NBJF(SH:603997) Xin Lang Zheng Quan·2025-10-30 11:45Core Viewpoint - Jifeng Co., Ltd. is a leading global supplier of automotive seats and interiors, with a comprehensive industry chain advantage, and has shown significant growth in its seat business despite facing challenges in profitability and debt levels [1][2][3]. Group 1: Company Overview - Jifeng Co., Ltd. was established on July 11, 2003, and listed on the Shanghai Stock Exchange on March 2, 2015, with its registered and office address in Ningbo, Zhejiang Province [1]. - The company specializes in the development, production, and sales of automotive interior parts and systems, passenger car seats, and various types of vehicle seats [1]. Group 2: Financial Performance - For Q3 2025, Jifeng's revenue reached 16.131 billion yuan, ranking fourth among 41 industry companies, significantly above the industry average of 7.344 billion yuan [2]. - The net profit for the same period was 251 million yuan, placing the company 13th in the industry, below the average of 488 million yuan [2]. - The main revenue contributors were the Grammer AG division at 7.601 billion yuan (72.24% of total revenue) and the Jifeng division at 3.104 billion yuan (29.49% of total revenue) [2]. Group 3: Financial Ratios - As of Q3 2025, Jifeng's debt-to-asset ratio was 75.63%, higher than the industry average of 42.48%, indicating significant debt pressure [3]. - The gross profit margin was 15.72%, an increase from 14.37% year-on-year but still below the industry average of 22.52% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 29.21% to 19,100, while the average number of circulating A-shares held per shareholder decreased by 22.60% to 66,300 [5]. - Notable changes among the top ten circulating shareholders included a decrease in holdings by several funds, with the largest shareholder being the Fuguo Tianhui Growth Mixed Fund [5]. Group 5: Future Outlook - According to Zheshang Securities, Jifeng's projected revenues for 2025-2027 are 24.1 billion, 28.5 billion, and 32.4 billion yuan, with year-on-year growth rates of 8%, 18%, and 14% respectively [6]. - The expected net profits for the same period are 520 million, 920 million, and 1.26 billion yuan, with significant growth anticipated in 2026 and 2027 [6]. - Business highlights include a 121% year-on-year increase in passenger car seat revenue in H1 2025 and the establishment of multiple production bases in China and Southeast Asia [6].