NBJF(603997) 开源证券·2025-02-05 02:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to report a loss in 2024, with the negative impact gradually easing. The forecasted net profit for 2024 is between -590 million to -480 million yuan, compared to a profit of 204 million yuan in 2023. The adjusted net profit for 2024 is projected to be -541 million yuan, with a recovery expected in 2025 and 2026 [4][5]. Financial Summary - The total revenue for 2024 is estimated at 23.32 billion yuan, with a year-on-year growth of 8.1%. The net profit for 2025 is projected to be 682 million yuan, and for 2026, it is expected to reach 1.06 billion yuan [8]. - The company's gross margin is expected to improve from 14.3% in 2024 to 16.6% in 2026, while the net margin is projected to recover from -2.3% in 2024 to 3.8% in 2026 [8]. - The earnings per share (EPS) for 2024 is forecasted at -0.43 yuan, with a recovery to 0.54 yuan in 2025 and 0.84 yuan in 2026 [8]. Business Development - The company has secured 25 seat projects from 11 clients, indicating a diversified customer base that includes luxury car manufacturers and leading domestic new energy vehicle companies. The total potential revenue from these projects is estimated at 91.19 billion yuan [5]. - The emerging business in smart cockpits is showing rapid growth, with revenue from hidden air vent products increasing by 75% year-on-year to 166 million yuan in the first half of 2024 [5]. Regional Performance - The company is undergoing a restructuring process in its overseas operations, particularly in the Americas and Europe. The divestment of the non-core TMD business in the U.S. is expected to significantly improve profitability in the long term [6].