NBJF(SH:603997) Donghai Securities·2024-11-03 04:41Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 5.9 billion yuan in Q3 2024, a year-on-year increase of 7%, while the net profit attributable to shareholders was a loss of 585 million yuan [7] - Emerging businesses such as passenger car seats are expected to continue growing, although the sale of the US TMD subsidiary has negatively impacted short-term performance [7] - The company has accumulated orders for passenger car seats and is gradually transforming into a global leader in the industry [9] - The report adjusts profit forecasts due to the impact of selling the US TMD stake, predicting net profits of -393 million yuan, 890 million yuan, and 1.212 billion yuan for 2024-2026 [9] Summary by Sections Company Overview - The company has a total share capital of 126.608 million shares and a closing price of 13.30 yuan as of November 1, 2024 [5] - The asset-liability ratio stands at 74.81%, with a price-to-book ratio of 3.36 and a weighted return on equity of -11.81% [5] Financial Performance - In Q3 2024, the company recorded a revenue of 5.9 billion yuan, with a year-to-date revenue of 16.906 billion yuan, reflecting a 6% year-on-year increase [7] - The company incurred asset impairment losses of 274 million yuan and credit impairment losses of 29 million yuan during the first three quarters of 2024 [7] - The comprehensive gross profit margin for Q3 2024 was 14.08%, a decrease of 1.02 percentage points year-on-year [8] Business Development - The company delivered 89,000 sets of seats in H1 2024, generating sales of 899 million yuan, significantly up from 108 million yuan in the same period last year [9] - The company has secured orders from various leading clients, including new energy vehicle manufacturers and luxury brands, establishing a strong market position [9] Profit Forecast and Valuation - The report revises the profit forecast, expecting net profits of -393 million yuan in 2024, 890 million yuan in 2025, and 1.212 billion yuan in 2026, with corresponding EPS of -0.31 yuan, 0.70 yuan, and 0.96 yuan [9] - Based on the closing price on November 1, 2024, the projected PE ratios for 2025 and 2026 are 19X and 14X, respectively [9]