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 ...

Investment Rating - Buy rating, first coverage [4] Core Views - The seat industry is a large market with high technical barriers, and domestic companies are emerging as disruptors [4] - The global seat market is expected to reach 1512 billion yuan by 2030, with a CAGR of 4.2% from 2023 to 2030 [4] - The company has acquired Grammer, breaking through technical and customer resource barriers, and has secured multiple projects with new energy vehicle brands and traditional luxury car brands, with total project lifecycle revenue exceeding 60 billion yuan [4] - The company delivered 65,000 sets of seat products from May to December 2023, with an average price exceeding 10,000 yuan per set [4] Industry Overview - The seat industry is highly concentrated, with the top five global players (Lear, Adient, Faurecia, Toyota Boshoku, and Magna) holding 78% of the market share in 2022 [4] - The profitability of the seat industry is highest in the Asia region, with Adient's Asia region EBITDA margin reaching 15.0% in 2023, significantly higher than EMEA and North America [4] - The seat industry is labor-intensive with high R&D expenditures, and the Asia region has the highest profitability [4] Company Performance - The company has optimized its overseas Grammer operations, with profitability expected to continue improving [5] - Grammer, a global commercial vehicle seat giant, has a global market share of over 10% in commercial vehicle seats in 2023 [5] - The company achieved a turnaround in 2021, with net profit attributable to shareholders reaching 130 million yuan, and adjusted net profit attributable to shareholders reached 480 million yuan in 2023, a year-on-year increase of 162.6% [5] - The company's net profit margin attributable to shareholders reached 2.2% in 2023, an increase of 1.2 percentage points year-on-year [5] Product Expansion - The company is a leader in the headrest and armrest industry, with global market shares of 17.9% and 9.4% respectively in 2023 [6] - The company has expanded into air conditioning vents and car refrigerators, securing multiple projects and opening up new growth opportunities [6] - The global market for headrests and armrests is expected to reach 17 billion yuan and 23.4 billion yuan respectively by 2025 [6] Investment Recommendation - The company is a rising star in domestic seat manufacturing, with significant profit elasticity expected from overseas integration [7] - The company is expected to achieve net profit attributable to shareholders of 2.3 billion yuan, 9.0 billion yuan, and 13.3 billion yuan from 2024 to 2026, with corresponding P/E ratios of 70.7X, 18.0X, and 12.1X [7] - The company is given a "Buy" rating for the first time [7]

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 15 日，宁波继峰汽车零部件股份有限公司（以下简称"公司"） 第五届监事会第九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，证券事务代表列 席了会议。本次会议通知于 2024 年 10 月 10 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。 | 证券代码：603997 | 证券简称：继峰股份 公告编号：2024-079 | | --- | --- | | 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 第五届监事会第九次会议决议公告 特此公告。 宁波继峰汽车零部件股份有限公司监事会 2024 年 10 月 15 日 二、监事会会议审议情况 1 （一）审议通过《关于使用募集资金向全资子公司增资以实施募投项目的 议案》 具体内容详见公司同日于上海证券交易 ...

| 证券代码：603997 | 证券简称：继峰股份 公告编号：2024-080 | | --- | --- | | 转债代码：110801 | 转债简称：继峰定 01 | 关于使用募集资金向全资子公司增资以实施 宁波继峰汽车零部件股份有限公司 募投项目的公告 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。 重要内容提示： 投资标的名称：宁波继峰汽车零部件股份有限公司（以下简称"公司"）的 二级全资子公司继峰座椅（合肥）有限公司（以下简称"继峰座椅（合肥）"）、 继峰座椅（常州）有限公司（以下简称"继峰座椅（常州）"）。 投资金额：10,000 万元。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意宁波继峰汽车零部件股份有 限公司向特定对象发行股票注册的批复》（证监许可﹝2023﹞2537 号），公司向 特定对象发行人民币普通股（A 股）100,000,000 股，发行价格为 11.83 元/股， 募集资金总额为 1,183,000,000.00 元，扣除与本次发行有关费用人民币 19,816,789.70 元 ...