继峰股份：座椅实现季度盈利，北美区持续改善

Investment Rating - The report maintains a "Buy" rating with a target price of RMB 16.39 [4][10] Core Views - The company achieved quarterly profitability in its seating business, with significant improvements in the North American region [2] - The company’s revenue for H1 2024 is projected at RMB 110.06 billion, a year-on-year increase of 5.47%, while the net profit attributable to the parent company is RMB 53.14 million, a year-on-year decrease of 35.54% [1] - The report anticipates strong growth potential in the seating business and ongoing reforms in the Gramer division, which will enhance profitability [2] Financial Summary - For H1 2024, the company reported revenue of RMB 110.06 billion, with Q2 revenue at RMB 57.19 billion, reflecting a year-on-year increase of 7.41% and a quarter-on-quarter increase of 8.18% [1] - The net profit for Q2 2024 reached RMB 34.07 million, marking a year-on-year increase of 52.02% and a quarter-on-quarter increase of 78.63% [1] - The company’s EPS for 2024-2026 is projected to be RMB 0.24, RMB 0.73, and RMB 1.08 respectively, with corresponding PE ratios of 45.19, 15.04, and 10.18 [3][10] Business Segments - The traditional business segment, including headrests and armrests, is expected to grow steadily, with revenue growth rates of 3.0%, 5.0%, and 5.0% for 2024-2026 [7] - The seating business is projected to see substantial growth, with expected revenues of RMB 27.6 billion, RMB 49.9 billion, and RMB 67.7 billion for 2024-2026, reflecting growth rates of 321.2%, 80.7%, and 35.7% respectively [7] - The Gramer division is expected to achieve revenues of RMB 175 billion, RMB 171 billion, and RMB 178 billion for 2024-2026, with improving gross margins [7] Valuation Metrics - The target price of RMB 16.39 is based on a 50% premium to the average PE of comparable companies, reflecting the company's high growth potential [10] - The report indicates that the average PE for comparable companies in 2025 is 14.8 times, suggesting a favorable valuation for the company [1][10]