NBJF(SH:603997) Minsheng Securities·2024-04-27 01:30Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company aims to become a global leader in smart cockpits, leveraging the integration of its operations with Grammer, which was acquired in 2018. The focus is on enhancing profitability through cost reduction and efficiency measures [4]. - The company reported a revenue of 21.57 billion yuan in 2023, a year-on-year increase of 20.06%, and a net profit of 204 million yuan, marking a return to profitability [13]. - The integration of new products and clients is accelerating, with expectations for revenue growth in the coming years [4]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 24.25 billion yuan, 28.75 billion yuan, and 31.95 billion yuan, respectively, with corresponding net profits of 409 million yuan, 864 million yuan, and 1.176 billion yuan [15][16]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.32 yuan, 0.68 yuan, and 0.93 yuan, respectively, with price-to-earnings (PE) ratios of 40, 19, and 14 [15][22]. - The gross profit margin is projected to improve from 14.75% in 2023 to 16.42% by 2026, reflecting operational efficiencies [6][15]. Operational Highlights - The company has successfully accelerated the mass production of seats, contributing to revenue growth and improved profitability [13]. - The company has established a strong foothold in the electric vehicle market, securing contracts with major manufacturers and expanding its product offerings [13][4]. - The integration with Grammer is expected to enhance market share and operational capabilities, positioning the company favorably in the competitive landscape [4].