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继峰股份(603997):海外拐点临近,座椅加速放量
Soochow Securities· 2025-05-27 08:27
证券研究报告·公司深度研究·汽车零部件 继峰股份(603997) 系列深度报告(三):海外拐点临近,座椅加 速放量 买入(维持) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 21,571 | 22,255 | 24,303 | 28,967 | 31,716 | | 同比(%) | 20.06 | 3.17 | 9.20 | 19.19 | 9.49 | | 归母净利润(百万元) | 203.88 | (566.80) | 646.47 | 1,096.72 | 1,383.64 | | 同比(%) | 114.38 | (378.01) | 214.06 | 69.65 | 26.16 | | EPS-最新摊薄(元/股) | 0.16 | (0.45) | 0.51 | 0.87 | 1.09 | | P/E(现价&最新摊薄) | 85.95 | - | 27.10 | 15.98 | 12.66 | [Table_Ta ...
传承与革新并举 天成自控实控人之子陈昀接任总经理 启动管理层年轻化新篇章
Quan Jing Wang· 2025-05-15 00:40
Core Viewpoint - The announcement of a management change at Zhejiang Tiancheng Self-Control Co., Ltd. marks a significant generational transition within the company, with the new general manager, Chen Yun, taking over from Hong Huidang, indicating a shift towards a "second-generation" leadership approach [1][2] Group 1: Management Change - Hong Huidang steps down as general manager but remains on the board and continues to lead the engineering commercial vehicle division, ensuring a smooth transition of core business operations [2] - Chen Yun, the new general manager, is the son of the actual controller and has a strong international educational background, holding degrees from Purdue University [1][2] - Chen Yun has accumulated practical experience in key positions since joining the board in 2017, including leading the aviation division and successfully integrating into the Boeing and Airbus supply chains [1] Group 2: Company Performance - In 2024, the company is expected to achieve significant revenue growth, with projected sales reaching 2.23 billion yuan, a year-on-year increase of 56.27% [2] - The revenue from passenger vehicles is anticipated to be 1.05 billion yuan, reflecting a remarkable year-on-year growth of 122.79%, indicating the emergence of a second growth curve [2] - In Q1 2025, the company reported a year-on-year revenue increase of 46.74% and a net profit of 21 million yuan, marking a turnaround with a growth of 108.77% [2] Group 3: Strategic Outlook - The company is rapidly entering the flying car supply chain, preparing for opportunities presented by the low-altitude economy [2] - The promotion of Chen Yun is expected to further rejuvenate the core management team, bringing in innovative momentum due to his international perspective and frontline business experience [2]
继峰股份更新:座椅量产加速,格拉默底部反转
Tianfeng Securities· 2025-05-13 03:28
证券研究报告 行业深度研究 2025年05月13日 行业报告: 继峰股份更新:座椅量产加速,格拉默底部反转 作者: 分析师 孙潇雅 SAC执业证书编号:S1110520080009 1 行业评级: 上次评级: 强于大市 强于大市 (维持评级) 请务必阅读正文之后的信息披露和免责申明 汽车零部件 摘要 • 看点一:剥离亏损资产,格拉默扭亏 ✓ 格拉默分部2020年以来始终处于亏损或微利的状态,2024年格拉默分部亏损6.25亿元。2024年,为聚焦主业,格拉默出售了连续 多年大幅亏损的美国TMD。2025Q1格拉默实现净利润0.097亿元,实现扭亏;预计全年实现经营性息税前利润6000万欧元。 • 看点二:乘用车座椅加速放量,在手订单充沛 风险提示:客户放量不及预期,行业竞争加剧,原材料价格上涨,国产替代进度不及预期 剥离亏损资产,格拉默扭亏 资料来源:继峰股份公告,格拉默公告,天风证券研究所 请务必阅读正文之后的信息披露和免责申明 4 请务必阅读正文之后的信息披露和免责申明 2 ✓ 行业:乘用车座椅市场规模超500亿美元,国产替代前景广阔。1)座椅功能升级伴随着配置的升级,单个座椅价值量提升,相比 普通座椅, ...
乘用车业务收入翻倍增长!天成自控2024年营收突破22亿,2025年一季度盈利拐点显现归母净利润同比增长108.77%
Quan Jing Wang· 2025-04-28 14:34
2024年,天成自控的乘用车座椅业务实现营收10.54亿元,占总收入的50.42%,首次超越工程机械与商 用车板块,成为公司第一大收入来源。这一增长得益于天成自控前期战略布局的兑现。2024年,上汽 ZS32、奇瑞CX62D、东风S59等新项目的顺利量产,公司产能得到了有效释放,从而推动了公司乘用车 业务的产销量和销售收入实现高速增长。此外,2024年取得多个项目的定点为公司乘用车业务后续的持 续快速增长提供了充足的项目与订单支持,乘用车座椅赛道国产替代加速。 数据显示,2018年公司乘用车座椅收入仅占比为12.35%,而2024年该业务不仅实现122.79%的同比增 速,营收规模更是较2018年的1.15亿元,跃升至2024年的10.54亿元,收入增长规模近10倍。与此同时, 工程机械与商用车座椅合计占比34.34%,仍保持基本盘稳定;航空座椅虽受行业复苏节奏影响占比 10.38%,但52.89%的增速显示其未来增长潜力。 值得注意的是,这种"一超多强"的业务格局既体现了公司把握新能源汽车发展机遇的能力,也展现了其 多元化布局的抗风险优势。乘用车业务的高增长有效对冲了工程机械行业周期波动的影响,而航空座椅 ...