NBJF(SH:603997) Soochow Securities·2026-03-31 14:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a turnaround in profitability for 2025, with a net profit of 454 million yuan, compared to a loss of 566.8 million yuan in the previous year [8] - The main growth driver was the seating business, which saw a significant revenue increase of 76.65% year-on-year, contributing to the overall revenue of 22.78 billion yuan, a 2.37% increase from the previous year [8] - The company has a strong order backlog in the passenger vehicle seating segment, with 27 projects expected to generate over 100 billion yuan in total sales [8] Financial Performance Summary - Total revenue for 2025 is projected at 22.78 billion yuan, with a year-on-year growth of 2.37% [1] - The net profit attributable to shareholders is forecasted to reach 907.48 million yuan in 2026, and 1.24 billion yuan in 2027, reflecting a growth rate of 100.07% and 36.68% respectively [1] - The earnings per share (EPS) is expected to increase from 0.36 yuan in 2025 to 0.71 yuan in 2026 [1] Revenue and Profitability Metrics - The gross margin for 2025 reached 16.09%, the highest in five years, with a notable increase in the commercial vehicle seating segment [8] - The company’s operating profit for 2025 is estimated at 542 million yuan, with a projected increase to 1.07 billion yuan in 2026 [9] - The return on equity (ROE) is expected to improve from 8.47% in 2025 to 14.72% in 2026 [9]