Group 1 - The Ministry of Industry and Information Technology and other departments have launched the 2025 New Energy Vehicle (NEV) initiative to promote NEV usage in rural areas, focusing on quality and reliable models [1] - The initiative includes exhibitions, test drives, and collaboration with after-sales service, charging service, insurance, and financial service companies to enhance the NEV ecosystem in rural regions [1] - Policies such as tax reductions and incentives for vehicle trade-ins will encourage manufacturers to expand their product offerings and improve service levels in rural markets [1] Group 2 - Dongxing Securities notes that the automotive industry is experiencing intensified competition, impacting profitability and cash flow, but leading companies are still showing improvements in net profit and operating cash flow [2] - The release of new vehicles during auto shows and the ongoing effects of new policies are expected to gradually improve the performance of automotive companies in the second quarter [2] - Recommended companies for investment include SAIC Motor, Jianghuai Automobile, BYD, Changan Automobile, and others within the automotive and related sectors [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to enter a harvest period in 2025 due to the ramp-up of passenger car seat production and the integration of Grammer [2][5] - Positive changes observed in 2024 include the first annual breakeven for passenger car seats, asset divestiture from Grammer, and the growth of new products like hidden electric air vents and car refrigerators [5][6] Summary by Sections Company Overview - The company is a leading player in the automotive headrest market and is expanding into complete seat assemblies, creating a second growth avenue [15] - The company has evolved from a domestic headrest leader to a global interior supplier, with significant growth opportunities in the seat business [15][19] Passenger Car Seats - The passenger car seat market is projected to exceed 1 trillion yuan, driven by enhanced consumer demand and increased seat functionality [6][44] - The company has a robust order book with over 20 ongoing projects, expecting revenues from passenger car seats to reach 5-7 billion yuan in 2025 [6][9] Grammer Integration - The integration of Grammer has seen operational improvements in Europe and Asia, while the Americas have faced losses [6][22] - The company plans to divest the loss-making TMD assets in North America, which is expected to improve overall financial performance [6][22] Financial Projections - Revenue is forecasted to grow from 25.99 billion yuan in 2025 to 32.11 billion yuan in 2027, with a compound annual growth rate of 17% [8] - Net profit is expected to rebound significantly, reaching 631 million yuan in 2025 and 1.45 billion yuan by 2027 [8] Market Trends - The average value of passenger car seats is anticipated to rise to 5,000 yuan by 2025, with the domestic market size projected to reach 139.1 billion yuan [44] - The company is well-positioned to capitalize on the growing demand for advanced seat features and lightweight materials [43][44]

继峰股份 20250528 摘要 继峰股份收购格拉默后，通过扁平化管理、优化工厂设置、整合产业布 局等措施，提升了格拉默的经营效率和盈利能力，扭转了收购前净利率 偏低的局面。 2024 年，全球疫情、海外通胀和芯片短缺对格拉默业绩造成负面影响。 公司通过低息贷款置换、剥离北美亏损子公司 TMD、欧洲区裁员及职能 转移等方式积极应对，改善财务状况。 剥离北美 TMD 子公司显著改善了格拉默的财务状况，该子公司自 2021 年以来持续亏损，剥离后北美地区的经营状况及财务状况实现明显好转， 有助于提升整体盈利水平。 2025 年第一季度，格拉默欧洲区 EBIT 利润率同比翻倍至 4.6%，美洲 区经营性 EBIT 扭亏为盈，亚太区保持稳定增长，整体业绩在整合后出 现明显改善。 国内乘用车座椅市场规模已超千亿，预计到 2030 年将达到 1,400 亿左 右，以约 5%的增速稳定增长，消费升级推动座椅功能和配置丰富度的 提升。 Q&A 继峰股份在收购格拉默之后，如何进行整合以提升其经营效率和盈利能力？ 继峰股份在收购格拉默之后，采取了多项措施进行整合，以提升其经营效率和 盈利能力。首先，通过控制监督机制的改革，调整管 ...

Group 1 - The core viewpoint of the article is that the integration of Grammer is deepening, and the overseas performance inflection point has been basically established [1][9][10] - The company has completed the acquisition of Grammer and is advancing integration from multiple aspects, despite challenges such as the global pandemic and chip shortages [1][20][23] - In 2024, the company will continue to deepen the integration of Grammer overseas, with measures including the divestiture of the loss-making North American TMD subsidiary and strategic adjustments in the European region [1][28][29] Group 2 - The passenger car seat market is accelerating, with a market size exceeding 100 billion yuan in China, driven by consumer upgrades [2][39][43] - The industry has high barriers to entry, creating a favorable competitive landscape, with major players being foreign and joint ventures [2][47][51] - The company has secured a substantial number of high-quality seat projects, covering major OEMs, and an employee stock ownership plan is expected to enhance profitability [2][57][59] Group 3 - The company forecasts a significant improvement in performance, with net profits projected to reach 6.46 billion yuan, 10.97 billion yuan, and 13.84 billion yuan from 2025 to 2027 [4][61] - The company is positioned as a leading player in the passenger car seat industry, benefiting from a broad market space and accelerated domestic substitution [4][64] - The company maintains a "buy" rating due to its performance reversal and expected valuation premium [4][64]

一个多月前刚刚被爱克股份（300889）收购，无锡曙光精密工业有限公司（简称"无锡曙光"）便开始贡 献业务增量。 爱克股份同时指出，定点通知不代表最终供货量，实际供货量需以正式订单或销售合同为准。 5月27日晚间，爱克股份发布公告，控股子公司无锡曙光精密工业有限公司（以下简称"无锡曙光"）分 别收到无锡星驱科技有限公司、格拉默、佛吉亚、李尔、比亚迪（002594）、新泉股份（603179）、 Multimatic、继峰股份（603997）的定点通知书，将为前述客户提供领克电驱平台电机定转子、座椅零 部件产品。 证券时报·e公司记者关注到，无锡曙光是爱克股份于今年4月刚刚收入囊中的控股子公司。回溯2024年9 月，爱克股份召开董事会审议通过收购无锡曙光64.87%股权事宜，交易价格为2.47亿元。2025年4月， 公司宣布前述收购已完成工商变更登记，无锡曙光纳入合并报表范围。据悉，无锡曙光是新能源驱动电 机铁芯供应商， 在精密冲压制造领域具有成熟经验。 爱克股份表示，前述项目将提高公司本年度业务收入，对业绩产生积极影响。后续，无锡曙光将做好产 品开发、生产、交付等工作，并将以此为契机，深度嵌入新能源汽车客户供应 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is approaching an overseas turning point, with accelerated growth in the seating segment. The integration of Grammer is showing signs of improvement, and the company's performance is expected to accelerate in the coming years [7][12]. Summary by Sections 1. Integration of Grammer and Overseas Performance - The company completed the acquisition of Grammer, a century-old automotive interior giant, and has been advancing integration efforts. The integration faced challenges due to global pandemic impacts, chip shortages, and inflation, which affected Grammer's performance [12][19]. - In 2024, the company intensified integration measures, including divesting the underperforming TMD subsidiary in North America and restructuring operations in Europe to enhance efficiency [28][30]. - The overseas performance of Grammer is showing signs of recovery, with significant improvements noted in Q1 2025 [27][34]. 2. Accelerated Growth in Passenger Car Seats - The domestic market for passenger car seats exceeds 100 billion yuan, driven by consumer upgrades and increasing demand for comfort and safety features [41][48]. - The company has a strong order backlog for passenger car seats, with established relationships with major manufacturers such as NIO, Li Auto, and BMW, which supports future growth [58]. - The employee stock ownership plan implemented in April 2025 is expected to enhance the profitability of the seating business [7][12]. 3. Earnings Forecast and Investment Recommendations - The company forecasts net profits of 646.47 million yuan, 1.09672 billion yuan, and 1.38364 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.51 yuan, 0.87 yuan, and 1.09 yuan [1][7]. - The projected P/E ratios for 2025, 2026, and 2027 are 27.10, 15.98, and 12.66, respectively, indicating a favorable valuation as the company is positioned to benefit from the ongoing domestic market expansion and the shift towards domestic alternatives in the seating industry [1][7].

公司公告汇总 继峰股份为全资子公司宁波继盛贸易有限公司提供20000万元人民币担保，截至公告披露日，实际为宁 波继盛提供的担保余额为30000万元人民币。本次担保无反担保，公司无逾期对外担保。为提高集团资 金使用效率，降低融资成本，满足宁波继盛日常经营的资金需求，公司与中国光大银行股份有限公司宁 波分行、中国民生银行股份有限公司宁波分行分别签订《最高额保证合同》，提供连带责任保证。担保 债权本金各10000万元人民币，担保期间分别为自具体授信业务合同或协议约定的受信人履行债务期限 届满之日起三年。宁波继盛注册资本5000万人民币，经营范围涵盖汽车零配件、化工产品销售等。截至 2025年3月31日，宁波继盛资产总额638992766.04元，负债总额621871292.01元，资产净额17121474.03 元。公司持有宁波继盛100%股权。截至公告披露日，公司及其全资、控股子公司对外担保总额为人民 币150.04亿元，占公司2024年度经审计净资产的比例为323.57%，均为对全资、控股子公司提供的担 保，无逾期担保、关联方担保。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备3101043457 ...

本报告导读： 维持"增持" 评级，给予目标价 13.50 元。考虑到美国关税战对全球经济景气度带来一定不确定性，我们 预计2025-2027 年EPS 分别为0.54/0.81/1.00 元，参考可比公司估值，考虑到乘用车座椅业务有望维持高 速增长态势并为公司贡献主要业绩增量，给予公司2025 年25 倍PE，对应目标价13.50 元，维持增持评 级。 公司发布2025 年一季报，盈利能力大幅回升。2025 年一季度公司实现营收50.37 亿元，同比-4.73%，环 比-5.84%，归母净利润1.04 亿元，同比+448%，环比大幅扭亏，扣非后归母净利润0.89 亿元，同比 +454%，环比大幅扭亏；毛利率为16.32%，同比+1.64pct，环比+3.32pct，净利率为2.07%，同比 +1.71pct，环比+2.73pct。 重组措施逐步显现成效，格拉默业绩显著增长。根据格拉默一季度业绩情况，格拉默2025Q1 的经营性 息税前利润为23.9 百万欧元、净利润为9.7 百万欧元（2024 年同期：-5.7 百万欧元），根据公司测算， 格拉默2025Q1 归属于上市公司股东的净利润为人民币65.40 百万 ...

| 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2025-039 | | --- | --- | --- | | 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 关于为子公司银行融资提供担保的公告 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： 被担保人名称：宁波继峰汽车零部件股份有限公司（以下简称"公司"） 的全资子公司宁波继盛贸易有限公司（以下简称"宁波继盛"）。 公司本次为宁波继盛提供担保的金额为 20,000 万元人民币，截至本公告 披露日，公司实际为宁波继盛提供的担保余额为 30,000 万元人民币（含本次）。 | 担保方 | 被担保方 | 银行名称 | 担保金额 （万元） | | --- | --- | --- | --- | | 公司 | 宁波继盛 | 中国光大银行股份有限公司宁波分行 | 10,000 | | | | 中国民生银行股份有限公司宁波分行 | 10,000 | | | | 合计 | 20,000 | 以上担保方式均为连带责 ...

Summary of Jifeng's Conference Call Company Overview - **Company**: Jifeng (继峰股份) - **Industry**: Automotive seating systems Key Points and Arguments - **Acquisition and Integration**: Jifeng has integrated Grammer through organizational adjustments, cost reduction measures, and market expansion in China. Despite global events impacting performance, significant improvements in overseas operations are expected in 2024, particularly after divesting the loss-making subsidiary TMD in the Americas [2][5] - **Regional Performance**: - **Europe**: Revenue slightly declined but outperformed the industry; EBIT doubled from 2.3% to approximately 4.6% [7] - **Americas**: Revenue decreased post-TMD divestment, but EBIT losses narrowed significantly, achieving profitability in Q1 [7] - **Asia-Pacific**: Revenue grew from €339 million in 2020 to €537 million in 2024, maintaining EBIT margins above 10% [7] - **Passenger Car Seat Business**: Expected to accelerate in 2025, with employee stock ownership plan targets indicating significant profit margin improvements in the coming years, enhancing performance confidence [3][12] - **Revenue Growth**: Jifeng's revenue is projected to grow from approximately ¥1 billion in 2023 to ¥3 billion in 2024, reaching ¥5-6 billion in 2025, and potentially nearing ¥10 billion in 2026. Net profit margins are expected to stabilize at 2% in 2025 and rise to 5% in 2026 [2][13] - **Domestic Brand Market Share**: Domestic brands are gaining market share in the passenger car seat sector, driven by increased penetration of new energy vehicles and shorter vehicle model cycles, creating opportunities for private enterprises like Jifeng [2][11] - **Barriers to Entry**: The passenger car seat industry has high barriers, including customer certification, technology, capital requirements, and production management capabilities, which create a favorable environment for Jifeng's growth [10] - **Future Outlook**: Jifeng's effective integration of Grammer and strategic adjustments are expected to significantly improve overseas performance. The passenger car seat business is anticipated to accelerate, further boosting profit margins and overall performance confidence [6][14] Additional Important Insights - **Investment Logic**: The investment rationale for Jifeng is based on the expected improvement in overseas operations and the anticipated acceleration of the passenger car seat business, which together enhance performance confidence for the near term [3] - **Profitability Forecast**: For 2025, Jifeng's net profit is projected to be between ¥600 million and ¥700 million, with expectations of reaching ¥1.1 billion in 2026 as operational efficiencies improve [14] - **Valuation**: Current stock price suggests a PE ratio of around 16 times for the next year, indicating high investment value following market downturns due to tariff impacts [14]