NBJF(SH:603997) Minsheng Securities·2025-08-16 07:58Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Views - The company reported a revenue of 10.52 billion yuan for H1 2025, a year-on-year decrease of 4.4%, while the net profit attributable to shareholders increased by 189.5% to 150 million yuan [1]. - The company is experiencing accelerated production of seats, with H1 2025 revenue from passenger car seats reaching 1.98 billion yuan, doubling year-on-year [2]. - The integration of the company with Grammer is showing positive results, with a focus on cost reduction and efficiency improvements, aiming to become a global leader in smart cockpits [3]. Financial Performance Summary - For Q2 2025, the company achieved a revenue of 5.49 billion yuan, a year-on-year decrease of 4.1% but a quarter-on-quarter increase of 8.9% [1]. - The gross margin for Q2 2025 was 14.4%, remaining stable year-on-year but down 1.9 percentage points quarter-on-quarter [2]. - The company forecasts revenues of 26.75 billion yuan, 29.95 billion yuan, and 35.95 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 602 million yuan, 940 million yuan, and 1.34 billion yuan for the same years [5][8]. Business Development Insights - The company has secured over 20 seat projects since October 2021, with a total project value of 95.9 to 100.6 billion yuan, indicating significant growth potential in the domestic market [2]. - The company aims to achieve revenue targets of 5 billion yuan and 10 billion yuan for its seat division in 2025 and 2026 respectively, reflecting confidence in rapid business growth [2]. - The strategic integration with Grammer is expected to enhance market share and product offerings, positioning the company to capitalize on the transformation in the automotive industry towards electric and smart vehicles [3].