NBJF(SH:603997) Guohai Securities·2024-03-09 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][15] Core Views - The company has secured a new seat assembly project from a major electric vehicle manufacturer, expected to start mass production in October 2024, with a total project lifecycle value of 7.8 billion [2][4] - The company is positioned to benefit from the domestic replacement trend in the seat industry, as it expands its customer base and accelerates capacity construction [2][4] - The company is expected to achieve significant revenue growth in its seat business, with projected revenues increasing by 3-4 times in 2024 due to multiple new projects coming online [15] Financial Performance Summary - The company is projected to achieve main business revenues of 20.19 billion, 23.45 billion, and 28.97 billion for 2023, 2024, and 2025 respectively, with year-on-year growth rates of 12%, 16%, and 24% [4][5] - The net profit attributable to the parent company is expected to turn positive in 2023, reaching 200 million, and further increasing to 478 million and 922 million in 2024 and 2025, with growth rates of 139% and 93% respectively [4][5] - Earnings per share (EPS) are projected to be 0.17, 0.41, and 0.79 for 2023, 2024, and 2025, corresponding to price-to-earnings (P/E) ratios of 75, 32, and 16 times [4][5] Market Data Summary - As of March 8, 2024, the company's stock price is 12.98 yuan, with a 52-week price range of 9.41 to 16.55 yuan [2][4] - The total market capitalization is approximately 15.07 billion [2][4] - The company has a total share capital of approximately 116.09 million shares [2][4]