NBJF(603997) 东吴证券·2024-05-05 23:30Investment Rating - The report maintains a "Buy" rating for the company, citing significant growth potential in the passenger car seat business [9][19]. Core Insights - The company reported a revenue of 21.57 billion yuan for 2023, a year-on-year increase of 20.06%, and achieved a net profit of 204 million yuan, marking a return to profitability [1][20]. - In Q4 2023, the company generated a revenue of 5.63 billion yuan, a year-on-year increase of 14.20%, while in Q1 2024, revenue was 5.29 billion yuan, reflecting a year-on-year growth of 3.45% [1][20]. - The gross margin remained stable, with Q4 2023 at 15.44% and Q1 2024 at 14.68% [20]. Financial Performance Summary - The company’s operating cash flow for 2023 was 1.648 billion yuan, with a projected net profit of 466 million yuan for 2024 and 940 million yuan for 2025 [7][9]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.37 yuan, 0.74 yuan, and 1.07 yuan, respectively [9][19]. - The price-to-earnings (P/E) ratios for the same years are estimated at 36.07, 17.88, and 12.40 [9][19]. Business Development Insights - The integration of Grammer is progressing steadily, with the company focusing on cost control and service responsiveness, which are expected to enhance profitability [21]. - The company has successfully commenced mass production of passenger car seats and has secured multiple contracts for new energy vehicle seats, indicating a positive outlook for market share growth [21].