NBJF(SH:603997) Shenwan Hongyuan Securities·2025-07-17 06:45Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 150 to 180 million yuan for H1 2025, representing a year-on-year increase of 182% to 239%. The non-recurring net profit is projected to be between 180 to 220 million yuan, showing a year-on-year growth of 567% to 715% [5][7] - The Q2 performance aligns with expectations, with a net profit of 46 to 76 million yuan, a year-on-year increase of 34% to 122%, but a quarter-on-quarter decrease of 56% to 28%. The non-recurring net profit is expected to be between 91 to 131 million yuan, reflecting a year-on-year increase of 731% to 1094% and a quarter-on-quarter increase of 3.3% to 48% [7] - The integration of Gramer is showing positive results, with the company expected to continue improving profitability in the second half of the year. The seating business is also anticipated to recover as production ramps up for various models [7] Financial Data and Profit Forecast - The total revenue for 2025 is estimated at 24,581 million yuan, with a year-on-year growth rate of 10.4%. The net profit attributable to shareholders is projected to be 626 million yuan, with a significant year-on-year increase [6][9] - The earnings per share (EPS) for 2025 is expected to be 0.49 yuan, with a projected price-to-earnings (PE) ratio of 25 [6][9] - The report forecasts a net profit of 1,106 million yuan for 2026 and 1,460 million yuan for 2027, indicating a clear growth trajectory [6][9]