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].

Event Overview - The company disclosed a pre-increase announcement for its 2025 semi-annual performance, expecting a net profit attributable to shareholders of 150 to 180 million yuan, representing a year-on-year increase of 182.3% to 238.7%. The non-recurring net profit is expected to be 180 to 220 million yuan, with a year-on-year increase of 566.9% to 715.1% [1] Analysis and Judgment - The profit for Q2 2025 is in line with expectations, with the integration effects of Grammer becoming evident. The company anticipates a net profit attributable to shareholders of 46 to 76 million yuan for Q2 2025, with a median of 61 million yuan, reflecting a year-on-year increase of 77.7% and a quarter-on-quarter decrease of 42.0%. Grammer's Q2 2025 revenue is expected to be 466 million euros, down 6.9% year-on-year, with an operating profit of 12 million euros, down 42.1% year-on-year. The decline in profit is mainly due to decreased revenue and profit in the Americas and Asia-Pacific regions, particularly in high-margin businesses in China, affected by economic uncertainties. However, the company maintains its full-year operating profit forecast of 60 million euros [1][2] Intelligent Electric Breakthrough - Since October 2021, the company has secured over 20 seat assembly project designations, achieving mass production in May 2023, with cumulative deliveries of 330,000 sets and revenue of 3.11 billion yuan in 2024. As of July 14, 2025, the company has 21 designated projects for passenger car seats, with a total lifecycle value of 92.7 to 97.4 billion yuan. If these orders are produced in the same year, they could generate annual revenue of 15.4 to 16.2 billion yuan, significantly contributing to the 2024 revenue of the company [2] Comprehensive Synergy - Following the consolidation of Grammer in Q4 2019, the company has been focusing on integration since 2020. With the appointment of Grammer's global COO in 2023, the company aims to enhance profitability through cost reduction and efficiency measures. The collaboration between Grammer and the company is expected to expand market reach, enhance product offerings, and increase market share. The company is diversifying its product line to include intelligent new products such as passenger car seats, sound headrests, and mobile central control systems, while also planning to develop smart cabin solutions for heavy trucks and other innovative features [3] Integration Effects and Future Outlook - The integration effects are becoming apparent, with new products and customers accelerating expansion. The combined entity of "Da Jifeng" (Jifeng + Grammer) is expected to become a global leader in intelligent cockpits. Revenue projections for 2025-2027 are 26.75 billion, 29.95 billion, and 35.95 billion yuan, with net profits of 605 million, 945 million, and 1.343 billion yuan, respectively. Corresponding EPS is projected at 0.48, 0.74, and 1.06 yuan, with PE ratios of 26, 17, and 12 times based on the closing price of 12.33 yuan per share on July 14, 2025 [4][5]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [7]. Core Insights - The company expects a significant increase in net profit for the first half of 2025, projecting a range of 150 to 180 million yuan, representing a year-on-year growth of 182.3% to 238.7% [1]. - The integration effects from Grammer in Europe are becoming evident, with the company forecasting a net profit of 46 to 76 million yuan for Q2 2025, a year-on-year increase of 77.7% [2]. - The company has secured over 20 seat assembly projects since October 2021, with a total lifecycle value of 927 to 974 billion yuan, indicating substantial revenue potential [3]. - The strategic integration with Grammer aims to enhance profitability and market share, targeting leadership in the global smart cockpit market [4]. Financial Projections - The company forecasts revenues of 26.75 billion yuan in 2025, with a net profit of 605 million yuan, and expects continued growth in subsequent years [6][10]. - The projected earnings per share (EPS) for 2025 is 0.48 yuan, with a price-to-earnings (PE) ratio of 26 times based on the closing price of 12.33 yuan per share on July 14, 2025 [4][6].

01 事件概述 公司披露2025年一季报：2025Q1实现营收50.4亿元，同比-4.7%/环比-5.8%；归母净利1.0亿元，同比+449.5%/环比扭亏为盈；扣非归母净利0.9亿元，同比+453.1%/环 比扭亏为盈。 02 分析判断 ► 2025Q1利润超预期 业绩步入释放期 公司2025Q1利润同比+449.5%/环比扭亏为盈，我们分析原因主要为格拉默业绩扭亏为盈，业绩逐渐步入释放期，根据公告，格拉默2025Q1实现归属于上市公司股东的 净利润为6,540万元、同扭亏为盈、同比提升10,680万元，格拉默业绩的释放主要得益于公司"Top 10"计划实施的重组措施正在逐步显现成效，此前公司针对EMEA地区 产能做了针对性调整，以适应当地市场环境，且前瞻性与安贝格生产基地达成劳资协议，也对业绩产生了积极的推动作用。 ► 智能电动突围 座椅国产替代空间广阔 公司先后于2021年10月、2022年7月、2022年11月获得三家新能源主机厂座椅总成项目定点，在乘用车座椅业务领域实现从0到1的突破并快速拓展，后陆续获得多个座 椅定点。2023年5月乘用车座椅业务实现量产，5-12月累计交付6.5万套，实现营收6. ...