NBJF(SH:603997) Guohai Securities·2024-04-30 05:32Investment Rating - The report maintains an "Accumulate" rating for the company [16][20]. Core Views - The company achieved steady growth in 2023, with a revenue of 21.57 billion yuan, representing a year-on-year increase of 20.06%. The net profit attributable to shareholders was 204 million yuan, up 114.38% year-on-year [16][20]. - The seating business is expected to ramp up significantly, with the company delivering 65,000 seat products in 2023, generating revenue of 655 million yuan. The seating business is projected to grow 3-4 times in scale, contributing significantly to the company's performance [16][20]. - The company is accelerating customer expansion and capacity construction, seizing the opportunity for domestic substitution in the seating market while also expanding overseas [5][20]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 21.57 billion yuan, a 20.06% increase year-on-year. The net profit attributable to shareholders was 204 million yuan, reflecting a 114.38% increase year-on-year. The net profit after deducting non-recurring gains and losses was 222 million yuan, up 115.77% year-on-year [16][20]. - The main business revenue is expected to reach 24.33 billion yuan in 2024, with a growth rate of 13% [21]. Business Development - The company has established a strong customer base in both domestic new energy vehicle manufacturers and traditional high-end joint venture car manufacturers. It is continuously expanding its customer base to secure new orders [5][20]. - The company has completed the construction and production of its Hefei base (Phase I) in the first half of 2023 and is currently building additional facilities in Changzhou, Ningbo, Changchun, Tianjin, and Beijing [5][20]. Future Outlook - The company is expected to achieve a net profit of 510 million yuan in 2024, with a growth rate of 150%. The projected earnings per share (EPS) for 2024 is 0.40 yuan, corresponding to a price-to-earnings (P/E) ratio of 32 times [20][21]. - The company aims to establish a joint venture in Germany with an investment of 50 million euros to expand its global seating business, particularly targeting BMW and other European manufacturers [5][20].