继峰股份：座椅龙头企业，轻装上阵迎业绩拐点

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is positioned as a leading seat manufacturer, anticipating a performance turnaround as it focuses on its core business and divests non-core assets [2][4] - The company reported a revenue of 16.9 billion yuan for the first three quarters of 2024, a year-on-year increase of 6%, but a net loss of 500 million yuan, a significant decline of 445% year-on-year [1][2] - The divestiture of TMD LLC is expected to enhance profitability and operational efficiency in the Americas region, marking a clearer path to recovery [2][4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 5.9 billion yuan, reflecting a year-on-year growth of 7% and a quarter-on-quarter increase of 3%. However, the net loss for the quarter was 600 million yuan, a drastic decline of 916% year-on-year and 1817% quarter-on-quarter [1][2] - For the first three quarters of 2024, the company recognized asset impairment losses totaling 300 million yuan, including 250 million yuan for assets held for sale and 16 million yuan for inventory write-downs [2] Business Development - The company delivered 89,000 seat products in H1 2024, generating sales of 897 million yuan, a significant increase from 108 million yuan in the same period last year. The net loss narrowed to 23 million yuan from 61 million yuan year-on-year [3] - The company has diversified its customer base, securing projects with major automotive manufacturers such as Audi and FAW-Volkswagen, and has established 18 projects for passenger car seats as of July 31, 2024 [3] New Product Initiatives - The company is expanding into new product lines, achieving sales of 166 million yuan in H1 2024 for its new business segments, with a significant increase from approximately 95 million yuan in the previous year [4] - The company is actively pursuing cost reduction and efficiency improvement measures, including capacity adjustments and product line optimization, which are expected to enhance overall profitability [4] Earnings Forecast and Valuation - The forecast for the company's net profit for 2024-2026 has been adjusted to -440 million yuan, 850 million yuan, and 1.28 billion yuan, respectively, corresponding to P/E ratios of 37, 20, and 13 times [4]