NBJF(603997) 国元证券·2025-01-14 01:31Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the coming months [4][7][54]. Core Insights - The company is a leading player in the global commercial and passenger vehicle interior sector, with a strong product portfolio that includes seat headrests, armrests, central control systems, and interior components [1][13]. - The acquisition of Grammer AG has significantly expanded the company's business scale and product matrix, enhancing its R&D capabilities and global market presence [2][27]. - The strategic emerging business is entering a rapid growth phase, with over 20 orders for passenger vehicle seat assemblies and expected total sales exceeding 90 billion yuan [3][20]. Summary by Sections Company Overview - Founded in 1996, the company specializes in both passenger and commercial vehicle components, establishing a global production and marketing network with nearly 70 subsidiaries across 20 countries [1][13]. - The company has achieved significant recognition for its innovative designs and manufacturing processes, supplying major automotive brands worldwide [1][14]. Financial Performance - The company has shown stable revenue growth, with projected revenues of 22.86 billion yuan in 2024, 25.77 billion yuan in 2025, and 29.49 billion yuan in 2026, reflecting year-on-year growth rates of 5.99%, 12.69%, and 14.45% respectively [4][52]. - The net profit attributable to shareholders is expected to recover from a loss of 486.91 million yuan in 2024 to a profit of 847.48 million yuan in 2026, indicating a significant turnaround [4][52]. Business Segments - The traditional business segment, which includes headrests and armrests, is expected to see a slight decline in revenue due to market conditions, while the emerging business segment is projected to grow rapidly, with revenues reaching 31.50 billion yuan in 2024 and 102.63 billion yuan in 2026 [46][49]. - The Grammer division is anticipated to maintain stable growth, particularly in the Asia-Pacific region, benefiting from operational synergies post-acquisition [46][48]. Market Position and Outlook - The company is well-positioned to benefit from the trend of domestic automotive seat assembly localization and the development of intelligent cockpits, which are expected to drive future growth [4][54]. - The report emphasizes the company's competitive advantages in technology and R&D, which are crucial for maintaining its leading position in the industry [54].