Revenue and Profit Performance - Revenue for the first quarter of 2024 was RMB 5.287 billion, an increase of 3.45% year-over-year[6] - Net profit attributable to shareholders of the listed company was RMB 19.07 million, a decrease of 68.23% year-over-year[6] - Basic earnings per share (EPS) was RMB 0.02, a decrease of 60.00% year-over-year[6] - The significant decrease in net profit was primarily due to increased management and R&D expenses as the company expanded into new businesses[8] - Total revenue for Q1 2024 was 5,287,006,550.08 RMB, compared to 5,110,684,594.94 RMB in Q1 2023[44] - Net profit for Q1 2024 was 19,105,093.63 RMB, down from 80,435,465.36 RMB in Q1 2023[44] - Net profit attributable to parent company shareholders was RMB 19,073,408.11, compared to RMB 60,029,593.21 in the previous period[48] - Total comprehensive income was RMB -42,861,709.92, compared to RMB 106,910,142.10 in the previous period[48] - Basic earnings per share were RMB 0.02, compared to RMB 0.05 in the previous period[48] Cash Flow and Operating Activities - Net cash flow from operating activities was RMB 201.10 million, an increase of 36.12% year-over-year[6] - The increase in operating cash flow was mainly driven by higher business volume and increased revenue, leading to higher operating profits[8] - Operating cash inflow for Q1 2024 was 5,716,926,732.55 RMB, compared to 5,102,643,744.33 RMB in Q1 2023[30] - Operating cash outflow for Q1 2024 was 5,515,823,152.21 RMB, up from 4,954,904,527.65 RMB in Q1 2023[30] - Net cash flow from operating activities increased to 201,103,580.34 RMB from 147,739,216.68 RMB[30] - Cash outflow from investment activities was RMB 204,535,630.43, compared to RMB 187,153,157.74 in the previous period[49] - Net cash flow from financing activities was RMB 158,879,851.31, compared to a negative RMB -388,313,604.20 in the previous period[49] - Net increase in cash and cash equivalents was RMB 133,547,424.12, compared to a negative RMB -383,385,456.71 in the previous period[49] - Ending cash and cash equivalents balance was RMB 1,482,191,515.96, compared to RMB 766,454,693.65 in the previous period[49] Assets and Liabilities - Total assets at the end of the reporting period were RMB 18.22 billion, an increase of 1.50% compared to the end of the previous year[6] - Equity attributable to shareholders of the listed company was RMB 4.11 billion, an increase of 0.22% compared to the end of the previous year[6] - Fixed assets decreased from 3,861,516,031.68 yuan to 3,748,287,901.57 yuan, while construction in progress increased from 629,698,295.67 yuan to 696,911,260.44 yuan[12] - Total assets increased from 17,952,110,633.54 yuan to 18,221,186,040.73 yuan, with non-current assets totaling 9,854,618,821.43 yuan[12] - Current liabilities increased from 9,359,707,948.33 yuan to 9,795,644,088.87 yuan, with short-term borrowings at 2,382,366,480.50 yuan[12] - Monetary funds increased from 1,418,187,430.08 yuan to 1,526,504,067.58 yuan, while accounts receivable decreased from 3,639,171,315.62 yuan to 3,592,068,164.04 yuan[24] - The company's total current assets increased from 8,140,810,837.25 yuan to 8,366,567,219.3 yuan, with inventory decreasing from 1,818,829,946.79 yuan to 1,768,424,027.28 yuan[24] - The company's long-term equity investment decreased from 10,416,493.78 yuan to 9,617,670.58 yuan, while long-term receivables increased from 24,712,340.14 yuan to 26,273,952.20 yuan[24] - Total liabilities increased to 13,741,898,246.69 RMB, up from 13,496,346,193.11 RMB in the previous period[26] - Total owner's equity slightly increased to 4,479,287,794.04 RMB from 4,455,764,440.43 RMB[26] Shareholders and Equity - The company's largest shareholder, Ningbo Jihong Holding Group Co., Ltd., holds 23.09% of the shares, with 138 million shares pledged[8] - The second-largest shareholder, Dongzheng Rongtong Investment Management Co., Ltd., holds 17.57% of the shares[9] - The top 10 shareholders include Basic Pension Insurance Fund 805 Portfolio with 15,490,300 shares (1.33%) and China Bank-Penghua Huizhi Youxuan Hybrid Fund with 14,662,355 shares[10][19] - The company completed a stock issuance with a price of 11.83 yuan per share, issuing 100,000,000 shares, raising a total of 1,183,000,000 yuan, with net proceeds of 1,163,183,210.30 yuan after deducting issuance costs[11] R&D and Investment - The company's development expenditure increased from 214,720,277.98 yuan to 222,354,330.58 yuan, indicating ongoing investment in R&D[12] - R&D expenses increased to 111,091,057.62 RMB from 86,352,443.98 RMB[44] Costs and Expenses - Total operating costs for Q1 2024 were 5,290,976,339.48 RMB, up from 5,047,201,654.92 RMB in Q1 2023[44] - Interest expenses for Q1 2024 were 106,393,878.14 RMB, compared to 93,511,997.02 RMB in Q1 2023[44] - Minority shareholders' loss was RMB -5,786,138.95, compared to a profit of RMB 5,019,915.42 in the previous period[48]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [10]. Core Views - The company achieved a revenue of 21.57 billion yuan in 2023, representing a year-on-year growth of 20.1%, and a net profit of 204 million yuan, marking a turnaround from losses in the previous year [5][14]. - The company is positioned as a leader in the automotive seat market, with significant growth expected as it approaches a scale-up phase in its seat business, driven by both domestic and global market opportunities [15][6]. - Profitability is expected to improve significantly, with projected net profits of 4.3 billion yuan, 11.4 billion yuan, and 14.5 billion yuan for 2024 to 2026, respectively [15]. Financial Summary - The company’s total assets are projected to grow from 17.95 billion yuan in 2023 to 21.82 billion yuan by 2026, with total liabilities increasing from 13.50 billion yuan to 14.22 billion yuan over the same period [4]. - The operating income is expected to rise from 21.57 billion yuan in 2023 to 33.60 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 17% [4][15]. - The net profit margin is projected to improve from 0.7% in 2023 to 4.7% in 2026, indicating enhanced profitability as the company scales its operations [4][15]. Business Outlook - The company is set to establish a joint venture in Germany to enhance its global seat business strategy, aiming to secure contracts with major automotive manufacturers [15]. - The domestic market for automotive seats is expected to grow from 100 billion yuan currently to 150 billion yuan by 2025, with a strong competitive landscape favoring the company [15]. - The company has a robust order book and is well-positioned to capitalize on the growing demand for automotive seats, supported by its cost advantages and rapid response capabilities [15].

继峰股份(603997) 证券研究报告 2024 年 04 月 27 日 公 司 报 告│ 公 司 年 报 点 评 乘用车座椅顺利放量，经营质量稳步提升 事件： 4 月 25 日，公司发布 2023 年年报，2023 年公司实现营收 215.71 亿元，同 比增长 20%；实现归母净利润 2.04 亿元、扣非归母净利润 2.22 亿元，同比 均实现大幅扭亏为盈。 ➢ 乘用车座椅开始放量，格拉默整合效果明显 受益下游需求复苏、乘用车座椅等新业务开始放量及格拉默整合加速，公 司 2023 年实现营收 215.71 亿元，同比+20%，其中乘用车座椅业务实现营 收 6.55 亿元；实现归母净利润 2.04 亿元，同比大幅扭亏。分主体看，2023 年继峰本部年实现营收 40.13 亿元，同比+58%，实现归母净利润 1.96 亿 元，同比+166%；格拉默实现营收 177.23 亿元，同比+14%；实现净利润 0.22 亿元，同比扭亏为盈。 ➢ 在手订单充沛，新型业务成长加速 2023 年 5 月，公司首个乘用车座椅项目顺利量产，全年交付整椅 6.5 万套， 实现营业收入 6.55 亿元。截至 2024 年 3 月底 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 performance met expectations, with continuous progress in the seating business [1] - The company achieved a net profit attributable to shareholders of 204 million yuan in 2023, reflecting a year-on-year increase of 114.4% [1] - The company has secured new orders in the passenger car seating sector, indicating strong growth potential [1] Financial Performance Summary - 2023 revenue was 21.57 billion yuan, with a year-on-year growth of 20.1% [5] - The net profit forecast for 2024 is 459 million yuan, with an expected growth rate of 125.1% [5] - The gross margin for 2023 was 14.8%, projected to improve to 15.0% in 2024 [5] Business Segment Performance - The core business segment, including the company's main operations and its subsidiary Grammer, saw a significant increase in order amounts in the passenger car interior components sector [1] - The company has ongoing projects in the automotive refrigerator segment, with five projects secured [1] Future Outlook - The company aims to achieve an annual production capacity of 1 million units after the launch of new projects in 2024 [1] - The establishment of a joint venture with Grammer in Germany is expected to enhance the company's global seating business [1] - The company is projected to achieve net profits of 4.6 billion yuan, 10.0 billion yuan, and 13.2 billion yuan from 2024 to 2026, respectively [1]

xuhx@essence.com.cn 何冠男 联系人 SAC 执业证书编号：S1450124040026 hegn@essence.com.cn 相关报告 数据来源：Wind 资讯，国投证券研究中心预测 乘用车销量不及预期，客户拓展不及预期风险，行业竞争加剧风险，海外业务 整合不及预期风险等。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------|-----------|----------|---------------------|-------|----------------------------------|---------------------------------------------------------|-----------------|--------------|--------------|----------------|-------------| | [Ta ...

继峰股份（603997.SH）系列点评六 [Table_Author] 分析师：崔琰 执业证号：S0100523110002 邮箱：cuiyan@mszq.com 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 ➢ 全面协同 剑指全球智能座舱龙头。公司 2018 年收购德国格拉默，2019 年 完成交割并于 2019Q4 开始并表，2020 年开启全面整合，2023 年随格拉默全 球 COO 李国强先生上任后，以提高盈利能力为目标，强力推动全面降本增效措 施的具体落地，主要措施包括：1）过调整产能布局，重新梳理各产品线，提高 产能利用率和生产效率；2）加强采购等供应链管理，推进采购向低成本区域转 移；3）推行"卫星计划"，增加管理部门能力，并加强各区域管理人员"沉到一 线"；4）提升工艺能力，深化工厂 VAVE；5）积极落实与客户协商的原材料价 格上涨的补偿机制；6）加强细化财务月度实际数据与预算数据差异分析等，从 而达到经营效益的持续提升。同时格拉默和继峰联合开拓市场，产品相互赋能， 客户相互导入，共同提升市占率。面对汽车行业电动智能百年大变革，公司积极 拥抱，横向拓展乘用车座 ...

证券分析师 市场表现 0% 11% 23% 34% 继峰股份 沪深300 -23% -11% 传统业务稳步推进，新兴业务发 传统业务稳步推进，夯实行业领先地位。在乘用车内饰件传统业务领域，公司及 子公司格拉默合计新增订单金额超 180 亿元，公司产品不仅在燃油乘用车市场继 续巩固市场份额，还积极拓展新能源汽车市场，来自新能源车企的收入占比提 升。在商用车座椅业务领域，子公司格拉默新增订单金额超 50 亿元。随着全球 商用车市场进入修复性增长期，格拉默商用车业务也实现稳步增长。 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------|------------|--------------------------------------------------------------------------------|-----------------------------------|--------|--------|--------|--------| | | | | | | | | | | 头进击 ...

RSM 容诚 审计报告 宁波继峰汽车零部件股份有限公司 容诚审字|2024|518Z0390 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 。 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 7 | | 3 | 合并利润表 | 8 | | 4 | 合并现金流量表 | 9 | | 5 | 合并所有者权益变动表 | 10-11 | | 6 | 母公司资产负债表 | 12 | | 7 | 母公司利润表 | 13 | | 8 | 母公司现金流量表 | 14 | | 9 | 母公司所有者权益变动表 | 15-16 | | 10 | 财务报表附注 | 17-159 | 审计报告 容诚审字[2024]518Z0390 号 宁波继峰汽车零部件股份有限公司全体股东: 一、审计意见 我们审计了宁波继峰 ...

Financial Performance - The company's operating revenue for 2023 reached ¥21.57 billion, representing a year-on-year growth of 20.06% compared to ¥17.97 billion in 2022[6]. - The net profit attributable to shareholders was ¥203.87 million, a significant turnaround from a loss of ¥1.42 billion in the previous year[27]. - The net cash flow from operating activities increased by 56.61%, amounting to ¥1.65 billion, up from ¥1.05 billion in 2022[6]. - The company's total assets as of the end of 2023 were ¥17.95 billion, reflecting a 16.17% increase from ¥15.45 billion at the end of 2022[27]. - The net assets attributable to shareholders increased by 18.69% to ¥4.10 billion from ¥3.46 billion in 2022[27]. - The company's basic earnings per share for 2023 was 0.18 yuan, compared to a loss of 1.27 yuan per share in 2022[50]. - The weighted average return on net assets was 5.42% in 2023, a significant improvement from -36.24% in 2022[50]. - The company did not propose any cash dividends for 2023 due to negative distributable profits at the end of the fiscal year[39]. Research and Development - Research and development expenses for the year were ¥421.86 million, which is a 12.07% increase from ¥376.42 million in 2022[6]. - The company plans to continue investing in R&D and new production facilities despite increased costs in the passenger car seat business[38]. - Total R&D investment amounted to 489.88 million RMB, accounting for 2.27% of total revenue[70]. - The company has increased its seat R&D personnel by approximately 100, with a total of over 80 patent applications, of which 37 have been authorized, enhancing its technological capabilities[101]. - The company has developed a central control system for autonomous driving, positioning itself for future technological advancements in the automotive industry[156]. - The company has a comprehensive R&D system and process, ensuring it remains at the forefront of technological innovation in the automotive interior sector[130]. Market and Sales Performance - The company aims to continue expanding its market presence and enhancing operational efficiency through strategic initiatives and acquisitions[5]. - The company reported a significant increase in sales expenses, which rose by 17.56% to ¥307.76 million from ¥261.78 million in the previous year[6]. - The company achieved a revenue of 40.13 billion RMB, representing a year-on-year growth of 58.36%[65]. - The traditional headrest and armrest business generated a revenue of 30.58 billion RMB, up 25.46% year-on-year[65]. - The emerging business saw revenue increase to 9.36 billion RMB, a significant growth from approximately 0.93 billion RMB in the same period last year[65]. - The company delivered 65,000 sets of passenger car seats from May to December 2023, generating sales of RMB 655 million[78]. - The sales revenue from the passenger car seat business was RMB 2.81 billion in 2023, a substantial increase from nearly RMB 90 million in the same period last year[78]. - The company has secured over 60 projects for its hidden door handle products, which are expected to contribute to revenue growth in the coming years[121]. Operational Efficiency - The company has implemented lean production methods to enhance product quality and production efficiency, contributing to improved operational performance[5]. - The company's net profit margin has improved significantly, reflecting enhanced pricing mechanisms and operational efficiencies[38]. - The company implemented cost control measures and efficiency improvements across its operations, contributing to sustained operational benefits[116]. - The company's gross profit margin increased to 14.75% in 2023, up from 13.10% in the previous year, representing a 1.65 percentage point improvement[114]. - Total asset turnover improved to 1.29 times in 2023, compared to 1.16 times in 2022, indicating enhanced operational efficiency[115]. Sustainability and Corporate Responsibility - The company is committed to energy conservation and building green, low-carbon smart factories as part of its sustainability strategy[104]. - The company reduced its direct and indirect carbon emissions by 39% compared to the previous year[144]. - The company was awarded the "2023 National Green Factory" honor, highlighting its commitment to sustainable practices[145]. - The company is actively pursuing sustainable practices, utilizing approximately 2.3 million kWh of green energy through solar power[123]. Customer and Supplier Relations - The top five customers accounted for 31.62% of total annual sales, while the top five suppliers represented 7.01% of total annual purchases, indicating a diversified customer and supplier base[91]. - The company has established relationships with major global automakers, including Audi, BMW, and Tesla, providing leading products and comprehensive solutions[129]. - The company has established long-term cooperative relationships with major clients such as Daimler, Ford Trucks, and Caterpillar, enhancing its market position in the automotive parts sector[164]. Production and Capacity - The company has accelerated the production of passenger car seats, with a total of 9 projects confirmed as of March 31, 2024, indicating a diversified customer base and a solid market foundation[99]. - The company has completed the construction of its Hefei base for passenger car seats, with additional bases in Changzhou, Ningbo, and other locations under development to support business expansion[103]. - The company is constructing a new production base in Ningbo to support its emerging businesses, expected to be completed in 2024[183]. - The production of headrests reached 5,432.13 million units in the current year, reflecting a year-on-year increase of 1.32%[187]. Financial Management - The company is actively optimizing its financing structure to reduce costs, leveraging its global market presence[96]. - The company's cash flow from investing activities saw an outflow of 1.22 billion RMB, an increase of 48.34% due to investments in fixed and intangible assets[71]. - The company's net operating cash flow for 2023 was 1.648 billion yuan, an increase from 1.052 billion yuan in the same period last year, and 0.719 billion yuan in 2021, indicating a continuous improvement in cash flow over the years[92].

关于 2023 年度独立董事独立性情况专项评估报告 宁波继峰汽车零部件股份有限公司 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》等要求，公司董事会就 公司在任独立董事王民权、赵香球、谢华君的独立性情况进行评估并出具如下专 项意见: 经核查公司独立董事王民权、赵香球、谢华君的任职经历以及签署的相关自 查文件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股 东公司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍 其进行独立客观判断的关系，因此，公司独立董事符合《上市公司独立董事管理 办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等对独立 董事独立性的相关要求。 宁波继峰汽车零部件股份有限公司董事会 2024 年 4 月 25 日 ...