NBJF(603997) 民生证券·2024-09-23 01:00Investment Rating - Maintain "Recommend" rating with a current price of 11.50 RMB [2] Core Views - The sale of TMD LLC for an initial transaction price of 40 million USD is expected to improve Grammer Americas' profitability and financial condition, despite an estimated loss of 280-380 million RMB for the listed company [3] - The company plans to change and add some fundraising projects to improve resource utilization efficiency, including increasing the annual production scale of car seats from 600,000 to 800,000 sets [3] - The company has made significant breakthroughs in the passenger car seat business, securing multiple new energy vehicle OEM projects and expanding into traditional fuel vehicle fields [3] - The company aims to become a global leader in smart cockpits through comprehensive integration and new product development, leveraging Grammer's technical expertise and the company's flexible private enterprise mechanism [5] Financial Performance and Projections - In 2023, Grammer achieved a net profit of 22 million RMB, with TMD LLC contributing a significant loss of 263 million RMB on revenue of 1.848 billion RMB [3] - For 2024H1, Grammer reported a net loss of 35 million RMB, with TMD LLC continuing to pressure profitability [3] - The company has 19 passenger car seat projects in hand, with a total lifecycle value of 85-89.7 billion RMB, potentially generating annual revenue of 14.2-15 billion RMB if all projects are mass-produced in the same year [5] - Revenue is projected to grow from 23.02 billion RMB in 2024 to 31.95 billion RMB in 2026, with net profit attributable to the parent company expected to increase from 67 million RMB in 2024 to 1.158 billion RMB in 2026 [6] Strategic Initiatives - The company is focusing on cost reduction and efficiency improvement measures, including adjusting production capacity layout, strengthening supply chain management, and enhancing process capabilities [5] - It is expanding its product portfolio with intelligent new products such as audio headrests, hidden electric air vents, and 3D Glass technology, targeting new energy vehicle manufacturers like Tesla, NIO, and Li Auto [5] - The company is leveraging its acquisition of Grammer to enhance market share and product capabilities, aiming for comprehensive synergy in the global smart cockpit market [5]