NBJF(SH:603997) ZHONGTAI SECURITIES·2024-04-18 05:30Investment Rating - The report maintains a "Buy" rating for the company with a market price of 12.12 yuan [1]. Core Insights - The company is establishing a joint venture in Germany with its subsidiary Grammer to expand its global seating business, targeting major European manufacturers like BMW. The total investment for this new company is 50 million euros [1]. - The company is positioned as a leader in the domestic automotive seating market, with a significant opportunity for global market penetration. The establishment of the joint venture is expected to enhance its competitiveness in the global seating market [10]. - The company has achieved a critical mass in its seating business, with multiple projects set to launch in 2024, indicating a transition to a scalable phase [10]. Financial Summary - Revenue is projected to grow from 17,967 million yuan in 2022 to 28,958 million yuan in 2025, reflecting a compound annual growth rate (CAGR) of 17% [1]. - Net profit is expected to recover from a loss of 1,417 million yuan in 2022 to a profit of 1,143 million yuan in 2025, with significant growth rates of 109% in 2024 and 169% in 2025 [1]. - Earnings per share (EPS) is forecasted to increase from -1.22 yuan in 2022 to 0.98 yuan in 2025 [1].