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 ...

2025 年 03 月 31 日 继峰股份(603997.SH) 24Q4 新业务快速增长，2025 年轻装上阵 事件：公司发布2024年年报，2024年公司实现营收222.55亿元，同比+3.17%， 实现归母净利-5.67 亿元，同比-378.01%；其中,24Q4 公司实现营收 53.49 亿 元，同比-5.03%，实现归母净利-0.35 亿元。 座椅实现盈亏平衡、出风口&冰箱大幅增长 2024 年继峰母公司实现营收 64.31 亿元，同比+60.27%，实现归母净利 2.79 亿 元，同比+41.82%，①其中座椅实现收入 31.1 亿元，销量 33.30 万件，测算得 单车价值量 9424 元，座椅业务首次实现盈亏平衡；②智能出风口业务实现营 业收入 4.05 亿元，EBIT 金额为 0.44 亿元，大幅盈利；③车载冰箱业务实 现营业收入约 1.21 亿元，在开始贡献收入的首年，EBIT 实现盈利，2024 年 增量三大业务座椅、智能出风口、车载冰箱均大幅增长。④其他传统业务头枕 扶手等收入约为 29 亿元，同比-5%，预计是因为国内大众等销量下滑。 24Q4 单季度看，公司实现营收 53.49 亿 ...

[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 ...

丨证券研究报告丨 公司研究丨点评报告丨继峰股份（603997.SH） [Table_Title] 继峰股份点评：座椅业务快速增长，摆脱包袱看 好公司未来盈利改善 报告要点 [Table_Summary] 公司 2024 年实现营收 222.6 亿元，同比+3.2%，归母净利润-5.7 亿元。展望未来，公司在格拉 默加持下，凭借自身生产、研发效率优势及高自制率带来的成本优势快速突破全球各大整车厂， 在手订单丰富，未来订单落地放量，公司乘用车座椅项目盈利可期。同时，公司海外整合成效 逐步体现，未来随海外盈利能力改善将带来巨大利润弹性。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 继峰股份（603997.SH） cjzqdt11111 [Table_Title 继峰股份点评：座椅业务快速增长，摆脱包袱看 2] 好公司未来盈利改善 [Table_Summary2] 事件描述 丨证券研究报告丨 2025-03- ...

Meeting Information - The annual general meeting of Ningbo Jifeng Automotive Parts Co., Ltd. is scheduled for April 28, 2025, at 1:00 PM [1] - The meeting will be held at the company's conference room located at No. 17, Yiluo River Road, Beilun District, Ningbo [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [1][2] Voting Details - Online voting will be available on the day of the meeting from 9:15 AM to 3:00 PM [2] - Specific voting times through the trading system are from 9:15 AM to 9:25 AM, 9:30 AM to 11:30 AM, and 1:00 PM to 3:00 PM [2] - The meeting does not involve public solicitation of shareholder voting rights [2] Agenda Items - The meeting will review the proposal to reappoint Rongcheng Accounting Firm as the financial and internal control auditor for the year 2025 [2] - An independent director's report for the year 2024 will also be presented [2] Attendance Information - Shareholders registered by the close of trading on April 22, 2025, are eligible to attend the meeting [5] - Proxy representation is allowed, and the proxy does not need to be a shareholder [5] - Registration for attending the meeting can be done through various methods, including in-person and written requests [5][6] Additional Information - The meeting is expected to last half a day, and attendees are responsible for their own travel and accommodation expenses [6] - Contact information for inquiries includes a phone number and email address for the company's board office [6]

Core Viewpoint - The company plans to utilize idle self-owned funds to invest in low-risk financial products to enhance fund efficiency and returns without affecting daily operational needs [1][2]. Group 1: Investment Overview - The purpose of the entrusted financial management is to improve fund utilization efficiency and increase returns while ensuring the safety of funds [2]. - The maximum amount to be used for financial management is capped at RMB 800 million, with funds being able to be rolled over within this limit [1][2]. - The source of funds for this investment will be temporarily idle self-owned liquid funds [2]. - The types of financial products to be purchased include low-risk products issued by banks, securities firms, and trust companies that have high safety and liquidity [1][2]. - The investment period for these financial products will not exceed 12 months from the date of approval by the board [2]. Group 2: Approval Process - The proposal for the use of idle self-owned funds for financial management was approved by the company's fifth board meeting with no votes against or abstentions [2]. - The board has authorized the chairman or a designated agent to handle the relevant matters and sign contracts related to the financial management [2]. Group 3: Risk Management - The company acknowledges potential market volatility due to macroeconomic factors but believes the risks are manageable [2][3]. - A separation of decision-making, execution, and supervision functions is established to ensure effective and compliant investment operations [3]. - The company will conduct audits and verifications of fund usage and may hire professional institutions for auditing purposes [3][4]. Group 4: Impact on the Company - The financial management activities will not adversely affect the company's main business or daily operations [4]. - By investing temporarily idle self-owned funds, the company aims to enhance fund efficiency and generate additional investment returns for the company and its shareholders [4]. - The financial products will be recorded as trading financial assets or other current assets on the balance sheet, with interest income reflected in the profit and loss statement [4].

Core Viewpoint - Ningbo Jifeng Automotive Parts Co., Ltd. plans to reappoint Rongcheng Accounting Firm as its auditor for the fiscal year 2025, emphasizing the firm's professional competence and independence in conducting audits [1][6]. Group 1: Basic Information about the Accounting Firm - Rongcheng Accounting Firm, formerly known as Huapu Tianjian Accounting Firm, was established in August 1988 and has been engaged in securities services since its inception [1]. - As of December 31, 2024, Rongcheng has 212 partners and 1,552 registered accountants, with 781 having signed securities service audit reports [1]. Group 2: Financial Performance of the Accounting Firm - In 2023, Rongcheng's total revenue was approximately 287.22 million yuan, with audit service revenue at about 274.87 million yuan and securities and futures business revenue at approximately 149.86 million yuan [2]. - The firm audited 394 listed companies in 2023, generating total audit fees of approximately 48.84 million yuan, primarily from the manufacturing sector [2]. Group 3: Audit Service Details - The audit team for Jifeng includes partners and registered accountants with significant experience in auditing listed companies, ensuring a high level of service quality [3][4]. - The audit fees for the fiscal year 2024 are set at 2.8 million yuan for financial audits and 600,000 yuan for internal control audits, with a projected increase of no more than 20% for 2025 [5][6]. Group 4: Approval Process for Reappointment - The audit committee has reviewed and approved the reappointment of Rongcheng, confirming its professional competence and independence [6]. - The board of directors approved the reappointment during a meeting on March 28, 2025, and the decision will be effective upon shareholder approval [6].

Summary of Key Points Core Viewpoint Ningbo Jifeng Auto Parts Co., Ltd. has reported on the status of its fundraising activities for the year 2024, detailing the total amount raised, the allocation of funds to various projects, and the management of these funds to ensure compliance with regulatory requirements. Fundraising Overview - The company raised a total of RMB 118,300.00 million by issuing 100,000,000 shares at a price of RMB 11.83 per share, with net proceeds amounting to RMB 116,318.32 million after deducting issuance costs of RMB 1,981.68 million [1][2]. - All funds were received by April 10, 2024, and verified by a certified public accountant [2]. Fund Allocation and Project Updates - The funds are allocated primarily to the project of developing and manufacturing 10 million automotive air outlets, with a total investment of RMB 240,314.61 million [3]. - The company has adjusted the investment amounts for various projects and has added new project implementation entities and locations, which were approved in board meetings [3][4]. Fund Management and Current Balances - As of December 31, 2024, the company has a cash management balance of RMB 41,000.00 million and a special account balance of RMB 1,500.77 million [5]. - The total amount of funds used so far is RMB 74,489.31 million, with additional income from cash management of RMB 590.79 million [5][6]. Compliance and Reporting - The company has established a fundraising management system to ensure the proper use of funds, in accordance with relevant laws and regulations [5]. - The company has signed storage and supervision agreements with several banks to ensure compliance with fundraising regulations [4][7]. - The independent auditor has confirmed that the fundraising activities and fund usage comply with regulatory requirements, with no violations reported [6][7]. Project Changes and Future Plans - The company has made changes to some fundraising projects, including increasing the production capacity of passenger car seats from 600,000 to 800,000 units annually [6][9]. - The adjustments made to the projects are aimed at improving resource utilization and aligning with the company's overall business strategy [6].

Core Viewpoint - The company, Ningbo Jifeng Automotive Parts Co., Ltd., has announced a change in accounting policy in accordance with the Ministry of Finance's guidelines, specifically the "Compilation of Application Guidelines for Enterprise Accounting Standards (2024)" [1][2]. Summary by Sections Overview of Accounting Policy Change - The accounting policy change is based on the new guidelines issued by the Ministry of Finance, which require warranty expenses to be included in operating costs starting from January 1, 2024 [1][2]. Main Content of the Change - The company will now classify warranty expenses as part of "operating costs" instead of other categories, aligning with the updated accounting standards [2]. - The change will not affect the financial status, operating results, or cash flow of the company for the current or previous periods [1][2]. Impact of the Change - The cumulative impact on retained earnings in the earliest financial statements is zero. Adjustments for the 2023 consolidated and parent company financial statements are as follows: - Sales Expenses: Adjusted from 307,756,394.61 to 302,417,619.21 - Operating Costs: Adjusted from 18,388,847,340.14 to 18,394,186,115.54 [2]. Supervisory Board Opinion - The company's supervisory board has approved the accounting policy change, stating that it complies with legal regulations and will provide a more objective and fair representation of the company's financial status and operating results [3].

Core Viewpoint - The company plans to conduct foreign exchange hedging activities in 2025 to mitigate the impact of currency fluctuations on its financial performance, with a maximum contract value of €1.201 billion or approximately ¥9.306 billion [1][2]. Group 1: Overview of Foreign Exchange Hedging - The purpose of foreign exchange hedging is to protect the company from adverse effects of currency fluctuations on its global operations and financing costs [2]. - The maximum contract value for any trading day is set at €1.201 billion or approximately ¥9.306 billion, with the ability to roll over this amount within the authorized period [2][3]. Group 2: Funding and Transaction Methods - Funding for the hedging activities will primarily come from financial institution credit and the company's own funds, without involving raised capital [3]. - The hedging activities will include various methods such as forward contracts, swaps, options, and other foreign exchange derivatives, involving currencies like Euro, USD, Czech Koruna, and Polish Zloty [3]. Group 3: Authorization and Procedures - The board of directors will seek authorization from the shareholders' meeting to implement the hedging activities within the approved limits, with a maximum authorization period of 12 months [3]. - The proposal for the hedging activities has been approved by the board and will be submitted for shareholder approval [4]. Group 4: Risk Analysis and Control Measures - The company emphasizes that it will not engage in speculative trading and will base its hedging activities on actual business operations to mitigate currency risks [4]. - Risk control measures include clear management principles, internal procedures, and reporting systems to effectively manage and control the risks associated with foreign exchange hedging [4]. Group 5: Impact on the Company - The foreign exchange hedging activities are expected to enhance the company's ability to manage currency risk without affecting normal business operations or cash flow [4]. - The company has established a management system for foreign exchange hedging in compliance with relevant accounting standards and regulations [5].