Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [7]. Core Views - The company’s subsidiary, Grammer, turned profitable in Q1 2025, achieving revenue of €487.4 million, a year-on-year increase of 2.3%, and a net profit of €9.7 million, marking a turnaround from losses [2][3]. - The restructuring measures under the "Top 10" plan are beginning to show results, particularly in the EMEA region, which has positively impacted performance [2][4]. - The company is expanding its market presence in the electric vehicle sector, with significant growth potential in domestic seat assembly projects, having secured 21 projects with a total lifecycle value of approximately ¥888-935 billion [3][4]. Summary by Sections Financial Performance - In Q1 2025, Grammer's revenue was €487.4 million, with a net profit of €9.7 million, leading to a significant increase in net profit attributable to the parent company of ¥65.4 million, a year-on-year increase of ¥106.8 million [2][3]. - The company forecasts revenue for 2025 to reach ¥267.50 billion, with net profit expected to be ¥6.61 billion, translating to an EPS of ¥0.52 [4][6]. Market Position and Strategy - The company aims to become a global leader in smart cockpits by leveraging the strengths of both Grammer and itself, focusing on cost reduction and efficiency improvements [4]. - The company has made significant strides in the passenger car seat business, achieving mass production and substantial revenue growth from new projects [3][4]. Future Projections - Revenue projections for 2025-2027 are set at ¥267.50 billion, ¥299.50 billion, and ¥359.50 billion respectively, with corresponding net profits of ¥6.61 billion, ¥9.50 billion, and ¥13.47 billion [4][6].
继峰股份:系列点评十七:2025Q1格拉默扭亏为盈 业绩步入释放期-20250412