NBJF(SH:603997) Xin Lang Cai Jing·2025-10-31 10:37Core Viewpoint - The company reported a decline in revenue for the first three quarters of 2025, but managed to achieve profitability in net income, indicating a potential recovery phase in its operations [1][2]. Revenue Performance - For the first three quarters of 2025, the company achieved revenue of 16.13 billion yuan, a year-on-year decrease of 4.6%. In Q3 alone, revenue was 5.61 billion yuan, down 4.9% year-on-year but up 2.2% quarter-on-quarter [1]. - The seating business is entering a phase of accelerated growth, with the passenger car seat segment showing promising progress and stable customer expansion [1]. - The Gramer division reported Q3 revenue of 430 million euros, a year-on-year decline of 8.3% and a quarter-on-quarter decline of 7.1%, primarily due to reduced demand in Europe and the U.S. [1]. Profitability and Margin Improvement - The company achieved a gross profit margin of 16.5% in Q3, an increase of 2.4 percentage points year-on-year and 2.1 percentage points quarter-on-quarter, reflecting improved cost control and positive profit contributions from the seating business [2]. - The operating profit before interest and taxes for the Gramer division was 14.3 million euros in Q3, significantly up from 8.3 million euros in the same period last year, with an operating profit margin of 3.3% [2]. Future Growth Prospects - The company is expected to see rapid development in its passenger car seat business, with a more diversified customer base that includes overseas luxury brands and domestic new energy vehicle leaders [2]. - As new projects enter mass production, scale effects are anticipated to accelerate, driving profit growth in the coming years [2]. - The Gramer division is expected to continue its recovery post-restructuring, further solidifying the company's upward profit trajectory [2]. Earnings Forecast - The company forecasts total revenue of 23.0 billion yuan, 27.26 billion yuan, and 30.23 billion yuan for the years 2025 to 2027, with net profits of 400 million yuan, 940 million yuan, and 1.19 billion yuan respectively [3].