NBJF(SH:603997) Guotou Securities·2025-11-03 06:37Investment Rating - The report maintains a "Buy-A" rating for the company, with a 6-month target price of 16 CNY per share [6]. Core Insights - The company achieved a revenue of 5.608 billion CNY in Q3 2025, a year-on-year decrease of 4.94% but a quarter-on-quarter increase of 2.23%. The decline in revenue is attributed to the divestment of North American TMD, while the increase is driven by the growth in seating business and higher sales of electric vehicles [2][4]. - The net profit attributable to the parent company reached 97 million CNY in Q3 2025, marking a significant year-on-year increase of 116.62% and a quarter-on-quarter increase of 96.76%. The improvement in profitability is primarily due to the growth in the seating business [3][4]. - The company is positioned as a leading domestic seating manufacturer, with a projected revenue target of 10 billion CNY and a profit target of 500 million CNY for its seating business in 2026 [5][9]. Revenue Summary - In Q3 2025, the company reported a revenue of 5.608 billion CNY, with a year-on-year decline of 4.94% and a quarter-on-quarter increase of 2.23%. The decline is mainly due to the divestment of North American TMD, while the increase is attributed to the growth in seating business and higher sales of electric vehicles, including 17,000 units of Li Auto and 22,000 units of Lynk & Co 900 delivered in Q3 2025 [2][4]. Profit Summary - The net profit attributable to the parent company for Q3 2025 was 97 million CNY, reflecting a year-on-year increase of 116.62% and a quarter-on-quarter increase of 96.76%. The gross profit margin for Q3 2025 was 16.48%, up by 2.09 percentage points from the previous quarter, indicating improved profitability due to the growth in the seating business [3][4]. Future Outlook - The company anticipates continued growth in its seating business, with new vehicle models expected to drive sales in Q4 2025. The seating business is projected to achieve profitability in 2026, supported by ongoing project developments and expansions in both domestic and international markets [5][9].