Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to achieve a net profit of 110 million yuan after deducting non-recurring items in Q2 2025, representing a year-on-year increase of 912.4% and a quarter-on-quarter increase of 25.9% [2][5] - With the support of Grammer, the company is leveraging its production and R&D efficiency, along with high self-manufacturing rates, to rapidly penetrate major global automakers, resulting in a rich order backlog and promising profitability for its passenger car seat projects [2][11] - The overseas integration effects are gradually becoming evident, and improvements in overseas profitability are expected to bring significant profit elasticity in the future [2][11] Summary by Sections Financial Performance - In Q2 2025, the company anticipates a revenue increase driven by growth in downstream sales and the ramp-up of new domestic seat businesses [11] - Grammer's Q2 2025 revenue is projected at 470 million euros (approximately 3.35 billion yuan), with a year-on-year decrease of 6.9% and a quarter-on-quarter decrease of 4.3% [11] - The operating profit before interest and taxes for Grammer is expected to be 10 million euros (approximately 80 million yuan), with a year-on-year decrease of 42.1% but a quarter-on-quarter increase of 20.6% [11] Future Outlook - The company is expected to achieve net profits of 610 million yuan, 1.03 billion yuan, and 1.35 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 25.9X, 15.3X, and 11.7X [11] - The company is also expanding into air conditioning vents and vehicle refrigerators, which have already secured multiple contracts, continuously opening up long-term growth opportunities [11]

2025 年 07 月 17 日 继峰股份 (603997) ——Q2 扣非环比提升，业绩改善趋势有望延续 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 07 月 16 日 | | | --- | --- | | 收盘价（元） | 12.48 | | 一年内最高/最低（元） | 14.90/9.68 | | 市净率 | 3.3 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 15,825 | | 上证指数/深证成指 3,503.78/10,720.81 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.82 | | 资产负债率% | 75.03 | | 总股本/流通 A 股（百万） | 1,268/1,268 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-16 08-16 09-16 10-16 11-16 12-16 01-16 02-16 03-16 04-16 05-16 06- ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3505 | -0.42 | 3.79 | 0.22 | | 深证综指 | 2119 | -0.06 | 5.88 | 0.78 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.04 | 3.93 | 5.85 | | 中盘指数 | 0.21 | 5.3 | 6.19 | | 小盘指数 | -0.04 | 5.05 | 10.98 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | 通信设备 | 6.19 | 20.07 | 24.72 | | 通信设备 | 6.19 | 20.07 | 24.72 | | --- | --- | --- | --- | | 元件Ⅱ | 5.35 | 28.48 | 35.74 | | 消费电子 | 1.74 | 10.61 | ...

继峰股份（603997.SH）系列点评十九 2025Q2 利润符合预期 格拉默欧洲综合效应显现 2025 年 07 月 15 日 ➢ 事件：公司披露 2025 年半年度业绩预增公告：预计 2025H1 实现归母净利 1.5~1.8 亿元，同比+182.3%~+238.7%；扣非归母净利 1.8~2.2 亿元，同比 +566.9%~+715.1%。 ➢ 2025Q2 利润符合预期 格拉默欧洲整合效应显现。公司预计 2025Q2 实现 归母净利 0.46~0.76 亿元，中值为 0.61 亿元，同比+77.7%/环比-42.0%；其中 格拉默 2025Q2 实现收入 4.66 亿欧元、同比-6.9%，实现经营性息税前利润 0.12 亿欧元，同比-42.1%。分析利润变动原因：1）格拉默利润同比下滑，主要系 2025Q2 美洲和亚太地区收入及利润下降影响，特别是中国高毛利业务受到经济 不确定性影响，但公司仍维持全年经营性息税前利润 0.6 亿欧元的预测；2） 2024H2 对格拉默欧洲人力资源配置进行优化，且将继峰欧洲业务并入格拉默， 2025H1 在人力成本下降及欧洲区域经营成本下降端效果显著；3）2024H2 ...

| 证券简称：继峰股份 公告编号：2025-047 | 证券代码：603997 | | --- | --- | | 转债简称：继峰定 01 | 转债代码：110801 | 宁波继峰汽车零部件股份有限公司 2025 年半年度业绩预增公告 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。 重要内容提示： 本次业绩预告适用于"实现盈利，且净利润与上年同期相比上升 50%以 上"的情形。 宁波继峰汽车零部件股份有限公司（以下简称"公司"）预计 2025 年半 年度实现归属于母公司所有者的净利润 15,000 万元到 18,000 万元，与上年同期 （法定披露数据）相比，将增加 9,685.55 万元到 12,685.55 万元，同比增加 182.25% 到 238.70%。 预计 2025 年半年度归属于母公司所有者的扣除非经常性损益后的净利 润 18,000 万元到 22,000 万元，与上年同期（法定披露数据）相比，将增加 15,301.07 万元到 19,301.07 万元，同比增加 566.93%到 715.14%。 一、本期业 ...

智通财经7月14日电，继峰股份(603997.SH)发布2025年半年度业绩预告，预计归属于上市公司股东的净 利润为15,000万元-18,000万元，同比增长182.25%-238.70%。业绩增长主要由于对格拉默整合效果显 现，包括欧洲地区人力成本下降、欧洲业务整合提升产能利用率以及出售亏损的美国TMD公司。 继峰股份：2025年半年度净利同比预增182.25%-238.70% ...

证券研究报告 -163 68 1,076 272 366 公司研究 806.5 % 1. 4% 12.8% 10 % .7 14.6% 18.4 % -4.3% 1. 22.0% 5.3% 6.6% [Table_ReportType] 公司点评报告 % 8% -0.16 0. 07 1.07 0.27 0.37 [Table_StockAndRank] 继峰股份（603997） — 11 2.05 2. 3 投资评级 35.85 69 上次评级 2 证券研究报告 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindas.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 徐国铨 汽车行业研究助理 邮 箱：xuguoquan@cindasc.com 信达证券股 ...

证券研究报告 | 2025年07月11日 汽车行业 2025 年 7 月投资策略 优于大市 新品密集上市有望提振板块景气度，建议关注财报行情 销量跟踪：根据乘联会，2025 年 6 月全国乘用车市场零售 208.4 万辆，同比 增长 18.1%，环比增长 7.6%，1-6 月累计零售 1090.1 万辆，同比增长 10.8%； 6 月新能源乘用车市场零售 111.1 万辆，同比增长 29.7%，环比增长 8.2%； 1-6 月累计零售 546.8 万辆，增长 33.3%；上险数据看，6 月（6.2-6.29）国 内乘用车累计上牌 195.79 万辆，同比+18.4%；其中新能源乘用车累计上牌 103.71 万辆，同比+30.7%。 本月行情：6 月 CS 汽车板块下跌 0.13%，其中 CS 乘用车下跌 2.34%，CS 商用车下跌 0.25%，CS 汽车零部件上涨 0.92%，CS 汽车销售与服务上涨 1.42%，CS 摩托车及其它上涨 6.72%，同期沪深 300 指数上涨 2.5%，上 证综合指数上涨 2.9%，CS 汽车板块跑输沪深 300 指数 2.63pct，跑输上 证综合指数 3.03pct；汽 ...

Market Overview - The Shanghai Composite Index closed at 3546.50 points, above the annual line, with a gain of 1.05% [1] - The total trading volume of A-shares reached 10310.63 billion yuan [1] Stocks Breaking Annual Line - A total of 55 A-shares have broken above the annual line today, with notable stocks including XWANDA, Fuxing Co., and Guolian Minsheng, showing divergence rates of 5.64%, 3.70%, and 3.15% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include Wangfujing, Tonghe Pharmaceutical, and Sanxia Water Conservancy [1] Top Stocks by Divergence Rate - The top three stocks with the highest divergence rates are: - XWANDA (9.13% increase, 5.12% turnover rate, latest price 21.16 yuan, divergence rate 5.64%) [1] - Fuxing Co. (4.31% increase, 5.52% turnover rate, latest price 2.42 yuan, divergence rate 3.70%) [1] - Guolian Minsheng (6.66% increase, 3.68% turnover rate, latest price 11.21 yuan, divergence rate 3.15%) [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Tuoer Si (3.05% increase, 3.72% turnover rate, latest price 18.56 yuan, divergence rate 2.82%) [1] - ST Huaming (4.83% increase, 10.28% turnover rate, latest price 10.21 yuan, divergence rate 2.73%) [1] - Green Beauty (3.01% increase, 2.26% turnover rate, latest price 6.50 yuan, divergence rate 2.32%) [1]

Core Viewpoint - The Tesla concept sector experienced a slight decline of 0.15% with a significant capital outflow of approximately 2.92 billion [1] Group 1: Stock Performance - A total of 84 stocks within the sector saw an increase, while 113 stocks experienced a decline [1] - The top-performing stocks included: - Gongzhi Tui (11.54%) - Kelu Electronics (10.02%) - Haosen Intelligent (7.49%) - Zhongke Sanhuan (5.22%) - Hezhuan Intelligent (5.02%) - Jinli Yongci (4.48%) - China Automotive Research (4.1%) - Jinjing Technology (3.23%) - Southern Precision (3.09%) - Nanbo A (2.49%) - *ST Weier (2.38%) - Nord Shares (2.03%) - Spring and Autumn Electronics (2.02%) - Baolong Technology (1.92%) - Hengdian East Magnet (1.74%) - Galaxy Magnet (1.71%) - Paislin (1.63%) - Shida Shenghua (1.61%) - Bowei Alloy (1.4%) - Delian Group (1.38%) [1] Group 2: Declining Stocks - The stocks with the largest declines included: - Rongtai Co. (-7.53%) - Yamaton (-5.0%) - Shenghong Technology (-4.96%) - Quanfeng Automotive (-4.64%) - Shuanglin Co. (-3.99%) - Xingyuan Zhuomei (-3.36%) - Jintuo Co. (-3.08%) - Keda Li (-3.01%) - Hailian Jinhui (-2.98%) - Huafeng Superfiber (-2.86%) - Chaojie Co. (-2.74%) - Jifeng Co. (-2.66%) - Ningbo Huaxiang (-2.64%) - Changsheng Bearing (-2.54%) - Saiwu Technology (-2.34%) - Fabon Information (-2.25%) - Chaoda Equipment (-2.07%) - Lingyun Co. (-2.06%) - Sikan Technology (-1.94%) - Changhua Group (-1.86%) [1]