继峰股份（603997.SH）系列点评二十三 2025Q4 业绩超预期 座椅全球化加速 glmszqdatemark 风险提示：乘用车销量不及预期；整合不及预期；客户拓展不及预期等。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 22,255 | 22,950 | 26,450 | 30,950 | | 增长率（%） | 3.2 | 3.1 | 15.3 | 17.0 | | 归属母公司股东净利润（百万元） | -567 | 471 | 869 | 1,179 | | 增长率（%） | -378.0 | 183.1 | 84.6 | 35.6 | | 每股收益（元） | -0.45 | 0.37 | 0.68 | 0.93 | | PE | / | 39 | 21 | 16 | | PB | 3.9 | 3.4 | 2.9 | 2.5 | | 执业证书： S0590525110023 | | --- | | 邮箱： cuiyan@ ...

Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 房乔华(分析师) | 021-23185699 | fangqiaohua@gtht.com | S0880525040065 | 本报告导读： 股 票 研 究 2025 年净利润实现扭亏为盈 继峰股份(603997) 继峰股份公告点评 [Table_Balance] 资产负债表摘要(LF) 继峰股份发布 2025 年业绩预告，预计 2025 年归母净利润 41,000 万元到 49,500 万 元，实现扭亏为盈，我们认为公司在经过多年整合后欧洲经营成本显著下降，同时 乘用车座椅业务规模效应显现，盈利能力大幅增长，公司有望迎来业绩释放的拐点。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | -- ...

股 票 研 究 继峰股份公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 房乔华(分析师) | 021-23185699 | fangqiaohua@gtht.com | S0880525040065 | 本报告导读： 继峰股份发布 2025 年业绩预告，预计 2025 年归母净利润 41,000 万元到 49,500 万 元，实现扭亏为盈，我们认为公司在经过多年整合后欧洲经营成本显著下降，同时 乘用车座椅业务规模效应显现，盈利能力大幅增长，公司有望迎来业绩释放的拐点。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 21,571 | 22,255 | 23,615 | 27,590 | 3 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Views - The company has released a profit forecast for 2025, predicting a median net profit attributable to shareholders of 201 million yuan for Q4, a significant turnaround from losses, with a quarter-on-quarter increase of 107% [2]. - The company anticipates a doubling of its performance in 2026, with a target price range of 19.4 to 21.2 yuan, indicating a potential upside of 31% to 43% from the current price [2][8]. Financial Summary - Total revenue is projected to grow from 22,255 million yuan in 2024 to 30,578 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.2% [4]. - The net profit attributable to shareholders is expected to shift from a loss of 567 million yuan in 2024 to a profit of 1,261 million yuan by 2027, reflecting a significant recovery and growth trajectory [4]. - Earnings per share (EPS) is forecasted to improve from -0.45 yuan in 2024 to 0.99 yuan in 2027, indicating a strong recovery in profitability [4]. Business Performance Insights - The company expects its passenger car seat business to generate over 5 billion yuan in revenue in 2025, marking a year-on-year increase of over 60% [8]. - The integration of production capabilities with partners in Europe is expected to enhance operational efficiency and profitability [8]. - The company has secured 25 projects in hand for passenger car seats, with a total sales potential exceeding 100 billion yuan, indicating strong future growth prospects [8]. Valuation and Market Position - The report estimates the company's market value in 2026 to be between 247 billion and 269 billion yuan, based on a price-to-earnings (P/E) ratio of 35-40 times for the passenger car seat business and 20 times for traditional businesses [8]. - The company is positioned to capture a larger market share among key clients such as Li Auto, NIO, and Geely, which is expected to further enhance its revenue and profitability [8].

本报讯(记者吴奕萱)1月29日晚间，宁波继峰汽车零部件股份有限公司(以下简称"继峰股份（603997）") 发布2025年度业绩预告，预计全年实现归属于母公司所有者的净利润4.1亿元至4.95亿元，与上年同期相 比，将实现扭亏为盈。 据公告披露，继峰股份2025年业绩实现反转，核心源于四大举措的落地与成效释放。在人力成本优化方 面，Grammer Aktiengesellschaft(简称"格拉默")2024年下半年针对欧洲生产基地推出系列人力资源调整 措施。 乘用车座椅业务规模效应显现，盈利能力大幅增长。2025年，继峰股份乘用车座椅业务新生产基地如期 建成，在手订单亦陆续实现量产，预计乘用车座椅全年营业收入将超过50亿元，同比增长超60%。随着 乘用车座椅业务规模的持续扩大，规模效应开始显现，同时降本措施的实施，进一步提高了乘用车座椅 业务盈利水平。2025年，预计公司乘用车座椅业务归母净利润约1亿元，同比实现大幅增长。 2025年以来，继峰股份乘用车座椅业务持续斩获高质量订单，业务发展势头强劲。目前，公司的乘用车 座椅客户已全面覆盖海外豪华车企、国内造车新势力龙头企业、国内传统高端合资车企及国内传统头部 ...

Core Viewpoint - The company, Jifeng, announced a projected net profit for 2025 of between 410 million and 495 million yuan, marking a turnaround from a loss of 566.8 million yuan in the previous year, primarily due to effective measures implemented [2] Group 1: Financial Performance - The expected net profit attributable to the parent company is projected to be between 410 million and 495 million yuan, compared to a loss of 566.8 million yuan in the same period last year [2] - The net profit after deducting non-recurring gains and losses is anticipated to be between 369 million and 455 million yuan [2] Group 2: Key Measures for Improvement - The company optimized human resource allocation, particularly through layoffs, salary adjustments, and job transfers at its European production base, leading to a continuous decrease in labor costs [2] - The integration of Jifeng's interior business in Europe with Grammer's unified operations has enhanced scale effects and significantly reduced operational costs in the European region [2] - The sale of the loss-making TMD company in the U.S. in 2024 is expected to eliminate negative impacts on the company's performance in 2025 [2] - The passenger car seat business is projected to exceed 5 billion yuan in annual revenue, with a year-on-year growth of over 60%, and an estimated net profit of around 100 million yuan, indicating a significant improvement in profitability [2]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Ningde Times, China Railway, and Shanghai Jahwa, reflecting strong market confidence in these sectors [1][2]. Group 2 - On January 29, the companies with the highest target price increases were Ningde Times (75.79%), China Railway (53.99%), and Shanghai Jahwa (52.17%), indicating significant bullish sentiment in the battery, infrastructure, and cosmetics industries respectively [1][2]. - A total of 27 listed companies received broker recommendations on January 29, with Qingdao Bank receiving the most recommendations at 5, followed by Mingyang Smart Energy and Ruoyuchen with 2 each [1][3]. - Three companies had their ratings upgraded on January 29, including TBEA, which was upgraded from "Hold" to "Buy" by Huatai Securities, reflecting improved outlooks for these firms [4][6]. - Five companies received initial coverage on January 29, with Qingdao Bank rated "Recommended" by Guolian Minsheng Securities, indicating new interest from analysts in these stocks [6][7].

Group 1: Company Announcements - Meinian Health plans to participate in the restructuring of Zhejiang Bangjie Holdings, aiming to become the controlling shareholder post-restructuring [1] - Silver Industry's gold and silver product revenues are low, with gold sales contributing 18.67% and silver 4.54% to total revenue in H1 2025 [2] - Tianneng Wind Power has decided to implement long-term production halts for six wholly-owned subsidiaries to optimize resource allocation and focus on core offshore wind power business [3] Group 2: Price and Supply Risks - Tongling Nonferrous Metals reports significant uncertainty in the prices of cathode copper and other main products, with low self-sufficiency in copper concentrate posing supply stability risks [4] - ST Aowei received a notice of termination of listing due to market capitalization falling below 500 million yuan for 20 consecutive trading days [5][6] Group 3: Performance Forecasts - Foton Motor expects a net profit increase of approximately 1551% to around 1.33 billion yuan in 2025, driven by sales growth across various segments [7] - Beimo High-Tech anticipates a net profit of 190 million to 220 million yuan, reflecting a growth of 1076.16% to 1261.87% [8] - Zhongke Sanhuan forecasts a net profit increase of 566.23% to 899.35%, driven by cost control and market expansion [9] - Wancheng Group expects a net profit of 1.23 billion to 1.4 billion yuan, a growth of 222.38% to 266.94% [10] - Wan Yi Technology anticipates a net profit increase of 191.52% to 330.34%, supported by product optimization and cost reduction measures [11] - Nanmo Biology expects a net profit of 24 million to 34 million yuan, a growth of 269.49% to 423.44% [12] - Bai'ao Saitou forecasts a net profit increase of 384.26% to 443.88%, benefiting from overseas market expansion [13] - Hailanxin anticipates a net profit of 40 million to 60 million yuan, a growth of 387.47% to 631.2% [14] - Panzhihua Coal expects a net profit of 318 million to 380 million yuan, a growth of 205.3% to 264.83% [15] - Huaguang New Materials forecasts a net profit increase of 104.67% to 141.88% [16] - Putian Technology expects a net profit of 1.92 million to 2.88 million yuan, a growth of 71.55% to 157.33% [17] - Guoda Special Materials anticipates a net profit increase of 82.61% [18] - Tongkun Co. expects a net profit of 1.95 billion to 2.15 billion yuan, a growth of 62.24% to 78.88% [19] - Yiming Pharmaceutical forecasts a net profit increase of 61.12% to 122.08% [20] - Guosheng Securities expects a net profit of 210 million to 280 million yuan, a growth of 25.44% to 67.25% [21] - Shengyi Technology anticipates a net profit increase of 87% to 98% [22] Group 4: Loss Forecasts - Saifutian expects a loss of 30 million to 45 million yuan, significantly reducing previous losses [23] - Magang Group forecasts a loss of 190 million to 250 million yuan, a substantial reduction in losses [24] - Shennong Seed Industry anticipates a profit of 90 million to 120 million yuan, reversing previous losses [25] - Jifeng Co. expects a profit of 410 million to 495 million yuan, reversing previous losses [26] - Bingchuan Network forecasts a profit of 436 million to 516 million yuan, reversing previous losses [27] - Zhongyou Technology anticipates a profit of 540 million to 640 million yuan, reversing previous losses [28] - Dongfang Biology expects a loss of 523 million yuan [29] - Wantai Biological anticipates a loss of 330 million to 410 million yuan due to market pressures [30] - Anbotong expects a loss of 114 million to 165 million yuan [31] - Shunxin Agriculture forecasts a loss of 116 million to 188 million yuan due to declining sales [32] - Guozhong Water expects a loss of 130 million to 104 million yuan, with potential delisting risks [33] Group 5: Major Contracts - China Communication Signal expects to win 21 major projects worth approximately 5.26 billion yuan [34]

证券代码：603997 证券简称：继峰股份 公告编号：2026-006 宁波继峰汽车零部件股份有限公司 ● 宁波继峰汽车零部件股份有限公司（以下简称"公司"）预计2025年年度实现归属于母公司所有者的净 利润41,000万元到49,500万元，与上年同期（法定披露数据）相比，将实现扭亏为盈。 ● 预计2025年年度归属于母公司所有者的扣除非经常性损益后的净利润36,900万元到45,500万元。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润41,000万元到49,500万元，与 上年同期（法定披露数据）相比，将实现扭亏为盈。 2025年年度业绩预盈公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次业绩预告适用于"净利润实现扭亏为盈"的情形。 1、人力资源配置的优化措施，实现了人力成本的持续下降 预计2025年年度实现归属于母公司所有者的扣除非经常性损益后的净利润36,9 ...