NBJF(SH:603997) Shenwan Hongyuan Securities·2025-08-21 12:41Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a Q2 non-GAAP profit improvement, indicating a positive outlook for performance in the second half of the year [5][8] - The company achieved a revenue of 10.523 billion yuan in H1 2025, a year-on-year decrease of 4.39%, while the net profit attributable to the parent company was 154 million yuan, a year-on-year increase of 189.5% [5][7] - The Q2 revenue was 5.486 billion yuan, showing a quarter-on-quarter decrease of 4.1% but an increase of 8.9% year-on-year [5][8] Financial Data and Profit Forecast - The company’s total revenue for 2025 is projected to be 24.277 billion yuan, with a year-on-year growth rate of 9.1% [7] - The net profit attributable to the parent company for 2025 is estimated at 553 million yuan, with a projected growth rate of 82.8% for 2026 and 32.8% for 2027 [7] - The earnings per share (EPS) for 2025 is expected to be 0.44 yuan, increasing to 0.80 yuan in 2026 and 1.06 yuan in 2027 [7] - The company’s return on equity (ROE) is projected to improve from 3.1% in 2025 to 18.5% in 2027 [7] Business Segment Performance - The seating business revenue in H1 2025 reached 1.984 billion yuan, doubling from 0.897 billion yuan in the same period last year, although it reported a net loss of 63 million yuan [9] - The company anticipates that the seating business will turn profitable in the second half of 2025 due to increased production volumes from various models [9] - The integration of Grammer is expected to enhance profitability, with Q2 revenue from this segment at 466 million euros, reflecting a year-on-year decrease of 6.8% [8][9]