NBJF(603997) Guohai Securities·2024-11-04 07:24Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company's Q3 2024 performance was impacted by the struggles of its subsidiary, Grammer, but it is laying a solid foundation for future growth [4] - Despite a decline in net profit due to asset impairment and increased management costs, the company is expected to optimize its business structure in North America and Europe, which will enhance overall profitability in the future [4] - The company has successfully turned around its Changzhou seat factory, contributing positively to its performance, with a significant increase in orders and operational efficiency [5] Financial Performance Summary - In Q3 2024, the company achieved revenue of 5.9 billion yuan, a year-on-year increase of 7.2%, but reported a net loss attributable to shareholders of 585 million yuan, a decline of 915.63% year-on-year [2][4] - The company expects to achieve revenues of 23.85 billion, 28.05 billion, and 31.58 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11%, 18%, and 13% [7] - The forecasted net profit attributable to shareholders for 2024 is -477 million yuan, with subsequent recoveries to 810 million yuan in 2025 and 1.15 billion yuan in 2026, reflecting growth rates of -334%, 270%, and 42% respectively [7] Market Performance Summary - The company's stock has underperformed the CSI 300 index by 2.9% over the past month, but has outperformed by 18.6% over the past three months [3] - The current stock price is 13.30 yuan, with a 52-week price range of 9.41 to 15.08 yuan [3]