Shanghai YanPu(605128) 民生证券·2025-03-28 12:06Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 2.276 billion yuan in 2024, representing a year-on-year increase of 49.9%, with a net profit attributable to shareholders of 137 million yuan, up 50.3% year-on-year [1][2] - The automotive seat business is expected to grow significantly, supported by numerous project orders from independent brands and new energy vehicle manufacturers, as well as the implementation of lean production management [2][3] - The company has established a core R&D team for automotive seats and is in deep discussions with several well-known automotive companies, indicating a promising future for this segment [2] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 778 million yuan, a year-on-year increase of 55.9% and a quarter-on-quarter increase of 52.2% [1] - The gross margin for 2024 reached 17.4%, an increase of 1.2 percentage points year-on-year, with Q4 gross margin at 19.0% [2] Customer Development - The company has expanded its customer base significantly, moving from partnerships with the Lear Group to covering mainstream Tier 1 suppliers [2] - New orders from various clients are expected to contribute approximately 60.59 billion yuan in revenue over five years, with an annualized contribution of 12.12 billion yuan, accounting for 53.2% of total revenue in 2024 [2] Growth Opportunities - The company is diversifying into railway container production, having won a bid for a project worth 587 million yuan, which is expected to enhance future performance [3] - The company is also preparing to supply high-speed rail seats, indicating further growth potential [3] Earnings Forecast - Projected revenues for 2025, 2026, and 2027 are 3.139 billion yuan, 4.091 billion yuan, and 5.114 billion yuan, respectively, with net profits of 204 million yuan, 297 million yuan, and 386 million yuan [4][8] - The report anticipates a steady increase in earnings per share (EPS) from 0.99 yuan in 2024 to 2.79 yuan in 2027 [4][8]