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 ...

（一）实际募集资金金额和资金到账时间 | 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2024-061 | | --- | --- | --- | | 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 2024 年半年度募集资金存放与实际使用情况的专项 报告 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。 根据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要 求》《上海证券交易所上市公司自律监管指引第1号——规范运作》的有关规定， 宁波继峰汽车零部件股份有限公司（以下简称"公司"或"本公司"）现将2024 年半年度（以下简称"报告期"）的募集资金存放与实际使用情况报告如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意宁波继峰汽车零部件股份有 限公司向特定对象发行股票注册的批复》（证监许可﹝2023﹞2537 号），公司向 特定对象发行人民币普通股（A 股）100,000,000 股，发行价格为 11.83 元/股， 募集资金总额为 ...

第五届董事会第八次会议决议公告 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 8 月 14 日，宁波继峰汽车零部件股份有限公司（以下简称"公司"） 第五届董事会第八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 8 月 2 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。 | 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2024-059 | | --- | --- | --- | | 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 具体内容详见公司同日于上海证券交易所网站（http://www.sse.com.cn/）披 露的《继峰股份 2024 年半年度募集 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥11,006,433,019.80, an increase of 5.47% compared to the same period last year[10]. - Net profit attributable to shareholders was ¥53,144,456.47, representing a decrease of 35.54% year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥26,989,299.94, down 74.31% from the previous year[11]. - The company's total assets increased by 9.64% to ¥19,682,209,653.53 compared to the end of the previous year[11]. - The net assets attributable to shareholders rose by 28.88% to ¥5,285,504,165.17[11]. - Basic earnings per share decreased by 42.86% to ¥0.04, while diluted earnings per share also fell by the same percentage[12]. - The weighted average return on net assets decreased by 1.14 percentage points to 1.18%[12]. - The company experienced a net cash flow from operating activities of -¥104,067,510.38, a significant decline compared to ¥284,391,513.63 in the previous year[11]. - The decline in net profit and cash flow was attributed to increased integration efforts leading to higher related expenses[13]. Business Operations - The company operates in the automotive interior parts sector, focusing on the development, production, and sales of passenger car seats and interior systems, with over 80 subsidiaries across 20 countries[16]. - The company has established relationships with major global automotive manufacturers, including Audi, BMW, and Tesla, providing leading products and comprehensive solutions[19]. - The company has developed a sleep-style headrest, which has been successfully applied in the Volkswagen Passat, showcasing its innovation in response to market demands[20]. - The company is a leader in the commercial vehicle seat system industry, providing solutions for trucks, agricultural machinery, and public transport vehicles[18]. - The company emphasizes a robust R&D system, focusing on comfort, safety, and ergonomics to maintain its international technological leadership[20]. - The company has a systematic approach to innovation, allowing it to stay ahead in technology trends and product development in the automotive sector[20]. - The company’s products include customized solutions for passenger car interiors, enhancing user experience through tailored designs[17]. - The company is actively expanding its market presence by leveraging its competitive technological capabilities and international operational strengths[16]. - The company has established long-term cooperative relationships with major raw material suppliers, enhancing bargaining power and effectively reducing stockout risks[21]. Financial Management - The company completed the acquisition of Grammer in 2019, solidifying its leading position in the segmented market and enhancing its global production, sales, and R&D network[27]. - The company has a comprehensive global marketing network with over 80 subsidiaries in 20 countries, which helps mitigate risks from regional sales fluctuations[29]. - The company has a relatively low production cost in the industry due to high self-manufacturing rates and advanced production techniques, including self-designed molds[30]. - The company has increased its investment in forward-looking R&D in the commercial vehicle sector, focusing on intelligent and autonomous solutions[28]. - The procurement process is based on customer demand forecasts and inventory levels, utilizing JIT and continuous batch purchasing methods[21]. - The company has a well-established cost management system, which includes cost assessment specialists to continuously improve cost control across various positions[30]. - The development of new products requires strict certification procedures, ensuring a high success rate in new product launches[24]. Market Expansion and Product Development - The company's strategic emerging business, particularly the passenger car seat business, delivered 89,000 seat products, generating sales of 899 million yuan, a significant increase from 108 million yuan in the same period last year[37]. - The company successfully transformed from a domestic passenger car seat supplier to a global supplier, establishing a diversified customer base including luxury car manufacturers and leading domestic new energy vehicle companies[36]. - The company’s new product lines, including the air outlet business, achieved sales of 166 million yuan, up from approximately 95 million yuan in the same period last year[36]. - The company is actively expanding its passenger car seat business globally, with new high-quality orders from both domestic and international clients, including Audi and FAW-Volkswagen[45]. - Cost reduction and efficiency improvement measures are being implemented, including optimizing capacity layout and reducing fixed costs, which are expected to enhance profitability in the future[43]. Research and Development - As of June 30, 2024, the company has increased its passenger vehicle seat R&D personnel by approximately 130 compared to the end of 2022, enhancing its technical capabilities[47]. - The company's revenue from the hidden electric air vent reached 166 million RMB in the first half of 2024, a significant increase from nearly 95 million RMB in the same period last year, with EBIT turning profitable[48]. - The company’s revenue from the vehicle-mounted refrigerator was approximately 22 million RMB in the first half of 2024, marking its first contribution to revenue, with seven projects secured[49]. - The company has established multiple international leading testing laboratories, enhancing its testing capabilities and reducing product development costs and risks[32]. - The company has applied for over 110 patents related to passenger vehicle seats, with nearly 70 patents granted as of June 30, 2024[47]. Financial Position and Stability - The company's total assets as of June 30, 2024, amounted to ¥19,682,209,653.53, an increase from ¥17,952,110,633.54 as of December 31, 2023[107]. - Total liabilities reached ¥14,027,550,644.77, resulting in a debt-to-asset ratio of 71.27%[107]. - Cash and cash equivalents increased to ¥11,642,817,634.54 from ¥1,418,187,430.08, showing improved liquidity[107]. - The company's short-term borrowings decreased to ¥1,891,592,128.06 from ¥2,427,873,333.79, indicating a reduction in reliance on short-term debt[108]. - Long-term borrowings rose to ¥3,409,771,456.35 from ¥2,045,952,833.05, suggesting increased financing for long-term investments[108]. - The company's inventory decreased slightly to ¥1,758,655,358.79 from ¥1,818,829,946.79, reflecting efficient inventory management[107]. - The total non-current assets amounted to ¥10,094,907,190.67, up from ¥9,811,299,796.29, indicating growth in long-term investments[108]. - The company reported a strong debt repayment capability, supported by stable financial conditions and operational performance[107]. Environmental and Regulatory Compliance - The company has complied with environmental regulations, successfully passing environmental assessments for its projects, including a new automotive parts production line[73]. - The company has implemented measures to reduce carbon emissions and has established an emergency response plan for environmental incidents[75]. - The company has established a management system for environmental protection and conducts regular monitoring of waste emissions[75]. - The company has taken measures to reduce hazardous waste generation during production processes[75]. Shareholder and Capital Management - The company issued 100,000,000 new shares, increasing the total share count to 1,266,076,241 shares, with the new shares representing 7.90% of the total[90]. - The company raised a total of RMB 118.3 million through a specific stock issuance on April 10, 2024, with a net amount of RMB 116.32 million after deducting issuance costs[84]. - The company has not reported any significant changes in accounting policies or principles related to hedging activities compared to the previous reporting period[59]. - The company continues to focus on expanding its investor base through strategic placements and partnerships with various financial institutions[92]. - The company anticipates further growth in its stock performance following the release of restricted shares in October 2024[92]. Risk Management - The company faces risks from macroeconomic fluctuations, particularly affecting the automotive industry, which is closely tied to global and Chinese economic cycles[64]. - The company has a direct material cost that constitutes approximately 70% of production costs, making it vulnerable to fluctuations in raw material prices[66]. - The company is exposed to market competition risks, particularly in pricing, product quality, and new product development[68]. - Following the acquisition of Grammer, the company’s revenue is significantly derived from overseas markets, introducing foreign exchange risk[69]. - The company aims to enhance operational efficiency and reduce costs to mitigate the impact of declining product prices due to competitive pressures[65].

1、计提存货跌价准备 | 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2024-062 | | --- | --- | --- | | 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 关于计提资产减值准备的公告 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。 2024 年 8 月 14 日，宁波继峰汽车零部件股份有限公司（以下简称"公司"） 召开第五届董事会第八次会议和第五届监事会第七次会议，审议通过了《关于计 提资产减值准备的议案》。现将具体情况公告如下： 一、计提资产减值准备的情况概述 根据《企业会计准则》和公司会计政策的相关规定，为客观、公允地反映公 司 2024 年 6 月 30 日的财务状况和 2024 年半年度的经营成果，公司及下属子公 司对公司相关资产进行了充分的评估和分析，本着谨慎性原则，对相关资产进行 了减值测试并计提了相应的资产减值及信用减值准备。2024 年半年度，公司计 提存货跌价及合同履约成本减值准备、合同资产坏账准备、应收账款坏账准备、 ...