上海沿浦：平台化转型持续增厚业绩，整椅方向具备较大增长潜力

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The leading seat frame manufacturer has significant potential to enter the complete seat market, with ongoing platform transformation expected to enhance performance, driven by ASP and market share growth [1][2] Summary by Sections Company Overview - The company specializes in automotive seat frame assemblies and has been deeply involved in the industry for approximately 20 years, with a focus on continuous revenue growth [17][21] - The company operates in the midstream of the supply chain, sourcing raw materials primarily from steel and supplying to Tier 1 suppliers and OEMs [21][23] Market Potential - The domestic automotive seat market is projected to reach 117.4 billion yuan by 2026, with a compound annual growth rate (CAGR) of 10% [49] - The overall automotive seat market is characterized by high ASP and low localization rates, indicating a strong potential for the emergence of domestic leading companies [51][52] Financial Projections - Revenue forecasts for 2024-2026 are 22.9 billion, 33.3 billion, and 40.5 billion yuan, representing year-on-year growth rates of 51%, 44%, and 23% respectively [4] - The net profit attributable to the parent company is expected to reach 1.4 billion, 2.5 billion, and 3.5 billion yuan for the same period, with growth rates of 58%, 71%, and 42% respectively [4] Competitive Landscape - The report highlights that the top five global seat manufacturers are all foreign companies, with a combined market share of 78%, indicating a high level of market concentration [29][30] - Domestic competitors include Yanfeng International, which holds a 32% market share, and other players like Jifeng and Tiancheng, which are still developing their market presence [37][38] Strategic Initiatives - The company is undergoing a platform transformation that has already resulted in securing 2.3 billion yuan in platform frame orders, reflecting strong recognition from OEMs [8][9] - The company is also expanding into high-speed rail seat production, which is expected to serve as a gateway into the complete seat market [8][9]