根据披露的机构调研信息2025年7月7日，淳厚基金对上市公司万通智控进行了调研。 附调研内容：本次投资者关系活动的主要内容如下： 一、董事会秘书李滨向各位调研人员介绍公司历 史沿革、发展战略，以及主营业务等情况。 二、互动交流环节： 1、公司TPMS产品在摩托车市场的情 况如何？ 答：公司已是春风动力的摩托车TPMS和气门嘴供应商；公司已取得上海本田和五羊本田的定 点。 2、美国总统特朗普7日表示，将从8月1日起分别对来自日本、韩国等14个国家的进口产品征收 25%至40%不等的关税，请问此消息对公司是否有影响？ 答：公司关注到此次泰国将被加征36%的关 税，但仍有20多天的暂缓期，公司将持续跟踪政策动态，做出积极应对。公司目前已在德国、捷克、美 国，和泰国均设有工厂，已实现全球本地化生产和供应。因此，基于全球化的布局，公司能够较有效地 抵御贸易争端风险。 3、NLP产品的单车价值大概是多少？ 答：一辆重卡所安装的车队管理系统主要包 括NLP传感器（一般在16-22个/辆）、接收机和T-Box，因此单车价值一般在2,000-3,000元。 淳厚欣享A（基金代码：009931）是淳厚基金旗下的一只混合型基金，成 ...

Group 1: Company Overview - The company, WanTong ZhiKong, has established itself as a supplier of TPMS and valve stems for motorcycle manufacturers such as ChunFeng Power and has secured contracts with Shanghai Honda and WuYang Honda [1] - The board secretary, Li Bin, provided insights into the company's history, development strategy, and main business operations during the investor relations activity [1] Group 2: Market Impact and Trade Concerns - The company is aware of the 36% tariff imposed on imports from Thailand, which will take effect on August 1, and is monitoring the situation closely [2] - With factories established in Germany, Czech Republic, the United States, and Thailand, the company has achieved localized production and supply, enabling it to effectively mitigate risks associated with trade disputes [2] Group 3: Product Value - The estimated value of the NLP sensor system installed in heavy trucks ranges from $2,000 to $3,000 per vehicle, with individual sensors priced between $16 and $22 [2]

Group 1: Company Overview and Strategy - The company, WanTong ZhiKong, has established itself as a supplier of TPMS and valve stems for motorcycle manufacturers such as ChunFeng Power and has secured contracts with Shanghai Honda and Wuyang Honda [1]. - The board secretary, Li Bin, introduced the company's historical development, strategic direction, and main business operations during the investor relations activity [1]. Group 2: Impact of Tariffs and Global Operations - The company is monitoring the impact of a 36% tariff imposed by Thailand on imports, with a grace period of 20 days, and is prepared to respond proactively [2]. - With factories established in Germany, Czech Republic, the United States, and Thailand, the company has achieved localized production and supply, enabling it to effectively mitigate risks associated with trade disputes [2]. Group 3: Product Value and Specifications - The average value of the fleet management system installed in a heavy truck ranges from 2,000 to 3,000 yuan, which includes 16-22 sensors per vehicle, a receiver, and a T-Box [2].

Summary of WanTong Intelligent Control Conference Call Company Overview - WanTong Intelligent Control specializes in sensors, valve stems, and metal hoses, with a significant focus on commercial vehicle tire pressure monitoring systems (TPMS) and new low power (NLP) products [2][3][4] Key Industry Insights - The company has seen significant growth in new products such as sensors and vehicle networking products (MLP), with a notable increase in orders for commercial vehicle NLP products, which have a gross margin of 60%-70% [2][5] - The domestic promotion of commercial vehicle TPMS is lagging behind passenger vehicles, but companies like SF Express and JD.com are beginning to adopt these systems [2][7] - The impact of the US-China trade war on exports is limited due to localized production bases in the US, Czech Republic, Germany, and Thailand, which allows for quick adaptation to local market needs [2][8] Financial Performance - WanTong Intelligent Control expects a profit growth target of 20%-30% annually over the next two to three years [2][8] - In Q1 2025, TPMS-related products saw a growth of 41%, surpassing the previous year's growth of 36% [9][10] - The metal hose business experienced a decline of approximately 10% in Q1 2025, with further analysis needed to understand the reasons [11] Product Development and Innovation - The NLP product is unique to WanTong Intelligent Control in China, allowing for external installation on commercial vehicle tires without disassembly, which is crucial for reducing labor costs in Western markets [5][6] - The company is collaborating with Zhejiang University on a robotics project, focusing on temperature and pressure sensors, electronic skin, and pneumatic muscles, with a research report expected to be completed soon [3][17] Market Dynamics - The adoption of TPMS in the domestic market follows a pattern where the US leads, followed by Europe, and then China, with commercial vehicles currently lacking mandatory standards [7] - The company is strategically focusing on the aftermarket for passenger vehicle TPMS, with 80%-90% of products sold overseas, primarily in the aftermarket due to better pricing and shorter payment cycles [10] Acquisition and Growth Strategy - The acquisition of Westphalia has been successful, with the company quickly achieving profitability due to its strong foundation and stable customer base, including major commercial vehicle manufacturers [12][14] - The European market has faced challenges due to external factors like the Russia-Ukraine conflict, impacting revenue but not significantly affecting profits [13] Future Outlook - WanTong Intelligent Control is optimistic about the growth of its TPMS products and the potential of its NLP technology in the commercial vehicle sector, with plans for long-term investment in robotics and AI applications [2][17]

Group 1 - The company Shanghai Baolong Automotive Technology Co., Ltd. has issued convertible bonds totaling RMB 139 million, with a net amount of RMB 137.71 million after deducting issuance costs [3][24]. - The convertible bonds have a face value of RMB 100 each and will be listed on the Shanghai Stock Exchange starting November 27, 2024 [4][3]. - The bonds have a maturity period of 6 years, with interest rates increasing from 0.10% in the first year to 2.00% in the sixth year [5][4]. Group 2 - The company reported a revenue of RMB 702.49 million for 2024, representing a 19.12% increase compared to the previous year [22][23]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was RMB 25.24 million, a decrease of 14% from the previous year [22][23]. - The total assets of the company increased by 27.53% to RMB 1.08 billion [23]. Group 3 - The company is focused on the research, development, manufacturing, and sales of automotive intelligent and lightweight products, including tire pressure monitoring systems and various sensors [21][22]. - The company has production and research centers in multiple locations, including Shanghai, Anhui, and international sites in the USA, Germany, Poland, and Hungary [21]. - Major clients include global automotive manufacturers and first-tier suppliers [21]. Group 4 - The company has established a dedicated account for the management of raised funds, ensuring compliance with regulatory requirements [24][25]. - As of December 31, 2024, the company had significant balances in various bank accounts designated for project funding [25].

Core Viewpoint - The company reported a revenue of 7.025 billion yuan for 2024, a year-on-year increase of 19.12%, but a net profit attributable to shareholders of 303 million yuan, a decrease of 20.14% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 1.999 billion yuan, up 14.71% year-on-year, with a net profit of 54 million yuan, an increase of 34.71% [1] - For Q1 2025, the company reported a revenue of 1.905 billion yuan, a year-on-year increase of 28.46%, and a net profit of 95 million yuan, up 39.99% [2] - The company's performance in 2024 was temporarily under pressure due to significant stock incentive expenses and rising shipping costs, but profitability is expected to recover in 2025 as these costs stabilize [2] Business Segments - Traditional business segments showed steady growth, while emerging businesses are rapidly expanding. In 2024, revenue from various segments included: - TPMS: 2.146 billion yuan, up 12.3% - Automotive metal pipes: 1.448 billion yuan, up 1.89% - Intelligent suspension: 999 million yuan, up 41.8% - Valves: 780 million yuan, down 0.55% - Automotive sensors: 665 million yuan, up 25.37% [2] - The company’s traditional business is expected to provide stable cash flow, while new businesses are anticipated to contribute significantly to revenue growth [2] Strategic Initiatives - The company signed a strategic cooperation agreement with Thyssenkrupp Bilstein in April 2025, aiming to target the global automotive intelligent suspension market, particularly in China and Europe [3] - This partnership is expected to enhance the competitiveness of both companies' products in the global market for dampers and air springs [3] Investment Outlook - The company is projected to achieve revenues of 9.024 billion yuan, 11.105 billion yuan, and 13.286 billion yuan from 2025 to 2027, with net profits of 534 million yuan, 683 million yuan, and 810 million yuan, reflecting year-on-year growth rates of 76.4%, 27.9%, and 18.6% respectively [3]

| 投资要点 | | --- | 公告要点： 盈利预测与投资评级： 由于公司传统业务增速放缓，且新产品放量对整体毛利率有所影响，我们下调2025-2026年营 收 预 测 为 91/111 亿 元 （ 原 为 95/115 亿 元 ） ， 预 计 2027 年 营 收 为 135 亿 元 ， 同 比 分 别 +30%/+22%/+21%；下调2025-2026年归母净利润为5.1/7.2亿元（原为5.9/7.8亿元），预计2027 年归母净利润为9.2亿元，同比分别+68%/+41%/+28%，对应PE分别为16/11/9倍，维持"买入"评 级。 风险提示： 新产品落地不及预期，乘用车价格战超出预期 公司发布2024年年报及2025年一季报，2024年业绩低于我们预期，2025年一季报业绩符合我们 预期。2024年营业收入为70.3亿元，同比+19.1%，归母净利润为3.0亿元，同比-20.1%，扣非归 母净利润为2.5亿元，同比-14.0%。25Q1营业收入19.0亿元，同环比+28.5%/-4.7%，归母净利润 1.0亿元，同环比+40.0%/+76.5%，扣非归母净利润0.8亿元，同环比+25.1%/+ ...

证券研究报告·公司点评报告·汽车零部件 证券分析师 黄细里 执业证书：S0600520010001 021-60199793 huangxl@dwzq.com.cn 研究助理 孙仁昊 执业证书：S0600123090002 sunrh@dwzq.com.cn | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,897 | 7,025 | 9,139 | 11,115 | 13,472 | | 同比（%） | 23.44 | 19.12 | 30.09 | 21.62 | 21.20 | | 归母净利润（百万元） | 378.83 | 302.55 | 509.74 | 718.27 | 922.15 | | 同比（%） | 76.92 | (20.14) | 68.48 | 40.91 | 28.39 | | EPS-最新摊薄（元/股） | 1.77 | 1.41 | 2.38 | 3.35 | 4.30 | | P/E（现价 ...

证券研究报告·公司点评报告·汽车零部件 保隆科技（603197） 2024 年报及 2025 年一季报点评：产品结构 变化影响毛利率，25Q1 业绩同比高增 买入（维持） 执业证书：S0600123090002 sunrh@dwzq.com.cn 股价走势 -38% -32% -26% -20% -14% -8% -2% 4% 10% 16% 22% 2024/5/6 2024/9/2 2024/12/30 2025/4/28 保隆科技 沪深300 市场数据 | 收盘价(元) | 37.41 | | --- | --- | | 一年最低/最高价 | 26.82/54.99 | | 市净率(倍) | 2.39 | | 流通A股市值(百万元) | 7,991.53 | | 总市值(百万元) | 8,023.69 | | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,897 | 7,025 | 9,139 | 11,115 | 1 ...

Investment Rating - The report maintains an "Outperform" rating for Baolong Technology (603197.SH) [4][6]. Core Views - Baolong Technology's net profit in Q1 increased by 40% year-on-year, with expectations for accelerated performance release in 2025. The company achieved a revenue of 7.025 billion yuan in 2024, a year-on-year increase of 19.12%, and a net profit of 303 million yuan, a year-on-year decrease of 20.14%, primarily due to 124 million yuan in stock incentive expenses [1][10]. - The company is a global leader in TPMS (Tire Pressure Monitoring System) and has a robust order book for new products, despite a downward adjustment in profit forecasts due to product structure changes and increased competition [4][28]. Financial Performance Summary - In 2024, Baolong Technology's overall gross margin is projected to be 25.05%, a decrease of 2.35 percentage points year-on-year, influenced by the ramp-up of lower-margin ADAS products. The sales, management, and R&D expense ratios for 2024 are expected to be 3.29%, 5.81%, and 8.11%, respectively [2][13]. - The company reported a revenue of 19.99 billion yuan in Q4 2024, a year-on-year increase of 14.69%, and a net profit of 54 million yuan, a year-on-year increase of 34.71% [10][11]. Product and Market Positioning - Baolong Technology has a comprehensive product layout in air suspension, having secured a project with a well-known European OEM for a new platform, marking a significant breakthrough for domestic air spring suppliers [3][28]. - The company has developed a diverse range of sensors, covering six categories and over 40 products, with an average vehicle value of approximately 1,000 yuan per sensor [36][38]. - The air suspension market is expected to grow significantly, with projections indicating that by 2026, the annual delivery scale of passenger cars equipped with air suspension systems in China could reach 3 million units, corresponding to a market size of approximately 24 billion yuan [30][32]. Profit Forecasts and Financial Metrics - The profit forecasts for Baolong Technology have been adjusted downward, with expected net profits of 479 million yuan, 570 million yuan, and 689 million yuan for 2025, 2026, and 2027, respectively [4][5]. - The company’s revenue is projected to grow from 58.97 billion yuan in 2023 to 89.57 billion yuan in 2025, reflecting a compound annual growth rate of 27.5% [5].