Event Overview - The company disclosed a pre-increase announcement for its 2025 semi-annual performance, expecting a net profit attributable to shareholders of 150 to 180 million yuan, representing a year-on-year increase of 182.3% to 238.7%. The non-recurring net profit is expected to be 180 to 220 million yuan, with a year-on-year increase of 566.9% to 715.1% [1] Analysis and Judgment - The profit for Q2 2025 is in line with expectations, with the integration effects of Grammer becoming evident. The company anticipates a net profit attributable to shareholders of 46 to 76 million yuan for Q2 2025, with a median of 61 million yuan, reflecting a year-on-year increase of 77.7% and a quarter-on-quarter decrease of 42.0%. Grammer's Q2 2025 revenue is expected to be 466 million euros, down 6.9% year-on-year, with an operating profit of 12 million euros, down 42.1% year-on-year. The decline in profit is mainly due to decreased revenue and profit in the Americas and Asia-Pacific regions, particularly in high-margin businesses in China, affected by economic uncertainties. However, the company maintains its full-year operating profit forecast of 60 million euros [1][2] Intelligent Electric Breakthrough - Since October 2021, the company has secured over 20 seat assembly project designations, achieving mass production in May 2023, with cumulative deliveries of 330,000 sets and revenue of 3.11 billion yuan in 2024. As of July 14, 2025, the company has 21 designated projects for passenger car seats, with a total lifecycle value of 92.7 to 97.4 billion yuan. If these orders are produced in the same year, they could generate annual revenue of 15.4 to 16.2 billion yuan, significantly contributing to the 2024 revenue of the company [2] Comprehensive Synergy - Following the consolidation of Grammer in Q4 2019, the company has been focusing on integration since 2020. With the appointment of Grammer's global COO in 2023, the company aims to enhance profitability through cost reduction and efficiency measures. The collaboration between Grammer and the company is expected to expand market reach, enhance product offerings, and increase market share. The company is diversifying its product line to include intelligent new products such as passenger car seats, sound headrests, and mobile central control systems, while also planning to develop smart cabin solutions for heavy trucks and other innovative features [3] Integration Effects and Future Outlook - The integration effects are becoming apparent, with new products and customers accelerating expansion. The combined entity of "Da Jifeng" (Jifeng + Grammer) is expected to become a global leader in intelligent cockpits. Revenue projections for 2025-2027 are 26.75 billion, 29.95 billion, and 35.95 billion yuan, with net profits of 605 million, 945 million, and 1.343 billion yuan, respectively. Corresponding EPS is projected at 0.48, 0.74, and 1.06 yuan, with PE ratios of 26, 17, and 12 times based on the closing price of 12.33 yuan per share on July 14, 2025 [4][5]
继峰股份 | 2025H1：利润符合预期 格拉默欧洲综合效应显现【民生汽车 崔琰团队】
汽车琰究·2025-07-15 07:03