NBJF(SH:603997) Huaan Securities·2024-04-27 15:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 performance met expectations, with continuous progress in the seating business [1] - The company achieved a net profit attributable to shareholders of 204 million yuan in 2023, reflecting a year-on-year increase of 114.4% [1] - The company has secured new orders in the passenger car seating sector, indicating strong growth potential [1] Financial Performance Summary - 2023 revenue was 21.57 billion yuan, with a year-on-year growth of 20.1% [5] - The net profit forecast for 2024 is 459 million yuan, with an expected growth rate of 125.1% [5] - The gross margin for 2023 was 14.8%, projected to improve to 15.0% in 2024 [5] Business Segment Performance - The core business segment, including the company's main operations and its subsidiary Grammer, saw a significant increase in order amounts in the passenger car interior components sector [1] - The company has ongoing projects in the automotive refrigerator segment, with five projects secured [1] Future Outlook - The company aims to achieve an annual production capacity of 1 million units after the launch of new projects in 2024 [1] - The establishment of a joint venture with Grammer in Germany is expected to enhance the company's global seating business [1] - The company is projected to achieve net profits of 4.6 billion yuan, 10.0 billion yuan, and 13.2 billion yuan from 2024 to 2026, respectively [1]