NBJF(SH:603997) Minsheng Securities·2024-04-18 00:30Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 12.12 CNY per share [3][6]. Core Insights - The company plans to invest 50 million euros in a new joint venture in Germany to expand its global seating business, particularly targeting orders from BMW and other European manufacturers [3][6]. - The recent private placement was successful, with a total fundraising amount of 1.183 billion CNY, significantly oversubscribed at 4.32 times the actual amount raised [3][6]. - The company has achieved a total order lifecycle value of 34.1-36.8 billion CNY, which could translate to annual revenues of 6.2-6.7 billion CNY if mass production occurs in the same year, representing a significant increase compared to 2022 revenue [3][6]. Financial Projections - Revenue is projected to grow from 21.57 billion CNY in 2023 to 28.75 billion CNY in 2025, with corresponding net profits expected to rise from 204 million CNY to 862 million CNY during the same period [6][8]. - The company's earnings per share (EPS) are forecasted to improve from 0.17 CNY in 2023 to 0.74 CNY in 2025, with a price-to-earnings (PE) ratio decreasing from 69 in 2023 to 16 in 2025 [6][8]. - The gross margin is expected to increase from 13.99% in 2023 to 15.46% in 2025, indicating improved profitability [8].