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2024Q1业绩符合预期,座椅向全球进军
Guotou Securities· 2024-05-01 06:10
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].
24Q1业绩符合预期,开启座椅全球化征程
Huaan Securities· 2024-04-30 15:00
Investment Rating - The investment rating for the company is "Buy" (maintained) [10] Core Views - The company reported a net profit of 0.19 billion yuan for Q1 2024, which is a year-on-year decrease of 68.2% [10] - The company has secured a project for seat assembly for BMW in Germany, with an estimated total project value of 12 billion yuan [10] - The company is expected to improve profitability with new product launches and operational efficiencies in the second half of 2024 [10] Financial Summary - Revenue for 2023 was 21.57 billion yuan, with projections of 24.15 billion yuan for 2024, 29.53 billion yuan for 2025, and 33.67 billion yuan for 2026, reflecting growth rates of 20.1%, 11.9%, 22.3%, and 14.0% respectively [10][11] - Net profit attributable to the parent company is projected to increase from 0.204 billion yuan in 2023 to 1.322 billion yuan in 2026, with year-on-year growth rates of 114.4%, 125.1%, 118.7%, and 31.8% [10][11] - The company's gross margin is expected to improve from 14.8% in 2023 to 16.5% in 2026 [11] - Earnings per share (EPS) are projected to rise from 0.18 yuan in 2023 to 1.04 yuan in 2026 [11] Operational Insights - The company is focusing on enhancing operational management capabilities and reducing costs through various strategies, including securing core customer projects and increasing self-sufficiency [10] - The integration with Grammer is expected to strengthen the company's position in the passenger car seat assembly market [10]
24Q1业绩短期承压,新获宝马定点打开全球空间
申万宏源· 2024-04-30 14:02
| --- | --- | |-----------------------------|-------------------------------| | 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%。 ...
年报及一季报点评:乘用车座椅业务逐步量产,海外客户获得突破
Guoxin Securities· 2024-04-30 10:32
Investment Rating - The report maintains a "Buy" rating for the company [5][38][39] Core Insights - The company achieved a revenue of 21.57 billion yuan in 2023, a year-on-year increase of 20.1%, and a net profit of 204 million yuan, recovering from a loss of 1.42 billion yuan in 2022 [1][7] - In Q1 2024, the company reported a revenue of 5.29 billion yuan, a year-on-year increase of 3.5%, but a net profit decline of 68.2% year-on-year [1][7] - The company is focusing on cost reduction and efficiency improvement measures, which are expected to enhance profitability [1][15] Revenue and Profitability - The company’s revenue is projected to grow from 24.31 billion yuan in 2024E to 32.87 billion yuan in 2026E, with a compound annual growth rate of approximately 14.2% [4][25] - The net profit is expected to increase significantly from 423 million yuan in 2024E to 1.17 billion yuan in 2026E, reflecting a strong recovery trajectory [4][25] Business Segments - The company’s seat division generated a revenue of 40.13 billion yuan in 2023, a year-on-year increase of 58.4%, with a net profit of 196 million yuan, up 166.4% [1][15] - The Gramer division achieved a revenue of 17.72 billion yuan in 2023, with a net profit of 22 million yuan, marking a return to profitability [1][8] Market Position and Strategy - The company is expanding its production capacity for passenger car seats and has successfully delivered 65,000 seat products to customers from May to December 2023 [1][33] - The company is establishing a joint venture in Germany with Gramer to expand its global seat business, particularly targeting European OEMs like BMW [1][33][34] - There is significant potential for domestic substitution in the passenger car seat market, as over 80% of the global market is currently dominated by foreign companies [1][48] Financial Metrics - The company’s EBIT margin improved from 1.7% in 2022 to 3.2% in 2023, with expectations to reach 5.9% by 2026E [4][25] - The return on equity (ROE) is projected to rise from 5.0% in 2023 to 23.9% in 2026E, indicating a strong recovery in profitability [4][25] Conclusion - The report suggests a downward revision of profit forecasts due to increased upfront investments in the passenger car seat business and the integration of overseas acquisitions, while maintaining a bullish outlook with a "Buy" rating [1][25][38]
继峰股份:继峰股份2023年年度股东大会会议资料
2024-04-30 09:12
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 ...
乘用车座椅开启全球化新篇章,格拉默整合拐点渐至
GOLDEN SUN SECURITIES· 2024-04-30 08:32
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 ...
公司简评报告:乘用车座椅逐步上量,获德国宝马定点全球战略取得突破
Donghai Securities· 2024-04-30 07:00
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 ...
2023年报点评:2023年业绩稳步增长,座椅业务放量在即
Guohai Securities· 2024-04-30 05:32
Investment Rating - The report maintains an "Accumulate" rating for the company [16][20]. Core Views - The company achieved steady growth in 2023, with a revenue of 21.57 billion yuan, representing a year-on-year increase of 20.06%. The net profit attributable to shareholders was 204 million yuan, up 114.38% year-on-year [16][20]. - The seating business is expected to ramp up significantly, with the company delivering 65,000 seat products in 2023, generating revenue of 655 million yuan. The seating business is projected to grow 3-4 times in scale, contributing significantly to the company's performance [16][20]. - The company is accelerating customer expansion and capacity construction, seizing the opportunity for domestic substitution in the seating market while also expanding overseas [5][20]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 21.57 billion yuan, a 20.06% increase year-on-year. The net profit attributable to shareholders was 204 million yuan, reflecting a 114.38% increase year-on-year. The net profit after deducting non-recurring gains and losses was 222 million yuan, up 115.77% year-on-year [16][20]. - The main business revenue is expected to reach 24.33 billion yuan in 2024, with a growth rate of 13% [21]. Business Development - The company has established a strong customer base in both domestic new energy vehicle manufacturers and traditional high-end joint venture car manufacturers. It is continuously expanding its customer base to secure new orders [5][20]. - The company has completed the construction and production of its Hefei base (Phase I) in the first half of 2023 and is currently building additional facilities in Changzhou, Ningbo, Changchun, Tianjin, and Beijing [5][20]. Future Outlook - The company is expected to achieve a net profit of 510 million yuan in 2024, with a growth rate of 150%. The projected earnings per share (EPS) for 2024 is 0.40 yuan, corresponding to a price-to-earnings (P/E) ratio of 32 times [20][21]. - The company aims to establish a joint venture in Germany with an investment of 50 million euros to expand its global seating business, particularly targeting BMW and other European manufacturers [5][20].
系列点评七:海外定点落地 座椅量产加速
Minsheng Securities· 2024-04-30 03:30
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 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...
Q1符合预期,获宝马订单座椅全球化实现0到1
ZHONGTAI SECURITIES· 2024-04-30 02:00
| --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|------------------------|-----------|-----------|---------------------------|-----------| | [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) ...