继峰股份：新获13亿座椅定点项目，多业务布局向好

Core Viewpoint - Jifeng Co., Ltd. has received a significant project from a leading OEM, with an expected total lifecycle value of 1.3 billion yuan, indicating strong recognition of its products and services [1] Group 1: Project Details - Jifeng's subsidiary has been awarded a project to develop and produce front seat assemblies, with mass production expected to start in April 2026 and a project duration of 6 years [1] - The project is a continuation of a relationship with an existing customer, reflecting confidence in Jifeng's capabilities [1] - The actual sales amount will depend on customer production volumes and is subject to market and macroeconomic conditions, introducing uncertainty [1] Group 2: Financial Performance - In 2024, Jifeng's revenue from passenger car seats is projected to reach 3.11 billion yuan, a year-on-year increase of 370%, achieving breakeven in its first year with 330,000 seat deliveries [1] - The company has secured 21 passenger car seat projects as of February 28, 2025, indicating a strong pipeline [1] - In Q1 of this year, Jifeng reported revenue of 5.037 billion yuan, a slight decrease of 4.73% year-on-year, while net profit increased by 450% to 104 million yuan [1] Group 3: Capacity Expansion and New Ventures - Jifeng is expanding its production capacity in multiple locations, including Changzhou, Wuhu, and Fuzhou, with ongoing construction in Tianjin [1] - The company is also diversifying into emerging businesses such as smart air outlets and vehicle-mounted refrigerators, with projected revenues of 405 million yuan and 121 million yuan respectively in 2024, both achieving profitability [1] - For 2025, Jifeng aims to maintain stable revenue from headrests and armrests while increasing passenger car seat revenue by 50%-80% and enhancing customer relationships [1]