NBJF(603997) 长江证券·2025-01-28 01:47Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to report a net profit attributable to shareholders of -590 to -480 million yuan for 2024, with a non-recurring net profit of -570 to -460 million yuan. The decline in profitability is primarily due to the sale of TMD LLC and personnel optimization measures in the European region, which have led to significant one-time costs. However, the company is expected to benefit from a rich order backlog and improved profitability in its passenger car seat projects in the future [2][4][9]. Summary by Sections Financial Performance - The company anticipates a net profit attributable to shareholders of -590 to -480 million yuan for 2024, with a non-recurring net profit of -570 to -460 million yuan. The expected net profit for Q4 2024 is -3 million yuan, with a non-recurring net profit of 20 million yuan, representing a year-on-year decline of 50.1% [4][9]. Market Outlook - The global automotive market is expected to experience high demand in Q4 2024, with significant growth in passenger car sales in China, the US, and Europe. The company is poised to achieve good revenue growth due to increased sales and the launch of new seat business lines [9]. Strategic Initiatives - The company has successfully reduced the burden of TMD LLC, and the rapid growth of its seat business is expected to drive revenue and profit increases. The integration of overseas operations is gradually showing results, which will lead to significant profit elasticity as overseas profitability improves [9][10]. Profit Forecast - The projected net profits for 2024-2026 are -540 million, 740 million, and 1.17 billion yuan, respectively, with corresponding price-to-earnings ratios of 19.9X and 12.6X for 2025 and 2026 [9][10].