Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company's Q3 2024 performance was impacted by the struggles of its subsidiary, Grammer, but it is laying a solid foundation for future growth [4] - Despite a decline in net profit due to asset impairment and increased management costs, the company is expected to optimize its business structure in North America and Europe, which will enhance overall profitability in the future [4] - The company has successfully turned around its Changzhou seat factory, contributing positively to its performance, with a significant increase in orders and operational efficiency [5] Financial Performance Summary - In Q3 2024, the company achieved revenue of 5.9 billion yuan, a year-on-year increase of 7.2%, but reported a net loss attributable to shareholders of 585 million yuan, a decline of 915.63% year-on-year [2][4] - The company expects to achieve revenues of 23.85 billion, 28.05 billion, and 31.58 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11%, 18%, and 13% [7] - The forecasted net profit attributable to shareholders for 2024 is -477 million yuan, with subsequent recoveries to 810 million yuan in 2025 and 1.15 billion yuan in 2026, reflecting growth rates of -334%, 270%, and 42% respectively [7] Market Performance Summary - The company's stock has underperformed the CSI 300 index by 2.9% over the past month, but has outperformed by 18.6% over the past three months [3] - The current stock price is 13.30 yuan, with a 52-week price range of 9.41 to 15.08 yuan [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has seen a revenue increase of 6.07% year-on-year for the first three quarters of 2024, with total revenue reaching 169.06 billion yuan. However, it reported a net loss attributable to shareholders of 5.32 billion yuan due to the sale of its U.S. TMD business and integration costs from Grammer [3][4] - The sale of the U.S. TMD business is expected to incur a loss of 2.8 to 3.8 billion yuan, but it is anticipated to improve profitability in the long term by allowing the company to focus on its core business [4][5] - The company has secured 19 contracts for passenger car seats, indicating a strong order backlog and potential for revenue growth as production ramps up [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 59.00 billion yuan, a year-on-year increase of 7.20% and a quarter-on-quarter increase of 3.15%. The net loss for the quarter was 5.85 billion yuan, primarily due to the sale of TMD and increased expense ratios [4] - The company’s revenue for 2024 is projected to be 24.738 billion yuan, with a year-on-year growth of 14.7%. The net profit attributable to shareholders is expected to be -5.13 billion yuan for 2024, improving to 8.11 billion yuan in 2025 and 12.99 billion yuan in 2026 [6] Business Strategy - The company is focusing on its passenger car seat business, which is expected to grow significantly due to the integration of Grammer, enhancing its technology, brand, and customer resources [5] - The divestiture of the U.S. TMD business is part of a strategy to streamline operations and improve profitability, particularly in the Americas [5] Market Position - The company has established itself as a key supplier in the passenger car seat market, leveraging its service efficiency and brand strength to penetrate both new and traditional automotive manufacturers [5]

证 券 研 究 报 告 继峰股份（603997）2024 年三季报点评 强推（维持） 座椅加速放量，业绩短期受减值与费用影响 目标价：15.3 元 当前价：13.30 元 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 继峰股份（603997）公司季报点评 2024 年 11 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------------------------------|-------------| | | | | 股票数据 | | | 11 [ Table_StockInfo 月 01 日收盘价（元） ] | 13.30 | | 52 周股价波动（元） | 9.41-15.25 | | 总股本 / 流通 A 股（百万股） | 1266/1266 | | 总市值 / 流通市值（百万元） | 16839/16839 | | 相关研究 | | | [Table_ReportInfo] 《出售美国 TMD 公司，轻装上阵业绩成长可 | | | 期》 2024.09.25 | | | 《 2023 业绩预盈，乘用车座椅订单持续落地 | | | 助力长期成长》 2024.03.10 | | | 《 Q3 环比 ...

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]

Investment Rating - The report maintains a "Buy-A" rating for the company, with a 6-month target price of 15 CNY per share [7]. Core Views - The company reported a revenue of 5.9 billion CNY in Q3 2024, showing a year-on-year growth of 7.2% and a quarter-on-quarter growth of 3.15%, primarily driven by strong sales in its seating business [2][3]. - The net profit attributable to the parent company was -585 million CNY, significantly impacted by impairment losses related to the divestiture of TMD, amounting to 270 million CNY [3]. - The company is positioned as a leading player in the domestic seating market, with a backlog of orders totaling nearly 90 billion CNY from major clients such as NIO and Li Auto [4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 5.9 billion CNY, with a year-on-year increase of 7.2% and a quarter-on-quarter increase of 3.15% [2]. - The net profit attributable to the parent company was -585 million CNY, with impairment losses of 270 million CNY primarily due to the divestiture of TMD [3]. - Management expenses increased to 726 million CNY in Q3, reflecting the impact of layoffs in Europe [3]. Business Outlook - The seating business is expected to grow rapidly as more models enter production, contributing to overall revenue growth [2]. - The divestiture of TMD is anticipated to lead to improved profitability for the company, particularly in overseas operations [3][4]. - The company has secured 19 orders from major automotive manufacturers, indicating strong demand in the seating segment [4]. Investment Projections - The projected net profits for 2024-2026 are -500 million CNY, 950 million CNY, and 1.19 billion CNY, respectively, with corresponding PE ratios of 17.7 and 14 for 2025 and 2026 [5]. - The company is expected to achieve a 20x PE by 2025, reflecting its growth potential in the seating business [5].

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]