证券研究报告·公司点评报告·汽车零部件 继峰股份（603997） 2024 年年报点评：2024Q4 业绩符合预期，乘 用车座椅持续放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21571 | 22255 | 24303 | 28967 | 31716 | | 同比（%） | 20.06 | 3.17 | 9.20 | 19.19 | 9.49 | | 归母净利润（百万元） | 203.88 | (566.80) | 646.47 | 1,096.72 | 1,383.64 | | 同比（%） | 114.38 | (378.01) | 214.06 | 69.65 | 26.16 | | EPS-最新摊薄（元/股） | 0.16 | (0.45) | 0.51 | 0.87 | 1.09 | | P/E（现价&最新摊薄） | 71.48 | - | 22.54 | 13.29 | 10.53 | [Ta ...

证券研究报告·公司点评报告·汽车零部件 继峰股份（603997） 2024 年年报点评：2024Q4 业绩符合预期，乘 用车座椅持续放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21571 | 22255 | 24303 | 28967 | 31716 | | 同比（%） | 20.06 | 3.17 | 9.20 | 19.19 | 9.49 | | 归母净利润（百万元） | 203.88 | (566.80) | 646.47 | 1,096.72 | 1,383.64 | | 同比（%） | 114.38 | (378.01) | 214.06 | 69.65 | 26.16 | | EPS-最新摊薄（元/股） | 0.16 | (0.45) | 0.51 | 0.87 | 1.09 | | P/E（现价&最新摊薄） | 71.48 | - | 22.54 | 13.29 | 10.53 | [Ta ...

评论： 证 券 研 究 报 告 继峰股份（603997）2024 年报点评 强推（维持） 座椅全年首度扭亏，有望开启蜕变新篇 事项： 公司发布 2024 年年报，2024 全年营收 223 亿元、同比+3.2%；归母净利-5.7 亿元。24Q4 营收 53 亿元、同比-5.0%、环比-9.3%；归母净利-0.35 亿元、同 比转亏、环比减亏 5.50 亿元。 风险提示：海外行业需求波动、座椅盈利爬坡不及预期、汇率波动风险等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 22,255 | 22,845 | 27,963 | 33,050 | | 同比增速(%) | 3.2% | 2.7% | 22.4% | 18.2% | | 归母净利润(百万) | -567 | 605 | 1,030 | 1,402 | | 同比增速(%) | -378.0% | 206.8% | 70.2% | 36.1% | | 每股盈利(元) | -0.45 ...

乘用车座椅业务屡获大单，2024 年实现盈亏平衡。2024 年交付座椅产品33万套，实现收入31.10 亿元， 同比增长数倍，座椅业务运营状况超预期，2024年已实现盈亏平衡。截止2025/02/28，公司累计乘用车 座椅在手项目定点21 个，已覆盖国内外多个中高端品牌主机厂客户。我们认为，随着乘用车座椅项目 陆续量产上量，该业务盈利能力有望显著提升。 格拉默整合持续推进，盈利能力有望改善。2024 年，随着国内外通航恢复正常，公司集团内部交流更 加通畅，格拉默整合进入快车道。公司持续采取优化产能布局、降低固定成本、加强供应链管理、加快 决策速度等降本增效措施，同时，积极探索个人利益与公司利益相挂钩的激励考核措施，这一系列措施 实施或将有效提升格拉默整体盈利能力。 投资建议：我们认为随着格拉默全球整合稳步推进，乘用车座椅业务进入高速成长期，公司业绩或将不 断兑现。我们预计公司2025-2027 年归母净利润为6.74/10.46/13.32 亿元，维持"买入"评级。 事件： 公司发布2024 年年报，2024 年实现营收222.55 亿元，同比+3.17%；归母净利润-5.67 亿元；其 中，24Q4 实现营 ...

2025 年 03 月 31 日 继峰股份(603997.SH) 24Q4 新业务快速增长，2025 年轻装上阵 事件：公司发布2024年年报，2024年公司实现营收222.55亿元，同比+3.17%， 实现归母净利-5.67 亿元，同比-378.01%；其中,24Q4 公司实现营收 53.49 亿 元，同比-5.03%，实现归母净利-0.35 亿元。 座椅实现盈亏平衡、出风口&冰箱大幅增长 2024 年继峰母公司实现营收 64.31 亿元，同比+60.27%，实现归母净利 2.79 亿 元，同比+41.82%，①其中座椅实现收入 31.1 亿元，销量 33.30 万件，测算得 单车价值量 9424 元，座椅业务首次实现盈亏平衡；②智能出风口业务实现营 业收入 4.05 亿元，EBIT 金额为 0.44 亿元，大幅盈利；③车载冰箱业务实 现营业收入约 1.21 亿元，在开始贡献收入的首年，EBIT 实现盈利，2024 年 增量三大业务座椅、智能出风口、车载冰箱均大幅增长。④其他传统业务头枕 扶手等收入约为 29 亿元，同比-5%，预计是因为国内大众等销量下滑。 24Q4 单季度看，公司实现营收 53.49 亿 ...

[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 继峰股份（603997）公司年报点评 2025 年 03 月 31 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 28日收盘价（元）] | 11.77 | | --- | --- | | 52 周股价波动（元） | 9.56-14.90 | | 总股本/流通 A 股（百万股） | 1266/1266 | | 总市值/流通市值（百万元） | 14902/14902 | | 相关研究 | | | [Table_ReportInfo] 《出售 TMD 致业绩大幅亏损，轻装上阵静待 | | Email:lym15114@haitong.com 证书:S0850522120003 分析师:房乔华 业绩释放》2024.11.01 《出售美国 TMD 公司，轻装上阵业绩成长可 期》2024.09.25 市场表现 [Table_QuoteInfo] -24.43% -13.43% -2.43% 8.57% 19.57% 30.57% 2024/4 2024/7 20 ...

丨证券研究报告丨 公司研究丨点评报告丨继峰股份（603997.SH） [Table_Title] 继峰股份点评：座椅业务快速增长，摆脱包袱看 好公司未来盈利改善 报告要点 [Table_Summary] 公司 2024 年实现营收 222.6 亿元，同比+3.2%，归母净利润-5.7 亿元。展望未来，公司在格拉 默加持下，凭借自身生产、研发效率优势及高自制率带来的成本优势快速突破全球各大整车厂， 在手订单丰富，未来订单落地放量，公司乘用车座椅项目盈利可期。同时，公司海外整合成效 逐步体现，未来随海外盈利能力改善将带来巨大利润弹性。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 继峰股份（603997.SH） cjzqdt11111 [Table_Title 继峰股份点评：座椅业务快速增长，摆脱包袱看 2] 好公司未来盈利改善 [Table_Summary2] 事件描述 丨证券研究报告丨 2025-03- ...

Meeting Information - The annual general meeting of Ningbo Jifeng Automotive Parts Co., Ltd. is scheduled for April 28, 2025, at 1:00 PM [1] - The meeting will be held at the company's conference room located at No. 17, Yiluo River Road, Beilun District, Ningbo [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [1][2] Voting Details - Online voting will be available on the day of the meeting from 9:15 AM to 3:00 PM [2] - Specific voting times through the trading system are from 9:15 AM to 9:25 AM, 9:30 AM to 11:30 AM, and 1:00 PM to 3:00 PM [2] - The meeting does not involve public solicitation of shareholder voting rights [2] Agenda Items - The meeting will review the proposal to reappoint Rongcheng Accounting Firm as the financial and internal control auditor for the year 2025 [2] - An independent director's report for the year 2024 will also be presented [2] Attendance Information - Shareholders registered by the close of trading on April 22, 2025, are eligible to attend the meeting [5] - Proxy representation is allowed, and the proxy does not need to be a shareholder [5] - Registration for attending the meeting can be done through various methods, including in-person and written requests [5][6] Additional Information - The meeting is expected to last half a day, and attendees are responsible for their own travel and accommodation expenses [6] - Contact information for inquiries includes a phone number and email address for the company's board office [6]

Core Viewpoint - The company plans to utilize idle self-owned funds to invest in low-risk financial products to enhance fund efficiency and returns without affecting daily operational needs [1][2]. Group 1: Investment Overview - The purpose of the entrusted financial management is to improve fund utilization efficiency and increase returns while ensuring the safety of funds [2]. - The maximum amount to be used for financial management is capped at RMB 800 million, with funds being able to be rolled over within this limit [1][2]. - The source of funds for this investment will be temporarily idle self-owned liquid funds [2]. - The types of financial products to be purchased include low-risk products issued by banks, securities firms, and trust companies that have high safety and liquidity [1][2]. - The investment period for these financial products will not exceed 12 months from the date of approval by the board [2]. Group 2: Approval Process - The proposal for the use of idle self-owned funds for financial management was approved by the company's fifth board meeting with no votes against or abstentions [2]. - The board has authorized the chairman or a designated agent to handle the relevant matters and sign contracts related to the financial management [2]. Group 3: Risk Management - The company acknowledges potential market volatility due to macroeconomic factors but believes the risks are manageable [2][3]. - A separation of decision-making, execution, and supervision functions is established to ensure effective and compliant investment operations [3]. - The company will conduct audits and verifications of fund usage and may hire professional institutions for auditing purposes [3][4]. Group 4: Impact on the Company - The financial management activities will not adversely affect the company's main business or daily operations [4]. - By investing temporarily idle self-owned funds, the company aims to enhance fund efficiency and generate additional investment returns for the company and its shareholders [4]. - The financial products will be recorded as trading financial assets or other current assets on the balance sheet, with interest income reflected in the profit and loss statement [4].

Core Viewpoint - Ningbo Jifeng Automotive Parts Co., Ltd. plans to reappoint Rongcheng Accounting Firm as its auditor for the fiscal year 2025, emphasizing the firm's professional competence and independence in conducting audits [1][6]. Group 1: Basic Information about the Accounting Firm - Rongcheng Accounting Firm, formerly known as Huapu Tianjian Accounting Firm, was established in August 1988 and has been engaged in securities services since its inception [1]. - As of December 31, 2024, Rongcheng has 212 partners and 1,552 registered accountants, with 781 having signed securities service audit reports [1]. Group 2: Financial Performance of the Accounting Firm - In 2023, Rongcheng's total revenue was approximately 287.22 million yuan, with audit service revenue at about 274.87 million yuan and securities and futures business revenue at approximately 149.86 million yuan [2]. - The firm audited 394 listed companies in 2023, generating total audit fees of approximately 48.84 million yuan, primarily from the manufacturing sector [2]. Group 3: Audit Service Details - The audit team for Jifeng includes partners and registered accountants with significant experience in auditing listed companies, ensuring a high level of service quality [3][4]. - The audit fees for the fiscal year 2024 are set at 2.8 million yuan for financial audits and 600,000 yuan for internal control audits, with a projected increase of no more than 20% for 2025 [5][6]. Group 4: Approval Process for Reappointment - The audit committee has reviewed and approved the reappointment of Rongcheng, confirming its professional competence and independence [6]. - The board of directors approved the reappointment during a meeting on March 28, 2025, and the decision will be effective upon shareholder approval [6].