NBJF(SH:603997) GOLDEN SUN SECURITIES·2024-03-30 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Views - The company achieved a record revenue of 21.57 billion yuan in 2023, representing a year-on-year increase of 20.06%, and turned a profit with a net profit of 204 million yuan [1][20]. - The company is expected to see significant growth in net profit over the next three years, with projections of 200 million yuan in 2023, 520 million yuan in 2024, and 960 million yuan in 2025, corresponding to PE ratios of 75.8, 29.8, and 16.1 respectively [2][12]. - The company’s seat project for passenger vehicles is performing well, with a strong order backlog and production ramp-up, contributing to revenue growth [10][30]. Financial Performance - In Q4 2023, the company reported revenue of 5.63 billion yuan, a year-on-year increase of 14.20% and a quarter-on-quarter increase of 2.35%, with a net profit of 50 million yuan [20]. - The company’s revenue growth is attributed to stable operations in its main business and the successful ramp-up of new projects with key clients [20]. - The financial metrics indicate a recovery, with a projected net profit margin of 0.9% in Q4 2023, despite a slight decline from the previous quarter [20]. Business Development - The company has secured two new projects in early 2024, with a total lifecycle value of 7.8 billion yuan and 5 billion yuan, expected to start production in October 2024 and January 2025 respectively [10]. - The integration of the Gramer business is nearing completion, which is anticipated to enhance profitability as projects enter stable production phases [30]. - The company is actively working on reducing financial costs by replacing high-cost loans with lower-cost options, which is expected to alleviate financial pressure [30].