Financial Performance - The company's operating revenue for the first half of 2024 reached ¥11,006,433,019.80, an increase of 5.47% compared to the same period last year[10]. - Net profit attributable to shareholders was ¥53,144,456.47, representing a decrease of 35.54% year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥26,989,299.94, down 74.31% from the previous year[11]. - The company's total assets increased by 9.64% to ¥19,682,209,653.53 compared to the end of the previous year[11]. - The net assets attributable to shareholders rose by 28.88% to ¥5,285,504,165.17[11]. - Basic earnings per share decreased by 42.86% to ¥0.04, while diluted earnings per share also fell by the same percentage[12]. - The weighted average return on net assets decreased by 1.14 percentage points to 1.18%[12]. - The company experienced a net cash flow from operating activities of -¥104,067,510.38, a significant decline compared to ¥284,391,513.63 in the previous year[11]. - The decline in net profit and cash flow was attributed to increased integration efforts leading to higher related expenses[13]. Business Operations - The company operates in the automotive interior parts sector, focusing on the development, production, and sales of passenger car seats and interior systems, with over 80 subsidiaries across 20 countries[16]. - The company has established relationships with major global automotive manufacturers, including Audi, BMW, and Tesla, providing leading products and comprehensive solutions[19]. - The company has developed a sleep-style headrest, which has been successfully applied in the Volkswagen Passat, showcasing its innovation in response to market demands[20]. - The company is a leader in the commercial vehicle seat system industry, providing solutions for trucks, agricultural machinery, and public transport vehicles[18]. - The company emphasizes a robust R&D system, focusing on comfort, safety, and ergonomics to maintain its international technological leadership[20]. - The company has a systematic approach to innovation, allowing it to stay ahead in technology trends and product development in the automotive sector[20]. - The company’s products include customized solutions for passenger car interiors, enhancing user experience through tailored designs[17]. - The company is actively expanding its market presence by leveraging its competitive technological capabilities and international operational strengths[16]. - The company has established long-term cooperative relationships with major raw material suppliers, enhancing bargaining power and effectively reducing stockout risks[21]. Financial Management - The company completed the acquisition of Grammer in 2019, solidifying its leading position in the segmented market and enhancing its global production, sales, and R&D network[27]. - The company has a comprehensive global marketing network with over 80 subsidiaries in 20 countries, which helps mitigate risks from regional sales fluctuations[29]. - The company has a relatively low production cost in the industry due to high self-manufacturing rates and advanced production techniques, including self-designed molds[30]. - The company has increased its investment in forward-looking R&D in the commercial vehicle sector, focusing on intelligent and autonomous solutions[28]. - The procurement process is based on customer demand forecasts and inventory levels, utilizing JIT and continuous batch purchasing methods[21]. - The company has a well-established cost management system, which includes cost assessment specialists to continuously improve cost control across various positions[30]. - The development of new products requires strict certification procedures, ensuring a high success rate in new product launches[24]. Market Expansion and Product Development - The company's strategic emerging business, particularly the passenger car seat business, delivered 89,000 seat products, generating sales of 899 million yuan, a significant increase from 108 million yuan in the same period last year[37]. - The company successfully transformed from a domestic passenger car seat supplier to a global supplier, establishing a diversified customer base including luxury car manufacturers and leading domestic new energy vehicle companies[36]. - The company’s new product lines, including the air outlet business, achieved sales of 166 million yuan, up from approximately 95 million yuan in the same period last year[36]. - The company is actively expanding its passenger car seat business globally, with new high-quality orders from both domestic and international clients, including Audi and FAW-Volkswagen[45]. - Cost reduction and efficiency improvement measures are being implemented, including optimizing capacity layout and reducing fixed costs, which are expected to enhance profitability in the future[43]. Research and Development - As of June 30, 2024, the company has increased its passenger vehicle seat R&D personnel by approximately 130 compared to the end of 2022, enhancing its technical capabilities[47]. - The company's revenue from the hidden electric air vent reached 166 million RMB in the first half of 2024, a significant increase from nearly 95 million RMB in the same period last year, with EBIT turning profitable[48]. - The company’s revenue from the vehicle-mounted refrigerator was approximately 22 million RMB in the first half of 2024, marking its first contribution to revenue, with seven projects secured[49]. - The company has established multiple international leading testing laboratories, enhancing its testing capabilities and reducing product development costs and risks[32]. - The company has applied for over 110 patents related to passenger vehicle seats, with nearly 70 patents granted as of June 30, 2024[47]. Financial Position and Stability - The company's total assets as of June 30, 2024, amounted to ¥19,682,209,653.53, an increase from ¥17,952,110,633.54 as of December 31, 2023[107]. - Total liabilities reached ¥14,027,550,644.77, resulting in a debt-to-asset ratio of 71.27%[107]. - Cash and cash equivalents increased to ¥11,642,817,634.54 from ¥1,418,187,430.08, showing improved liquidity[107]. - The company's short-term borrowings decreased to ¥1,891,592,128.06 from ¥2,427,873,333.79, indicating a reduction in reliance on short-term debt[108]. - Long-term borrowings rose to ¥3,409,771,456.35 from ¥2,045,952,833.05, suggesting increased financing for long-term investments[108]. - The company's inventory decreased slightly to ¥1,758,655,358.79 from ¥1,818,829,946.79, reflecting efficient inventory management[107]. - The total non-current assets amounted to ¥10,094,907,190.67, up from ¥9,811,299,796.29, indicating growth in long-term investments[108]. - The company reported a strong debt repayment capability, supported by stable financial conditions and operational performance[107]. Environmental and Regulatory Compliance - The company has complied with environmental regulations, successfully passing environmental assessments for its projects, including a new automotive parts production line[73]. - The company has implemented measures to reduce carbon emissions and has established an emergency response plan for environmental incidents[75]. - The company has established a management system for environmental protection and conducts regular monitoring of waste emissions[75]. - The company has taken measures to reduce hazardous waste generation during production processes[75]. Shareholder and Capital Management - The company issued 100,000,000 new shares, increasing the total share count to 1,266,076,241 shares, with the new shares representing 7.90% of the total[90]. - The company raised a total of RMB 118.3 million through a specific stock issuance on April 10, 2024, with a net amount of RMB 116.32 million after deducting issuance costs[84]. - The company has not reported any significant changes in accounting policies or principles related to hedging activities compared to the previous reporting period[59]. - The company continues to focus on expanding its investor base through strategic placements and partnerships with various financial institutions[92]. - The company anticipates further growth in its stock performance following the release of restricted shares in October 2024[92]. Risk Management - The company faces risks from macroeconomic fluctuations, particularly affecting the automotive industry, which is closely tied to global and Chinese economic cycles[64]. - The company has a direct material cost that constitutes approximately 70% of production costs, making it vulnerable to fluctuations in raw material prices[66]. - The company is exposed to market competition risks, particularly in pricing, product quality, and new product development[68]. - Following the acquisition of Grammer, the company’s revenue is significantly derived from overseas markets, introducing foreign exchange risk[69]. - The company aims to enhance operational efficiency and reduce costs to mitigate the impact of declining product prices due to competitive pressures[65].

第五届董事会第八次会议决议公告 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。 一、董事会会议召开情况 2024 年 8 月 14 日，宁波继峰汽车零部件股份有限公司（以下简称"公司"） 第五届董事会第八次会议以现场结合通讯的表决方式在公司会议室召开。本次董 事会应到董事 9 名，实到董事 9 名，其中王义平先生、王继民先生、张思俊先生 以视频接入的方式参加会议。会议由董事长王义平先生召集、主持，公司监事列 席了会议。本次会议通知于 2024 年 8 月 2 日发出。会议的召集、召开符合《中 华人民共和国公司法》《中华人民共和国证券法》等相关法律法规及《公司章程》 的有关规定。 | 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2024-059 | | --- | --- | --- | | 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 具体内容详见公司同日于上海证券交易所网站（http://www.sse.com.cn/）披 露的《继峰股份 2024 年半年度募集 ...

1、计提存货跌价准备 | 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2024-062 | | --- | --- | --- | | 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 关于计提资产减值准备的公告 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。 2024 年 8 月 14 日，宁波继峰汽车零部件股份有限公司（以下简称"公司"） 召开第五届董事会第八次会议和第五届监事会第七次会议，审议通过了《关于计 提资产减值准备的议案》。现将具体情况公告如下： 一、计提资产减值准备的情况概述 根据《企业会计准则》和公司会计政策的相关规定，为客观、公允地反映公 司 2024 年 6 月 30 日的财务状况和 2024 年半年度的经营成果，公司及下属子公 司对公司相关资产进行了充分的评估和分析，本着谨慎性原则，对相关资产进行 了减值测试并计提了相应的资产减值及信用减值准备。2024 年半年度，公司计 提存货跌价及合同履约成本减值准备、合同资产坏账准备、应收账款坏账准备、 ...

（一）实际募集资金金额和资金到账时间 | 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2024-061 | | --- | --- | --- | | 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 2024 年半年度募集资金存放与实际使用情况的专项 报告 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。 根据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要 求》《上海证券交易所上市公司自律监管指引第1号——规范运作》的有关规定， 宁波继峰汽车零部件股份有限公司（以下简称"公司"或"本公司"）现将2024 年半年度（以下简称"报告期"）的募集资金存放与实际使用情况报告如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意宁波继峰汽车零部件股份有 限公司向特定对象发行股票注册的批复》（证监许可﹝2023﹞2537 号），公司向 特定对象发行人民币普通股（A 股）100,000,000 股，发行价格为 11.83 元/股， 募集资金总额为 ...

证券代码：603997 证券简称：继峰股份 公告编号：2024-060 转债代码：110801 转债简称：继峰定 01 二、监事会会议审议情况 （一）审议通过《关于公司<2024 年半年度报告>全文及摘要的议案》 具体内容详见公司同日于上海证券交易所网站（http://www.sse.com.cn/）披 露的《继峰股份 2024 年半年度报告》及其摘要。 公司监事会根据《证券法》《上市公司信息披露管理办法》《公开发行证券 的公司信息披露内容与格式准则第 3 号——半年度报告的内容与格式》等有关规 定，对董事会编制的公司 2024 年半年度报告进行了认真严格的审核，并提出如 下书面审核意见： （1）公司 2024 年半年度报告的编制和审议程序符合法律、法规、公司章程 和公司内部管理制度的各项规定； （2）公司 2024 年半年度报告的内容和格式符合证监会和上海证券交易所的 各项规定，所包含的信息能从各个方面真实地反映公司 2024 年半年度的财务状 宁波继峰汽车零部件股份有限公司 第五届监事会第七次会议决议公告 本公司监事会及全体监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 ...

| 证券代码：603997 | 证券简称：继峰股份 公告编号：2023-058 | | --- | --- | | 转债代码：110801 | 转债简称：继峰定 01 | 1 宁波继峰汽车零部件股份有限公司 关于大股东协议转让公司股份完成过户登记的公告 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。 宁波继峰汽车零部件股份有限公司（以下简称"公司"）于近期收到东证融 通投资管理有限公司－宁波东证继涵投资合伙企业（有限合伙）（以下简称"东 证继涵"）的通知，其协议转让公司的股份已在中国证券登记结算有限责任公司 上海分公司办理完成了过户登记手续，现将相关情况公告如下： 一、本次协议转让概述 2024 年 6 月 25 日，公司大股东东证继涵与一致行动人王继民先生签署了《股 份转让协议》，东证继涵以协议转让的方式转让 118,904,479 股公司无限售流通股 给一致行动人王继民先生（占公司总股本比例 9.39%），转让的价格为人民币 9.35 元/股，转让价款为人民币 1,111,756,879 元。同日，东证继涵与余万立先生签署 ...

乘用车座椅总成再获定点，订单充裕未来可期 -37% -29% -21% -13% -5% 3% 继峰股份 沪深300 上证指数 相关报告 1. 《乘用车座椅总成项目获头部主机厂 ❖ 事件：2024 年 7 月 17 日，公司发布公告称其全资子公司继峰座椅（合肥） 获得某头部主机厂（限于保密协议，无法披露其名称，以下简称"客户"）的 座椅总成项目定点，将为客户开发、生产前排座椅总成产品。根据客户规划， 项目预计从 2026 年 2 月开始量产，项目生命周期 7 年，预计生命周期总金额 为 14 亿元。 ❖ 投资建议：我们预计公司 2024-2026 年的归母净利润为 4.57、8.86、10.97 亿 元，对应 PE 分别为 29.82、15.38、12.43 倍，维持"增持"评级。 请阅读最后一页的重要声明！ 信息披露 ⚫ 公司评级 本报告仅供财通证券股份有限公司的客户使用。本公司不会因接收人收到本报告而视其为本公司的当然客户。 本报告的信息来源于已公开的资料，本公司不保证该等信息的准确性、完整性。本报告所载的资料、工具、意见及推测只 提供给客户作参考之用，并非作为或被视为出售或购买证券或其他投资标的邀请或向 ...

证 券 研 究 报 告 公 司 研 究 ——首次覆盖深度报告 受益于消费者对座椅智能化及舒适性需求日趋增加，座椅附加功能持 续渗透。据头豹研究院测算，2023 年中国汽车座椅市场约 979 亿 元，2026 年约 1154 亿元，年化增速约 5.63%。汽车座椅市场主要被 外资及合资厂商占据，2022 年国内市场 CR5 分别达 67%，国产替代 空间大。 元，operating EBIT 约 0.75 亿欧元，预计同比+32.04%。 ◼ 投资建议 | --- | --- | |--------------------------------|------------| | | | | 基本数据 | | | 07 月 22 日收盘价 ( 元 ) | 11.39 | | 12mthA 股价格区间 ( 元 ) | 9.41-16.55 | | 总股本 ( 百万股 ) | 1,266.08 | | 无限售 A 股 / 总股本 | 92.10% | | 流通市值（亿元） | 144.21 | 公司深度 1. 乘用车内饰专家,剑指全球座椅龙头 2.2. 竞争格局:外资厂商主导,自主厂商正崛起 . 3.2. 格拉默从全 ...

继峰股份(603997.SH)/汽车 证券研究报告/公司点评 2024 年 7 月 17 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|------------------------|-----------|-----------|---------------------------|-----------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 10.28 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：何俊艺 | 营业收入（百万元） | 17,967 | 21,571 | 24,570 | 28,968 | 33,603 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has received multiple orders from leading OEMs for seat assembly projects, indicating a solid market foundation for its seating business. The new projects are expected to start mass production in February 2026, with a total project lifecycle value of 1.4 billion yuan [4]. - The company has made significant progress in the domestic replacement of intelligent electric seats, with a total of 13 projects in hand as of July 16, 2024, with a lifecycle total value ranging from 76.2 billion to 80.9 billion yuan. This could lead to annual revenues of 12.7 billion to 13.5 billion yuan, representing a significant increase compared to the company's 2023 revenue [4][6]. - The integration of the company with Glamor is expected to enhance its competitive position in the global smart cockpit market, with projected revenues of 24.25 billion, 28.75 billion, and 31.95 billion yuan for 2024, 2025, and 2026 respectively [6][7]. Financial Forecasts - The company’s revenue for 2023 is projected at 21.57 billion yuan, with a growth rate of 20.1%. For 2024, the revenue is expected to reach 24.25 billion yuan, reflecting a growth rate of 12.4% [7][9]. - The net profit attributable to shareholders is forecasted to be 204 million yuan in 2023, increasing to 382 million yuan in 2024, with a growth rate of 87.3% [7][9]. - Earnings per share (EPS) are expected to rise from 0.16 yuan in 2023 to 0.30 yuan in 2024, with corresponding price-to-earnings (PE) ratios of 63 and 34 respectively [7][9].