NBJF(SH:603997) 东吴汽车黄细里团队·2025-05-27 14:39Group 1 - The core viewpoint of the article is that the integration of Grammer is deepening, and the overseas performance inflection point has been basically established [1][9][10] - The company has completed the acquisition of Grammer and is advancing integration from multiple aspects, despite challenges such as the global pandemic and chip shortages [1][20][23] - In 2024, the company will continue to deepen the integration of Grammer overseas, with measures including the divestiture of the loss-making North American TMD subsidiary and strategic adjustments in the European region [1][28][29] Group 2 - The passenger car seat market is accelerating, with a market size exceeding 100 billion yuan in China, driven by consumer upgrades [2][39][43] - The industry has high barriers to entry, creating a favorable competitive landscape, with major players being foreign and joint ventures [2][47][51] - The company has secured a substantial number of high-quality seat projects, covering major OEMs, and an employee stock ownership plan is expected to enhance profitability [2][57][59] Group 3 - The company forecasts a significant improvement in performance, with net profits projected to reach 6.46 billion yuan, 10.97 billion yuan, and 13.84 billion yuan from 2025 to 2027 [4][61] - The company is positioned as a leading player in the passenger car seat industry, benefiting from a broad market space and accelerated domestic substitution [4][64] - The company maintains a "buy" rating due to its performance reversal and expected valuation premium [4][64]