保隆科技研发人员调试产品。 保隆科技空气悬架产线。 三环车桥生产车间。 想让一辆汽车跑起来，行驶系统至关重要。消费者对有些行驶系统的零部件很熟悉，比如悬架、轮胎。 而有些零部件似乎并未被消费者了解，比如差速器、前轴、轴承等。即便是熟悉的产品，消费者恐怕也 很难叫得出供应商的名字。 其实，这些细分领域都有中国企业默默耕耘的身影。多年来，国内汽车零部件企业在不起眼的行当里苦 练内功，很多已经成长为"隐形冠军"。 这些"冠军"是怎样炼成的？本报对相关企业负责人进行了采访。 三环车桥汽车前轴国内市场占有率超五成 跟上潮流拿下市场 汽车前轴，位于车辆前端，通过两个轮胎与汽车前部相连，承担承重、转向等重要功能。因断面 呈"工"字型，又称"工字梁"，是汽车底盘系统的重要安全零件。 1979年自主设计开发出国内第一根汽车前轴，到如今国际市场占有率22%、国内市场占有率52%、为全 球销量前20名的汽车制造企业中的16家供货……位于湖北省谷城县的三环车桥有限公司（以下简称"三 环车桥"）逐渐成长为世界最大的汽车前轴生产企业。 生产车间里，银白钢段被烧至约1000℃后通体透红，随后被机械臂送入最高可达1.6万吨压力的自动锻 造生 ...

Investment Summary - The automotive industry is benefiting from the acceleration of smart technology and the development of the robotics industry, with the parts sector outperforming the vehicle sector. From January 1 to December 12, 2025, the CITIC passenger car index fell by 0.40%, while the CITIC automotive parts index rose by 34.76%, indicating a significant difference in performance between the two sectors [4][18][25]. Group 1: 2025 Market Performance and Earnings Review - The automotive parts sector achieved a revenue of 7,541.60 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.75%, and a net profit of 460.10 billion yuan, up 19.60% year-on-year [49]. - The passenger vehicle sector's revenue reached 15,203.16 billion yuan, growing by 8.68% year-on-year, while the net profit decreased by 15.72% to 391.90 billion yuan [31][49]. - The performance of passenger vehicle companies varied, with most showing revenue growth, but some, like BYD and Great Wall Motors, experienced profit declines [39][42]. Group 2: Outlook for 2026 - The automotive market in 2026 is expected to see a decline in policies, while exports and new energy vehicles (NEVs) will continue to rise. The "old-for-new" policy is anticipated to drive high growth in vehicle sales in 2025, but its absence in 2026 may lead to a demand shortfall [5][62][66]. - The penetration rate of NEVs is expected to continue increasing, with smart and high-end vehicles becoming new growth drivers. By 2025, the penetration rate of NEVs reached 46.7% [72][73]. - The L3 commercial application is expected to reach a critical point in 2026, with smart chassis technology anticipated to be applied in large quantities [5][6]. Group 3: Investment Strategy - The investment strategy focuses on the smart automotive sector, particularly as the industry transitions from L2 to L3 autonomous driving. Companies that continue to invest in this area are expected to benefit significantly [6][8]. - Recommended companies in the vehicle sector include SAIC Motor, Jianghuai Automobile, and Chery Automobile, which are positioned to leverage advancements in smart driving technology [6][8]. - In the parts sector, companies like Baolong Technology and Top Group are highlighted for their potential to benefit from the implementation of line control steering and braking systems, which are set to enter mass application in 2026 [8][49].

证券日报网讯 12月11日，天润工业在互动平台回答投资者提问时表示，公司近年来在传统主业保持稳 健的同时，正积极推进空气悬架、电控系统等新业务转型，公司经营状况良好，资产负债结构健康。二 级市场股价波动受到多种因素影响，公司将继续做好经营管理工作，努力开拓新业务，争取创造更好的 业绩回报投资者，同时公司将加强与资本市场的沟通交流，积极传递公司的内在价值。 （文章来源：证券日报） ...

Investment Rating - The report does not explicitly state an investment rating for the automotive suspension industry Core Insights - The automotive suspension industry is undergoing a profound transformation driven by electrification and intelligence, shifting the competitive focus from traditional mechanical hardware to a comprehensive system capability defined by software [4] - The demand for lightweight structural components and high-performance suspensions is increasing due to electrification, while intelligence is pushing the evolution of suspensions from passive adaptation to active prediction [4] - The value distribution across the entire industry chain will be redefined in this technological revolution, with investment opportunities focusing on leading domestic component manufacturers, system integrators with advantages in electric control suspensions, and suppliers providing key enabling technologies for intelligent suspensions [4] Summary by Sections Industry Overview - The automotive suspension system connects the vehicle body to the wheels, playing a crucial role in cushioning road impacts and ensuring good contact between the wheels and the ground [5] - The industry can be categorized into passive, semi-active, and active suspensions based on their working principles and application scenarios [5][6] Industry Characteristics - High-end market core technology barriers are significant, with foreign companies having established a "patent moat" in core suspension technologies [8] - Electrification is driving technological iterations, with new energy vehicles imposing stricter requirements on suspension systems [9] - Intelligent technology is enabling the transition of suspension systems from mechanical passive modes to electronically controlled active modes [10] Development History - The automotive suspension system has evolved from passive systems in the 1930s to semi-active systems in the 1970s, and to active systems gaining traction in the 1990s [11][12][13][14][15] Industry Chain Analysis - The automotive suspension industry chain consists of upstream (core materials and components), midstream (system design and assembly), and downstream (vehicle application and aftermarket services) [16] - The upstream component supply segment is highly concentrated, dominated by international suppliers like ZF and Continental [17][22] - Midstream, system integrators are increasingly investing in R&D to enhance differentiation and supply chain security [18][19] Market Size and Growth - The automotive suspension market size is projected to grow from 67.25 billion RMB in 2019 to 83.42 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.40% [29] - The market is expected to further expand to 111.45 billion RMB by 2029, with a CAGR of 6.10% [29] Future Trends - The demand for high-performance suspension systems is increasing, with technology being downscaled to mid-range markets [32] - The rise of line-controlled suspension systems is anticipated to support the development of automotive intelligence [33] Competitive Landscape - The competitive landscape is characterized by a "global leaders and Chinese tiered catch-up" scenario, with high market concentration [39] - Chinese manufacturers are rapidly closing the technology gap with international giants, driven by the growth of the new energy vehicle market [43][44]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's sensor business continues to grow rapidly, with a potential inflection point in performance expected. In the first three quarters of 2025, the company achieved revenue of 6.048 billion yuan, a year-on-year increase of 20.32%, while the net profit attributable to shareholders was 198 million yuan, a decrease of 0.95% year-on-year [5] - The third quarter of 2025 saw revenue of 2.098 billion yuan, a year-on-year increase of 13.85% and a quarter-on-quarter increase of 2.59%. However, the net profit attributable to shareholders was 63 million yuan, down 36.92% year-on-year but up 59.99% quarter-on-quarter [5] - The company's core business is experiencing strong growth, particularly in smart suspension, TPMS, and sensor businesses, which are driving overall growth. The company is also focusing on high-intensity R&D to achieve breakthroughs in core technology areas [7] Financial Performance Summary - For the third quarter of 2025, the gross margin was 21.34%, down 3.27 percentage points year-on-year but up 0.86 percentage points quarter-on-quarter. The net profit margin was 3.02%, up 0.41 percentage points year-on-year and up 2.30 percentage points quarter-on-quarter [6] - The company expects net profits attributable to shareholders for 2025-2027 to be 304 million, 467 million, and 557 million yuan, respectively, corresponding to P/E ratios of 25, 16, and 14 times [8] - The company is projected to achieve revenue of 70.25 billion yuan in 2024, with a year-on-year growth of 19.1%, and is expected to reach 87.77 billion yuan in 2025, with a growth rate of 24.9% [11]

Group 1: Accounts Receivable Management - The company's accounts receivable is relatively high, but it does not increase the risk of bad debts due to appropriate provisions made according to accounting policies [2] - Clients are well-known large enterprises both domestically and internationally, which mitigates risk [2] - The company emphasizes strengthening the management of accounts receivable [2] Group 2: Long-term Expenses and R&D Investment - The increase in long-term deferred expenses is primarily due to significant investments in R&D equipment, leading to higher depreciation and amortization [2] - Continuous investment in R&D focuses on air suspension, intelligent cockpit, and other emerging productivity areas [3] Group 3: Capital Structure Optimization - The company has introduced strategic investors through a targeted stock issuance to optimize its capital structure amid international expansion and new project investments [3] Group 4: Automotive Air Suspension Project - The company has plans for a targeted stock issuance to fund the production construction project for automotive air suspension systems and components, with detailed planning and expected benefits outlined in the disclosed fundraising prospectus [3]

Core Viewpoint - The report from Guohai Securities indicates that Top Group's revenue has increased quarter-on-quarter due to the sales growth of core customers in Q3 2025 [1] Group 1: Company Performance - The newly operational Hangzhou Bay Phase 9 factory, covering an area of 90,000 square meters, significantly enhances the production capacity for the air suspension business [1] - The automotive electronics segment is expected to continue being a major driver of revenue growth for the company [1] - Revenue growth is primarily attributed to increased sales from several major customers [1] Group 2: Industry Trends - In Q3 2025, Tesla's global delivery volume reached 497,000 units, reflecting a quarter-on-quarter growth of 29% [1] - According to Marklines, the quarter-on-quarter sales changes for various companies are as follows: Seres +16%, Geely +9%, BYD -3%, and Xiaomi +33% [1] - The company is recognized as a leading platform-based automotive parts enterprise in China, with a positive outlook for steady growth due to ongoing customer and product category expansion [1]

Core Insights - The automotive parts industry is undergoing significant changes, with 71 companies announcing fundraising project adjustments, totaling 99 changes, which is more than double last year's total [2] - The adjustments are primarily focused on two main trends: the shift towards intelligent upgrades and global expansion, with funds being redirected from domestic production to overseas expansion [2] Group 1: Intelligent Upgrades - Many parts manufacturers are reallocating funds from traditional automotive production lines to intelligent component production lines, such as control systems and smart sensors, to meet the demand for new energy vehicles and intelligent driving [3] - For instance, Top Group announced a shift of 400 million yuan in unspent funds towards its "Intelligent Manufacturing Industrial Park" project to produce air suspension systems and smart door drive systems [4] Group 2: Global Expansion - The second major trend involves companies redirecting funds to establish overseas production facilities, responding to the global expansion needs of major automotive manufacturers [5] - Examples include Tianyouwei allocating 103 million yuan for a new automotive electronics factory in South Korea and Top Group investing 380 million yuan in a thermal management system project in Thailand [5] Group 3: Market Dynamics - The shift in funding reflects a restructuring of the supply chain driven by cost-cutting pressures from downstream manufacturers, leading to increased opportunities for local suppliers [4] - Local suppliers are gaining market share in areas like air suspension systems, with domestic companies accounting for 89% of the market share based on installation volume from January to August this year [4] Group 4: Caution in Investment - Despite the trend of reallocating funds, some companies are exhibiting caution in their decision-making, focusing on risk dilution and controlling the pace of project development [6] - Top Group has indicated a careful approach to its expansion plans, emphasizing the need for a balanced investment strategy to mitigate risks associated with rapid growth [6][7]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Views - The company achieved a revenue of 20.93 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 8.2%, while the net profit attributable to shareholders decreased by 12.0% to 1.97 billion yuan [1][8]. - In Q3 2025, the company reported a revenue of 7.99 billion yuan, up 12.1% year-on-year and 11.5% quarter-on-quarter, but the net profit fell by 13.7% year-on-year to 670 million yuan [1][8]. - The company is expected to see a rebound in performance in Q4 and next year, driven by increasing sales from key clients and growth in various business segments such as thermal management and automotive electronics [2][12]. Summary by Sections Financial Performance - For Q3 2025, the company’s gross margin was 18.6%, down 2.3 percentage points year-on-year, attributed to changes in product structure and narrowing scale effects [2][12]. - The company’s R&D expenses increased due to ongoing investments in new products related to robotics and automotive electronics [2][12]. Business Outlook - The company is entering the liquid cooling market, having secured initial orders worth 1.5 billion yuan, leveraging its thermal management capabilities [2][20]. - The company is deepening collaborations with major automotive clients, which is expected to provide stable growth momentum [3][21]. Profit Forecast - The net profit forecasts for 2025, 2026, and 2027 are adjusted to 3.17 billion, 3.67 billion, and 4.65 billion yuan respectively, with corresponding EPS of 1.82, 2.11, and 2.67 yuan [3][21].

Core Viewpoint - The company is a leading player in the Tire Pressure Monitoring System (TPMS) market and is experiencing growth in its intelligent suspension business, despite facing short-term profit pressures due to external factors like tariffs and price wars among manufacturers [2][3][9]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 6.048 billion yuan, a year-on-year increase of 20.32%, while net profit attributable to shareholders was 198 million yuan, a decline of 20.35% [3][9]. - For Q3 2025, the company reported revenue of 2.098 billion yuan, a 14% increase year-on-year and a 2.59% increase quarter-on-quarter, with net profit of 63 million yuan, down 36.92% year-on-year but up 59.99% quarter-on-quarter [3][9]. Business Segments - The TPMS segment generated revenue of 1.822 billion yuan in the first three quarters, up 13.11% year-on-year, maintaining a strong market position [5][26]. - The intelligent suspension segment saw revenue of 953 million yuan, a significant increase of 51.73% year-on-year, indicating robust growth in this area [6][18]. - The company is the largest tire valve manufacturer globally, with revenue from tire valves and accessories reaching 618 million yuan, a 5.09% increase year-on-year [5][33]. Market Trends - The air suspension market is expanding, with the penetration rate of air suspension systems in passenger vehicles in China reaching approximately 3.54% in 2024, and projected to grow significantly in the coming years [13][18]. - The company has secured over 14 billion yuan in orders for air suspension systems, indicating strong demand and growth potential [16][21]. Product Development - The company has developed a comprehensive range of sensors, including pressure, optical, speed, position, acceleration, and current sensors, with an average vehicle value of around 1,000 yuan per sensor [7][24]. - The company has established a strong presence in the ADAS (Advanced Driver Assistance Systems) market, producing a unique three-lens 8-megapixel camera module [33]. Customer Base and Production Capacity - The company has a diversified customer base, including major automotive manufacturers such as Tesla, Volkswagen, and various domestic brands, which supports its sales growth [24][39]. - Recent expansions have added 4.28 million units of air spring production capacity, with plans to meet increasing demand from existing orders [21][22].