继峰股份 20250815 摘要 Q&A 公司在 2025 年上半年的整体运营情况如何？ 2025 年上半年，公司集团层面的营业收入同比下滑约 4%，但归母净利润大幅 增长，增幅接近 190%。扣非后的归母净利润同比增长约 600%，主要受到汇 率波动的影响。剔除汇率因素后，扣非规模比原规模多了约 3,500 万元。 公司的各业务板块表现如何？ 在具体业务板块方面，季丰本部的传统头枕扶手业务在 2025 年上半年营业收 入同比持平，下滑 1%，EBIT 则同比下滑 7.7%。去年同期 EBIT 为 2.12 亿元， 今年为 1.95 亿元，下滑约 2000 万元。这主要是由于合资企业占比下降、国内 自主品牌份额增加所致。 座椅事业部方面，2025 年上半年销售收入同比增长 120%，从去年的 9 亿元增至今年的 19.84 亿元。然而，归母净利润亏损扩大， 从去年的 2000 多万元亏损增至今年的 6,300 多万元亏损。这一现象主要是由 集团二季度营收环比增长 9%，但归母净利润减少约 5,000 万人民币， 主要受汇兑损失和研发费用上升影响。扣非归母净利润增加约 1,200 万 人民币。 公司坚持聚焦乘用 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 150 to 180 million yuan for H1 2025, representing a year-on-year increase of 182% to 239%. The non-recurring net profit is projected to be between 180 to 220 million yuan, showing a year-on-year growth of 567% to 715% [5][7] - The Q2 performance aligns with expectations, with a net profit of 46 to 76 million yuan, a year-on-year increase of 34% to 122%, but a quarter-on-quarter decrease of 56% to 28%. The non-recurring net profit is expected to be between 91 to 131 million yuan, reflecting a year-on-year increase of 731% to 1094% and a quarter-on-quarter increase of 3.3% to 48% [7] - The integration of Gramer is showing positive results, with the company expected to continue improving profitability in the second half of the year. The seating business is also anticipated to recover as production ramps up for various models [7] Financial Data and Profit Forecast - The total revenue for 2025 is estimated at 24,581 million yuan, with a year-on-year growth rate of 10.4%. The net profit attributable to shareholders is projected to be 626 million yuan, with a significant year-on-year increase [6][9] - The earnings per share (EPS) for 2025 is expected to be 0.49 yuan, with a projected price-to-earnings (PE) ratio of 25 [6][9] - The report forecasts a net profit of 1,106 million yuan for 2026 and 1,460 million yuan for 2027, indicating a clear growth trajectory [6][9]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's performance in 2024 met expectations, with revenue of 13.3 billion and a year-on-year increase of 25%, while net profit attributable to shareholders reached 980 million, up 21% year-on-year [1]. - The company is expanding into the seating sector through the acquisition of Anhui Ruqi, enhancing its product offerings and customer base [3]. - The company is benefiting from the growth in domestic new energy vehicle sales, which increased by 36% in 2024 and 47% in Q1 2025 [1]. Financial Performance Summary - For 2024, the company reported revenue of 133 billion, a 25% increase year-on-year, and a net profit of 9.8 billion, up 21% year-on-year [1]. - In Q1 2025, revenue was 35 billion, reflecting a 15% year-on-year growth, while net profit was 2.1 billion, a 4% increase year-on-year [1]. - The company's gross profit margin for 2024 was 17.5%, down 3.3 percentage points year-on-year, while the net profit margin was 7.9%, up 0.5 percentage points year-on-year [2]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.38 billion, 1.73 billion, and 2.18 billion, respectively, with corresponding P/E ratios of 15, 12, and 9 [3]. Market Position and Strategy - The company is actively expanding its global footprint, with ongoing construction of production bases in Mexico and Slovakia, and is targeting high-end foreign and joint venture brand clients [1]. - The acquisition of Anhui Ruqi is expected to integrate seating assembly capabilities with existing product lines, creating a comprehensive interior system solution [3]. - The company has established strong partnerships with major automotive brands such as Chery, Li Auto, BYD, and NIO, which supports future product expansion [3].