NBJF(SH:603997) Guotou Securities·2024-04-27 11:00Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 15.64 CNY per share [13][29]. Core Views - The company achieved a revenue of 21.57 billion CNY in 2023, representing a year-on-year growth of 20.06%, and realized a net profit of 204 million CNY, marking a turnaround from losses [8][10]. - The fourth quarter of 2023 saw a revenue of 5.63 billion CNY, up 14.2% year-on-year and 2.35% quarter-on-quarter [10]. - The company is expected to benefit from the production ramp-up of new projects in 2024, particularly in the seating business, which is projected to accelerate [8][29]. Financial Performance Summary - Revenue growth is forecasted to continue, with estimates of 24.18 billion CNY in 2024, 29.55 billion CNY in 2025, and 31.78 billion CNY in 2026 [16]. - The net profit is projected to reach 380 million CNY in 2024, 1.06 billion CNY in 2025, and 1.28 billion CNY in 2026, indicating a strong recovery and growth trajectory [16][29]. - The company’s earnings per share (EPS) are expected to improve significantly, from 0.16 CNY in 2023 to 0.84 CNY in 2025 and 1.01 CNY in 2026 [16][29]. Market Position and Growth Drivers - The company has secured nine projects in the passenger car seating segment, with a total estimated value of approximately 60 billion CNY over their lifecycle [12]. - New product lines, including electric air vents and hidden door handles, are contributing to high growth in other segments [12]. - The integration of the Grammer North America operations is anticipated to enhance profitability, as the current losses are primarily attributed to TMD [11][19].