NBJF(SH:603997) Guotou Securities·2024-05-01 06:10Investment Rating - The report maintains a "Buy-A" rating for the company, with a 6-month target price of 15.64 CNY per share [14][19]. Core Insights - The company is expected to achieve net profits of 3.8 billion, 10.6 billion, and 12.8 billion CNY for the years 2024, 2025, and 2026 respectively, corresponding to PE ratios of 44.3, 15.9, and 13.1 times [1][24]. - The company has received a significant order from BMW, marking its entry into the global luxury car seat market, with an order value of 12 billion CNY and a project lifecycle of 8 years starting from the second half of 2027 [11][13]. - The company’s revenue for Q1 2024 was 5.287 billion CNY, a year-on-year increase of 3.45%, while the net profit attributable to shareholders was 0.19 billion CNY, a decrease of 68.23% year-on-year [10][12]. Financial Performance - The company’s revenue is projected to grow from 215.7 billion CNY in 2023 to 317.8 billion CNY in 2026, with net profits expected to rise from 2 billion CNY in 2024 to 12.8 billion CNY in 2026 [24][25]. - The company’s main business is expected to see significant growth, with a projected revenue of approximately 11 billion CNY in Q1 2024, a year-on-year increase of about 61% [12][19]. - The company has a total market value of approximately 16.8 billion CNY and a circulating market value of about 15.5 billion CNY [14]. Market Position and Strategy - The company has established itself in the automotive seat market, with a total of 10 projects in hand, amounting to approximately 72 billion CNY in total order value [13][19]. - The company’s strategy includes expanding its seat production capabilities and entering the global market, which is supported by the increasing trend of domestic seat localization [11][13].