Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met expectations, with a significant year-on-year increase in net profit [7] - Revenue for Q1 2025 was 5.037 billion yuan, a year-on-year decrease of 4.73% and a quarter-on-quarter decrease of 5.84% [7] - The net profit attributable to the parent company for Q1 2025 was 104 million yuan, representing a substantial year-on-year growth of 447.56% and a turnaround from losses in the previous quarter [7] - The integration of the Grammer business is progressing steadily, with the company focusing on the passenger car seat assembly business, which is expected to enhance its market share in the long term [7] Financial Forecasts - The company forecasts total revenue of 24.303 billion yuan for 2025, with a year-on-year growth of 9.20% [1] - The net profit attributable to the parent company is projected to be 646.47 million yuan in 2025, with a significant year-on-year increase of 214.06% [1] - The earnings per share (EPS) for 2025 is estimated at 0.51 yuan, with a price-to-earnings (P/E) ratio of 24.25 [1][8]

Core Viewpoint - Jifeng's seat division is showing significant growth potential, driven by the integration of its subsidiary Grammer and the expansion of its product offerings in the automotive seating market [1][2][3]. Financial Performance - In Q1 2025, Jifeng achieved a revenue of 50.37 billion yuan, a year-on-year decrease of 4.73%, primarily due to the divestment of TMD, which reduced Grammer's North American revenue by 74 million USD. However, net profit reached 1.04 billion yuan, up 447.56% year-on-year, with a non-recurring net profit of 0.89 billion yuan, increasing by 454.08% [2][7]. - The gross margin for Q1 2025 improved by 1.64 percentage points to 16.32%, while the net profit margin rose by 1.70 percentage points to 2.06%, benefiting from cost reduction and efficiency improvements from the Grammer integration [2][13]. Business Development - The seat division launched an employee stock ownership plan, targeting a revenue scale of 5 billion yuan in 2025 and 10 billion yuan in 2026, with net profits of 1.5 billion yuan and 5 billion yuan respectively, reflecting the company's confidence in its profitability [3][19]. - Jifeng delivered 330,000 sets of automotive seats in 2024, generating revenue of 3.11 billion yuan, a significant increase from 655 million yuan in the same period of 2023. The company has secured 21 projects for automotive seats as of February 28, 2025, including a contract with BMW for seat assembly products in Europe [4][22]. Product Expansion - Jifeng is actively expanding its product line, including hidden electric air vents and door handles, with the air vent segment achieving revenue of 405 million yuan in 2024, a 44% increase year-on-year. The company also began generating revenue from car refrigerators, contributing approximately 121 million yuan in 2024 [5][24]. - The automotive seating market presents a significant opportunity for domestic manufacturers, as over 80% of the global market is dominated by major players. Jifeng's entry into the supply chain of new energy vehicle manufacturers positions it well to capture market share [22][24].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 22.3 billion yuan in 2024, a year-on-year increase of 3%, with a net profit attributable to shareholders of -570 million yuan. In Q1 2025, the revenue was 5 billion yuan, a year-on-year decrease of 5%, while the net profit attributable to shareholders was 100 million yuan, a year-on-year increase of 448% [1][2] - The global sales of new energy vehicles reached 18.24 million units in 2024, a year-on-year increase of 24%, with domestic sales at 12.87 million units, up 36%. In Q1 2025, global sales were 4.1 million units, a year-on-year increase of 29%, and domestic sales were 3.08 million units, up 47% [1] - The company's seat business generated 3.1 billion yuan in revenue in 2024, compared to 655 million yuan in the previous year, achieving annual breakeven for the first time [1] Financial Performance - In Q1, the company achieved a gross margin of 16.3%, an increase of 1.6 percentage points year-on-year, and a net profit margin of 2.1%, up 1.8 percentage points year-on-year. This improvement was primarily due to significant growth in the performance of its subsidiary, Grammer [2] - The company had a sufficient order backlog, with 21 projects for passenger car seats confirmed as of February 28, 2025, and a diverse customer base. The company is expanding its production bases in Europe and Southeast Asia [3] - Revenue from new products in 2024 included 400 million yuan from air outlets and 120 million yuan from vehicle refrigerators, with the latter achieving profitability [3] Earnings Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been adjusted to 660 million yuan, 990 million yuan, and 1.35 billion yuan, respectively, with corresponding P/E ratios of 24, 16, and 12 times [3]

Core Viewpoint - The company reported a strong Q1 performance with significant improvements in net profit and gross margin, driven by the turnaround of its subsidiary, Grammer, and a robust order book in its seating business [1][2]. Group 1: Q1 Financial Performance - In Q1 2025, the company achieved revenue of 5.037 billion yuan, a year-over-year decrease of 4.73% and a quarter-over-quarter decrease of 5.84% [1]. - The net profit attributable to shareholders was 104 million yuan, showing a year-over-year increase of 447.56% and a quarter-over-quarter increase of 399.56% [1]. - The non-recurring net profit was 88.5417 million yuan, reflecting a year-over-year increase of 454.08% [1]. - The net profit margin improved to 2.09%, marking a significant turnaround [1]. Group 2: Business Developments - The company launched an employee stock ownership plan aimed at incentivizing key personnel in the seating division, with performance targets set for revenue and net profit over two years [2]. - The first phase of the plan has a target of 4-5 billion yuan in revenue and 0.8-1.5 billion yuan in net profit, while the second phase aims for 7-10 billion yuan in revenue and 4-5 billion yuan in net profit [2]. - Following the strategic restructuring of Grammer, the company is positioned for improved profitability and operational efficiency [2]. Group 3: Profit Forecast and Valuation - The company maintains its previous revenue and net profit forecasts for 2025-2027, projecting revenues of 23.5 billion yuan, 26.7 billion yuan, and 32.7 billion yuan, with net profits of 660 million yuan, 990 million yuan, and 1.36 billion yuan respectively [3]. - A valuation premium of 30% is applied due to the expected rapid growth in net profit, leading to a target price of 17.87 yuan based on a 35x PE ratio for 2025 [3].

01 事件概述 公司披露2025年一季报：2025Q1实现营收50.4亿元，同比-4.7%/环比-5.8%；归母净利1.0亿元，同比+449.5%/环比扭亏为盈；扣非归母净利0.9亿元，同比+453.1%/环 比扭亏为盈。 02 分析判断 ► 2025Q1利润超预期 业绩步入释放期 公司2025Q1利润同比+449.5%/环比扭亏为盈，我们分析原因主要为格拉默业绩扭亏为盈，业绩逐渐步入释放期，根据公告，格拉默2025Q1实现归属于上市公司股东的 净利润为6,540万元、同扭亏为盈、同比提升10,680万元，格拉默业绩的释放主要得益于公司"Top 10"计划实施的重组措施正在逐步显现成效，此前公司针对EMEA地区 产能做了针对性调整，以适应当地市场环境，且前瞻性与安贝格生产基地达成劳资协议，也对业绩产生了积极的推动作用。 ► 智能电动突围 座椅国产替代空间广阔 公司先后于2021年10月、2022年7月、2022年11月获得三家新能源主机厂座椅总成项目定点，在乘用车座椅业务领域实现从0到1的突破并快速拓展，后陆续获得多个座 椅定点。2023年5月乘用车座椅业务实现量产，5-12月累计交付6.5万套，实现营收6. ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a turnaround in Q1 2025, reporting revenue of 5.037 billion RMB, a year-over-year decrease of 4.73%, but a significant increase in net profit attributable to shareholders of 104 million RMB, up 447.56% year-over-year [1][2] - The integration of Grammer has contributed significantly to the company's profitability, with Grammer's Q1 revenue at 487 million EUR and a notable improvement in operating EBIT [2][4] - The company has a robust order book in its seating business, indicating a positive outlook for future performance [1][3] Summary by Sections Financial Performance - Q1 2025 gross margin improved to 16.32%, with a net margin of 2.09%, reflecting a significant enhancement in profitability [2] - The company expects revenue growth from 2025 to 2027, projecting revenues of 23.482 billion RMB, 26.748 billion RMB, and 32.743 billion RMB respectively, with net profits of 655.71 million RMB, 990.84 million RMB, and 1.363 billion RMB [5][7] Employee Incentives - The company announced an employee stock ownership plan aimed at incentivizing key personnel in the seating division, with performance targets set for revenue and net profit [3] Strategic Developments - The strategic restructuring of Grammer, including the divestment of unprofitable segments, is expected to enhance the company's operational flexibility and profitability [4] - The seating projects have expanded to include major clients, and new business lines are gradually ramping up production [4]

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company's Q1 2025 profit exceeded expectations, with a year-on-year increase of 449.5% and a return to profitability, primarily driven by the turnaround of Gramer's performance [1] - The company has made significant progress in the passenger car seat business, achieving mass production and substantial revenue growth, with a total project value of 888-935 billion yuan in hand [2] - The integration of Gramer is showing positive results, with a focus on cost reduction and efficiency improvements, positioning the company to become a global leader in smart cockpits [3] - Revenue projections for 2025-2027 are estimated at 267.50 billion yuan, 299.50 billion yuan, and 359.50 billion yuan, with corresponding net profits of 6.59 billion yuan, 9.45 billion yuan, and 13.43 billion yuan [3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 5.04 billion yuan, a decrease of 4.7% year-on-year and 5.8% quarter-on-quarter, while net profit attributable to shareholders was 100 million yuan, up 449.5% year-on-year [1] - The company expects significant revenue growth from its seat business, with potential annual income from current projects estimated at 148-156 billion yuan, representing 230%-242% of the main business's revenue in 2024 [2] Business Strategy - The company is expanding its product offerings in the smart cockpit market, including passenger car seats, sound systems, and other innovative products, aiming to leverage Gramer's technology and the flexibility of a private enterprise [3] - The company has set ambitious revenue targets for its seat division, with goals of 5 billion yuan in 2025 and 10 billion yuan in 2026, reflecting confidence in rapid growth and profitability [2] Financial Forecast - The financial forecast indicates a recovery with projected revenues of 26.75 billion yuan in 2025, 29.95 billion yuan in 2026, and 35.95 billion yuan in 2027, alongside a significant turnaround in net profit from a loss of 567 million yuan in 2024 to a profit of 659 million yuan in 2025 [5][9]

评论： Q1 业绩交出亮眼答卷。公司整体25Q1 营收50 亿元、同比-4.7%、环比-5.8%，归母净利1.04 亿元、同 比+4.5 倍、环比扭亏。其中25Q1 毛利率16.3%、同比+1.6PP、环比+3.3PP，期间费率14.0%、同 比-0.4PP、环比+1.9PP。 事项： 公司发布25 年一季报，25Q1 营收50 亿元、同比-4.7%、环比-5.8%，归母净利1.04 亿元、同比+4.5 倍、 环比扭亏。 2025 年有望开启公司战略整合后利润释放的新篇章。乘用车整椅方面，公司已从订单、人员、布局等 全方位做足准备。公司：1）订单储备充足，截至2025年2 月底，累计在手项目定点21 个；2）研发团队 扩容，2024 年座椅研发人员末研发人员较2023 年增加约175 人，并发布员工持股计划草案绑定核心团 队；3）产能方面，国内多地基地已投产或投建，同时携手格拉默布局欧洲、东南亚。2024 年公司乘用 车座椅营收31 亿元、同比+3.75 倍，首次实现全年盈亏平衡，毛利率达12.7%。随2025 年在手订单陆续 投产放量，座椅业务利润空间将进一步扩大。格拉默方面，格拉默25Q1 盈利超预期进一 ...

Financial Performance - The company reported a basic earnings per share of 0.0800 yuan for Q1 2025, a 300% increase compared to 0.0200 yuan in Q1 2024 [1] - Net profit for Q1 2025 reached 1.04 billion yuan, showing a significant increase of 447.37% from 0.19 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 2.20% in Q1 2025, up from 0.47% in Q1 2024, marking a 368.09% increase [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 74,696.93 million shares, accounting for 59% of the circulating shares, with a decrease of 400.27 million shares compared to the previous period [1] - Ningbo Jihong Holding Group Co., Ltd. remains the largest shareholder with 26,925.66 million shares, representing 21.27% of the total share capital [2] - The second-largest shareholder, WING SING INTERNATIONAL CO., LTD., holds 14,688.00 million shares, which is 11.60% of the total [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares in this period [3]

Financial Performance - The company's operating revenue for Q1 2025 was ¥5,037,084,511.23, a decrease of 4.73% compared to ¥5,287,006,550.08 in the same period last year[3] - Net profit attributable to shareholders increased significantly by 447.56% to ¥104,439,125.64 from ¥19,073,408.11 year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 454.08% to ¥88,541,713.79 from ¥15,980,046.60 in the previous year[3] - Basic and diluted earnings per share increased by 300% to ¥0.08 from ¥0.02 year-on-year[3] - Net profit for Q1 2025 reached ¥105,486,915.19, significantly up from ¥13,287,269.17 in Q1 2024, representing an increase of 694.06%[19] - The gross profit margin for Q1 2025 improved to 2.08% from 0.04% in Q1 2024[18] - The company reported a total comprehensive income of ¥183,364,913.44 for Q1 2025, compared to a loss of ¥42,861,709.92 in Q1 2024[19] Cash Flow - The net cash flow from operating activities was negative at -¥108,731,142.70, a decline of 154.07% compared to ¥201,103,580.34 in the same period last year[3] - In Q1 2025, the net cash flow from operating activities was -108,731,142.70, a decrease from 201,103,580.34 in Q1 2024[22] - Total cash inflow from operating activities in Q1 2025 was 5,100,067,616.89, down from 5,716,926,732.55 in Q1 2024, representing a decline of approximately 10.8%[22] - Cash outflow from operating activities in Q1 2025 was 5,208,798,759.59, compared to 5,515,823,152.21 in Q1 2024, indicating a decrease of about 5.6%[22] - The net cash flow from investing activities was -77,557,199.49 in Q1 2025, an improvement from -176,313,401.20 in Q1 2024[23] - Cash inflow from investing activities in Q1 2025 totaled 472,549,815.43, significantly higher than 28,222,229.23 in Q1 2024[23] - Cash outflow from investing activities increased to 550,107,014.92 in Q1 2025 from 204,535,630.43 in Q1 2024[23] - The net cash flow from financing activities was -192,475,792.42 in Q1 2025, compared to 158,879,851.31 in Q1 2024[23] - Total cash inflow from financing activities was 646,996,631.81 in Q1 2025, down from 1,602,977,008.88 in Q1 2024[23] - The ending cash and cash equivalents balance for Q1 2025 was 1,796,060,328.30, an increase from 1,482,191,515.96 in Q1 2024[23] - The impact of exchange rate changes on cash and cash equivalents was a positive 57,848,720.24 in Q1 2025, contrasting with a negative impact of -50,122,606.33 in Q1 2024[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥20,382,852,399.95, a slight increase of 0.48% from ¥20,284,802,574.36 at the end of the previous year[5] - The total liabilities as of March 31, 2025, were ¥10,195,424,574.81, compared to ¥9,935,135,329.61 on December 31, 2024, indicating an increase of approximately 2.62%[14] - The total assets increased to ¥20,382,852,399.95 from ¥20,284,802,574.36, marking a growth of about 0.49%[14] - The company's short-term borrowings decreased to ¥1,563,528,962.78 from ¥1,656,303,237.47, a reduction of approximately 5.6%[14] - The total liabilities as of the end of the reporting period were ¥15,292,275,451.57, slightly down from ¥15,379,781,642.26[20] - Total equity increased to ¥5,090,576,948.38 from ¥4,905,020,932.10 year-over-year[20] Shareholder Equity - Shareholder equity attributable to the parent company increased by 3.92% to ¥4,830,005,355.12 from ¥4,647,988,523.65 at the end of last year[5] - The total equity of the company is not explicitly stated in the provided data, but the increase in total assets and liabilities suggests a potential growth in equity[14] Government Subsidies and Restructuring - The company recognized government subsidies amounting to ¥24,630,431.48, which are closely related to its normal business operations[6] - The significant increase in net profit is attributed to the gradual effectiveness of the company's restructuring measures and the notable performance growth of its subsidiary, Gramer[7] Current Assets - As of March 31, 2025, the total current assets amounted to ¥10,187,427,825.14, a decrease from ¥10,349,667,244.75 as of December 31, 2024, reflecting a decline of approximately 1.56%[13] - The cash and cash equivalents decreased to ¥1,879,595,879.49 from ¥2,220,000,303.05, representing a decline of about 15.4%[13] - Accounts receivable slightly increased to ¥4,592,062,688.10 from ¥4,583,780,375.01, showing a marginal increase of 0.18%[13] - The inventory level remained stable, with a slight increase to ¥1,650,158,978.93 from ¥1,641,174,624.07, reflecting a growth of about 0.10%[13] - The company's goodwill increased to ¥1,633,777,874.81 from ¥1,577,201,670.17, representing an increase of approximately 3.58%[14] Research and Development - Research and development expenses increased to ¥156,120,784.08 in Q1 2025, up 40.49% from ¥111,091,057.62 in Q1 2024[18] Shareholder Relationships - The company has not reported any significant changes in shareholder relationships or actions regarding share lending or borrowing during the reporting period[11]