NBJF(SH:603997) Changjiang Securities·2026-03-31 09:15Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company is projected to achieve revenue of 22.78 billion yuan in 2025, representing a year-on-year increase of 2.4%, with a significant turnaround in net profit to 450 million yuan [2][4]. - The company is expected to benefit from the integration with Grammer, leveraging its production and R&D efficiency, as well as high self-manufacturing rates, to capture orders from major global automakers [10]. - The company’s seat business is anticipated to see substantial profitability growth, supported by a rich order backlog and improving overseas integration outcomes [10]. Summary by Sections Revenue and Profitability - In 2025, the company’s revenue is expected to reach 22.78 billion yuan, with a year-on-year growth of 2.4%. Excluding the impact of the previous year's TMD sale, the growth would be 8.2% [10]. - The seat business is projected to generate over 5 billion yuan in revenue, with a year-on-year increase of 76.6% [10]. - The company achieved a gross profit margin of 16.1% in 2025, an increase of 2.0 percentage points year-on-year, with significant contributions from Grammer [10]. Business Segments - The passenger car seat segment is expected to generate 5.12 billion yuan, while the automotive interior segment is projected to decline by 21.0% to 5.81 billion yuan [10]. - The commercial vehicle seat segment is expected to grow by 7.3% to 5.8 billion yuan, while other segments like headrests and seat armrests are expected to decline [10]. Future Outlook - The company anticipates a rapid increase in seat business volume, which will drive revenue and profit growth. The integration with Grammer is expected to yield significant cost savings and efficiency improvements [10]. - Forecasted net profits for 2026-2028 are 900 million, 1.24 billion, and 1.56 billion yuan, respectively, with corresponding price-to-earnings ratios of 16.8X, 12.3X, and 9.7X [10].