NBJF(603997) 民生证券·2025-01-07 03:22Investment Rating - The report maintains a "Recommend" rating for the company [4] Core Viewpoints - The company has secured new seat assembly projects from a new energy vehicle OEM, with a total lifecycle value of 3.1 billion yuan, expected to start mass production in April and May 2026 [1] - The company has achieved a breakthrough in the passenger car seat business, with cumulative deliveries of 65,000 units from May to December 2023, generating revenue of 655 million yuan, and 89,000 units delivered in the first half of 2024, with revenue of 897 million yuan [2] - The company has 20 passenger car seat projects in hand, with a total lifecycle value of 88.1-92.8 billion yuan, potentially generating annual revenue of 14.7-15.5 billion yuan if all projects are mass-produced in the same year [2] - The company aims to become a global leader in smart cockpits, leveraging synergies between its subsidiary Grammer and its own flexible private enterprise mechanisms [3] Financial Forecasts - Revenue is expected to grow from 23.02 billion yuan in 2024 to 29.95 billion yuan in 2026, with a CAGR of 14.1% [5] - Net profit attributable to the parent company is forecasted to be -449 million yuan in 2024, turning positive to 782 million yuan in 2025 and 1.113 billion yuan in 2026 [5] - EPS is projected to be -0.35 yuan in 2024, 0.62 yuan in 2025, and 0.88 yuan in 2026 [5] - The PE ratio is expected to be 18x in 2025 and 12x in 2026 [5] Operational and Strategic Highlights - The company has implemented cost reduction and efficiency improvement measures, including adjusting production capacity, strengthening supply chain management, and enhancing financial analysis [3] - The company is expanding its product portfolio in the smart cockpit sector, including car audio headrests, in-car refrigerators, and mobile central control systems, while also exploring new markets such as smart home-style heavy truck cockpits [3] - The integration with Grammer has been progressing well, with joint market development and product synergies contributing to market share growth [3]