NBJF(SH:603997) Guotou Securities·2024-05-01 06:30Investment Rating - The report maintains a "Buy - A" rating for the company, with a 6-month target price of 15.64 CNY per share [5][32]. Core Insights - The company's Q1 2024 performance met expectations, with revenue of 5.287 billion CNY, a year-on-year increase of 3.45%. However, the net profit attributable to shareholders decreased to 0.19 billion CNY, down 68.23% year-on-year, primarily due to the impact of Gramer [14][3]. - Gramer's performance negatively affected the overall results, reporting a loss of 5.7 million euros in Q1 2024 compared to a profit of 2.9 million euros in the same period last year. Excluding Gramer's impact, the company's main business profitability improved, with an estimated profit of 0.57 billion CNY in Q1 2024 [14][5]. - The company has secured a significant order from BMW for seat assembly, valued at 12 billion CNY, marking a transition from domestic to global supply [14][31]. Financial Performance Summary - In Q1 2024, the company achieved revenue of 5.287 billion CNY, with a notable contribution from the seat business, which began mass production in May 2023. The expected revenue contribution from the seat business is approximately 2 billion CNY from the sales of 19,000 units of NIO ES6/EC6 [14][5]. - The company anticipates net profits of 3.8 billion CNY, 10.6 billion CNY, and 12.8 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 44.3, 15.9, and 13.1 [5][19]. - The report highlights a strong growth trajectory in the seat business, with total orders exceeding 72 billion CNY and a clear trend towards domestic substitution in a market valued at nearly 100 billion CNY [14][15].