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]

Group 1: US Tariff Plans and Market Reactions - President Trump plans to announce new tariffs in the coming days, indicating a willingness to negotiate tariff agreements with other countries, but any agreements will likely occur after the tariffs take effect on April 2 [1] - The US stock market saw significant declines, with the Nasdaq dropping 2.7%, the S&P 500 down 1.97%, and the Dow Jones falling 1.69% [1][4] Group 2: Technology Sector Performance - Major tech stocks experienced declines, with Netflix, Google, Amazon, and Meta falling over 4%, while Tesla, Microsoft, and Intel dropped over 3% [2] - The Nasdaq Golden Dragon China Index fell by 3.11%, with popular Chinese stocks like Baidu and NIO dropping over 5% [2] Group 3: IPO Market Developments - Wolfspeed's stock plummeted approximately 52%, marking the worst single-day performance for an IPO in the US [3] - CoreWeave's IPO closed flat at $40 on its first day of trading [3] Group 4: Commodity Market Trends - COMEX gold futures for June rose by 0.59% to $3116.6, marking a weekly increase of 2.26% [4] - WTI crude oil futures for May fell by 0.8% to $69.36 per barrel, with a weekly increase of 1.58% [4] Group 5: Regulatory and Taxation News - The Trump administration is unexpectedly considering higher taxes on the wealthy, which could provide room for other priority issues [6] - The EU plans to impose mild penalties on Apple and Meta under its digital market regulations, potentially leading to fines amounting to billions of dollars [8] Group 6: Market Movements and Trends - The six major state-owned banks in China reported a total net profit of approximately 1.4 trillion yuan for 2024, averaging about 38 billion yuan per day [17] - The Chinese central bank stated that current financial risks are overall controllable, with the financial system's resilience expected to improve as the macro economy recovers [20]

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].