保隆科技(603197):深度受益华为汽车业务 ADAS感知层布局再下一城

Baolong Technology (603197): Deeply benefiting from Huawei's automotive business, the ADAS perception layer layout is one more city

太平洋證券 ·  09/26

Huawei Chery vehicle Intelligence S7 was unveiled at the autumn launch in China, and Baolong Technology is expected to benefit deeply: Huawei held an autumn full-scene new product launch on the afternoon of September 25, and Huawei Smart car's first pure electric car, the LUXEED Smart S7, debuted for the first time. The Zhijie S7, which will be equipped with Huawei ADS 2.0 high-level intelligent driving aids, is expected to be the first highlight of Huawei Chery's cooperation, and is expected to be officially launched in November 2023. Baolong Technology is expected to benefit deeply from Huawei Qirui's cooperation, which is the first fixed-point model of Baolong Technology's air suspension assembly system for Zhijie S7.

ADAS layout results accelerated landing, a number of models were fixed with 8m cameras: recently, Baolong Technology obtained 8m cameras from two domestic car companies, with a life cycle order of more than 200 million yuan.

Baolong's layout in the ADAS field has once again won the first customer application. The price of the camera is rising in the era of self-driving, and it is expected to become the golden track of the perceptual layer. Baolong layout millimeter wave radar, ultrasonic radar, look around camera, forward-looking camera, cabin camera, controller and many other products, algorithm, software, hardware and ADAS system development capabilities have achieved results. The fixed-point trinocular camera adopts 8m stereo vision + AI technology, self-developed Meto-Depth binocular algorithm and self-developed DEEPeepFusion architecture, which can effectively improve the detection performance of pedestrians, vehicles and other targets. With the intelligent trend and the continued launch of new cars, we expect the company's ADAS business layout to accelerate the landing, and the profit inflection point is expected to accelerate.

Self-driving multi-catalytic drive, the benefit of the executive layer is clear: the on-line chassis has the advantages of compact structure, good controllability, fast response speed, and electronic control instead of mechanical connection, which is a necessary condition in the era of intelligent driving. through the fine control system of driving / parking attitude and improving driving comfort, air suspension has become the ideal configuration of middle and high-end electric vehicles. With Huawei and other head models and follow-up Baolong technology customer models continue to appear on the market, including new power and independent brands of cars, SUV, MPV models, end-customer volume is expected to help the company to improve the certainty of performance.

Profit forecast: we raised the company's profit forecast. It is estimated that the company's operating income from 2023 to 2025 is 61.58,82.19 and 10.592 billion yuan, an increase of 28.90%, 33.46% and 28.87% over the same period last year. The return net profit is 4.15,5.69 and 788 million yuan, an increase of 93.91%, 36.95% and 38.59% over the same period last year, and the corresponding PE is 30.10,21.98,15.86 times.

Risk tips: passenger car sales, new energy vehicle sales, policy stimulus effect is not as expected.

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