分红方面，继峰股份A股上市后累计派现9.98亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，继峰股份十大流通股东中，富国天惠成长混合(LOF)A/B （161005）位居第五大流通股东，持股2585.89万股，相比上期减少414.11万股。香港中央结算有限公司 位居第六大流通股东，持股2229.49万股，为新进股东。兴全商业模式混合(LOF)A（163415）位居第八 大流通股东，持股1939.56万股，相比上期减少129.60万股。富国消费主题混合A（519915）位居第九大 流通股东，持股1688.89万股，持股数量较上期不变。兴全新视野定期开放混合型发起式（001511）位 居第十大流通股东，持股1648.12万股，相比上期减少146.92万股。兴全合润混合A（163406）退出十大 流通股东之列。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 2月26日，继峰股份跌1.59%， ...

截至9月30日，继峰股份股东户数1.91万，较上期增加29.21%；人均流通股66273股，较上期减少 22.60%。2025年1月-9月，继峰股份实现营业收入161.31亿元，同比减少4.58%；归母净利润2.51亿元， 同比增长147.21%。 分红方面，继峰股份A股上市后累计派现9.98亿元。近三年，累计派现0.00元。 2月25日，继峰股份涨0.69%，成交额1.40亿元。两融数据显示，当日继峰股份获融资买入额993.07万 元，融资偿还798.18万元，融资净买入194.89万元。截至2月25日，继峰股份融资融券余额合计1.95亿 元。 融资方面，继峰股份当日融资买入993.07万元。当前融资余额1.94亿元，占流通市值的1.05%，融资余 额超过近一年60%分位水平，处于较高位。 融券方面，继峰股份2月25日融券偿还1.67万股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量5.94万股，融券余额86.13万元，低于近一年20%分位水平，处于低位。 资料显示，宁波继峰汽车零部件股份有限公司位于浙江省宁波市北仑区大碶璎珞河路17号，成立日期 2003年7月11日，上市日期201 ...

二、现金管理产品到期赎回情况 近期，公司使用闲置募集资金购买的浦发银行宁波北仑支行（以下简称"浦 发银行北仑支行"）对公结构性存款产品已到期赎回，相关本金及利息收入已归 还至募集资金专户，具体情况如下： 单位：万元 | 受托方 | 产品名称 | 认购金额 | 产品 | 年化收 | 到期赎回情况 | | | --- | --- | --- | --- | --- | --- | --- | | | | | 期限 | 益率 | 本金金 | 收益 | | | | | | | 额 | 金额 | | 浦发银行 北仑支行 | 利多多公司稳利 25JG4142期(3个月看 | 2,000 | 90天 | 1.65% | 2,000 | 8.25 | | | 涨网点专属)人民币 | | | | | | | | 对公结构性存款 | | | | | | 证券代码：603997 证券简称：继峰股份 公告编号：2026-008 宁波继峰汽车零部件股份有限公司 关于募集资金购买的现金管理产品到期赎回的公告 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。 ...

2月12日， 继峰股份 跌0.91%，截至发稿，报14.22元/股，成交1.05亿元，换手率0.58%，总市值180.92 亿元。继峰股份股价已经连续4天下跌，区间累计跌幅5.39%。 资料显示，宁波继峰 汽车零部件 股份有限公司位于浙江省宁波市北仑区大碶璎珞河路17号，成立日期 2003年7月11日，上市日期2015年3月2日，公司主营业务涉及汽车内饰件及其系统,乘用车座椅以及道路 车辆、非道路车辆悬挂驾驶座椅和乘客座椅的开发、生产和销售。主营业务收入构成为：GrammerAG 集团分部72.24%，继峰分部29.49%。 汇丰晋信双核策略混合A（000849）成立日期2014年11月26日，最新规模5.88亿。今年以来收益 11.85%，同类排名988/8882；近一年收益64.35%，同类排名687/8127；成立以来收益307.13%。 汇丰晋信双核策略混合A（000849）基金经理为韦钰。 截至发稿，韦钰累计任职时间2年186天，现任基金资产总规模13.35亿元，任职期间最佳基金回报 80.69%，任职期间最差基金回报78.49%。 从基金十大重仓股角度 数据显示，汇丰晋信基金旗下1只基金重仓继峰股 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 410 to 500 million yuan in 2025, marking a significant turnaround from losses [3][9]. - The company is benefiting from rapid growth in its seating business and ongoing overseas operational integration, which is expected to lead to substantial profit elasticity in the future [9]. - The company has a rich order backlog and is poised for increased profitability as orders materialize [9]. Summary by Relevant Sections Financial Performance - The company anticipates a net profit of 2.0 billion yuan in Q4 2025, representing a year-on-year turnaround and a 107.1% increase [9]. - For the first half of 2025, the seating business generated revenue of 1.98 billion yuan, a year-on-year increase of 121.2% [9]. - The projected net profits for 2025, 2026, and 2027 are 450 million, 900 million, and 1.25 billion yuan respectively, with corresponding P/E ratios of 42.4X, 21.2X, and 15.4X [9]. Business Development - The company is expanding its seating business and has made significant progress in global integration, with 24 projects currently in hand as of July 31, 2025 [9]. - The company is also diversifying into air conditioning vents and vehicle refrigerators, which have already secured multiple orders, enhancing future growth prospects [9]. Market Position - The company is leveraging its production and R&D efficiency, along with a high self-manufacturing rate, to penetrate major global automotive manufacturers [9]. - The integration of Grammer is expected to enhance decision-making and management, further driving the company's global seating business [9].

证券代码：603997 证券简称：继峰股份 公告编号：2026-007 宁波继峰汽车零部件股份有限公司 关于募集资金购买的现金管理产品到期赎回的公告 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。 一、募集资金进行现金管理的基本情况 宁波继峰汽车零部件股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日召开第五届董事会第十六次会议及第五届监事会第十三次会议，审议通过了 《关于使用部分闲置募集资金进行现金管理的议案》，同意公司对单日最高余额 不超过 3.5 亿元的闲置募集资金进行现金管理，用以投资银行、券商、信托等金 融机构的安全性高、流动性强的保本型理财产品。在此额度内，资金可滚动使用。 委托理财期限为自公司第五届董事会第十六次会议审议通过之日起不超过 12 个 月。具体内容详见公司 2025 年 3 月 29 日于上海证券交易所网站披露的《继峰股 份关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2025-022）。 二、现金管理产品到期赎回情况 近期，公司使用闲置募集资金购买的浦发银行宁波北仑支行（以 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [7] Core Views - The company is expected to achieve a net profit attributable to shareholders of 410 to 495 million yuan in 2025, marking a significant turnaround from losses, with Q4 2025 projected net profit between 159 to 244 million yuan, reflecting a quarter-on-quarter growth of 63.9% to 151.5% [5] - The company’s seat business is entering a significant growth phase, with projected revenue from passenger car seats exceeding 5 billion yuan in 2025, driven by increased production and efficiency [5] - The report highlights the successful acquisition of multiple clients and projects in the passenger car seat sector, indicating a strong market position and future growth potential [5] Summary by Sections Financial Performance - The company forecasts revenue of 23,091 million yuan for 2025, with a year-on-year growth rate of 4% [3] - The net profit attributable to shareholders is projected to be 451 million yuan in 2025, a significant recovery from a loss of 567 million yuan in 2024 [3] - Earnings per share (EPS) is expected to be 0.35 yuan in 2025, compared to a loss of 0.45 yuan in 2024 [3] Business Development - The passenger car seat business is expected to reach a revenue of over 50 billion yuan in 2025, with a notable increase in profitability as the company crosses the breakeven point [5] - The company has secured 24 projects for passenger car seats, indicating a robust order backlog that supports future profitability [5] - The report emphasizes the company's strategic focus on domestic and global market expansion, leveraging its partnerships and capabilities to enhance its competitive edge [5] Market Position - The report identifies the company as a leading player in the domestic passenger car seat market, with a significant market share and a strong growth trajectory [5] - The global market for passenger car seats is projected to grow, with the company positioned to capitalize on this trend through its innovative products and strategic partnerships [5]

投资建议：整合成效渐显，新产品和新客户加速拓展，"大继峰"（继峰+格拉默）未来有望成为全球智 能座舱龙头， 我们预计公司2025-2027 年收入为229.50/264.50/309.50 亿元，归母净利润为 4.71/8.69/11.79 亿元，对应EPS 为0.37/0.68/0.93 元，对应2026 年2 月2 日14.40 元/股的收盘价，PE 分别 为39/21/16 倍，维持"推荐"评级。 风险提示：乘用车销量不及预期；整合不及预期；客户拓展不及预期等。 智能电动突围 座椅市场空间广阔。截至2025 年12 月19 日，公司累计乘用车座椅在手项目定点25 个， 其中2025H1 乘用车座椅业务实现营收19.84 亿元，归母净利-0.63 亿元，展望未来利润率有望随规模效 应显现而提升。当前所有在手订单生命周期总金额达1,057-1,104 亿元，根据经验，一般车型生命周期 为5-7年，我们假设全部按照生命周期6 年测算，当前公司在手订单如在同一年量产，可实现年收入176- 184 亿元，为继峰分部2024 年收入的274%-286%，收入增量显著。根据公司股权激励计划，2025/2026 年座椅 ...

Core Viewpoint - The company is expected to achieve a net profit of 410 to 495 million yuan in 2025, marking a turnaround from losses in previous years [2]. Group 1: 2025 Q4 Performance - The company anticipates a net profit of 159 to 244 million yuan in Q4 2025, representing a year-on-year turnaround and a quarter-on-quarter increase of 63.6% to 151.0%, exceeding expectations [3]. - Key factors for this performance include optimization of human resources in Europe, integration of European operations to reduce costs, resolution of losses from the US TMD subsidiary, and ongoing capacity expansion in the seating business [3]. Group 2: Market Potential and Growth - As of January 29, 2026, the company has secured 25 projects for passenger car seats, with expected revenue of 1.984 billion yuan in H1 2025, despite a net loss of 63 million yuan [4]. - The total value of current orders is estimated between 1,057 to 1,104 billion yuan, which could translate to annual revenues of 176 to 184 billion yuan if all orders are produced in the same year, significantly increasing revenue compared to 2024 [4]. - The company's revenue targets for the seating division are set at 5 billion yuan for 2025 and 10 billion yuan for 2026, reflecting confidence in rapid growth and profitability [4]. Group 3: Strategic Integration and Product Development - Following the integration with Grammer in Q4 2019, the company has focused on enhancing profitability through cost reduction and efficiency measures under the leadership of COO Li Guoqiang [5]. - The company is expanding its product offerings in the automotive sector, including smart seating, audio headrests, and vehicle refrigerators, with significant growth in the vehicle refrigerator segment, achieving 80 million yuan in revenue in H1 2025 [5]. - The long-term vision is for the combined entity of Jifeng and Grammer to become a leader in the global smart cockpit market, leveraging technological advantages and operational efficiencies [6]. Group 4: Financial Projections - Revenue projections for the company are 22.95 billion yuan in 2025, with a growth rate of 3.1%, and expected to reach 30.95 billion yuan by 2027, with a growth rate of 17.0% [7]. - The company forecasts a net profit of 471 million yuan in 2025, with significant growth anticipated in subsequent years, reaching 1.179 billion yuan by 2027 [7]. - Earnings per share (EPS) are projected to be 0.37 yuan in 2025, increasing to 0.93 yuan by 2027, indicating a positive outlook for shareholder returns [7].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 4.10 to 4.95 billion yuan in 2025, marking a turnaround from losses [10]. - The fourth quarter of 2025 is projected to see a net profit of 1.59 to 2.44 billion yuan, representing a year-on-year turnaround and a quarter-on-quarter increase of 63.6% to 151.0% [10]. - The company is accelerating its global seat production, with expected revenue from seat business exceeding 5 billion yuan in 2025, showing a year-on-year growth of over 60% [10]. - The company has a total order value of 1,057 to 1,104 billion yuan, which could potentially yield annual revenues of 176 to 184 billion yuan if all orders are produced in the same year [10]. Financial Forecasts - Revenue projections for the company are as follows: - 2024: 22,255 million yuan - 2025: 22,950 million yuan - 2026: 26,450 million yuan - 2027: 30,950 million yuan - The growth rates for these years are projected at 3.2%, 3.1%, 15.3%, and 17.0% respectively [3][11]. - The net profit attributable to shareholders is forecasted to be: - 2024: -567 million yuan - 2025: 471 million yuan - 2026: 869 million yuan - 2027: 1,179 million yuan - The corresponding growth rates are -378.0%, 183.1%, 84.6%, and 35.6% [3][11]. - Earnings per share (EPS) are expected to be: - 2024: -0.45 yuan - 2025: 0.37 yuan - 2026: 0.68 yuan - 2027: 0.93 yuan [3][11]. Strategic Developments - The company is integrating its European operations to reduce costs and improve profitability, particularly through the consolidation with Grammer [10]. - The company aims to become a global leader in smart cockpits by expanding its product offerings, including smart seats, audio headrests, and vehicle refrigerators [10]. - The company has set ambitious revenue and profit targets for its seat division, with goals of 50 billion yuan in revenue and 1.5 billion yuan in net profit for 2025 [10].