NBJF(603997) 民生证券·2024-07-16 13:00Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has received multiple orders from leading OEMs for seat assembly projects, indicating a solid market foundation for its seating business. The new projects are expected to start mass production in February 2026, with a total project lifecycle value of 1.4 billion yuan [4]. - The company has made significant progress in the domestic replacement of intelligent electric seats, with a total of 13 projects in hand as of July 16, 2024, with a lifecycle total value ranging from 76.2 billion to 80.9 billion yuan. This could lead to annual revenues of 12.7 billion to 13.5 billion yuan, representing a significant increase compared to the company's 2023 revenue [4][6]. - The integration of the company with Glamor is expected to enhance its competitive position in the global smart cockpit market, with projected revenues of 24.25 billion, 28.75 billion, and 31.95 billion yuan for 2024, 2025, and 2026 respectively [6][7]. Financial Forecasts - The company’s revenue for 2023 is projected at 21.57 billion yuan, with a growth rate of 20.1%. For 2024, the revenue is expected to reach 24.25 billion yuan, reflecting a growth rate of 12.4% [7][9]. - The net profit attributable to shareholders is forecasted to be 204 million yuan in 2023, increasing to 382 million yuan in 2024, with a growth rate of 87.3% [7][9]. - Earnings per share (EPS) are expected to rise from 0.16 yuan in 2023 to 0.30 yuan in 2024, with corresponding price-to-earnings (PE) ratios of 63 and 34 respectively [7][9].