公 司 研 究 [数据日期 Table_cominfo] 2024/4/29 收盘价 13.03 总股本(万股) 126,608 流通A股/B股(万股) 111678.64/0 资产负债率(%) 75.42% 市净率(倍) 4.02 净资产收益率(加权) 0.47% 12个月内最高/最低价 16.55/9.41 ——公司简评报告 [继峰股份 Table_NewTitle]（603997）：乘用车座椅逐步上 量，获德国宝马定点全球战略取得突破 ➢ 事件：公司发布2023年年报，全年实现营收215.71亿元，同比+20%，归母净利润2.04亿 元，扣非净利润2.22亿元，同比扭亏。公司发布2024年一季报，单季度实现营收52.87亿 元，同比+3%，归母净利润0.19亿元，同比-68%。 ➢ 毛利率同比提升，新业务拓展影响短期期间费用率。2023年公司毛利率为14.75%，同比 +1.67pct，主要原因包括各业务板块整合、客户价格补偿机制落实等；2024Q1毛利率为 14.68%，同比+0.79pct。2023年公司期间费用率为13.43%，同比+1.15pct，其中销售费 用率、管理费用率、研发费用率、财务费 ...

研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2023 年业绩稳步增长，座椅业务放量在即 ——继峰股份（603997）2023 年报点评 事件: 投资要点: 相关报告 《继峰股份（603997）点评报告：再获新能源品牌 新定点，座椅业务放量在即（增持）*汽车零部件* 戴畅，王琭》——2024-03-09 《继峰股份（603997）点评报告：2023 年归母净 利预计扭亏，座椅订单持续突破（增持）*汽车零 部件*戴畅》——2024-02-04 《继峰股份（603997）点评报告：公司经营逐步向 好，乘用车座椅进展顺利（买入）*汽车零部件*薛 玉虎》——2023-04-03 格拉默：同比大幅扭亏为盈，美洲区亏损收窄。 2023 年，子公 司格拉默实现营业收入 177.23 亿元，同比+13.71%；实现经营性 EBIT4.34 亿元、EBIT3.34 亿元（2022 年经营性 EBIT 为 2.52 亿元、 EBIT 因含商誉长期资产组减值影响为-2.64 亿元），实现净利润 0.22 亿元，同比扭亏为盈（2022 年因含商誉长期资产组减 ...

继峰股份（603997.SH）系列点评七 海外定点落地 座椅量产加速 2024 年 04 月 30 日 [Table_Author] 分析师：崔琰 执业证号：S0100523110002 邮箱：cuiyan@mszq.com | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

| --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|------------------------|-----------|-----------|---------------------------|-----------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 13.03 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 | | 执业证书编号： S0740523020004 | 增长率 yoy% 净利润（百万元） ...

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]

Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 15.64 CNY per share [13][29]. Core Views - The company achieved a revenue of 21.57 billion CNY in 2023, representing a year-on-year growth of 20.06%, and realized a net profit of 204 million CNY, marking a turnaround from losses [8][10]. - The fourth quarter of 2023 saw a revenue of 5.63 billion CNY, up 14.2% year-on-year and 2.35% quarter-on-quarter [10]. - The company is expected to benefit from the production ramp-up of new projects in 2024, particularly in the seating business, which is projected to accelerate [8][29]. Financial Performance Summary - Revenue growth is forecasted to continue, with estimates of 24.18 billion CNY in 2024, 29.55 billion CNY in 2025, and 31.78 billion CNY in 2026 [16]. - The net profit is projected to reach 380 million CNY in 2024, 1.06 billion CNY in 2025, and 1.28 billion CNY in 2026, indicating a strong recovery and growth trajectory [16][29]. - The company’s earnings per share (EPS) are expected to improve significantly, from 0.16 CNY in 2023 to 0.84 CNY in 2025 and 1.01 CNY in 2026 [16][29]. Market Position and Growth Drivers - The company has secured nine projects in the passenger car seating segment, with a total estimated value of approximately 60 billion CNY over their lifecycle [12]. - New product lines, including electric air vents and hidden door handles, are contributing to high growth in other segments [12]. - The integration of the Grammer North America operations is anticipated to enhance profitability, as the current losses are primarily attributed to TMD [11][19].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company aims to become a global leader in smart cockpits, leveraging the integration of its operations with Grammer, which was acquired in 2018. The focus is on enhancing profitability through cost reduction and efficiency measures [4]. - The company reported a revenue of 21.57 billion yuan in 2023, a year-on-year increase of 20.06%, and a net profit of 204 million yuan, marking a return to profitability [13]. - The integration of new products and clients is accelerating, with expectations for revenue growth in the coming years [4]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 24.25 billion yuan, 28.75 billion yuan, and 31.95 billion yuan, respectively, with corresponding net profits of 409 million yuan, 864 million yuan, and 1.176 billion yuan [15][16]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.32 yuan, 0.68 yuan, and 0.93 yuan, respectively, with price-to-earnings (PE) ratios of 40, 19, and 14 [15][22]. - The gross profit margin is projected to improve from 14.75% in 2023 to 16.42% by 2026, reflecting operational efficiencies [6][15]. Operational Highlights - The company has successfully accelerated the mass production of seats, contributing to revenue growth and improved profitability [13]. - The company has established a strong foothold in the electric vehicle market, securing contracts with major manufacturers and expanding its product offerings [13][4]. - The integration with Grammer is expected to enhance market share and operational capabilities, positioning the company favorably in the competitive landscape [4].