NBJF(603997) 民生证券·2024-10-31 15:38Investment Rating - Maintain "Recommend" rating [2] Core Views - Revenue growth driven by the core strategic emerging business of passenger car seats, with a 6.07% YoY increase in revenue for the first three quarters of 2024 [3] - Net profit decline due to a one-time impairment loss of 2.8-3.8 billion RMB from the sale of TMD LLC, which is expected to improve the overall profitability of the company [3] - Passenger car seat business achieved mass production in May 2023, with significant progress in securing new orders from major clients, including German BMW and other leading OEMs [3] - The company's cumulative passenger car seat project orders reached 19, 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] - The company aims to become a global leader in smart cockpits, leveraging synergies between Jifeng and Grammer, and expanding into new products and markets [5] Financial Performance - 2024Q3 revenue reached 5.9 billion RMB, a 7.20% YoY increase and a 3.15% QoQ increase [3] - 2024Q3 gross margin was 14.08%, a slight decline of 0.29pct YoY and 1.02pct QoQ [3] - R&D expenses in 2024Q3 increased by 25.31% YoY to 147 million RMB, with an R&D expense ratio of 2.50% [3] - The company expects 2024-2026 revenue to be 23.02/28.75/31.95 billion RMB, with net profit attributable to the parent company of -449/878/1,194 million RMB [5] Strategic Initiatives - The company is focusing on cost reduction and efficiency improvement measures, including optimizing production capacity, enhancing supply chain management, and implementing the "Satellite Plan" to strengthen regional management [5] - Jifeng and Grammer are jointly expanding the market, with product and customer synergies, aiming to increase market share in the smart cockpit sector [5] - The company is actively embracing the transformation of the automotive industry towards electrification and intelligence, with new product developments such as smart home-style heavy truck cockpits, hidden electric air vents, and 3D Glass technology [5] Market Expansion - The company has secured multiple new orders from leading OEMs, including Tesla, NIO, and Li Auto, indicating strong market recognition and growth potential [5] - The company's passenger car seat business has expanded from new energy vehicles to traditional fuel vehicles, achieving comprehensive coverage in the automotive market [3]