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 ...

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 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 ...

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].

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]