NBJF(603997) 开源证券·2025-01-08 08:28Investment Rating - Buy (maintained) [1] Core Views - The company has received 2 new seat projects from a new energy vehicle OEM, with a total lifecycle value of 3.1 billion yuan, expected to start production in April and May 2026 [4] - The company has accumulated 25 seat projects from 11 customers, with a total lifecycle revenue of 91.19 billion yuan, indicating a diversified customer base including overseas luxury carmakers, domestic leading new energy vehicle makers, and traditional high-end joint venture carmakers [4] - The company's overseas business, particularly in the Americas, is expected to improve profitability after the divestiture of TMD, while the European region continues to deepen integration [5] - The company's intelligent products, such as hidden air vents and car refrigerators, are growing rapidly, with hidden air vent revenue increasing by 75% YoY to 166 million yuan in H1 2024, and car refrigerators contributing 22 million yuan in sales [5] Financial Summary and Valuation - Revenue is expected to grow from 17.97 billion yuan in 2022 to 32.48 billion yuan in 2026, with a CAGR of 14.7% from 2024 to 2026 [7] - Net profit is forecasted to recover from a loss of 1.42 billion yuan in 2022 to a profit of 1.30 billion yuan in 2026 [7] - Gross margin is expected to improve from 13.1% in 2022 to 16.7% in 2026 [7] - ROE is projected to increase from -38.7% in 2022 to 21.8% in 2026 [7] - The company's P/E ratio is expected to decrease from 71.3x in 2023 to 11.2x in 2026, indicating improving valuation attractiveness [7] Business Development - The company has secured 25 seat projects from 11 customers, with a total lifecycle revenue of 91.19 billion yuan, showcasing its strong market position and potential as a global seat leader [4] - The company's intelligent products, including hidden air vents and car refrigerators, are expected to contribute significantly to future growth, with hidden air vent revenue growing 75% YoY in H1 2024 [5] - The company's overseas business, particularly in the Americas, is expected to improve profitability after the divestiture of TMD, while the European region continues to deepen integration [5]