Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 16.59 [8][9]. Core Views - The company achieved a revenue of RMB 22.255 billion in 2024, a year-on-year increase of 3.17%, but reported a net loss attributable to shareholders of RMB -566.8 million, a significant decline of 378.01% year-on-year [1][5]. - The company is expected to benefit from a strong order book in its seating business, entering a harvest period, and is positioned to operate more efficiently after the divestiture of TMD assets and cost-cutting measures in Europe [1][4][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 22.255 billion, with a year-on-year growth of 3.17%. However, it faced a net loss of RMB -566.8 million, a drastic decline from the previous year [1][7]. - The fourth quarter of 2024 saw revenue of RMB 5.349 billion, down 5.03% year-on-year and 9.33% quarter-on-quarter, with a net loss of RMB -34.864 million [1]. Business Segments - The seating segment achieved a revenue of RMB 6.43 billion in 2024, a year-on-year increase of 60.3%, and reached breakeven for the first time, with 330,000 units delivered [2]. - The Glamer segment reported a revenue of RMB 16.1 billion in 2024, a decline of 9.1%, and a net loss of RMB -625 million, primarily due to the divestiture of the TMD business and restructuring costs in Europe [3]. Future Outlook - The company is expected to see significant performance improvements in 2025 due to ongoing global business integration and cost reduction initiatives [4]. - New projects in the seating business with major clients are anticipated to drive revenue and profitability growth in 2025 [2][4]. Earnings Forecast and Valuation - Revenue projections for 2025-2027 are set at RMB 23.482 billion, RMB 26.748 billion, and RMB 32.743 billion, respectively, with net profit estimates of RMB 655.71 million, RMB 990.84 million, and RMB 1.363 billion [5][7]. - The report assigns a 32x PE ratio for 2025, reflecting a 30% premium due to expected rapid growth in net profit [5].

| 证券代码：603997 | 证券简称：继峰股份 公告编号：2025-028 | | --- | --- | | 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 定向可转债转股结果暨股份变动公告 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： 一、可转债发行挂牌转让概况 （一）经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准 宁波继峰汽车零部件股份有限公司向宁波东证继涵投资合伙企业（有限合伙）等 发行股份、可转换公司债券购买资产并募集配套资金的批复》（证监许可〔2019〕 1428号）核准，公司向宁波东证继涵投资合伙企业（有限合伙）发行了4,000,000 张可转换公司债券购买其持有的宁波继烨贸易有限公司100%股权，并向3名特定 对象发行7,182,000张可转换公司债券，募集资金718,200,000.00元，可转债面值 为100元/张。上述定向可转债已于2019年12月24日在中国证券登记结算有限责任 公司上海分公司完成了登记工作。 （二）公司发行的4 ...

继峰本部2024 年业绩增长主要系乘用车座椅业务迅速上量，全年交付33 万套，实现营收31.10 亿元，同 比增长375%。2、格拉默分部2024年实现营业收入161.04 亿元，同比下降9.14%，主要系欧洲汽车需求 疲软所致；实现归母净利润-6.25 亿元，同比亏损扩大，主要系产能利用率波动+欧洲区裁员一次性费用 +TMD 剥离所致。毛利率方面，公司2024Q4 毛利率为13.00%，环比下降1.08 个百分点。费用率方面， 公司2024Q4 单季度期间费用率为12.14%，环比下降7.00 个百分点；其中，销售/管理/研发/财务费用率 分别为1.32%/7.46%/2.61%/0.75%，环比分别+0.09/-4.84/+0.11/-2.36 个百分点。归母净利润方面，公司 2024Q4 单季度实现归母净利润-0.35 亿元，同比下降170.15%，环比亏损收窄。 格拉默业务整合稳步推进，乘用车座椅打开成长空间。公司收购格拉默后，在管理层和组织架构调整、 全面推行降本措施、调整产能布局、拓展格拉默中国区业务等多方面持续推进格拉默的整合工作，后续 随着整合工作的推进，格拉默盈利能力将稳步提升。此外，公司目 ...

证券研究报告·公司点评报告·汽车零部件 继峰股份（603997） 2024 年年报点评：2024Q4 业绩符合预期，乘 用车座椅持续放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21571 | 22255 | 24303 | 28967 | 31716 | | 同比（%） | 20.06 | 3.17 | 9.20 | 19.19 | 9.49 | | 归母净利润（百万元） | 203.88 | (566.80) | 646.47 | 1,096.72 | 1,383.64 | | 同比（%） | 114.38 | (378.01) | 214.06 | 69.65 | 26.16 | | EPS-最新摊薄（元/股） | 0.16 | (0.45) | 0.51 | 0.87 | 1.09 | | P/E（现价&最新摊薄） | 71.48 | - | 22.54 | 13.29 | 10.53 | [Ta ...

证券研究报告·公司点评报告·汽车零部件 继峰股份（603997） 2024 年年报点评：2024Q4 业绩符合预期，乘 用车座椅持续放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21571 | 22255 | 24303 | 28967 | 31716 | | 同比（%） | 20.06 | 3.17 | 9.20 | 19.19 | 9.49 | | 归母净利润（百万元） | 203.88 | (566.80) | 646.47 | 1,096.72 | 1,383.64 | | 同比（%） | 114.38 | (378.01) | 214.06 | 69.65 | 26.16 | | EPS-最新摊薄（元/股） | 0.16 | (0.45) | 0.51 | 0.87 | 1.09 | | P/E（现价&最新摊薄） | 71.48 | - | 22.54 | 13.29 | 10.53 | [Ta ...

评论： 证 券 研 究 报 告 继峰股份（603997）2024 年报点评 强推（维持） 座椅全年首度扭亏，有望开启蜕变新篇 事项： 公司发布 2024 年年报，2024 全年营收 223 亿元、同比+3.2%；归母净利-5.7 亿元。24Q4 营收 53 亿元、同比-5.0%、环比-9.3%；归母净利-0.35 亿元、同 比转亏、环比减亏 5.50 亿元。 风险提示：海外行业需求波动、座椅盈利爬坡不及预期、汇率波动风险等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 22,255 | 22,845 | 27,963 | 33,050 | | 同比增速(%) | 3.2% | 2.7% | 22.4% | 18.2% | | 归母净利润(百万) | -567 | 605 | 1,030 | 1,402 | | 同比增速(%) | -378.0% | 206.8% | 70.2% | 36.1% | | 每股盈利(元) | -0.45 ...

乘用车座椅业务屡获大单，2024 年实现盈亏平衡。2024 年交付座椅产品33万套，实现收入31.10 亿元， 同比增长数倍，座椅业务运营状况超预期，2024年已实现盈亏平衡。截止2025/02/28，公司累计乘用车 座椅在手项目定点21 个，已覆盖国内外多个中高端品牌主机厂客户。我们认为，随着乘用车座椅项目 陆续量产上量，该业务盈利能力有望显著提升。 格拉默整合持续推进，盈利能力有望改善。2024 年，随着国内外通航恢复正常，公司集团内部交流更 加通畅，格拉默整合进入快车道。公司持续采取优化产能布局、降低固定成本、加强供应链管理、加快 决策速度等降本增效措施，同时，积极探索个人利益与公司利益相挂钩的激励考核措施，这一系列措施 实施或将有效提升格拉默整体盈利能力。 投资建议：我们认为随着格拉默全球整合稳步推进，乘用车座椅业务进入高速成长期，公司业绩或将不 断兑现。我们预计公司2025-2027 年归母净利润为6.74/10.46/13.32 亿元，维持"买入"评级。 事件： 公司发布2024 年年报，2024 年实现营收222.55 亿元，同比+3.17%；归母净利润-5.67 亿元；其 中，24Q4 实现营 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 14.8 CNY per share [8][12]. Core Views - The company reported a revenue of 22.255 billion CNY in 2024, a year-on-year increase of 3.17%, but a net loss attributable to shareholders of 567 million CNY, a significant decline of 378.01% year-on-year [1]. - The company is expected to rebound in 2025, with the seat business showing strong growth potential after achieving breakeven in 2024 [5]. - The company has a backlog of 21 seat orders, with projected cumulative revenue of 90 billion CNY from these orders [5]. Summary by Sections Financial Performance - In 2024, the parent company achieved a revenue of 6.431 billion CNY, a year-on-year increase of 60.27%, and a net profit of 279 million CNY, up 41.82% year-on-year [2]. - The seat business generated revenue of 3.11 billion CNY with a sales volume of 333,000 units, achieving breakeven for the first time [2]. - The company’s Q4 2024 revenue was 5.349 billion CNY, a decrease of 5.03% year-on-year and a 9.33% decline quarter-on-quarter [3]. Business Segments - The smart air vent business generated 405 million CNY in revenue with an EBIT of 44 million CNY, indicating significant profitability [2]. - The car refrigerator business contributed approximately 121 million CNY in revenue in its first year, also achieving profitability [2]. - Traditional businesses, such as headrests and armrests, saw revenues of about 2.9 billion CNY, down 5% year-on-year, attributed to declining sales in domestic markets [2]. Future Outlook - The company is expected to see a net profit increase of approximately 200 million CNY in 2025 following the divestiture of the TMD business, which had incurred losses [5]. - The projected net profits for 2025, 2026, and 2027 are 640 million CNY, 930 million CNY, and 1.18 billion CNY, respectively, with corresponding PE ratios of 23, 16, and 12 [12]. - The company’s revenue is forecasted to grow from 22.626 billion CNY in 2024 to 30.27 billion CNY by 2027, reflecting a robust growth trajectory [12].

[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）公司年报点评 2025 年 03 月 31 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 28日收盘价（元）] | 11.77 | | --- | --- | | 52 周股价波动（元） | 9.56-14.90 | | 总股本/流通 A 股（百万股） | 1266/1266 | | 总市值/流通市值（百万元） | 14902/14902 | | 相关研究 | | | [Table_ReportInfo] 《出售 TMD 致业绩大幅亏损，轻装上阵静待 | | Email:lym15114@haitong.com 证书:S0850522120003 分析师:房乔华 业绩释放》2024.11.01 《出售美国 TMD 公司，轻装上阵业绩成长可 期》2024.09.25 市场表现 [Table_QuoteInfo] -24.43% -13.43% -2.43% 8.57% 19.57% 30.57% 2024/4 2024/7 20 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company is expected to achieve revenue of 22.26 billion in 2024, representing a year-on-year increase of 3.2%, while the net profit attributable to the parent company is projected to be -570 million [2][4] - With the support of Grammer, the company is leveraging its production and R&D efficiency advantages, along with high self-manufacturing rates, to rapidly penetrate major global automakers, leading to a promising outlook for profitability in its passenger car seat projects [2][10] - The company has successfully reduced burdens from TMD LLC, and the rapid growth in its seating business is anticipated to drive both revenue and profit improvements in the future [10] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 22.26 billion, with the automotive interior segment contributing 7.35 billion, commercial vehicle seats at 5.40 billion, headrests at 4.23 billion, passenger car seats at 2.90 billion, and seat armrests at 1.94 billion [10] - The company reported a gross margin of 14.0% in 2024, a decrease of 0.7 percentage points year-on-year, with a total of 3.0 billion in asset impairment provisions and 40 million in credit impairment [10] - The net profit attributable to the parent company for 2024 is projected at -570 million, corresponding to a net profit margin of -2.5%, a decline of 3.5 percentage points year-on-year [10] Future Outlook - The company is expected to see significant profit elasticity as overseas integration effects gradually materialize, with projected net profits for 2025-2027 at 670 million, 1.09 billion, and 1.34 billion respectively [10] - The company is also expanding into air conditioning vents and vehicle refrigerators, which have already secured multiple contracts, further enhancing long-term growth potential [10]