NJEC(SH:600699) ZHONGTAI SECURITIES·2025-04-08 10:40Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company reported a revenue of 55.86 billion yuan in 2024, showing a year-on-year growth of 0.2%. The net profit attributable to the parent company was 960 million yuan, a decrease of 11.33% year-on-year, primarily due to one-time restructuring costs in Europe. However, the net profit excluding non-recurring items was 1.28 billion yuan, reflecting a year-on-year increase of 27.7% [4][7] - The company is expected to achieve a revenue of 64.84 billion yuan in 2025, with a year-on-year growth rate of 16%. The net profit is projected to reach 1.48 billion yuan, representing a 54% increase year-on-year [2][4] - The company has secured new projects with a total lifecycle value of approximately 83.9 billion yuan, indicating strong future growth potential in its core automotive safety and electronics businesses [7] Financial Summary - Revenue projections for the company are as follows: 55.86 billion yuan in 2024, 64.84 billion yuan in 2025, 68.1 billion yuan in 2026, and 71.63 billion yuan in 2027, with respective growth rates of 0%, 16%, 5%, and 5% [2][9] - The net profit attributable to the parent company is forecasted to be 960 million yuan in 2024, 1.48 billion yuan in 2025, 1.88 billion yuan in 2026, and 2.18 billion yuan in 2027, with growth rates of -11%, 54%, 27%, and 16% respectively [2][9] - The company's earnings per share (EPS) are projected to be 0.68 yuan in 2024, 1.05 yuan in 2025, 1.34 yuan in 2026, and 1.55 yuan in 2027 [2][9] Business Performance - The automotive safety business generated revenue of 38.62 billion yuan in 2024, with a year-on-year growth of 0.2%. The automotive electronics business revenue was 16.6 billion yuan, showing a decline of 1.1% [7] - The overall gross margin for the company in 2024 was 16.2%, an increase of 1.1 percentage points year-on-year. The gross margin for the automotive safety business was 14.8%, up by 2.0 percentage points, while the automotive electronics business gross margin was 19.7%, down by 0.9 percentage points [7]