NBJF(603997) 民生证券·2024-09-14 02:30Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.64 CNY per share [3][4]. Core Insights - The company has received a notification for a new seating assembly project from a major new energy vehicle manufacturer, which is expected to start mass production in August 2025 with a total project lifecycle value of 1 billion CNY [3]. - The company has achieved significant milestones in its seating business, with a total of 19 projects secured as of September 13, 2024, amounting to a lifecycle total value of 850-897 billion CNY [3][4]. - The company is actively expanding its product offerings in the intelligent cockpit market, aiming to leverage its partnership with Grammer to become a global leader in this sector [4]. Financial Projections - Revenue is projected to grow from 21.57 billion CNY in 2023 to 31.95 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 18.6% [5]. - Net profit attributable to shareholders is expected to increase significantly from 204 million CNY in 2023 to 1.16 billion CNY in 2026, reflecting a robust growth trajectory [5]. - The earnings per share (EPS) is forecasted to rise from 0.16 CNY in 2023 to 0.92 CNY in 2026, indicating strong profitability improvements [5]. Market Position and Strategy - The company has successfully penetrated the seating assembly market for both new energy and traditional fuel vehicles, showcasing its capability to adapt and expand across different vehicle segments [3][4]. - The integration of operations with Grammer is expected to enhance operational efficiency and market competitiveness, positioning the company favorably in the evolving automotive landscape [4].