NBJF(SH:603997) Huachuang Securities·2026-03-31 04:15Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][5][17]. Core Insights - The company reported a net profit attributable to shareholders of 454 million yuan for 2025, a significant recovery from a loss of 567 million yuan in the previous year. The fourth quarter of 2025 saw a net profit of 202 million yuan, marking a year-on-year turnaround and a quarter-on-quarter increase of 108% [2][8]. - The total revenue for 2025 was 22.783 billion yuan, with an 8.23% year-on-year growth after excluding the impact of the TMD sale. The gross margin reached 16.09%, a 2.05 percentage point increase year-on-year, the highest in five years [8][9]. - The company’s seat business contributed 1 billion yuan in profit, with a revenue of 5.619 billion yuan, reflecting an 80.68% year-on-year growth. The company anticipates a 40% to 80% revenue growth in the seat business for 2026 [8][9]. Financial Summary - Revenue Forecasts: - 2025: 22.783 billion yuan - 2026E: 26.872 billion yuan (18.0% growth) - 2027E: 31.177 billion yuan (16.0% growth) - 2028E: 35.685 billion yuan (14.5% growth) [4][9] - Net Profit Forecasts: - 2025: 454 million yuan - 2026E: 872 million yuan (92.2% growth) - 2027E: 1.211 billion yuan (38.9% growth) - 2028E: 1.485 billion yuan (22.6% growth) [4][9] - Earnings Per Share (EPS): - 2025: 0.36 yuan - 2026E: 0.69 yuan - 2027E: 0.95 yuan - 2028E: 1.17 yuan [4][9] - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2026E: 17 times - Price-to-Book (P/B) ratio for 2026E: 2.5 times [4][9]. Market Performance - The company's stock price target is set between 16.1 and 17.5 yuan, with the current price at 11.84 yuan, indicating a potential upside of 36% to 48% [5][8].