Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to achieve a net profit of 110 million yuan after deducting non-recurring items in Q2 2025, representing a year-on-year increase of 912.4% and a quarter-on-quarter increase of 25.9% [2][5] - With the support of Grammer, the company is leveraging its production and R&D efficiency, along with high self-manufacturing rates, to rapidly penetrate major global automakers, resulting in a rich order backlog and promising profitability for its passenger car seat projects [2][11] - The overseas integration effects are gradually becoming evident, and improvements in overseas profitability are expected to bring significant profit elasticity in the future [2][11] Summary by Sections Financial Performance - In Q2 2025, the company anticipates a revenue increase driven by growth in downstream sales and the ramp-up of new domestic seat businesses [11] - Grammer's Q2 2025 revenue is projected at 470 million euros (approximately 3.35 billion yuan), with a year-on-year decrease of 6.9% and a quarter-on-quarter decrease of 4.3% [11] - The operating profit before interest and taxes for Grammer is expected to be 10 million euros (approximately 80 million yuan), with a year-on-year decrease of 42.1% but a quarter-on-quarter increase of 20.6% [11] Future Outlook - The company is expected to achieve net profits of 610 million yuan, 1.03 billion yuan, and 1.35 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 25.9X, 15.3X, and 11.7X [11] - The company is also expanding into air conditioning vents and vehicle refrigerators, which have already secured multiple contracts, continuously opening up long-term growth opportunities [11]

证券研究报告 汽车 | 汽车零部件 北交所|首次覆盖报告 市场表现： | 基本数据 | | 年 | 05 | 月 | 19 | 日 | | | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 25.60 | | | | | | | 一 年 内 最 低 | 高 | | | | | | | 最 | / | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 1,697.28 | | | | | | | 流通市值（百万元） | | | | | 784.04 | | | | | | | 总股本（百万股） | | | | | 66.30 | | | | | | | 资产负债率（%） | | | | | 11.45 | | | | | | | 每股净资产（元/股） | | | | | 8.57 | | | | | | | 资料来源：聚源数据 | | | | | | | | | | | | | | | | | | | 31.15/1 ...

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的 投资风险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、 尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大 的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 芜湖福赛科技股份有限公司 （Wuhu Foresight Technology Co., Ltd.） （芜湖市鸠江经济开发区灵鸢路 2 号） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 芜湖福赛科技股份有限公司 招股意向书 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对 注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明 其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化， 由发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决 策，自行承担股票依法发行后因发行人经营与收益变化或者 ...