Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to report a net profit attributable to shareholders of -590 to -480 million yuan for 2024, with a non-recurring net profit of -570 to -460 million yuan. The decline in profitability is primarily due to the sale of TMD LLC and personnel optimization measures in the European region, which have led to significant one-time costs. However, the company is expected to benefit from a rich order backlog and improved profitability in its passenger car seat projects in the future [2][4][9]. Summary by Sections Financial Performance - The company anticipates a net profit attributable to shareholders of -590 to -480 million yuan for 2024, with a non-recurring net profit of -570 to -460 million yuan. The expected net profit for Q4 2024 is -3 million yuan, with a non-recurring net profit of 20 million yuan, representing a year-on-year decline of 50.1% [4][9]. Market Outlook - The global automotive market is expected to experience high demand in Q4 2024, with significant growth in passenger car sales in China, the US, and Europe. The company is poised to achieve good revenue growth due to increased sales and the launch of new seat business lines [9]. Strategic Initiatives - The company has successfully reduced the burden of TMD LLC, and the rapid growth of its seat business is expected to drive revenue and profit increases. The integration of overseas operations is gradually showing results, which will lead to significant profit elasticity as overseas profitability improves [9][10]. Profit Forecast - The projected net profits for 2024-2026 are -540 million, 740 million, and 1.17 billion yuan, respectively, with corresponding price-to-earnings ratios of 19.9X and 12.6X for 2025 and 2026 [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [10]. Core Views - The company is expected to experience a significant turning point in performance due to the divestiture of loss-making assets and the realization of profitability in its seating business. The report highlights that the seating business has reached a scale-up phase, with substantial revenue growth anticipated [4][6]. - The divestiture of TMD, a wholly-owned subsidiary of Grammer in North America, is expected to alleviate financial burdens and improve overall profitability. The report notes that TMD incurred significant losses from 2021 to 2023, and its removal from the company's portfolio will lead to a notable recovery in Grammer's performance [4][6]. Summary by Sections Financial Performance - The company reported a revenue of 17,967 million in 2022, with projections of 21,571 million for 2023, and further growth to 23,407 million in 2024, 25,059 million in 2025, and 29,550 million in 2026. The year-on-year growth rates are 7% for 2022, 20% for 2023, and expected 9% for 2024 [2]. - The net profit attributable to the parent company is projected to be -1,417 million in 2022, turning to a profit of 204 million in 2023, but expected to decline to -544 million in 2024 before recovering to 676 million in 2025 and 1,084 million in 2026 [2]. - Earnings per share (EPS) are forecasted to be -1.12 in 2022, 0.16 in 2023, -0.43 in 2024, 0.53 in 2025, and 0.86 in 2026 [2]. Business Segments - The seating business has achieved a significant milestone, with revenues of 6.55 billion in 2023 and nearly 9 billion in the first half of 2024. The second quarter of 2024 marked the first quarter of profitability for this segment, indicating a robust growth trajectory [4]. - The report emphasizes the company's strong market position in the domestic and global automotive seating market, with a projected domestic market size of 1,500 billion by 2025, reflecting a compound annual growth rate (CAGR) of 17% [6]. Market Outlook - The report suggests that the company is well-positioned to lead the domestic automotive seating market, with a comprehensive order book and the ability to respond quickly to market demands. The successful acquisition of overseas orders, including from BMW, is seen as a step towards global market penetration [6].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][12]. Core Views - The company's 2024 performance is expected to meet forecasts, with a projected net loss of 4.80 to 5.90 billion yuan, primarily due to significant one-time non-operating factors [1]. - The company has made substantial progress in the electric vehicle seating market, achieving mass production and significant revenue growth from its passenger car seat business [2]. - The integration of the company with Grammer is aimed at enhancing profitability and market share, positioning the combined entity as a potential global leader in smart cockpits [3]. Summary by Sections Financial Performance - For 2024, the company anticipates a net loss of 4.80 to 5.90 billion yuan, with a median estimate of -5.35 billion yuan. The fourth quarter is expected to show a significant narrowing of losses compared to previous periods [1]. - Revenue for 2023 is reported at 21.57 billion yuan, with projections of 23.02 billion yuan for 2024, 26.75 billion yuan for 2025, and 29.95 billion yuan for 2026, reflecting a growth rate of 6.7% in 2024 [5][10]. Market Position and Strategy - The company has secured multiple seating assembly projects with new energy vehicle manufacturers, achieving a cumulative delivery of 65,000 sets and generating revenue of 655 million yuan from May to December 2023 [2]. - The total value of the company's current seating projects is estimated between 881 to 928 billion yuan, with potential annual revenue of 147 to 155 billion yuan if all orders are produced in the same year [2]. Future Outlook - The report forecasts revenues of 230.20 billion yuan, 267.50 billion yuan, and 299.50 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to improve significantly by 2026 [3][5]. - The combined entity of the company and Grammer is positioned to leverage technological advantages and flexible operational mechanisms to capture a leading position in the smart cockpit market [3].

Financial Performance Expectations - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between -590 million and -480 million RMB, indicating a loss compared to the previous year[4]. - The net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is expected to be between -570 million and -460 million RMB for 2024[4]. - In the previous year, the total profit was 289.05 million RMB, with a net profit attributable to shareholders of the parent company of 203.87 million RMB[6]. - The company reported a basic earnings per share of 0.18 RMB in the previous year[6]. Reasons for Expected Loss - The primary reason for the expected loss is the significant one-time loss from the sale of 100% equity in the subsidiary Toledo Molding & Die, LLC, which has been in a loss position due to rising raw material prices and labor costs[8]. - The subsidiary Grammer Aktiengesellschaft incurred substantial one-time expenses due to personnel cost optimization measures in Europe, impacting its profitability[8]. Financial Data and Forecast - The financial data in the performance forecast has not been audited by a registered accountant[9]. - The company emphasizes that there are no significant uncertainties that could affect the accuracy of the performance forecast[9]. - The performance forecast data is preliminary and the final audited financial data will be disclosed in the 2024 annual report[10]. - Investors are advised to pay attention to investment risks related to the preliminary nature of the performance forecast[10].

Company Expansion - Jifeng Automotive Seating (Chongqing) Co Ltd was recently established with a registered capital of 5 million yuan [1] - The company is engaged in automotive parts manufacturing, R&D, software development, and machinery equipment sales [1] - The legal representative of the company is Wang Jimin [1] Ownership Structure - Jifeng Automotive Seating (Chongqing) Co Ltd is wholly owned by Jifeng Automotive Components Co Ltd (603997) through indirect ownership [1] Business Scope - The company's business scope includes automotive parts and components manufacturing, R&D, wholesale, and machinery equipment R&D and sales [1] - It also covers mold manufacturing and sales, as well as software development [1]

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the coming months [4][7][54]. Core Insights - The company is a leading player in the global commercial and passenger vehicle interior sector, with a strong product portfolio that includes seat headrests, armrests, central control systems, and interior components [1][13]. - The acquisition of Grammer AG has significantly expanded the company's business scale and product matrix, enhancing its R&D capabilities and global market presence [2][27]. - The strategic emerging business is entering a rapid growth phase, with over 20 orders for passenger vehicle seat assemblies and expected total sales exceeding 90 billion yuan [3][20]. Summary by Sections Company Overview - Founded in 1996, the company specializes in both passenger and commercial vehicle components, establishing a global production and marketing network with nearly 70 subsidiaries across 20 countries [1][13]. - The company has achieved significant recognition for its innovative designs and manufacturing processes, supplying major automotive brands worldwide [1][14]. Financial Performance - The company has shown stable revenue growth, with projected revenues of 22.86 billion yuan in 2024, 25.77 billion yuan in 2025, and 29.49 billion yuan in 2026, reflecting year-on-year growth rates of 5.99%, 12.69%, and 14.45% respectively [4][52]. - The net profit attributable to shareholders is expected to recover from a loss of 486.91 million yuan in 2024 to a profit of 847.48 million yuan in 2026, indicating a significant turnaround [4][52]. Business Segments - The traditional business segment, which includes headrests and armrests, is expected to see a slight decline in revenue due to market conditions, while the emerging business segment is projected to grow rapidly, with revenues reaching 31.50 billion yuan in 2024 and 102.63 billion yuan in 2026 [46][49]. - The Grammer division is anticipated to maintain stable growth, particularly in the Asia-Pacific region, benefiting from operational synergies post-acquisition [46][48]. Market Position and Outlook - The company is well-positioned to benefit from the trend of domestic automotive seat assembly localization and the development of intelligent cockpits, which are expected to drive future growth [4][54]. - The report emphasizes the company's competitive advantages in technology and R&D, which are crucial for maintaining its leading position in the industry [54].

| 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2025-003 | | --- | --- | --- | | 转债代码：110801 | 转债简称：继峰定 01 | | 表决结果：同意 9 票，反对 0 票，弃权 0 票。 （二）审议通过《关于制定公司<舆情管理制度>的议案》 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。 一、董事会会议召开情况 2025 年 1 月 10 日，宁波继峰汽车零部件股份有限公司（以下简称"公司"） 第五届董事会第十四次会议以现场结合通讯的表决方式在公司会议室召开。本次 董事会应到董事 9 名，实到董事 9 名，其中王义平先生、王继民先生、冯巅先生、 张思俊先生以视频接入的通讯方式参加会议。会议由董事长王义平先生召集、主 持，公司监事列席了会议。本次会议通知于 2025 年 1 月 3 日发出。会议的召集、 召开符合《中华人民共和国公司法》《中华人民共和国证券法》等相关法律法规 及《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于 2025 年度日常关联交 ...

| 证券代码：603997 | 证券简称：继峰股份 公告编号：2025-004 | | --- | --- | | 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 第五届监事会第十二次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 2025 年 1 月 10 日，宁波继峰汽车零部件股份有限公司（以下简称"公司"） 第五届监事会第十二次会议在公司会议室以现场结合通讯表决的方式召开。应出 席监事 3 人，实际出席监事 3 人，张鹏先生以视频接入的通讯方式出席本次会议。 监事会主席张鹏先生主持了本次会议，董事会秘书、证券事务代表列席了会议。 本次会议通知于 2025 年 1 月 3 日发出。会议的召集、召开符合《中华人民共和 国公司法》《中华人民共和国证券法》等有关法律法规及《公司章程》的有关规 定。 二、监事会会议审议情况 （一）审议通过《关于 2025 年度日常关联交易预计的议案》 宁波继峰汽车零部件股份有限公司监事会 2025 年 1 月 10 日 ...

Investment Rating - Buy (maintained) [1] Core Views - The company has received 2 new seat projects from a new energy vehicle OEM, with a total lifecycle value of 3.1 billion yuan, expected to start production in April and May 2026 [4] - The company has accumulated 25 seat projects from 11 customers, with a total lifecycle revenue of 91.19 billion yuan, indicating a diversified customer base including overseas luxury carmakers, domestic leading new energy vehicle makers, and traditional high-end joint venture carmakers [4] - The company's overseas business, particularly in the Americas, is expected to improve profitability after the divestiture of TMD, while the European region continues to deepen integration [5] - The company's intelligent products, such as hidden air vents and car refrigerators, are growing rapidly, with hidden air vent revenue increasing by 75% YoY to 166 million yuan in H1 2024, and car refrigerators contributing 22 million yuan in sales [5] Financial Summary and Valuation - Revenue is expected to grow from 17.97 billion yuan in 2022 to 32.48 billion yuan in 2026, with a CAGR of 14.7% from 2024 to 2026 [7] - Net profit is forecasted to recover from a loss of 1.42 billion yuan in 2022 to a profit of 1.30 billion yuan in 2026 [7] - Gross margin is expected to improve from 13.1% in 2022 to 16.7% in 2026 [7] - ROE is projected to increase from -38.7% in 2022 to 21.8% in 2026 [7] - The company's P/E ratio is expected to decrease from 71.3x in 2023 to 11.2x in 2026, indicating improving valuation attractiveness [7] Business Development - The company has secured 25 seat projects from 11 customers, with a total lifecycle revenue of 91.19 billion yuan, showcasing its strong market position and potential as a global seat leader [4] - The company's intelligent products, including hidden air vents and car refrigerators, are expected to contribute significantly to future growth, with hidden air vent revenue growing 75% YoY in H1 2024 [5] - The company's overseas business, particularly in the Americas, is expected to improve profitability after the divestiture of TMD, while the European region continues to deepen integration [5]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company has secured two new seat assembly projects from a major customer in the new energy vehicle sector, with a total expected lifecycle value of 3.1 billion yuan, set to start production in April and May 2026 [1]. - The successful acquisition of these projects demonstrates the company's strong professional capabilities and service quality, further solidifying its position as a leading global supplier of passenger car seats [1]. - The divestiture of TMD LLC, which reported a revenue of 1.85 billion yuan in 2023 but incurred a net loss of 260 million yuan, is expected to enhance the company's profitability and operational efficiency in the Americas region [2]. - The company is actively expanding its product offerings, with approximately 70 new projects secured in the first half of 2024, including hidden door handles and vehicle refrigerators, which will support revenue growth [2]. Financial Summary - The company’s projected revenues for 2024-2026 are 23.532 billion yuan, 28.357 billion yuan, and 32.210 billion yuan, respectively, with year-over-year growth rates of 9.1%, 20.5%, and 13.6% [5]. - The forecasted net profits for the same period are -443 million yuan, 852 million yuan, and 1.277 billion yuan, reflecting a significant turnaround from previous losses [5]. - The earnings per share (EPS) are expected to improve from -0.35 yuan in 2024 to 1.01 yuan in 2026 [5].