NBJF(SH:603997) 汽车琰究·2025-08-17 15:07Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but significant growth in net profit and non-recurring net profit, indicating improved profitability despite lower sales [2][3]. Financial Performance - In H1 2025, the company achieved revenue of 10.52 billion yuan, a year-on-year decrease of 4.4%. However, the net profit attributable to shareholders was 150 million yuan, up 189.5%, and the non-recurring net profit was 190 million yuan, an increase of 598.6% [2]. - For Q2 2025, the company reported revenue of 5.49 billion yuan, a year-on-year decrease of 4.1% but a quarter-on-quarter increase of 8.9%. The net profit attributable to shareholders was 50 million yuan, up 43.7% year-on-year but down 52.9% quarter-on-quarter. The non-recurring net profit was 100 million yuan, a year-on-year increase of 809.1% and a quarter-on-quarter increase of 12.4% [3]. Business Development - The company has made significant progress in its new business, with passenger car seats generating revenue of 1.98 billion yuan in H1 2025, doubling year-on-year. The car-mounted refrigerator also saw substantial growth, achieving revenue of 80 million yuan, a multiple increase year-on-year [3]. - As of August 14, 2025, the company has secured 24 projects for passenger car seats, with a total lifecycle value of 95.9 to 100.6 billion yuan. If these projects are mass-produced in the same year, they could generate annual revenue of 16 to 16.8 billion yuan, representing a significant increase compared to the 24.9 billion yuan revenue in 2024 [4]. Strategic Initiatives - The company aims to become a global leader in smart cockpits by leveraging the integration of its operations with Grammer, focusing on cost reduction and efficiency improvements. The strategy includes expanding into new product lines such as smart passenger car seats, sound systems, and car-mounted refrigerators [5][6]. - The company has set ambitious revenue targets for its seat division, aiming for 5 billion yuan in 2025 and 10 billion yuan in 2026, reflecting confidence in rapid growth and profitability in this segment [4]. Future Outlook - The company projects revenues of 26.75 billion yuan, 29.95 billion yuan, and 35.95 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 602 million yuan, 940 million yuan, and 1.34 billion yuan [7].