NBJF(SH:603997) 汽车琰究·2025-05-01 02:33Event Overview - The company disclosed its Q1 2025 financial report, achieving revenue of 5.04 billion yuan, a year-on-year decrease of 4.7% and a quarter-on-quarter decrease of 5.8%. The net profit attributable to shareholders was 100 million yuan, a year-on-year increase of 449.5% and a quarter-on-quarter turnaround to profitability. The net profit excluding non-recurring items was 90 million yuan, a year-on-year increase of 453.1% and a quarter-on-quarter turnaround to profitability [3]. Profit Performance - The profit in Q1 2025 exceeded expectations, with a year-on-year increase of 449.5% and a quarter-on-quarter turnaround to profitability. This improvement is primarily attributed to Gramer's turnaround, which reported a net profit of 65.4 million yuan, marking a significant year-on-year increase of 106.8 million yuan. The positive performance is linked to the implementation of the "Top 10" restructuring plan and targeted capacity adjustments in the EMEA region [4]. Market Expansion in Smart Electric Seats - The company has made significant strides in the passenger car seat assembly projects, securing contracts with three new energy vehicle manufacturers since late 2021. By May 2023, the passenger car seat business achieved mass production, delivering 65,000 sets and generating revenue of 655 million yuan. Cumulatively, 330,000 sets are expected to be delivered in 2024, resulting in revenue of 3.11 billion yuan. As of April 10, 2025, the company has 21 ongoing projects with a total lifecycle value of 88.8-93.5 billion yuan, indicating substantial revenue potential [5]. Strategic Integration and Global Leadership Goals - Following the consolidation with Gramer in Q4 2019, the company has focused on enhancing profitability through comprehensive cost reduction and efficiency improvement measures. With the appointment of Gramer's global COO in 2023, the company aims to leverage synergies between Gramer and Jifeng to expand market share. The strategy includes horizontal expansion into smart products and vertical integration into intelligent cabin solutions, positioning the company to become a global leader in smart cockpits [6]. Financial Projections - The company forecasts revenues of 26.75 billion yuan in 2025, 29.95 billion yuan in 2026, and 35.95 billion yuan in 2027, with net profits of 1.8 billion yuan, 2.34 billion yuan, and 3.34 billion yuan respectively. The projected EPS for these years is 0.52 yuan, 0.75 yuan, and 1.06 yuan, with corresponding PE ratios of 24, 16, and 12 [7][8].