Investment Rating - The report maintains a "Buy" rating with a target price of RMB 16.39 [4][10] Core Views - The company achieved quarterly profitability in its seating business, with significant improvements in the North American region [2] - The company’s revenue for H1 2024 is projected at RMB 110.06 billion, a year-on-year increase of 5.47%, while the net profit attributable to the parent company is RMB 53.14 million, a year-on-year decrease of 35.54% [1] - The report anticipates strong growth potential in the seating business and ongoing reforms in the Gramer division, which will enhance profitability [2] Financial Summary - For H1 2024, the company reported revenue of RMB 110.06 billion, with Q2 revenue at RMB 57.19 billion, reflecting a year-on-year increase of 7.41% and a quarter-on-quarter increase of 8.18% [1] - The net profit for Q2 2024 reached RMB 34.07 million, marking a year-on-year increase of 52.02% and a quarter-on-quarter increase of 78.63% [1] - The company’s EPS for 2024-2026 is projected to be RMB 0.24, RMB 0.73, and RMB 1.08 respectively, with corresponding PE ratios of 45.19, 15.04, and 10.18 [3][10] Business Segments - The traditional business segment, including headrests and armrests, is expected to grow steadily, with revenue growth rates of 3.0%, 5.0%, and 5.0% for 2024-2026 [7] - The seating business is projected to see substantial growth, with expected revenues of RMB 27.6 billion, RMB 49.9 billion, and RMB 67.7 billion for 2024-2026, reflecting growth rates of 321.2%, 80.7%, and 35.7% respectively [7] - The Gramer division is expected to achieve revenues of RMB 175 billion, RMB 171 billion, and RMB 178 billion for 2024-2026, with improving gross margins [7] Valuation Metrics - The target price of RMB 16.39 is based on a 50% premium to the average PE of comparable companies, reflecting the company's high growth potential [10] - The report indicates that the average PE for comparable companies in 2025 is 14.8 times, suggesting a favorable valuation for the company [1][10]

继峰股份(603997.SH)/汽车 证券研究报告/公司点评 2024 年 8 月 15 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|------------------------|-----------|---------------------------|-------------|-----------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 11.03 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 | 33,6 ...

上 市 公 司 汽车 证 券 研 究 报 告 2024 年 08 月 15 日 继峰股份 (603997) ——24Q2 业绩符合预期，美洲盈利改善、座椅显著减亏 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 14 日 | | 收盘价（元） | 11.12 | | 一年内最高/最低（元） | 15.54/9.41 | | 市净率 | 3.4 | | 息率（分红 / 股价） | | | 流通 A 股市值（百万元） | 12,967 | | 上证指数/深证成指 | 2,850.65/8,311.00 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 4.18 | | 资产负债率 % | 71.27 | | 总股本/流通 A 股（百万） | 1 ...

继峰股份(603997) / 汽车零部件 / 公司点评 / 2024.08.16 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-15 | | 收盘价 ( 元 ) | 11.03 | | 流通股本 ( 亿股 ) | 11.66 | | 每股净资产 ( 元 ) | 4.18 | | 总股本 ( 亿股 ) | 12.66 | | 最近 12 月市场表现 | | -30% -22% -14% -6% 1% 9% 继峰股份 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《乘用车座椅总成再获定点，订单充 裕未来可期》 2024-07-26 2. 《乘用车座椅总成项目获头部主机厂 定点》 2024-07-15 3. 《H1 业绩扭亏为盈，乘用车座椅空 新兴业务发展迅速，海外业务整合持续推进 证券研究报告 ❖ 事件 ...

公司报告 | 半年报点评 座椅亏损收窄，继峰分部盈利持续提升 受格拉默拖累，24H1 整体业绩承压 公司 8 月 14 日发布 2024 半年报，24H1 公司实现营收 110.06 亿元，同比 +5.47%；归母净利润 0.53 亿元，同比-35.54%；扣非归母净利润 0.27 亿元， 同比-74.31%。从盈利能力看，公司24H1 毛利率为14.52%，同比增长0.31pct； 24H1 净利率为 0.40%，同比下滑 0.43pct。公司盈利水平下滑主要原因为子 公司格拉默因部分海外汽车市场需求疲软，销售收入出现下滑，同时海外 整合力度加大导致相关费用有所增加。2024 H1，子公司格拉默实现营业收 入 86.25 亿元，同比下降 2.82%；实现净利润-0.35 亿元，去年同期为-0.02 亿元。 24Q2 单季度公司营收 57.19 亿元，同比+7.41%/环比+8.18%；归母净利润 0.34 亿元，同比+52.02%，环比+78.63%；扣非归母净利润 0.11 亿元，同比 -72.3%，环比-31.1%。盈利能力保持平稳，公司 24Q2 单季度毛利率为 14.37%，同比-0.14pct/环 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 15 日 继峰股份(603997.SH) 公司快报 2024Q2 格拉默环比改善，座椅首次盈利 事件：公司发布 24 年半年报，上半年公司实现营收 110.06 亿元，同比 +5.47%，实现归母净利 0.53 亿元，同比-35.54%；单二季度看，24Q2 实现 营收 57.19 亿元，同环比分别+7.41%/+8.18%，24Q2 实现归母净利 0.34 亿 元，同环比分别+52.02%/+78.63%。 24Q2 归母净利同比增长超 50% 24Q2 实现营收 57.19 亿元，同环比分别+7.41%/+8.18%，24Q2 实现归母净 利 0.34 亿元，同环比分别+52.02%/+78.63%，座椅业务我们预期会下半年 会到盈亏平衡点，Q2 单季度已经实现盈利，Q2 资产减值和信用减值合计 0.36 亿元，预计主要为高合等减值影响，剔除减值后，营业利润同比增长 23%。 继峰分部：座椅首次单季度盈利、新业务快速发展 继峰分部上半年归母利润约为 0.97 亿元，同比+14.17%，其中 1）座椅业 务，Q2 实现营收 6.9 ...

公 司 研 究 汽 车 [数据日期 Table_cominfo] 2024/08/15 收盘价 11.03 总股本(万股) 126,608 流通A股/B股(万股) 116,608/0 资产负债率(%) 71.27% 市净率(倍) 2.47 净资产收益率(加权) 1.18 12个月内最高/最低价 15.54/9.41 [Table_profits] [Table_Reportdate] 2024年08月15日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn [Table_QuotePic] -39% -31% -24% -16% -9% -1% 6% 14% 23-08 23-11 24-02 24-05 继峰股份 沪深300 [相关研究 Table_Report] 《继峰股份（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 — — 公 司 简 评 报 告 》 2024.04.30 《继峰股份（603997）：全年业绩扭 亏为盈，乘用车座 ...

继峰股份（603997.SH）系列点评十 Q2 业绩符合预期 乘用车座椅实现盈利 2024 年 08 月 15 日 [Table_Author] 分析师：崔琰 执业证号：S0100523110002 邮箱：cuiyan@mszq.com | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 11.12 CNY per share [3][4]. Core Views - The company's H1 2024 revenue reached 11.006 billion CNY, a year-on-year increase of 5.47%, while the net profit attributable to shareholders was 53 million CNY, a decrease of 35.56% year-on-year. The Q2 2024 revenue was 5.719 billion CNY, up 7.41% year-on-year and 8.18% quarter-on-quarter, with a net profit of 34 million CNY, a year-on-year increase of 55.00% and a quarter-on-quarter increase of 79.47% [3][4]. - The company has successfully turned around its passenger car seat business, delivering 89,000 sets of seats in H1 2024, generating revenue of 899 million CNY, compared to 108 million CNY in the same period last year, reflecting several-fold growth [3][4]. - The company is actively expanding its product offerings in the intelligent cockpit sector, aiming to become a global leader in this market by leveraging its strategic partnerships and technological advantages [4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 14.52%, an increase of 0.32 percentage points year-on-year. The gross margin for Q2 2024 was 14.37%, a decrease of 0.15 percentage points year-on-year and 1.06 percentage points quarter-on-quarter [3][4]. - R&D expenses in H1 2024 amounted to 239 million CNY, a year-on-year increase of 14.43%, reflecting the rapid development of strategic emerging businesses centered around passenger car seats [3][4]. Market Position and Strategy - The company has established a strong foothold in the passenger car seat market, with 18 projects in hand as of July 31, 2024, with a total lifecycle value of 84-88.7 billion CNY. If these projects are mass-produced in the same year, they could generate annual revenue of 14-14.8 billion CNY, significantly increasing the company's revenue [4]. - The company is focusing on cost reduction and efficiency improvement measures, including optimizing production capacity and enhancing supply chain management, to boost profitability [4]. Future Outlook - The company is projected to achieve revenues of 24.25 billion CNY, 28.75 billion CNY, and 31.95 billion CNY for 2024, 2025, and 2026, respectively, with net profits of 332 million CNY, 845 million CNY, and 1.161 billion CNY for the same years [5][6]. - The report anticipates that the combined entity of the company and its partner, Grammer, will become a global leader in the intelligent cockpit market, driven by new product developments and customer expansions [4].

[Table_Main] 证券研究报告 | 公司点评 继峰股份(603997.SH) 2024 年 08 月 15 日 买入（维持） 所属行业：汽车/汽车零部件 当前价格(元)：11.12 证券分析师 邓健全 资格编号：S0120523100001 邮箱：dengjq＠tebon.com.cn 赵悦媛 资格编号：S0120523100002 邮箱：zhaoyy5＠tebon.com.cn 赵启政 资格编号：S0120523120002 邮箱：zhaoqz＠tebon.com.cn 研究助理 秦梓月 邮箱：qinzy＠tebon.com.cn 市场表现 -34% -26% -17% -9% 0% 9% 2023-08 2023-12 2024-04 继峰股份 沪深300 | --- | --- | --- | --- | |--------------------------------|-------|-------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | 9.66 | 0.91 | -13.06 | | 相对涨幅 (%) | 14.36 | 7 ...