]. - Net profit forecasts for the same period are: - 2025: 1.7 billion yuan - 2026: 1.9 billion yuan - 2027: 2.0 billion yuan [8]. Business Segments - The company is actively involved in air suspension systems, lightweight components, and thermal management systems, with significant orders received in these areas. For instance, the air suspension business has accumulated orders worth approximately 15.8 billion yuan, while the lightweight business has orders totaling about 5.5 billion yuan [7][8]. - In the humanoid robot sector, the company has established partnerships to enhance its core advantages in component assembly, with ongoing projects to develop robotic joints and lightweight skeletons [8].

Core Insights - Baolong Technology has secured a contract for the intelligent suspension system components for a high-end electric vehicle model from a well-known foreign EV startup, expanding on a previous contract for dual-chamber air spring electronic shock absorbers [2] - The total project lifecycle value of the intelligent suspension system exceeds 230 million yuan, with a lifecycle of 6 years and planned mass production in 2026 [2] - The closed air supply unit, developed in collaboration with partner Bost, features compact size, lightweight, low power consumption, and superior drying performance, along with excellent NVH performance and customizable development capabilities [2] - Baolong Technology has established an intelligent production line for closed air compressors at its Hefei park to meet the business development needs of the closed air supply unit [2] Additional Notes - In 2024, Baolong Technology secured its first overseas open air supply unit project in Europe, and this closed air supply unit marks its first overseas project [3]