NBJF(SH:603997) Changjiang Securities·2025-03-30 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company is expected to achieve revenue of 22.26 billion in 2024, representing a year-on-year increase of 3.2%, while the net profit attributable to the parent company is projected to be -570 million [2][4] - With the support of Grammer, the company is leveraging its production and R&D efficiency advantages, along with high self-manufacturing rates, to rapidly penetrate major global automakers, leading to a promising outlook for profitability in its passenger car seat projects [2][10] - The company has successfully reduced burdens from TMD LLC, and the rapid growth in its seating business is anticipated to drive both revenue and profit improvements in the future [10] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 22.26 billion, with the automotive interior segment contributing 7.35 billion, commercial vehicle seats at 5.40 billion, headrests at 4.23 billion, passenger car seats at 2.90 billion, and seat armrests at 1.94 billion [10] - The company reported a gross margin of 14.0% in 2024, a decrease of 0.7 percentage points year-on-year, with a total of 3.0 billion in asset impairment provisions and 40 million in credit impairment [10] - The net profit attributable to the parent company for 2024 is projected at -570 million, corresponding to a net profit margin of -2.5%, a decline of 3.5 percentage points year-on-year [10] Future Outlook - The company is expected to see significant profit elasticity as overseas integration effects gradually materialize, with projected net profits for 2025-2027 at 670 million, 1.09 billion, and 1.34 billion respectively [10] - The company is also expanding into air conditioning vents and vehicle refrigerators, which have already secured multiple contracts, further enhancing long-term growth potential [10]