Core Viewpoint - The company reported significant growth in its first half of 2025, driven by successful integration of Grammer and explosive growth in strategic new businesses, particularly in passenger car seats [1][2] Financial Performance - The company achieved operating revenue of 10.523 billion yuan and a net profit attributable to shareholders of 154 million yuan, representing year-on-year changes of -4.39% and 189.51% respectively [1] - The net profit after deducting non-recurring gains and losses surged by 598.63% to 189 million yuan [1] Business Segments - The subsidiary Grammer generated operating revenue of 7.601 billion yuan, despite a year-on-year decline of 11.89%, but turned a profit of 93 million yuan compared to a loss of 35 million yuan in the previous year [1] - The passenger car seat business saw remarkable performance with operating revenue of 1.984 billion yuan, doubling year-on-year [1] Strategic Initiatives - The company has secured 24 project contracts with luxury brands such as Audi and BMW, with a total lifecycle sales value exceeding 70 billion yuan [1] - The company has established a global operational network covering 20 countries and over 80 subsidiaries, enhancing its globalization strategy [1] Emerging Business Areas - Other strategic new businesses are also performing well, with revenue from hidden electric air outlets at 136 million yuan and car refrigerator business revenue at 77 million yuan, marking a 250% year-on-year increase [2] - The company invested 340 million yuan in R&D, a 42.26% increase year-on-year, focusing on breakthroughs in smart cockpit technology and lightweight materials [2] Future Outlook - The company anticipates continued benefits from the integration of "whole seat + interior" solutions amid the electrification and intelligence trends in the automotive industry [2] - According to research from CITIC Securities, the company is expected to grow into a leading enterprise in the global cockpit interior sector through its "local + overseas" dual-drive strategy [2]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [4][11]. Core Views - The company has shown significant revenue growth in its main segments, particularly in passenger car seats and vehicle refrigerators, with a notable increase in revenue and profitability expected in the coming years [7]. - The report highlights the company's strategic focus on expanding its seating business, which is anticipated to reach a profitability turning point, supported by a robust order backlog [7]. - The company is positioned well within the automotive parts industry, with a strong market presence and potential for global expansion, particularly in the passenger car seat segment [7]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 10.52 billion yuan, a year-on-year decrease of 4.4%, while the net profit attributable to shareholders was 154 million yuan, up 189.5% year-on-year [7]. - The company’s revenue from passenger car seats reached 1.984 billion yuan, a year-on-year increase of 121.2%, and revenue from vehicle refrigerators was 77 million yuan, up 250% [7]. Profitability Forecast - The company is projected to achieve a net profit of 529 million yuan in 2025, with a significant turnaround from a loss of 567 million yuan in 2024 [4]. - The expected earnings per share (EPS) for 2025 is 0.42 yuan, with further growth anticipated in subsequent years [4]. Market Position and Strategy - The company has established a strong foothold in the passenger car seat market, with a total of 24 projects currently in hand, indicating a solid foundation for future profitability [7]. - The report emphasizes the company's competitive advantages, including cost efficiency and rapid response capabilities, which are expected to drive its market leadership in domestic and global markets [7].

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 ...

Core 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].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in H1 2025 met expectations, with revenue of 10.5 billion and a net profit of 150 million, showing a year-on-year increase of 190% [1] - The company has a sufficient order backlog, particularly in passenger car seats, with 24 projects confirmed as of July 31, 2025 [3] - The strategic new businesses are developing rapidly, with significant growth in revenue from passenger car seats and other new products [1][3] Financial Performance - In H1 2025, the company reported a revenue of 10.5 billion, a decrease of 4% year-on-year, while the net profit increased by 190% to 150 million [1] - The gross margin improved to 15.3%, up 0.8 percentage points year-on-year, and the net profit margin reached 1.5%, up 1.0 percentage points year-on-year [2] - The company’s revenue from passenger car seats doubled to 2 billion, and the revenue from car refrigerators reached approximately 77 million, showing significant growth [1][2] Order Backlog and Product Development - As of June 30, 2025, the company has confirmed 24 projects for passenger car seats, with a diverse customer base [3] - The company is expanding its production bases globally, including in Europe and Southeast Asia, to support its growth strategy [3] - New products such as air outlets and car refrigerators are contributing to revenue growth, with 140 million from air outlets and 80 million from car refrigerators in H1 2025 [3] Profit Forecast and Valuation - The forecast for net profit for 2025-2027 has been adjusted to 570 million, 970 million, and 1.27 billion respectively, with corresponding P/E ratios of 26, 15, and 12 times [3]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [5]. Core Views - The company reported significant profit growth driven by overseas improvements, with a notable acceleration in seat production expected in the second half of the year [5]. - In the first half of 2025, the company achieved revenue of 1.052 billion yuan, a year-on-year decrease of 4.4%, while net profit attributable to shareholders increased by 189.5% to 150 million yuan [1][5]. - The company is focusing on expanding its passenger car seat business, which saw revenue double year-on-year to 1.984 billion yuan, although it still reported a net loss of 63 million yuan due to high upfront costs [5]. Financial Performance - In Q2 2025, the company achieved revenue of 549 million yuan, a year-on-year decrease of 4.1%, while net profit attributable to shareholders was 50 million yuan, up 45.1% [1][5]. - The gross margin for Q2 2025 was 14.4%, remaining stable year-on-year, while the net margin was 0.7%, an increase of 0.1 percentage points year-on-year [5]. - The company’s total revenue is projected to grow from 21.571 billion yuan in 2023 to 31.238 billion yuan by 2027, with a compound annual growth rate of approximately 10% [6][9]. Strategic Developments - The company has initiated an employee stock ownership plan to incentivize key personnel in the seat division, with revenue targets set at 4 billion yuan for 2025 [5]. - The company is actively pursuing global expansion in its seating business, with production bases in Southeast Asia already operational and European facilities under construction [5]. Valuation Metrics - The current market capitalization of the company is approximately 14.9 billion yuan, with a price-to-earnings ratio of 29.6 for 2025 and 14.2 for 2026 [2][6]. - The return on equity (ROE) is projected to improve from -9.3% to 10.3% by 2025, indicating a recovery in profitability [2][9].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Views - The company reported a revenue of 10.52 billion yuan for H1 2025, a year-on-year decrease of 4.4%, while the net profit attributable to shareholders increased by 189.5% to 150 million yuan [1]. - The company is experiencing accelerated production of seats, with H1 2025 revenue from passenger car seats reaching 1.98 billion yuan, doubling year-on-year [2]. - The integration of the company with Grammer is showing positive results, with a focus on cost reduction and efficiency improvements, aiming to become a global leader in smart cockpits [3]. Financial Performance Summary - For Q2 2025, the company achieved a revenue of 5.49 billion yuan, a year-on-year decrease of 4.1% but a quarter-on-quarter increase of 8.9% [1]. - The gross margin for Q2 2025 was 14.4%, remaining stable year-on-year but down 1.9 percentage points quarter-on-quarter [2]. - The company forecasts revenues of 26.75 billion yuan, 29.95 billion yuan, and 35.95 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 602 million yuan, 940 million yuan, and 1.34 billion yuan for the same years [5][8]. Business Development Insights - The company has secured over 20 seat projects since October 2021, with a total project value of 95.9 to 100.6 billion yuan, indicating significant growth potential in the domestic market [2]. - The company aims to achieve revenue targets of 5 billion yuan and 10 billion yuan for its seat division in 2025 and 2026 respectively, reflecting confidence in rapid business growth [2]. - The strategic integration with Grammer is expected to enhance market share and product offerings, positioning the company to capitalize on the transformation in the automotive industry towards electric and smart vehicles [3].

Core Insights - Ningbo Jifeng Automotive Parts Co., Ltd. reported a slight decline in revenue for the first half of 2025, with total revenue of 10.523 billion yuan, down 4.39% year-on-year, while net profit attributable to shareholders surged by 189.51% to 154 million yuan [1] - The revenue decline was attributed to the sale of Toledo Molding & Die LLC's performance in the previous year, not due to core business weakness, indicating successful asset optimization and strategic adjustments [1] - The company’s emerging business, particularly the passenger car seat segment, showed remarkable growth, with revenue reaching 1.984 billion yuan, doubling year-on-year due to sustained investment and market expansion [1] Business Performance - The customer base of the company has diversified, covering overseas luxury car manufacturers, domestic new energy vehicle leaders, traditional high-end joint ventures, and top independent car manufacturers [2] - As of July 31, 2025, the company secured 24 designated projects in the passenger car seat sector, with a total lifecycle value between 95.94 billion yuan and 100.64 billion yuan [2] - The company has increased its R&D personnel for passenger car seats by approximately 175 people as of June 30, 2025, and has applied for a total of 180 patents, with 103 already granted [2] Capacity Expansion - The company has made significant progress in capacity construction for passenger car seats, with multiple production bases completed and operational, including locations in Hefei, Changzhou, Wuhu, Fuzhou, Yiwu, Tianjin, and Changchun [3] - The company is collaborating with its subsidiary Grammer Aktiengesellschaft to advance global seat business, with a new production base in Southeast Asia already operational and a European base under construction [3] - The company’s proactive approach in R&D and market expansion has positioned it well to meet increasing market demands for seat comfort and intelligence [3] Emerging Business Growth - In addition to passenger car seats, the company’s other emerging businesses also performed well, with intelligent air vent revenue reaching 136 million yuan and car refrigerator revenue approximately 77 million yuan in the first half of 2025 [3] - The company has secured 13 orders for car refrigerator products and has successfully gained project designations for hidden door handle products from various clients [3] - The company’s strategy of diversifying product offerings while focusing on specific product details has enhanced its competitive edge in the market [4]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 15 CNY per share [7][12]. Core Views - The company's revenue for the first half of 2025 was 10.523 billion CNY, a year-on-year decrease of 4.39%, while the net profit attributable to shareholders was 154 million CNY, a significant increase of 189.51% year-on-year [1][2]. - The seat business has shown rapid growth, with revenue reaching 1.984 billion CNY in the first half of 2025, up 121.2% compared to the same period in 2024 [2][5]. - The company is expanding its seat production capacity globally, with new bases in Southeast Asia and ongoing construction in Europe, aiming for a target revenue of 10 billion CNY from the seat segment by 2026 [5][6]. Revenue Summary - The company reported a total revenue of 10.523 billion CNY in the first half of 2025, down 4.39% year-on-year, primarily due to the divestiture of TMD by Grammer [2]. - The seat segment generated 1.984 billion CNY in revenue, reflecting a 121.2% increase year-on-year, driven by increased production for clients like Ideal and Geely [2][5]. - The car refrigerator segment also saw significant growth, with revenue doubling to 77 million CNY [2]. Profit Summary - The net profit for Q2 2025 was 49 million CNY, a decrease of 53% quarter-on-quarter, with a gross margin of 14.39%, down 1.93 percentage points [3]. - The increase in R&D expenses is attributed to early investments in seat development, with the number of R&D personnel increasing by approximately 175 compared to the end of 2024 [3]. Future Projections - Revenue projections for 2025 to 2027 are 23.55 billion CNY, 29.01 billion CNY, and 32.01 billion CNY, representing year-on-year growth rates of 5.8%, 23.2%, and 10.3% respectively [6][13]. - The net profit forecasts for the same period are 550 million CNY, 950 million CNY, and 1.26 billion CNY, with significant growth expected in the coming years [6][13].

Group 1 - The company held its 18th meeting of the third board of directors on August 5, 2025, where all 9 attending directors voted in favor of the proposal to establish a holding subsidiary [2][3]. - The board approved the investment to establish a subsidiary with a registered capital of RMB 20 million, where the company will contribute RMB 12 million, accounting for 60% of the capital [5][6]. - The investment aims to expand the company's product range and enhance its competitive strength in the automotive sector, particularly in the vehicle refrigerator market [12]. Group 2 - The new subsidiary, tentatively named Shanghai Aisi Rewing Intelligent Technology Co., Ltd., will focus on the vehicle refrigerator business [6][7]. - The global vehicle refrigerator market is projected to grow from approximately RMB 50 billion in 2024 to RMB 140 billion by 2033, with a compound annual growth rate (CAGR) of 11.5% [13]. - The domestic market for vehicle refrigerators is expected to maintain rapid growth due to trends in electric and smart vehicles, as well as increasing consumer demand [13].