NBJF(603997) 民生证券·2025-04-30 06:27Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company's Q1 2025 profit exceeded expectations, with a year-on-year increase of 449.5% and a return to profitability, primarily driven by the turnaround of Gramer's performance [1] - The company has made significant progress in the passenger car seat business, achieving mass production and substantial revenue growth, with a total project value of 888-935 billion yuan in hand [2] - The integration of Gramer is showing positive results, with a focus on cost reduction and efficiency improvements, positioning the company to become a global leader in smart cockpits [3] - Revenue projections for 2025-2027 are estimated at 267.50 billion yuan, 299.50 billion yuan, and 359.50 billion yuan, with corresponding net profits of 6.59 billion yuan, 9.45 billion yuan, and 13.43 billion yuan [3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 5.04 billion yuan, a decrease of 4.7% year-on-year and 5.8% quarter-on-quarter, while net profit attributable to shareholders was 100 million yuan, up 449.5% year-on-year [1] - The company expects significant revenue growth from its seat business, with potential annual income from current projects estimated at 148-156 billion yuan, representing 230%-242% of the main business's revenue in 2024 [2] Business Strategy - The company is expanding its product offerings in the smart cockpit market, including passenger car seats, sound systems, and other innovative products, aiming to leverage Gramer's technology and the flexibility of a private enterprise [3] - The company has set ambitious revenue targets for its seat division, with goals of 5 billion yuan in 2025 and 10 billion yuan in 2026, reflecting confidence in rapid growth and profitability [2] Financial Forecast - The financial forecast indicates a recovery with projected revenues of 26.75 billion yuan in 2025, 29.95 billion yuan in 2026, and 35.95 billion yuan in 2027, alongside a significant turnaround in net profit from a loss of 567 million yuan in 2024 to a profit of 659 million yuan in 2025 [5][9]