NBJF(SH:603997) Huaan Securities·2024-04-30 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [10] Core Views - The company reported a net profit of 0.19 billion yuan for Q1 2024, which is a year-on-year decrease of 68.2% [10] - The company has secured a project for seat assembly for BMW in Germany, with an estimated total project value of 12 billion yuan [10] - The company is expected to improve profitability with new product launches and operational efficiencies in the second half of 2024 [10] Financial Summary - Revenue for 2023 was 21.57 billion yuan, with projections of 24.15 billion yuan for 2024, 29.53 billion yuan for 2025, and 33.67 billion yuan for 2026, reflecting growth rates of 20.1%, 11.9%, 22.3%, and 14.0% respectively [10][11] - Net profit attributable to the parent company is projected to increase from 0.204 billion yuan in 2023 to 1.322 billion yuan in 2026, with year-on-year growth rates of 114.4%, 125.1%, 118.7%, and 31.8% [10][11] - The company's gross margin is expected to improve from 14.8% in 2023 to 16.5% in 2026 [11] - Earnings per share (EPS) are projected to rise from 0.18 yuan in 2023 to 1.04 yuan in 2026 [11] Operational Insights - The company is focusing on enhancing operational management capabilities and reducing costs through various strategies, including securing core customer projects and increasing self-sufficiency [10] - The integration with Grammer is expected to strengthen the company's position in the passenger car seat assembly market [10]