NBJF(SH:603997) Huachuang Securities·2025-11-02 11:54Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Insights - The company reported a significant increase in net profit for Q3 2025, achieving a net profit of 0.97 billion yuan, a year-on-year turnaround, and a quarter-on-quarter increase of 97% [2][9]. - The target price for the company's stock is set between 16.0 and 17.8 yuan, indicating a potential upside of 16% to 28% from the current price of 13.87 yuan [2][9]. Financial Performance Summary - For Q3 2025, the company achieved total revenue of 5.6 billion yuan, a year-on-year decrease of 4.9% but a quarter-on-quarter increase of 2.2% [9]. - The gross profit margin for Q3 2025 was 16.5%, reflecting a year-on-year increase of 2.4 percentage points [9]. - The company expects a net profit of 4.2 billion yuan in 2025, with growth rates of 174.9% and 114.0% projected for 2026 and 2027, respectively [9][10]. Business Outlook - The company is poised for profit elasticity in its seating business due to the rapid mass production of new projects, with a total sales potential of 960 to 1,006 billion yuan from 24 ongoing projects [9]. - The report highlights the successful launch of multiple new seating projects, with expectations for significant volume growth in Q4 2025 and beyond [9].