NBJF(603997) 民生证券·2025-01-27 00:15Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][12]. Core Views - The company's 2024 performance is expected to meet forecasts, with a projected net loss of 4.80 to 5.90 billion yuan, primarily due to significant one-time non-operating factors [1]. - The company has made substantial progress in the electric vehicle seating market, achieving mass production and significant revenue growth from its passenger car seat business [2]. - The integration of the company with Grammer is aimed at enhancing profitability and market share, positioning the combined entity as a potential global leader in smart cockpits [3]. Summary by Sections Financial Performance - For 2024, the company anticipates a net loss of 4.80 to 5.90 billion yuan, with a median estimate of -5.35 billion yuan. The fourth quarter is expected to show a significant narrowing of losses compared to previous periods [1]. - Revenue for 2023 is reported at 21.57 billion yuan, with projections of 23.02 billion yuan for 2024, 26.75 billion yuan for 2025, and 29.95 billion yuan for 2026, reflecting a growth rate of 6.7% in 2024 [5][10]. Market Position and Strategy - The company has secured multiple seating assembly projects with new energy vehicle manufacturers, achieving a cumulative delivery of 65,000 sets and generating revenue of 655 million yuan from May to December 2023 [2]. - The total value of the company's current seating projects is estimated between 881 to 928 billion yuan, with potential annual revenue of 147 to 155 billion yuan if all orders are produced in the same year [2]. Future Outlook - The report forecasts revenues of 230.20 billion yuan, 267.50 billion yuan, and 299.50 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to improve significantly by 2026 [3][5]. - The combined entity of the company and Grammer is positioned to leverage technological advantages and flexible operational mechanisms to capture a leading position in the smart cockpit market [3].