NBJF(603997)2025-05-02 02:23Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 22.3 billion yuan in 2024, a year-on-year increase of 3%, with a net profit attributable to shareholders of -570 million yuan. In Q1 2025, the revenue was 5 billion yuan, a year-on-year decrease of 5%, while the net profit attributable to shareholders was 100 million yuan, a year-on-year increase of 448% [1][2] - The global sales of new energy vehicles reached 18.24 million units in 2024, a year-on-year increase of 24%, with domestic sales at 12.87 million units, up 36%. In Q1 2025, global sales were 4.1 million units, a year-on-year increase of 29%, and domestic sales were 3.08 million units, up 47% [1] - The company's seat business generated 3.1 billion yuan in revenue in 2024, compared to 655 million yuan in the previous year, achieving annual breakeven for the first time [1] Financial Performance - In Q1, the company achieved a gross margin of 16.3%, an increase of 1.6 percentage points year-on-year, and a net profit margin of 2.1%, up 1.8 percentage points year-on-year. This improvement was primarily due to significant growth in the performance of its subsidiary, Grammer [2] - The company had a sufficient order backlog, with 21 projects for passenger car seats confirmed as of February 28, 2025, and a diverse customer base. The company is expanding its production bases in Europe and Southeast Asia [3] - Revenue from new products in 2024 included 400 million yuan from air outlets and 120 million yuan from vehicle refrigerators, with the latter achieving profitability [3] Earnings Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been adjusted to 660 million yuan, 990 million yuan, and 1.35 billion yuan, respectively, with corresponding P/E ratios of 24, 16, and 12 times [3]