Investment Rating - The report maintains a "Buy" rating for the company, citing significant growth potential in the passenger car seat business [9][19]. Core Insights - The company reported a revenue of 21.57 billion yuan for 2023, a year-on-year increase of 20.06%, and achieved a net profit of 204 million yuan, marking a return to profitability [1][20]. - In Q4 2023, the company generated a revenue of 5.63 billion yuan, a year-on-year increase of 14.20%, while in Q1 2024, revenue was 5.29 billion yuan, reflecting a year-on-year growth of 3.45% [1][20]. - The gross margin remained stable, with Q4 2023 at 15.44% and Q1 2024 at 14.68% [20]. Financial Performance Summary - The company’s operating cash flow for 2023 was 1.648 billion yuan, with a projected net profit of 466 million yuan for 2024 and 940 million yuan for 2025 [7][9]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.37 yuan, 0.74 yuan, and 1.07 yuan, respectively [9][19]. - The price-to-earnings (P/E) ratios for the same years are estimated at 36.07, 17.88, and 12.40 [9][19]. Business Development Insights - The integration of Grammer is progressing steadily, with the company focusing on cost control and service responsiveness, which are expected to enhance profitability [21]. - The company has successfully commenced mass production of passenger car seats and has secured multiple contracts for new energy vehicle seats, indicating a positive outlook for market share growth [21].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.01 CNY per share, indicating a potential upside from the current price of 13.27 CNY [15][54]. Core Views - The company is positioned as a leader in the global passenger vehicle interior and commercial vehicle seating markets, with significant growth potential following the acquisition of Grammer and entry into the passenger vehicle seating market [52][54]. - The company reported a revenue of 21.57 billion CNY in 2023, a year-on-year increase of 20.1%, and achieved profitability with a net profit of 204 million CNY, marking a turnaround from previous losses [19][54]. - The company is expected to see continued growth in earnings per share (EPS), projected at 0.38 CNY, 0.77 CNY, and 1.07 CNY for the years 2024, 2025, and 2026 respectively, reflecting a compound annual growth rate in net profit of 87.7% [54]. Financial Summary - The company achieved a gross margin of 14.8% and a net margin of 1.0% in 2023, both showing improvements year-on-year [22]. - The revenue forecast for the upcoming years is as follows: 25.39 billion CNY in 2024, 31.39 billion CNY in 2025, and 37.10 billion CNY in 2026, with respective growth rates of 17.7%, 23.6%, and 18.2% [3][54]. - The company’s EBITDA is projected to grow from 1.53 billion CNY in 2023 to 2.85 billion CNY by 2026 [3][54]. Segment Performance - The subsidiary Grammer turned profitable in 2023, contributing a net profit of 22 million CNY, while the main division achieved a net profit of 196 million CNY, a year-on-year increase of 166.3% [19][54]. - The revenue from the main division reached 40.1 billion CNY, with a significant contribution from emerging businesses, particularly passenger vehicle seating, which generated 6.55 billion CNY [19][54].

最近一年走势 盈利预测和投资评级 作为国内汽车座椅头枕领先企业，公司产 品线横纵向拓展，我们看好乘用车座椅总成等新兴业务为公司带来 中长期的业绩增量。我们预计公司 2024-2026 年实现营业收入 243.31、287.95、324.49 亿元，同比增速为 13%、18%、13%；实 现归母净利润 5.12、9.88、12.29 亿元，同比增速为 151%、93%、 24%；EPS 为 0.40、0.78、0.97 元，对应当前股价的 PE 估值分别 为 33、17、14 倍，我们看好公司业绩兑现能力以及整合措施效果， 维持"增持"评级。 获德国宝马座椅总成定点，乘用车座椅业务向海外拓展。 为拓展 国海证券股份有限公司 2024 年 05 月 02 日 公司研究 评级：增持(维持) ——继峰股份（603997）2024 年一季报点评 2024 年 4 月 29 日，继峰股份发布 2024 年一季报：公司 2024 年 Q1 实 现营业收入 52.87 亿元，同比+3.45%；实现归属于母公司净利润 0.19 亿元，同比-68.23%；实现扣除非经常性损益后归母净利润 0.16 亿元， 同比-75.56%。 ...

Investment Rating - The report maintains a "Buy - A" rating for the company, with a 6-month target price of 15.64 CNY per share [5][32]. Core Insights - The company's Q1 2024 performance met expectations, with revenue of 5.287 billion CNY, a year-on-year increase of 3.45%. However, the net profit attributable to shareholders decreased to 0.19 billion CNY, down 68.23% year-on-year, primarily due to the impact of Gramer [14][3]. - Gramer's performance negatively affected the overall results, reporting a loss of 5.7 million euros in Q1 2024 compared to a profit of 2.9 million euros in the same period last year. Excluding Gramer's impact, the company's main business profitability improved, with an estimated profit of 0.57 billion CNY in Q1 2024 [14][5]. - The company has secured a significant order from BMW for seat assembly, valued at 12 billion CNY, marking a transition from domestic to global supply [14][31]. Financial Performance Summary - In Q1 2024, the company achieved revenue of 5.287 billion CNY, with a notable contribution from the seat business, which began mass production in May 2023. The expected revenue contribution from the seat business is approximately 2 billion CNY from the sales of 19,000 units of NIO ES6/EC6 [14][5]. - The company anticipates net profits of 3.8 billion CNY, 10.6 billion CNY, and 12.8 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 44.3, 15.9, and 13.1 [5][19]. - The report highlights a strong growth trajectory in the seat business, with total orders exceeding 72 billion CNY and a clear trend towards domestic substitution in a market valued at nearly 100 billion CNY [14][15].

Investment Rating - The report maintains a "Buy-A" rating for the company, with a 6-month target price of 15.64 CNY per share [14][19]. Core Insights - The company is expected to achieve net profits of 3.8 billion, 10.6 billion, and 12.8 billion CNY for the years 2024, 2025, and 2026 respectively, corresponding to PE ratios of 44.3, 15.9, and 13.1 times [1][24]. - The company has received a significant order from BMW, marking its entry into the global luxury car seat market, with an order value of 12 billion CNY and a project lifecycle of 8 years starting from the second half of 2027 [11][13]. - The company’s revenue for Q1 2024 was 5.287 billion CNY, a year-on-year increase of 3.45%, while the net profit attributable to shareholders was 0.19 billion CNY, a decrease of 68.23% year-on-year [10][12]. Financial Performance - The company’s revenue is projected to grow from 215.7 billion CNY in 2023 to 317.8 billion CNY in 2026, with net profits expected to rise from 2 billion CNY in 2024 to 12.8 billion CNY in 2026 [24][25]. - The company’s main business is expected to see significant growth, with a projected revenue of approximately 11 billion CNY in Q1 2024, a year-on-year increase of about 61% [12][19]. - The company has a total market value of approximately 16.8 billion CNY and a circulating market value of about 15.5 billion CNY [14]. Market Position and Strategy - The company has established itself in the automotive seat market, with a total of 10 projects in hand, amounting to approximately 72 billion CNY in total order value [13][19]. - The company’s strategy includes expanding its seat production capabilities and entering the global market, which is supported by the increasing trend of domestic seat localization [11][13].

单位:百万元 利润表 单位:百万元 2024E 2025E 2026E 会计年度 2023A 2024E 2025E 2026E 10959 13366 15906 营业收入 21571 24148 29526 33669 3100 3946 5325 营业成本 18389 20526 24802 28114 4035 4941 5641 营业税金及附加 55 72 89 101 87 107 122 销售费用 308 362 443 505 246 298 337 管理费用 1713 1932 2362 2694 2167 2480 2655 财务费用 454 247 134 133 1324 1595 1825 资产减值损失 -31 -10 -10 -10 10354 10734 10974 公允价值变动收益 0 0 0 0 12 14 16 投资净收益 -1 2 3 3 3933 3961 3942 营业利润 286 564 1135 1479 1195 1263 1331 营业外收入 4 4 7 7 5213 5496 5685 营业外支出 1 1 1 1 21312 24101 26880 利润总额 ...

| --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 29 日 | | 收盘价（元） | 13.03 | | 一年内最高 / 最低（元） | 16.55/9.41 | | 市净率 | 3.7 | | 息率（分红/ 股价） | - | | 流通 A 股市值（百万元） | 15194 | | 上证指数 / 深证成指 | 3113.04/9673.76 | 报告原因：有业绩公布需要点评 买入（维持）投资要点：公司发布 2024 年一季报，一季度实现营业收入约 52.87 亿元，同比增加 3.5%； 归属于上市公司股东的净利润约 0.19 亿元，同比减少 68.2%；扣非归母净利润约 0.16 亿元， 同比减少 75.6%。业绩符合预期。 24Q1 公司业绩有所承压。24Q1 单季度公司实现营收 52.87 亿元，同环比+3.5%/-6.1%； 归母净利润 0.19 亿元，同环比-68.2%/-61.6%；扣非归母净利润 0.16 亿元，同环比 -75.6%/-67.8%。 ...

座椅业务前期投入较高，业绩承压。继峰股份 2023 年实现营业收入 215.71 亿元，同比增长 20.1%，实现归母净利润 2.04 亿元（2022 年同期为-14.17 亿元）。2024Q1 公司实现营收 52.87 亿元，同比增长 3.5%，环比下降 6.1%，实现归母净利润 0.19 亿元，同比下降 68.2%，环比下降 61.6%。 公司因乘用车座椅跟进订单以及在手订单增加，导致前期费用较高， 2023 年产生了 1.19 亿元座椅费用，美洲地区因产能调整产生了一次性 费用，导致业绩承压。 分业务主体，格拉默盈利能力弱，公司加大整合与落实降本增效措施，预计 盈利能力将有所提升。分业务主体看，继峰分部 2023 年实现营收 40.13 亿元，同比+58.4%，归母净利润 1.96 亿元，同比+166.4%。格拉默 2023 年实现营收 177.23 亿元，同比+13.7%，2023 年实现净利润 0.22 亿元， 同比扭亏为盈。公司推动降本增效措施的具体落地，包括调整产能布局、 采购向低成本区域转移、提高工艺能力、推进原材料补偿机制等。 乘用车座椅顺利量产，产能陆续布局，全球化客户获得突破。公司首个乘 ...

股东大会会议资料 宁波继峰汽车零部件股份有限公司 二〇二三年年度股东大会会议资料 中国·宁波 二〇二四年五月 1 股东大会会议资料 目录 | 会议议程 3 | | --- | | 关于公司 年度董事会工作报告的议案 5 2023 | | 关于公司 2023 年度监事会工作报告的议案 6 | | 年年度报告》全文及其摘要的议案 11 关于公司《2023 | | 关于公司 2023 年度财务决算报告的议案 12 | | 关于公司 2023 年度利润分配方案的议案 17 | | 关于续聘容诚会计师事务所（特殊普通合伙）为公司 2024 年度财务及内部控制审计机构的议 | | 案 18 | | 关于公司 2024 年度对外担保额度预计的议案 19 | | 关于公司 2024 年度向银行申请综合授信额度的议案 21 | | 关于公司 年度开展外汇套期保值业务的议案 22 2024 | | 关于公司 2023 年度董事薪酬的议案 23 | | 关于公司 年度监事薪酬的议案 24 2023 | | 关于公司 2024 年度开展票据池业务的议案 25 | | 关于变更注册资本暨修订《公司章程》的议案 27 | | 关于修订公 ...

请仔细阅读本报告末页声明 2025E 13137 2601 6037 145 280 3153 921 10528 15 5234 819 4459 23665 13810 5158 6734 1919 3767 1845 1922 17578 383 1266 3738 807 5704 23665 现金流量表（百万元） 资料来源：Wind，国盛证券研究所 注：股价为 2024 年 4 月 29 日收盘价 2025E 33.1 159.5 158.8 16.3 3.3 18.4 9.8 74.3 102.2 1.0 0.6 1.5 6.8 5.6 0.85 2.33 4.42 15.3 2.9 8.5 P.2 请仔细阅读本报告末页声明 本公司力求报告内容客观、公正，但本报告所载的资料、工具、意见、信息及推测只提供给客户作参考之用，不构成任何 投资、法律、会计或税务的最终操作建议，本公司不就报告中的内容对最终操作建议做出任何担保。本报告中所指的投资 及服务可能不适合个别客户，不构成客户私人咨询建议。投资者应当充分考虑自身特定状况，并完整理解和使用本报告内 容，不应视本报告为做出投资决策的唯一因素。 本报告署名 ...