Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's Q4 performance met expectations, with a significant turning point in global seat replacement and scaling [1]. - The company is expected to achieve 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 return to profitability [5][9]. - The report highlights the company's strong position in the domestic and global automotive seat market, with a projected domestic market size of 150 billion yuan by 2025 and a global market size of 300 billion yuan [9]. Summary by Sections Financial Performance - The company forecasts a revenue of 21.57 billion yuan for 2023, up 20.1% year-on-year, driven by recovery in major automotive markets and new passenger car seat production [9]. - The net profit is expected to be 204 million yuan, recovering from a loss in the previous year due to asset impairment [9]. - The report notes that the company's subsidiary, Grammer, also returned to profitability in 2023, with an operating EBIT of 0.57 billion euros [9]. Market Position - The company is positioned as a leading player in the passenger car seat market, with a significant market share and potential for domestic and global replacement [9]. - The report emphasizes the large market potential, with a current domestic market of 100 billion yuan and a global market of 300 billion yuan, expected to grow at a CAGR of 17% [9]. Profitability Forecast - The report slightly adjusts the profit forecast, expecting net profits of 204 million yuan in 2023, 430 million yuan in 2024, and 1.14 billion yuan in 2025, with growth rates of 109% and 169% for 2024 and 2025, respectively [9][19]. - The company is expected to maintain a PE ratio of 36X for 2024 and 14X for 2025, reflecting its strong growth potential [9].

Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Views - The company achieved a record revenue of 21.57 billion yuan in 2023, representing a year-on-year increase of 20.06%, and turned a profit with a net profit of 204 million yuan [1][20]. - The company is expected to see significant growth in net profit over the next three years, with projections of 200 million yuan in 2023, 520 million yuan in 2024, and 960 million yuan in 2025, corresponding to PE ratios of 75.8, 29.8, and 16.1 respectively [2][12]. - The company’s seat project for passenger vehicles is performing well, with a strong order backlog and production ramp-up, contributing to revenue growth [10][30]. Financial Performance - In Q4 2023, the company reported revenue of 5.63 billion yuan, a year-on-year increase of 14.20% and a quarter-on-quarter increase of 2.35%, with a net profit of 50 million yuan [20]. - The company’s revenue growth is attributed to stable operations in its main business and the successful ramp-up of new projects with key clients [20]. - The financial metrics indicate a recovery, with a projected net profit margin of 0.9% in Q4 2023, despite a slight decline from the previous quarter [20]. Business Development - The company has secured two new projects in early 2024, with a total lifecycle value of 7.8 billion yuan and 5 billion yuan, expected to start production in October 2024 and January 2025 respectively [10]. - The integration of the Gramer business is nearing completion, which is anticipated to enhance profitability as projects enter stable production phases [30]. - The company is actively working on reducing financial costs by replacing high-cost loans with lower-cost options, which is expected to alleviate financial pressure [30].

[分析师与研究助理简介 Table_Introduction] 分析师：姜肖伟，北京大学光华管理学院硕士，应用物理学/经济学复合背景。八年电子行业从业经验，曾在深天 马、瑞声科技任职，分管过战略、市场、产品及投研等核心业务部门，多年一级及二级市场投研经验，具备电子+ 汽车/产业+金融的多纬度研究视角和深度洞察能力，汽车行业全覆盖。 [Table_Reputation] 重要声明 分析师声明 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格，以勤勉的执业态度、专业审慎的研究方法， 使用合法合规的信息，独立、客观地出具本报告，本报告所采用的数据和信息均来自市场公开信息，本人对这些 信息的准确性或完整性不做任何保证，也不保证所包含的信息和建议不会发生任何变更。报告中的信息和意见仅 供参考。本人过去不曾与、现在不与、未来也将不会因本报告中的具体推荐意见或观点而直接或间接收任何形式 的补偿，分析结论不受任何第三方的授意或影响，特此声明。 免责声明 继峰股份（ [Table_StockNameRptType] 603997） 公司研究/公司点评 2023 年业绩符合预期，持续关注基本面的边际向上 [Table ...

继峰股份（603997.SH）系列点评三 [Table_Author] 分析师：崔琰 执业证号：S0100523110002 邮箱：cuiyan@mszq.com 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 手、3D Glass 玻璃技术等智能化新品，纵向布局智能家居式重卡座舱、电动出 风口、隐藏式门把手、车载冰箱等，并突破特斯拉、蔚来、理想等造车新势力， 长期来看"大继峰"有望充分发挥格拉默百年积淀的座椅等技术优势和继峰的民 企灵活机制冲击智能座舱市场，剑指全球龙头。 ➢ 投资建议：整合成效渐显，新产品和新客户加速拓展，"大继峰"（继峰+格 拉默）未来有望成为全球智能座舱龙头，预计公司 2023-2025 年收入为 215.71/242.50/287.50 亿元，归母净利润为 2.04/4.76/8.62 亿元，对应 EPS 为 0.18/0.41/0.74 元，对应 2024 年 3 月 28 日 13.15 元/股的收盘价，PE 分 别为 75/32/18 倍，维持"推荐"评级。 ➢ 风险提示：乘用车行业销量不及预期；整合进展不及预期；客户拓展情况不 及预期；行业竞争加 ...

| 证券代码：603997 | 证券简称：继峰股份 公告编号：2024-013 | | --- | --- | | 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 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 3 月 18 日 (二)股东大会召开的地点：宁波市北仑区大碶璎珞河路 17 号宁波继峰汽车零部 件股份有限公司 B 栋三楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 122 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 751,210,259 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 65.0266 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于宁波继峰汽车零部件股份有限公司 2024 年第一次临时股东大会的 法律意见书 国枫律股字[2024]A0092号 致：宁波继峰汽车零部件股份有限公司（"贵公司"或"继峰股份"） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并 见证贵公司 2024 年第一次临时股东大会（以下简称"本次股东大会"）。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股 东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律业 务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《宁波继峰汽车零 部件股份有限公司章程》（以下简称"公司章程"）等有关规定，就本次股东大会的召 集与召开程序、召集人资格、出席会议人员资格 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------|----------|-------|----------------------|-------|-------|---------------------|-------|-------------------| | 表 2 可比公司估值表 \n \n代码 | 简称 | 2023E | EPS （元） \n2024E | 2025E | 2023E | PE （倍） \n2024E | 2025E | PB （倍） \n2024E | | 600699.SH | 均胜电子 | 0.74 | 1.01 | 1.33 | 22 | 16 | 12 | 1.6 | | 300258.SZ | 精锻科技 | 0.56 | 0.70 | 0.87 | 18 | 14 | 12 | 1.2 | | 601689.SH | 拓普集团 | 1.89 | 2.61 | 3.52 | 29 | 21 | 16 | 3.5 | | | 平均值 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][15] Core Views - The company has secured a new seat assembly project from a major electric vehicle manufacturer, expected to start mass production in October 2024, with a total project lifecycle value of 7.8 billion [2][4] - The company is positioned to benefit from the domestic replacement trend in the seat industry, as it expands its customer base and accelerates capacity construction [2][4] - The company is expected to achieve significant revenue growth in its seat business, with projected revenues increasing by 3-4 times in 2024 due to multiple new projects coming online [15] Financial Performance Summary - The company is projected to achieve main business revenues of 20.19 billion, 23.45 billion, and 28.97 billion for 2023, 2024, and 2025 respectively, with year-on-year growth rates of 12%, 16%, and 24% [4][5] - The net profit attributable to the parent company is expected to turn positive in 2023, reaching 200 million, and further increasing to 478 million and 922 million in 2024 and 2025, with growth rates of 139% and 93% respectively [4][5] - Earnings per share (EPS) are projected to be 0.17, 0.41, and 0.79 for 2023, 2024, and 2025, corresponding to price-to-earnings (P/E) ratios of 75, 32, and 16 times [4][5] Market Data Summary - As of March 8, 2024, the company's stock price is 12.98 yuan, with a 52-week price range of 9.41 to 16.55 yuan [2][4] - The total market capitalization is approximately 15.07 billion [2][4] - The company has a total share capital of approximately 116.09 million shares [2][4]

继峰股份（603997.SH）系列点评二 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_RankIntroduction] 投资评级说明 以本报告发布之日起 6 个月内，证券（或行业指数）相对于同期相关证券市场代表性指数的涨跌幅作为基准，A 股以沪深 300 指数为基准；新三板市场以三板成指（针对协议转让标的）或三板做市指数（针对做市转让标 的）为基准；香港市场以恒生指数为基准；美国市场以纳斯达克指数或标普 500 指数为基准。定义如下： 行业评级体系 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上; 中性—未来 6 个月的投资收益率与市场基准指数的变动幅度相差-5%至 5%; 减持—未来 6 个月的投资收益率落后市场基准指数 5%以上; 公司评级体系 买入—未来 6-12 个月的投资收益率领先市场基准指数 15%以上； 增持—未来 6-12 个月的投资收益率领先市场基准指数 5%至 15%； 中性—未来 6-12 个月的投资收益率与市场基准指数的变动幅度相差-5%至 5%； 减持—未来 6-12 个月的投资收益率落后市场基准指数 5%至 15%； 卖出—未来 6-12 个月的投资收益率落后市场基准指数 15%以上； 无评级—因无法获取必要的资料，或者公司面临无法预见结 ...