NBJF(603997) 国盛证券·2025-01-07 03:22Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company has secured two new seat assembly projects from a major customer in the new energy vehicle sector, with a total expected lifecycle value of 3.1 billion yuan, set to start production in April and May 2026 [1]. - The successful acquisition of these projects demonstrates the company's strong professional capabilities and service quality, further solidifying its position as a leading global supplier of passenger car seats [1]. - The divestiture of TMD LLC, which reported a revenue of 1.85 billion yuan in 2023 but incurred a net loss of 260 million yuan, is expected to enhance the company's profitability and operational efficiency in the Americas region [2]. - The company is actively expanding its product offerings, with approximately 70 new projects secured in the first half of 2024, including hidden door handles and vehicle refrigerators, which will support revenue growth [2]. Financial Summary - The company’s projected revenues for 2024-2026 are 23.532 billion yuan, 28.357 billion yuan, and 32.210 billion yuan, respectively, with year-over-year growth rates of 9.1%, 20.5%, and 13.6% [5]. - The forecasted net profits for the same period are -443 million yuan, 852 million yuan, and 1.277 billion yuan, reflecting a significant turnaround from previous losses [5]. - The earnings per share (EPS) are expected to improve from -0.35 yuan in 2024 to 1.01 yuan in 2026 [5].