NBJF(603997)2025-05-06 08:03Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of approximately 50.37 billion yuan in Q1 2025, a year-on-year decrease of about 4.73%, but a significant increase in net profit attributable to shareholders of approximately 1.04 billion yuan, up 447.56% year-on-year [1] - The North American segment turned profitable, achieving revenue of approximately 0.87 billion euros and an operating EBIT of approximately 0.02 billion euros in Q1 2025 [2] - The company is expanding its new business categories, including hidden electric air vents and vehicle refrigerators, which are expected to become new growth points [4] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was approximately 16.32%, an increase of 1.64 percentage points year-on-year, and the net profit margin was approximately 2.09%, up 1.84 percentage points year-on-year [3] - The total expense ratio was approximately 14.02%, a decrease of 0.45 percentage points year-on-year [3] Revenue and Profit Forecast - The company is expected to achieve revenues of approximately 253.5 billion yuan, 283.6 billion yuan, and 300.6 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of approximately 13.9%, 11.9%, and 6.0% respectively [5] - The net profit attributable to shareholders is projected to be approximately 6.8 billion yuan, 10.1 billion yuan, and 13.1 billion yuan for the years 2025 to 2027, with year-on-year growth rates of approximately 220.0%, 48.8%, and 30.0% respectively [5] Market Position and Strategy - The company has secured 21 projects for passenger car seats from various major manufacturers, including luxury car companies and leading domestic automakers [4]