NBJF(SH:603997) Zheng Quan Zhi Xing·2025-05-12 12:08Core Viewpoint - The report discusses the assessment of goodwill for Ningbo Jifeng Automotive Parts Co., Ltd., highlighting a decrease in goodwill value and the implications of recent asset disposals on financial forecasts [1]. Group 1: Goodwill Assessment - The goodwill at the end of the reporting period is valued at 1.577 billion, a year-on-year decrease of 10.39%, accounting for 33.93% of net assets [1]. - The decrease in goodwill is primarily attributed to the ongoing losses from the acquisition of Grammer AG and the sale of its U.S. subsidiary TMD LLC [1]. - The recoverable amount of goodwill is projected with a revenue growth rate ranging from -5.91% to -5.00%, leading to no impairment provision being recognized for the current year [1]. Group 2: Key Parameters in Goodwill Impairment Testing - The key parameters for goodwill impairment testing over the past three years include: - Revenue compound growth rate: 4.29% for 2024, down from 7.27% in 2023 and 7.66% in 2022 [2]. - Average sales gross margin during the forecast period: 13.59% for 2024, compared to 12.63% in 2023 and 12.39% in 2022 [2]. - Discount rate (WACC): The report indicates a decrease in the discount rate due to changes in risk-free and loan interest rates [5]. Group 3: Market Conditions and Strategic Responses - The decline in revenue growth rates is attributed to a weak European economy and a restructuring of supply and demand in the automotive market, particularly affecting traditional fuel vehicles [4]. - The company is actively responding to market challenges by enhancing communication with customers, analyzing market demands, and exploring new partnerships to mitigate the impact of market downturns [4]. - Cost control measures are being prioritized, including the sale of non-core assets and optimization of operational structures to improve profitability [5].