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].

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： 宁波继峰汽车零部件股份有限公司（以下简称"公司"）的全资子公司继 峰座椅（合肥）有限公司（以下简称"继峰座椅（合肥）"）于近期收到了客户的 定点邮件，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。 本次项目预计 2026 年 2 月量产，不会对公司本年度业绩产生重大影响。 | 证券代码：603997 | 证券简称：继峰股份 公告编号：2023-057 | | --- | --- | | 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 关于获得乘用车座椅总成项目定点的公告 2、本次项目预计不会对公司本年度业绩产生重大影响，但本次项目定点将 有利于提高公司未来年度业务收入，并对公司未来经营业绩产生积极的影响。 三、风险提示 定点邮件是客户对继峰座椅（合肥）座椅开发能力和供货资格的认可， 不构成供货合同，存在可能出现因不可预计、不可抗力 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 继峰股份 原文 20240714_ 2024年07月15日00:43 发言人 00:00 76%这样一个水平。 发言人 00:08 我在一个快速扩张的一个阶段，分板块分个股来分板块来看，因为这个季风的分布和伽马也是 要分开来看一下。在季风的这个本部上的话，2019年到2022年整个收入还处在一个比较平稳 的一个阶段。到了2023年的话，季风本部的是收入是40亿，格拉姆的话是在177亿这么一个 水平。那收购格拉姆之前的话，公司的头枕和扶手的占比2018年大概是46%和37%。 发言人 00:42 收购格拉姆之后的话，公司新增了像商务车座椅中控，还有一些其他的内饰件。整个的这个占 比来看，2019年2019年的话这个中控和其他事件是占比最高的，大概是在32%。其次的话是 商用车座椅26%和头枕26%。2023年的话，公司这个中控和内饰件也是占比最多的，大概在 33%。 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price range of 11.55 to 13.2 CNY for 2024, based on a PE valuation of 35-40 times [9]. Core Viewpoints - The company is a leading domestic automotive seat assembly enterprise, with expected growth in seat business volume. The integration of Grammer is showing positive results, and the company is positioned to benefit from the increasing demand in the automotive sector [7][18]. - The company has diversified its product offerings and customer base, enhancing its market position and profitability potential. The integration of Grammer has led to improved operational efficiency and cost reduction strategies [19][20]. Summary by Sections Financial Data and Valuation - The company is projected to achieve net profits of 419 million, 826 million, and 1.238 billion CNY for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 31, 16, and 10 times [9]. - In 2023, the company reported a revenue of 21.57 billion CNY, a year-on-year increase of 20.06%, and a net profit of 203.87 million CNY, marking a significant recovery from previous losses [10][38]. Business Development - The company has a rich history in the automotive seat components industry, having expanded its product matrix significantly after acquiring Grammer in 2019. This acquisition has allowed the company to enter the passenger car seat assembly market successfully [17][18]. - The company is transitioning from a Tier 2 supplier to a Tier 1 seat assembly supplier, significantly increasing the value per vehicle from 400-500 CNY to 5000-6000 CNY [20]. Operational Efficiency - The company has implemented various cost-reduction measures post-acquisition of Grammer, leading to improved profit margins. The gross profit margin increased to 14.75% in 2023, up from 13.09% in the previous year [42]. - The operational integration of Grammer has resulted in a more efficient supply chain and production process, contributing to the company's overall profitability [19][20]. Market Position - The company has established a diverse customer base, including partnerships with both traditional and new energy vehicle manufacturers, which enhances its market resilience and growth potential [33][18]. - The company is well-positioned to capitalize on the growing demand for automotive seats, particularly in the context of the shift towards electric vehicles and the increasing focus on supply chain security [20][18].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 10.23 CNY per share as of July 4, 2024, corresponding to a PE ratio of 34, 15, and 11 times for the years 2024, 2025, and 2026 respectively [4]. Core Views - The integration effects are becoming evident, with new products and customers accelerating expansion. The "Big Jifeng" (Jifeng + Grammer) is expected to become a global leader in smart cockpits. Projected revenues for 2024-2026 are 242.50 billion, 287.50 billion, and 319.50 billion CNY, with net profits of 3.82 billion, 8.67 billion, and 11.76 billion CNY respectively, leading to EPS of 0.30, 0.69, and 0.93 CNY [4][6]. Financial Forecasts - Revenue projections for the company are as follows: - 2023: 21,571 million CNY - 2024: 24,250 million CNY (growth rate of 12.4%) - 2025: 28,750 million CNY (growth rate of 18.6%) - 2026: 31,950 million CNY (growth rate of 11.1%) [8][10]. - Net profit forecasts are: - 2023: 204 million CNY - 2024: 382 million CNY (growth rate of 87.3%) - 2025: 867 million CNY (growth rate of 127.1%) - 2026: 1,176 million CNY (growth rate of 35.6%) [8][10]. - The company’s PE ratios are projected to decrease from 64 in 2023 to 11 in 2026, indicating improving valuation metrics over time [8][10]. Business Developments - The company has recently received a supplier nomination letter from a leading OEM for seat assembly projects, which is expected to start mass production in November 2025, with a total project lifecycle value of 2.7 billion CNY [6]. - The company has achieved significant milestones in expanding its seat assembly business, with a total of 12 projects in hand, amounting to a lifecycle total value of 748-795 billion CNY, which could potentially generate annual revenue of 125-133 billion CNY if all projects are mass-produced in the same year [6][8].

重要内容提示： 宁波继峰汽车零部件股份有限公司（以下简称"公司"）的控股子公司格 拉默车辆部件（哈尔滨）有限责任公司（以下简称"格拉默（哈尔滨）"）于近期 收到了《供应商提名信》，格拉默（哈尔滨）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 产前后排座椅总成产品。 本次项目预计 2025 年 11 月量产，不会对公司本年度业绩产生重大影响。 《供应商提名信》是客户对格拉默（哈尔滨）座椅开发能力和供货资格 的认可，不构成供货合同，存在可能出现因不可预计、不可抗力等原因，导致项 目出现延期、变更、中止或终止等风险。 本项目生命周期总金额为预计金额，实际销售金额与客户实际产量等直 接相关，汽车市场整体情况、宏观经济形势等因素均可能对客户采购需求构成影 响，项目实际开展情况存在不确定性。 关于获得乘用车座椅总成项目定点的公告 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。 | 证券代码：603997 | 证券简称：继峰股份 公告编号：2023-056 | | --- | -- ...

| 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2024-053 | | --- | --- | --- | | 转债代码：110801 | 转债简称：继峰定 01 | | 本议案已经公司独立董事专门会议 2024 年第一次会议审议通过，并提交公 司董事会审议。 宁波继峰汽车零部件股份有限公司 第五届董事会第七次会议决议公告 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 7 月 1 日，宁波继峰汽车零部件股份有限公司（以下简称"公司"） 第五届董事会第七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 6 月 25 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。 二、董事会会议审议情况 （一）审议通过《 ...

| 证券代码：603997 | 证券简称：继峰股份 公告编号：2024-052 | | --- | --- | | 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 ...

| 证券代码：603997 | 证券简称：继峰股份 公告编号：2024-055 | | --- | --- | | 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 2024 年度日常关联交易预计的公告 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。 重要内容提示： 本次关联交易无需提交股东大会审议。 宁波继峰汽车零部件股份有限公司（以下简称"公司"）与关联方余金 汽车零部件（宁波）有限公司（以下简称"余金汽车"）、宁波双皓科技有限公司 （以下简称"宁波双皓"）、宁波多皓汽车内饰件有限公司（以下简称"多皓内饰 件"）、宁波多皓汽车座椅部件有限公司（以下简称"多皓座椅部件"）发生的日 常关联交易是基于生产经营需要所开展的，遵循了公开、公平、公正、合理、公 允的原则，采购金额占 2023 年度同类业务比例较小，不会对关联方形成依赖， 也不会影响公司的独立性。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2024年7月1日，公司召开了第五届董事第七次会议，会议以9票赞成、0 ...