NBJF(603997)2025-04-03 05:15Investment Rating - The report maintains an "Accumulate" investment rating for the company [2] Core Views - The company reported a revenue of 22.26 billion yuan in 2024, a year-on-year increase of 3.2%, but faced a net loss of 570 million yuan due to the impact of Gramer's performance [1][5] - The revenue from the Gramer division was 16.1 billion yuan, a decrease of 9.1% year-on-year, while the revenue from the company's own division increased by 60.3% to 6.43 billion yuan [5] - The company aims for a 50%-80% increase in sales revenue for the passenger car seat business in 2025, building on the growth from 2024 [5] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 14.0%, a decrease of 0.7 percentage points year-on-year, primarily due to changes in product sales structure and a decline in commercial vehicle seat gross margins [5] - The overall expense ratio for 2024 was 14.8%, an increase of 1.3 percentage points year-on-year, with management expenses rising to 9.5% [5] - The company expects net profits for 2025-2027 to be 650 million, 1.05 billion, and 1.25 billion yuan respectively [5][6] Business Segments - The passenger car seat business delivered 330,000 sets, generating revenue of 3.11 billion yuan, marking a significant increase from 655 million yuan in the previous year [5] - The smart air vent business generated revenue of 410 million yuan in 2024, up from 280 million yuan, with EBIT of 44 million yuan [5] - The company also began generating revenue from the car refrigerator business, contributing approximately 120 million yuan [5] Market Outlook - The company is transitioning from a domestic supplier to a global supplier of passenger car seats, with 21 ongoing projects as of February 28, 2025 [5] - The report highlights the potential for significant earnings elasticity driven by the continued production of passenger car seats and the improvement of Gramer's profitability in Europe [5]