座椅业务前期投入较高，业绩承压。继峰股份 2023 年实现营业收入 215.71 亿元，同比增长 20.1%，实现归母净利润 2.04 亿元（2022 年同期为-14.17 亿元）。2024Q1 公司实现营收 52.87 亿元，同比增长 3.5%，环比下降 6.1%，实现归母净利润 0.19 亿元，同比下降 68.2%，环比下降 61.6%。 公司因乘用车座椅跟进订单以及在手订单增加，导致前期费用较高， 2023 年产生了 1.19 亿元座椅费用，美洲地区因产能调整产生了一次性 费用，导致业绩承压。 分业务主体，格拉默盈利能力弱，公司加大整合与落实降本增效措施，预计 盈利能力将有所提升。分业务主体看，继峰分部 2023 年实现营收 40.13 亿元，同比+58.4%，归母净利润 1.96 亿元，同比+166.4%。格拉默 2023 年实现营收 177.23 亿元，同比+13.7%，2023 年实现净利润 0.22 亿元， 同比扭亏为盈。公司推动降本增效措施的具体落地，包括调整产能布局、 采购向低成本区域转移、提高工艺能力、推进原材料补偿机制等。 乘用车座椅顺利量产，产能陆续布局，全球化客户获得突破。公司首个乘 ...

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 ...

研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2023 年业绩稳步增长，座椅业务放量在即 ——继峰股份（603997）2023 年报点评 事件: 投资要点: 相关报告 《继峰股份（603997）点评报告：再获新能源品牌 新定点，座椅业务放量在即（增持）*汽车零部件* 戴畅，王琭》——2024-03-09 《继峰股份（603997）点评报告：2023 年归母净 利预计扭亏，座椅订单持续突破（增持）*汽车零 部件*戴畅》——2024-02-04 《继峰股份（603997）点评报告：公司经营逐步向 好，乘用车座椅进展顺利（买入）*汽车零部件*薛 玉虎》——2023-04-03 格拉默：同比大幅扭亏为盈，美洲区亏损收窄。 2023 年，子公 司格拉默实现营业收入 177.23 亿元，同比+13.71%；实现经营性 EBIT4.34 亿元、EBIT3.34 亿元（2022 年经营性 EBIT 为 2.52 亿元、 EBIT 因含商誉长期资产组减值影响为-2.64 亿元），实现净利润 0.22 亿元，同比扭亏为盈（2022 年因含商誉长期资产组减 ...

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]

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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 ...

继峰股份（ [Table_StockNameRptType] 603997） 公司研究/公司点评 2023 年业绩表现符合预期，座椅业务持续推进 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------|-------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...