Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is positioned as a leading seat manufacturer, anticipating a performance turnaround as it focuses on its core business and divests non-core assets [2][4] - The company reported a revenue of 16.9 billion yuan for the first three quarters of 2024, a year-on-year increase of 6%, but a net loss of 500 million yuan, a significant decline of 445% year-on-year [1][2] - The divestiture of TMD LLC is expected to enhance profitability and operational efficiency in the Americas region, marking a clearer path to recovery [2][4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 5.9 billion yuan, reflecting a year-on-year growth of 7% and a quarter-on-quarter increase of 3%. However, the net loss for the quarter was 600 million yuan, a drastic decline of 916% year-on-year and 1817% quarter-on-quarter [1][2] - For the first three quarters of 2024, the company recognized asset impairment losses totaling 300 million yuan, including 250 million yuan for assets held for sale and 16 million yuan for inventory write-downs [2] Business Development - The company delivered 89,000 seat products in H1 2024, generating sales of 897 million yuan, a significant increase from 108 million yuan in the same period last year. The net loss narrowed to 23 million yuan from 61 million yuan year-on-year [3] - The company has diversified its customer base, securing projects with major automotive manufacturers such as Audi and FAW-Volkswagen, and has established 18 projects for passenger car seats as of July 31, 2024 [3] New Product Initiatives - The company is expanding into new product lines, achieving sales of 166 million yuan in H1 2024 for its new business segments, with a significant increase from approximately 95 million yuan in the previous year [4] - The company is actively pursuing cost reduction and efficiency improvement measures, including capacity adjustments and product line optimization, which are expected to enhance overall profitability [4] Earnings Forecast and Valuation - The forecast for the company's net profit for 2024-2026 has been adjusted to -440 million yuan, 850 million yuan, and 1.28 billion yuan, respectively, corresponding to P/E ratios of 37, 20, and 13 times [4]

Investment Rating - Buy (Maintained) [1] Core Views - The company is at a significant turning point in its performance, with the disposal of loss-making assets and the resolution of impairment burdens [1] - The seat business has reached a profitability inflection point and is entering a large-scale phase, with cumulative seat project orders reaching 18 as of July 31, 2024 [1] - The overseas asset Grammer has also reached a profitability inflection point, with the disposal of TMD, a major loss-making subsidiary, expected to significantly improve Grammer's performance [1] - The company is a leading domestic seat manufacturer, with strong potential for both local and global substitution in the passenger car seat market [1] Financial Performance - Revenue for the first three quarters of 2024 reached RMB 16.91 billion, a year-on-year increase of 6.1%, with a net loss attributable to the parent company of RMB 530 million [1] - In Q3 2024, revenue was RMB 5.9 billion, a year-on-year increase of 7.2%, with a net loss attributable to the parent company of RMB 585 million [1] - The Q3 loss was mainly due to impairment provisions for assets held for sale, overseas layoff expenses, and increased financial expenses from exchange rate losses [1] Profitability and Valuation - Revenue is expected to grow from RMB 21.571 billion in 2023 to RMB 30.583 billion in 2026, with a CAGR of 12.3% [1] - Net profit attributable to the parent company is expected to turn positive in 2025, reaching RMB 1.008 billion, and further increase to RMB 1.278 billion in 2026 [1] - EPS is projected to be -0.33 in 2024, 0.80 in 2025, and 1.01 in 2026 [1] - P/E ratios are forecasted at -40.9x for 2024, 16.7x for 2025, and 13.2x for 2026 [1] Business Highlights - The seat business has achieved full coverage of new energy vehicle, domestic, and joint venture customers, with 18 cumulative seat project orders as of July 31, 2024 [1] - The seat business achieved revenue of RMB 655 million in 2023 and nearly RMB 900 million in the first half of 2024, with the first quarterly profit in Q2 2024 [1] - The disposal of TMD, a major loss-making subsidiary of Grammer, is expected to significantly improve Grammer's performance, with TMD's losses totaling EUR 64.6 million from 2021 to 2023 [1] Industry Outlook - The passenger car seat market is characterized by large space, good structure, and accelerated consumption upgrades, with global CR5 exceeding 85% and domestic CR5 exceeding 70% [1] - The company is expected to leverage its cost advantages, rapid response capabilities, and Grammer's global resources to lead the local substitution and global expansion in the passenger car seat market [1]

公 司 研 究 [Table_Reportdate] 2024年11月01日 汽 车 继峰股份 沪深300 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn | --- | --- | |---------------------------|------------| | 数据日期 Table_cominfo] | 2024/11/01 | | 收盘价 | 13.30 | | 总股本 ( 万股 ) | 126,608 | | 流通 A 股 /B 股 ( 万股 ) | 126,608/0 | | 资产负债率 (%) | 74.81% | | 市净率 ( 倍 ) | 3.36 | | 净资产收益率 ( 加权 ) | -11.81 | | 12 个月内最高 / 最低价 | 15.25/9.41 | [Table_QuotePic] -43% -33% -22% -12% -2% 9% 19% 30% 23-11 24-02 24-05 24-08 [相关研究 Tab ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 2024 performance was in line with expectations, but short-term profits were dragged down by asset impairment and other one-time items [2][3] - The company's revenue in Q3 2024 reached 5.9 billion yuan, a 3.15% increase quarter-over-quarter, primarily driven by the rapid growth of the passenger car seat business [3] - The company's gross margin in Q3 2024 was 14.08%, down 1.02 percentage points year-over-year and 0.29 percentage points quarter-over-quarter [3] - The company's net profit attributable to shareholders in Q3 2024 was -585 million yuan, turning from profit to loss quarter-over-quarter, mainly due to increased expense ratios and impairment losses [3] - The company's Grammer business integration is progressing steadily, and the passenger car seat business is opening up growth opportunities [4] - The company has secured multiple new energy vehicle seat projects and achieved mass production of passenger car seats in the first half of 2023 [4] Financial Forecasts and Valuation - The company's revenue is expected to grow from 21.57 billion yuan in 2023 to 32.59 billion yuan in 2026, with a compound annual growth rate (CAGR) of 15.98% [1] - The company's net profit attributable to shareholders is forecasted to be -401.41 million yuan in 2024, 809.77 million yuan in 2025, and 1.22 billion yuan in 2026 [1] - The company's EPS is expected to be -0.32 yuan in 2024, 0.64 yuan in 2025, and 0.96 yuan in 2026 [1] - The company's P/E ratio is projected to be 20.48x in 2025 and 13.58x in 2026 [1] Business Development - The company is actively expanding its passenger car seat business, leveraging its advantages in cost control and service responsiveness compared to foreign seat manufacturers [4] - The company's Grammer integration efforts, including management and organizational adjustments, cost reduction measures, and capacity layout optimization, are expected to enhance Grammer's profitability [4] Market Data - The company's closing price was 13.10 yuan, with a one-year low/high of 9.41/15.25 yuan [7] - The company's P/B ratio is 3.48x, and its market capitalization is 16.59 billion yuan [7] Financial Data - The company's total assets are expected to grow from 17.95 billion yuan in 2023 to 22.23 billion yuan in 2026 [11] - The company's debt-to-asset ratio is forecasted to decrease from 75.18% in 2023 to 65.80% in 2026 [12] - The company's ROE is expected to improve from -7.73% in 2024 to 16.73% in 2026 [12]

2024 年 11月 01 日 继峰股份(603997. SH) 24Q3TMD 剥离轻装上阵,座椅产品空间广 目事件:公司发布三季报公告,第三季度实现收入 59 亿元,同比环比分别 增长 7.2%/3.15%,归母净利-5.85 亿元,TMD 利离影响较大。 目 蔚来、理想贡献增量，座椅业务快速增长 第三季度实现收入 59 亿元,同比环比分别增长 7.2%/3.15%，在海外车市 总体承压的情况下收入持续增长,预计主要为座椅贡献,主要客户理想和 蔚来的销量强劲,理想 L6 第三季度销量 7.5 万辆,环比增加 92%;蔚来 ES6/EC6 第三季度销量 3.1万辆,环比增加 10%。展望后市,随着更多车型 量产,座椅收入将快速增长,带动公司总体收入快速增长。 目 TMD 剥离造成减值亏损，公司发展轻装上阵 归母净利-5.85 亿元, 减值影响 2.7 亿元。1) 其中资产减值 2.52 亿元, 主要是剥离 TMD 产生的减值;信用减值 0.2 亿元,主要是对高合的减值。 2) Q3 管理费用 7.26 亿元,环比增加 2.3 亿元,预计主要为欧洲裁员影 响。3) 三季度所得税 0.91 亿元,环比增加 0. ...

Investment Rating - Maintain "Recommend" rating [2] Core Views - Revenue growth driven by the core strategic emerging business of passenger car seats, with a 6.07% YoY increase in revenue for the first three quarters of 2024 [3] - Net profit decline due to a one-time impairment loss of 2.8-3.8 billion RMB from the sale of TMD LLC, which is expected to improve the overall profitability of the company [3] - Passenger car seat business achieved mass production in May 2023, with significant progress in securing new orders from major clients, including German BMW and other leading OEMs [3] - The company's cumulative passenger car seat project orders reached 19, with a total lifecycle value of 85-89.7 billion RMB, potentially generating annual revenue of 14.2-15 billion RMB if all projects are mass-produced in the same year [5] - The company aims to become a global leader in smart cockpits, leveraging synergies between Jifeng and Grammer, and expanding into new products and markets [5] Financial Performance - 2024Q3 revenue reached 5.9 billion RMB, a 7.20% YoY increase and a 3.15% QoQ increase [3] - 2024Q3 gross margin was 14.08%, a slight decline of 0.29pct YoY and 1.02pct QoQ [3] - R&D expenses in 2024Q3 increased by 25.31% YoY to 147 million RMB, with an R&D expense ratio of 2.50% [3] - The company expects 2024-2026 revenue to be 23.02/28.75/31.95 billion RMB, with net profit attributable to the parent company of -449/878/1,194 million RMB [5] Strategic Initiatives - The company is focusing on cost reduction and efficiency improvement measures, including optimizing production capacity, enhancing supply chain management, and implementing the "Satellite Plan" to strengthen regional management [5] - Jifeng and Grammer are jointly expanding the market, with product and customer synergies, aiming to increase market share in the smart cockpit sector [5] - The company is actively embracing the transformation of the automotive industry towards electrification and intelligence, with new product developments such as smart home-style heavy truck cockpits, hidden electric air vents, and 3D Glass technology [5] Market Expansion - The company has secured multiple new orders from leading OEMs, including Tesla, NIO, and Li Auto, indicating strong market recognition and growth potential [5] - The company's passenger car seat business has expanded from new energy vehicles to traditional fuel vehicles, achieving comprehensive coverage in the automotive market [3]

宁波继峰汽车零部件股份有限公司 2024 年第三季度报告 证券代码：603997 证券简称：继峰股份 转债代码：110801 转债简称：继峰定 01 宁波继峰汽车零部件股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|-------|------------------|--------------------------------------| ...

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。 2024 年 10 月 30 日，宁波继峰汽车零部件股份有限公司（以下简称"公司"） 召开第五届董事会第十二次会议和第五届监事会第十次会议，审议通过了《关于 计提资产减值准备的议案》。现将具体情况公告如下： 一、计提资产减值准备的情况概述 根据《企业会计准则》和公司会计政策的相关规定，为客观、公允地反映公 司 2024 年 9 月 30 日的财务状况和 2024 年前三季度的经营成果，公司及下属子 公司对公司相关资产进行了充分的评估和分析，本着谨慎性原则，对相关资产进 行了减值测试并计提了相应的资产减值及信用减值准备。2024 年 1-9 月，公司计 提持有待售资产减值准备、存货跌价及合同履约成本减值准备、合同资产坏账准 备、应收账款坏账准备、其他应收款坏账准备、应收票据坏账准备及其他非流动 资产坏账准备共计 303,581,104.61 元，具体情况如下： 单位：人民币元 | 序 | 项目 | 计提金额 | 备注 | | --- | --- | --- | --- | | 号 ...

第五届监事会第十次会议决议公告 | 证券代码：603997 | 证券简称：继峰股份 公告编号：2024-082 | | --- | --- | | 转债代码：110801 | 转债简称：继峰定 01 | 宁波继峰汽车零部件股份有限公司 本公司监事会及全体监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、监事会会议召开情况 2024 年 10 月 30 日，宁波继峰汽车零部件股份有限公司（以下简称"公司"） 第五届监事会第十次会议在公司会议室以现场表决的方式召开。应出席监事 3 人，实际出席监事 3 人。监事会主席张鹏先生主持了本次会议，董事会秘书、证 券事务代表列席了会议。本次会议通知于 2024 年 10 月 25 日发出。会议的召集、 召开符合《中华人民共和国公司法》《中华人民共和国证券法》等有关法律法规 及《公司章程》的有关规定。 二、监事会会议审议情况 （一）审议通过《关于公司<2024 年第三季度报告>的议案》 具体内容详见公司同日于上海证券交易所网站（http://www.sse.com.cn/）披 露的《继峰股份 2024 年第 ...

| 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2024-081 | | --- | --- | --- | | 转债代码：110801 | 转债简称：继峰定 01 | | 宁波继峰汽车零部件股份有限公司 第五届董事会第十二次会议决议公告 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、董事会会议召开情况 2024 年 10 月 30 日，宁波继峰汽车零部件股份有限公司（以下简称"公司"） 第五届董事会第十二次会议以现场结合通讯的表决方式在公司会议室召开。本次 董事会应到董事 9 名，实到董事 9 名，其中王继民先生、冯巅先生、张思俊先生 以视频接入的方式参加会议。会议由董事长王义平先生召集、主持，公司监事列 席了会议。本次会议通知于 2024 年 10 月 25 日发出。会议的召集、召开符合《中 华人民共和国公司法》《中华人民共和国证券法》等相关法律法规及《公司章程》 的有关规定。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 特此公告。 宁波继峰汽车零部件股份有限公司董事会 二、董事会会议审议 ...