关于控股股东股份质押及再解除质押的公告 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: 公司于2025年5月8日收到控股股东继弘集团的通知，继弘集团将1,360万股 无限售条件流通股股份质押给中国农业银行股份有限公司宁波北仑分行（以下简 称"农业银行北仑分行"），并将质押给上海浦东发展银行股份有限公司宁波北 仑支行（以下简称"浦发银行北仑支行"）的1,500万股无限售条件流通股办理 | 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2025-036 | | --- | --- | --- | | 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 1 截至 2025 年 5 月 8 日，宁波继弘控股集团有限公司（以下简称"继弘集团" 或"控股股东"）持有宁波继峰汽车零部件股份有限公司（以下简称"公司"） 股份总数为 26,925.66 万股，占公司目前总股本比例为 21.27%。本次质押 1,360.00 万股，并解除质押 1,500.00 万股后，已累计 ...

Summary of the Conference Call for Jifeng Co., Ltd. (2025 Q1) Company Overview - **Company**: Jifeng Co., Ltd. - **Industry**: Automotive seating and components Key Points and Arguments Financial Performance - In Q1 2025, Jifeng's revenue decreased from 5.3 billion to 5 billion, but net profit attributable to shareholders surged from 19 million to 104.4 million, primarily due to strong growth in the seating business [2][4] - The seating business saw sales revenue triple year-on-year, increasing from 200 million to 810 million, although net profit only slightly increased to 72 million due to the impact of the Spring Festival and production line upgrades for Ideal Auto [2][5] - Headrest and armrest business revenue remained stable at over 500 million, with EBIT slightly declining to 115 million [2][5] - The Grammer business experienced a 12.43% decline in sales revenue to 487 million euros, but EBIT significantly increased to 19.2 million euros, turning a loss of over 5 million euros into a profit of 86,200 euros, mainly due to better-than-expected performance in overseas markets [2][6][7] Regional Performance - European sales revenue remained flat, but operating EBIT improved significantly from 6.36 million euros to 15 million euros [8] - The Americas region saw a substantial decline in revenue due to the sale of TMD, but operational efficiency improved, leading to a turnaround in operating EBIT [9] Management and Operational Improvements - The company implemented measures such as layoffs, salary reductions, and management changes in the European region to improve management and significantly reduce labor costs [10] - Data management was refined to enhance operational efficiency, allowing for precise cost control [12] Future Outlook and Strategies - To achieve the goal of 30 billion in seating sales by 2030, the company plans to moderately increase R&D personnel while strictly controlling profit budgets [3][19] - New models like Lynk & Co 900 are expected to significantly boost performance, with 10,000 orders already placed [20] - The company is actively pursuing globalization of its seating business and expanding into overseas markets, with support from major European OEMs like BMW for relocating the Grammer R&D team to China [17][18] Challenges and Market Dynamics - The expansion into overseas markets faces challenges related to resource allocation and balancing short-term profits with long-term growth [21] - The company is focusing on existing customers to secure more quality orders, as acquiring new customers is resource-intensive [26] - The competitive landscape is stable, making it difficult to capture market share from established players unless significant cost advantages are present [27][29] Conclusion - Jifeng Co., Ltd. demonstrated strong financial performance in Q1 2025, particularly in its seating business, while also making strategic moves to enhance operational efficiency and expand its market presence. The company is well-positioned for future growth, although it must navigate challenges in the competitive landscape and resource allocation.

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of approximately 50.37 billion yuan in Q1 2025, a year-on-year decrease of about 4.73%, but a significant increase in net profit attributable to shareholders of approximately 1.04 billion yuan, up 447.56% year-on-year [1] - The North American segment turned profitable, achieving revenue of approximately 0.87 billion euros and an operating EBIT of approximately 0.02 billion euros in Q1 2025 [2] - The company is expanding its new business categories, including hidden electric air vents and vehicle refrigerators, which are expected to become new growth points [4] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was approximately 16.32%, an increase of 1.64 percentage points year-on-year, and the net profit margin was approximately 2.09%, up 1.84 percentage points year-on-year [3] - The total expense ratio was approximately 14.02%, a decrease of 0.45 percentage points year-on-year [3] Revenue and Profit Forecast - The company is expected to achieve revenues of approximately 253.5 billion yuan, 283.6 billion yuan, and 300.6 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of approximately 13.9%, 11.9%, and 6.0% respectively [5] - The net profit attributable to shareholders is projected to be approximately 6.8 billion yuan, 10.1 billion yuan, and 13.1 billion yuan for the years 2025 to 2027, with year-on-year growth rates of approximately 220.0%, 48.8%, and 30.0% respectively [5] Market Position and Strategy - The company has secured 21 projects for passenger car seats from various major manufacturers, including luxury car companies and leading domestic automakers [4]

Investment Rating - The report maintains a "Buy-A" rating for the company with a 12-month target price of 14.8 CNY per share [6][4]. Core Views - The company reported a Q1 2025 revenue of 5.037 billion CNY, a year-on-year decrease of 4.73%, but achieved a net profit attributable to shareholders of 104 million CNY, a significant increase of 447.56% year-on-year, primarily due to improved performance from Grammer [1][4]. - The company is expected to see accelerated growth in its passenger car seat business, driven by popular models such as L8, Lynk & Co 900, and Volkswagen Tayron, with projected seat revenues of 4.5 billion CNY in 2025 and 8.5 billion CNY in 2026 [2][4]. - The overseas integration efforts have shown positive results, with a significant improvement in North American operations and a streamlined European business following layoffs, indicating a return to normal operations for Grammer [3][4]. Financial Summary - The company forecasts net profits of 640 million CNY, 930 million CNY, and 1.18 billion CNY for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 25, 17, and 13 [4][10]. - The projected revenue growth rates for the years 2025 to 2027 are 10.5%, 11.6%, and 10.3% respectively, indicating a robust growth trajectory [11]. - The company has a total market capitalization of approximately 15.67 billion CNY, with a current share price of 12.38 CNY [6][4].

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]