NBJF(SH:603997) Soochow Securities·2025-05-03 08:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met expectations, with a significant year-on-year increase in net profit [7] - Revenue for Q1 2025 was 5.037 billion yuan, a year-on-year decrease of 4.73% and a quarter-on-quarter decrease of 5.84% [7] - The net profit attributable to the parent company for Q1 2025 was 104 million yuan, representing a substantial year-on-year growth of 447.56% and a turnaround from losses in the previous quarter [7] - The integration of the Grammer business is progressing steadily, with the company focusing on the passenger car seat assembly business, which is expected to enhance its market share in the long term [7] Financial Forecasts - The company forecasts total revenue of 24.303 billion yuan for 2025, with a year-on-year growth of 9.20% [1] - The net profit attributable to the parent company is projected to be 646.47 million yuan in 2025, with a significant year-on-year increase of 214.06% [1] - The earnings per share (EPS) for 2025 is estimated at 0.51 yuan, with a price-to-earnings (P/E) ratio of 24.25 [1][8]