NBJF(SH:603997) Soochow Securities·2024-02-03 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of between 161 million to 240 million yuan in 2023, marking a turnaround from losses in the previous year [2] - The fourth quarter of 2023 is projected to meet expectations, with a single-quarter net profit of approximately 47 million yuan, indicating a year-on-year recovery despite a 35% decline compared to the previous quarter [2] - Revenue is anticipated to exceed 20 billion yuan in 2023, driven by the recovery in global automotive market demand and the successful mass production of new passenger car seats [2] - The integration of Grammer's business is progressing steadily, enhancing profitability and expanding growth opportunities in the passenger car seat market [3] - The company has secured multiple contracts for new energy vehicle seats and has commenced mass production in the first half of 2023, indicating a positive outlook for market share growth [3] - Profit forecasts for 2023-2025 have been adjusted to 201 million, 567 million, and 1.054 billion yuan respectively, with corresponding EPS of 0.17 yuan, 0.49 yuan, and 0.91 yuan [3] Financial Summary - Total revenue is projected to grow from 17.967 billion yuan in 2022 to 20.871 billion yuan in 2023, reflecting a year-on-year increase of 16.16% [11] - The net profit attributable to shareholders is expected to recover from a loss of 1.417 billion yuan in 2022 to a profit of 200.9 million yuan in 2023, representing a significant year-on-year growth of 114.17% [11] - The company's P/E ratios for 2023, 2024, and 2025 are estimated to be 59.69, 21.14, and 11.38 respectively, indicating a favorable valuation trend as earnings improve [3][11]