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].

RSM 容诚 审计报告 宁波继峰汽车零部件股份有限公司 容诚审字|2024|518Z0390 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 。 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 7 | | 3 | 合并利润表 | 8 | | 4 | 合并现金流量表 | 9 | | 5 | 合并所有者权益变动表 | 10-11 | | 6 | 母公司资产负债表 | 12 | | 7 | 母公司利润表 | 13 | | 8 | 母公司现金流量表 | 14 | | 9 | 母公司所有者权益变动表 | 15-16 | | 10 | 财务报表附注 | 17-159 | 审计报告 容诚审字[2024]518Z0390 号 宁波继峰汽车零部件股份有限公司全体股东: 一、审计意见 我们审计了宁波继峰 ...

关于公司 2024 年度开展票据池业务的公告 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。 宁波继峰汽车零部件股份有限公司（以下简称"公司"）2024年4月25日召 开的第五届董事会第五次会议，审议通过了《关于公司2024年度开展票据池业 务的议案》，同意公司及控股子公司2024年度与国内商业银行开展即期余额不 超过10亿元的票据池业务，本议案尚需提交公司股东大会审议。现将相关情况 公告如下： 一、票据池业务情况概述 1. 业务概述 票据池业务是指协议银行为满足企业客户对所持有的商业汇票进行统一管 理、统筹使用的需求，向企业提供的集票据托管和托收、票据质押池融资、票 据贴现、票据代理查询、业务统计等功能于一体的票据综合管理服务。 | 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2024-033 | | --- | --- | --- | | 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 3. 业务期限 公司开展票据池业务的期限：本次年度股东大会审议通过之日起不超 ...

| 证券代码：603997 | 证券简称：继峰股份 公告编号：2024-030 | | --- | --- | | 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 关于公司 2024 年度对外担保预计的公告 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。 重要内容提示： 被担保人名称：宁波继峰汽车零部件股份有限公司（以下简称"公司"） 的下属全资子公司 Jifeng Automotive Interior GmbH（以下简称"德国继峰"）、 继峰座椅（合肥）有限公司（以下简称"合肥座椅"）、继峰座椅（常州）有限 公司（以下简称"常州座椅"）、上海继峰座椅有限公司（以下简称"上海座椅"）、 宁波继盛贸易有限公司（以下简称"宁波继盛"）、沈阳继峰汽车零部件有限公司 （以下简称"沈阳继峰"）、控股子公司 GRAMMER Aktiengesellschaft（以下简 称"格拉默"）及其控股子公司。 担保金额及 2023 年担保余额：截至 2023 年 12 月 31 日，公司及控股子 公司的担保 ...

内部控制审计报告 宁波继峰汽车零部件股份有限公司 容诚审字|2024|518Z0433 号 RSM 容诚 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mo.f.gov.cn）"进行查 "我 内部控制审计报告 容诚审字[2024]518Z0433 号 宁波继峰汽车零部件股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了宁波继峰汽车零部件股份有限公司(以下简称"继峰股份")2023年12月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是继峰 股份董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于 情况的变化可能导致内部控制变得 ...