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]

Core Viewpoints - The automotive sector is expected to continue its upward trend, driven by three main themes: AI robotics, AI intelligence, and favorable market conditions [4][8] - The market showed strong performance in the automotive sector, with passenger vehicles and components leading the gains, influenced by better-than-expected adjustments in US-China tariffs and previous significant corrections in the automotive market [4][8] Weekly Review Summary - In the second week of May, the number of compulsory insurance policies reached 443,000 vehicles, reflecting a week-on-week increase of 6.5% and a month-on-month increase of 29.8% [2][7] - The SW automotive index rose by 2.4%, with the best-performing segments being SW passenger vehicles (+4.4%) and SW automotive components (+2.2%), while commercial vehicles and motorcycles showed declines [2][7] Key Industry Changes - Weipai New Energy launched the 2025 model of the Gaoshan vehicle, equipped with the Coffee Pilot Ultra intelligent driving assistance system [3][7] - BYD was added to the Hang Seng Technology Index [3][7] - Geely Automobile reported Q1 2025 revenue of 72.5 billion yuan, a year-on-year increase of 24.5%, and a net profit of 5.67 billion yuan, up 263.4% year-on-year [3][7] - The acquisition of 100% equity in Wuhu Changpeng was completed, and the company was renamed Wuhu Top [3][7] - Baolong Technology's second phase of the 4.8MW distributed photovoltaic project in Ningguo was completed and accepted [3][7] Sector Configuration Recommendations - The company maintains a positive outlook for 2025, focusing on three main themes: AI robotics, AI intelligence, and favorable market conditions, with the robotics theme expected to have the highest elasticity in May [5][8] - Recommended stocks for the AI robotics theme include Top Group, Junsheng Electronics, and Precision Forging Technology [5][8] - For the AI intelligence theme, preferred stocks include Xpeng Motors, Li Auto, and Xiaomi in Hong Kong, and Seres, SAIC Motor, and BYD in A-shares [5][8] - The favorable market conditions theme includes recommendations for bus manufacturers like Yutong Bus and heavy-duty trucks like China National Heavy Duty Truck and Weichai Power [5][8] Market Performance Tracking - The automotive sector ranked third in A-shares and first in Hong Kong this week, with strong performances in passenger vehicles and components [12][21] - The automotive sector's performance in the SW index showed significant gains, with passenger vehicles leading the way [15][21] Sales Data Overview - In April, the total number of passenger vehicles insured was 443,000, with a year-on-year increase of 29.8% [44] - New energy vehicles accounted for 222,000 units, with a penetration rate of 50.2% [44]

Core Viewpoint - The company, Jifeng, has secured new orders for passenger car seats, indicating a stable growth trajectory with a total expected project value exceeding 56 billion yuan from multiple contracts [1][2][3] Group 1: New Orders and Revenue Impact - Jifeng's subsidiary, Jifeng Seats (Hefei), received a project order from a leading OEM for front seat assembly, expected to start mass production in September 2025, with a total project value of 25.2 billion yuan [1][2] - In January 2025, Jifeng secured two additional seat assembly projects worth a combined 31 billion yuan, with production expected to begin in April and May 2026 [2] - The total expected project value from the three seat assembly projects since 2025 exceeds 56 billion yuan, contributing positively to the company's revenue [2][3] Group 2: Financial Performance - In Q1 2025, Jifeng reported total revenue of 50.37 billion yuan, a year-on-year decrease of 4.73%, while net profit attributable to shareholders reached 1.04 billion yuan, a significant increase of 447.56% [1][5] - This marks the first time in 15 quarters that Jifeng's net profit has exceeded 1 billion yuan, indicating a recovery in profitability [5] - The company’s revenue from passenger car seats in 2024 was 28.96 billion yuan, accounting for 13.01% of total revenue, with expectations for further growth in 2025 [3] Group 3: Strategic Developments - Jifeng has been expanding its product offerings and global presence since acquiring the German company Grammer in 2019, which has enhanced its product range in both passenger and commercial vehicle segments [4] - The company is focusing on improving its R&D capabilities, with a notable increase in R&D personnel and expenditures, which rose by 24.59% in 2024 and 40.53% in Q1 2025 [5]

公司报告 | 公司点评 继峰股份（603997） 证券研究报告 2025 年乘用车座椅业务盈利能力有望大幅提升。2024 年度乘用车座椅业 务首次实现年度盈亏平衡。2025 年度预计将有 8 个项目进入量产阶段， 乘用车座椅业务营业收入有望大幅攀升。目前仍有多个工厂尚未量产或产 能利用率较低，随着规模效应的产生，乘用车座椅业务盈利能力有望随之 提升。 格拉默整合持续推进，25Q1 已成功扭亏 2024 年公司多措并举优化格拉默经营效率：1）对格拉默人工成本进行优 化，：一是实施裁员计划；二是将工作岗位从高成本地区（如德国）的工作 岗位逐步向低成本国家转移。2）将持有的 TMD LLC 的 100%股权转让予 APC LLC。3）联合采购、产业布局整合、改革考核激励制度等。 格拉默整合已初见成效，2025 年有望随着降本增效措施持续推进，业绩继 续好转。2025Q1 格拉默实现净利润 0.097 亿欧元，实现扭亏。公司将持续 推进格拉默降本工作，进一步加强对格拉默海外业务管控。从中高层管理 人员的任命和考核，到采购成本管控，运营成本管控，产能布局优化等方 面，更全、更细、更深入地去落实和管控。我们认为格拉默业绩 ...

Group 1 - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 1.55 billion yuan to repay the company's bonds [1] - Yidelong reported a net profit of 41.77 million yuan for Q1 2025, a year-on-year increase of 34.19% [1] - Overseas Chinese Town A achieved a contract sales amount of 1.78 billion yuan in April, a year-on-year increase of 10% [1][2] Group 2 - Dajin Heavy Industry's subsidiary signed a contract worth approximately 1 billion yuan for an offshore wind power project with a European energy company [4] - Liao Port Co. announced the resignation of Chairman Wang Zhixian due to reaching retirement age [4] - China Energy Construction's application for a specific stock issuance has been approved by the Shanghai Stock Exchange [6] Group 3 - Xinhua Insurance reported a 27% year-on-year increase in premium income from January to April, totaling 85.38 billion yuan [11] - 吉祥航空's passenger turnover increased by 6.34% in April, with a seat occupancy rate of 86.16% [13] - New City Holdings reported a contract sales amount of approximately 1.76 billion yuan in April, a year-on-year decrease of 52.46% [28] Group 4 - Three Yuan Bio announced a preliminary ruling of a 3.49% countervailing duty on its products in the U.S. [23] - Shanghai Pharmaceutical's product, Wengjing Decoction Granules, has been approved for production [20] - A strategic cooperation agreement was signed between *ST Dali and Zhuhai Yunzhou Intelligent Technology Co., Ltd. to promote the development of intelligent unmanned equipment [22] Group 5 - The construction of the automotive lightweight forging precision processing project by Sanlian Forging has been completed [25] - The company Tianma Technology reported an output of approximately 1,480.16 tons of eel in April [18][19] - The company Victory Technology plans to invest up to 3 billion yuan for share repurchase [42]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown signs of a performance turnaround in Q1 2025, with significant improvements in net profit and operational efficiency following overseas integration efforts [7] - The company reported a revenue of 50.37 billion yuan in Q1 2025, a year-on-year decrease of 4.7%, but achieved a net profit of 1.04 billion yuan, reflecting a substantial increase of 448% compared to the previous year [5][6] - The divestiture of TMD and restructuring in Europe have impacted the company's performance in 2024, leading to a net loss, but the first quarter of 2025 indicates a recovery trend [7] Financial Data and Earnings Forecast - The company achieved total revenue of 222.6 billion yuan in 2024, a year-on-year increase of 3.2%, but reported a net loss of 5.67 billion yuan [5] - For 2025, the estimated total revenue is projected to be 24.58 billion yuan, with a net profit forecast of 626 million yuan, indicating a recovery from previous losses [6] - The company’s gross margin is expected to stabilize around 15% for the next few years, with a projected return on equity (ROE) of 11.9% in 2025 [6][9]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [2][17]. Core Insights - The report highlights a significant performance turnaround for Jifeng Automotive Interiors in Q1 2025, with a net profit of 104 million yuan, a year-on-year increase of 448%, despite a slight decline in revenue [3][4]. - BYD has initiated a price adjustment strategy to enhance the competitiveness of its intelligent driving models, focusing on overseas market expansion and leveraging its unique insurance capabilities to quantify autonomous driving performance [3][8][10]. - The report emphasizes the growth potential of Jifeng's seat business and the integration benefits from Grammer, projecting substantial revenue and profit growth through 2027 [7][6]. Summary by Sections Jifeng Automotive Interiors Update - In 2024, Jifeng's revenue was 6.431 billion yuan, a year-on-year increase of 60.27%, with a net profit of 279 million yuan, up 41.82% [4]. - The seat business achieved breakeven for the first time, with revenue of 3.110 billion yuan, and the company has set ambitious targets for 2025 and 2026 [6][7]. - The integration of Grammer is expected to enhance profitability, with a projected net profit of 626 million yuan for 2025 and 1.106 billion yuan for 2026 [7]. BYD Update - BYD's price adjustment in May aims to improve the competitiveness of its intelligent driving models, particularly in the mid to high-end market segments [8][9]. - The company's overseas strategy focuses on leveraging engineering efficiency for profitability, with a strong emphasis on data-driven insurance pricing models [9][10]. - The report suggests that BYD's autonomous driving capabilities may become a key competitive advantage in the next 2-3 years [10].