NBJF(SH:603997) GUOTAI HAITONG SECURITIES·2026-02-01 05:45Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 17.76 yuan [5][11]. Core Insights - The company is expected to achieve a net profit of 410 million to 495 million yuan in 2025, marking a turnaround from previous losses. This improvement is attributed to significant reductions in operating costs in Europe and the realization of scale effects in the passenger car seat business, indicating a potential inflection point for performance release [2][11]. - The company has implemented effective overseas restructuring measures, leading to a notable decrease in operating costs. These measures include workforce optimization and the transfer of high-cost positions to lower-cost regions, which have resulted in sustained savings in labor costs [11]. - The passenger car seat business is projected to exceed 5 billion yuan in revenue for 2025, reflecting a year-on-year growth of over 60%. The scale effects from this business expansion, combined with cost reduction initiatives, are expected to significantly enhance profitability [11]. Financial Summary - Total revenue is forecasted to grow from 21,571 million yuan in 2023 to 30,308 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 9.8% [4][12]. - The net profit attributable to the parent company is expected to recover from a loss of 567 million yuan in 2024 to a profit of 486 million yuan in 2025, with further growth to 1,231 million yuan by 2027 [4][12]. - The earnings per share (EPS) is projected to improve from -0.45 yuan in 2024 to 0.38 yuan in 2025, reaching 0.97 yuan by 2027 [4][12].