全面协同 剑指全球智能座舱龙头。公司2019Q4 并表格拉默后，2020 年开启全面整合，2023 年随格拉默全球COO 李国强先生上任后，以提高盈利能力为目标，强力推动全面降本增效措施的具体落地，主要措施包括：1）调整产能布局；2）加强采购等供应链管理；3）推行“卫星计划”，增加管理部门能力；4）提升工艺能力，深化工厂VAVE；5）积极落实与客户协商的原材料价格上涨的补偿机制；6）加强细化财务月度实际数据与预算数据差异分析等。同时格拉默和继峰联合开拓市场，产品相互赋能，客户相互导入，共同提升市占率。面对汽车行业电动智能百年大变革，公司横向拓展乘用车座椅、音响头枕、车载冰箱、移动中控系统等智能化新品，纵向布局智能家居式重卡座舱、电动出风口、隐藏式门把手、车载冰箱等，长期来看“大继峰”有望充分发挥格拉默百年积淀的座椅等技术优势和继峰的民企灵活机制冲击智能座舱市场，剑指全球龙头。Incident: Company disclosure announcement: It recently received a “Letter of Intent for Supplier Designation” and obtained designation for 2 seat assembly projects from a NEV OEM to develop and produce seat assembly products for customers.
Furthermore, it gained a stable market base for the original customer's fixed-point seat business. This newly designated project is a target for 2 seat assembly projects of a new energy vehicle OEM. According to the customer plan, mass production of the two projects is expected to begin in April 2026 and May 2026, respectively. The project life cycle is 3 years, and the total estimated life cycle amount is 3.1 billion yuan. This newly targeted project is for the original customer to re-target their new model to the company, reflecting the customer's recognition of the company's capabilities and services provided during the cooperation process. At the same time, the continuous accumulation of orders in hand has also created conditions for the company to form economies of scale in future production.
The domestic replacement space for smart electric breakout seats is vast. The company successively obtained seat assembly project targets from three new energy OEMs in October 2021, July 2022, and November 2022. It achieved breakthroughs and rapid expansion from 0 to 1 in the passenger car seat business, and has successively obtained multiple seat targets. The passenger car seat business achieved mass production in May 2023, and a total of 0.065 million units were delivered in May-December, achieving revenue of 0.655 billion yuan; the 2024H1 delivered a total of 0.089 million units, achieving revenue of 0.897 billion yuan. As of January 6, 2025, the company has targeted 20 passenger car seat projects, with a total life cycle of 88.1-92.8 billion yuan. The life cycle of a typical model is 5-7 years. If an on-hand order is mass-produced in the same year, an annual revenue of 14.7-15.5 billion yuan can be achieved, which is 366% to 385% of Jifeng headquarters's revenue in 2023, with a significant increase in revenue.
Comprehensive collaboration refers to the world's leading smart cockpit. After the company's 2019Q4 and Form Rammer, full integration began in 2020. After taking office with Mr. Li Guoqiang, the COO of Grammer Global, in 2023, the goal was to increase profitability and strongly promote the specific implementation of comprehensive cost reduction and efficiency measures. The main measures include: 1) adjusting production capacity layout; 2) strengthening supply chain management such as procurement; 3) implementing a “satellite plan” to increase management department capacity; 4) Improving process capacity and deepening factory VAVE; 5) Actively implementing compensation mechanisms for raw material price increases negotiated with customers; 6) Strengthen detailed monthly financial data and monthly Budget data variance analysis, etc. At the same time, Grammer and Jifeng are jointly developing markets, products are mutually empowering, and customers are introducing each other to jointly increase market share. Facing the century-old transformation of electric intelligence in the automotive industry, the company is horizontally expanding intelligent new products such as passenger car seats, audio headrests, car refrigerators, mobile central control systems, etc., with a vertical layout of smart home-style heavy truck cabins, electric air vents, hidden doorknobs, car refrigerators, etc. In the long run, “Dajifeng” is expected to give full play to Grammer's technical advantages such as seats accumulated over 100 years and Jifeng's flexible mechanism of private enterprises impacting the smart cockpit market.
Investment suggestions: The effects of integration are gradually showing, new products and new customers are being expanded at an accelerated pace, and “Dajifeng” (Jifeng+Grammer) is expected to become the global smart cockpit leader in the future. We expect the company's revenue in 2024-2026 to be 23.02/26.75/29.95 billion yuan, net profit to the mother of -0.449/0.782/1.113 billion yuan, corresponding to EPS of -0.35/0.62/0.88 yuan, corresponding to the closing price PE of 10.94 yuan/share on January 6, 2025, respectively -/18/12 times, maintaining the “Recommended” rating.
Risk warning: Passenger car industry sales fall short of expectations; integration progress falls short of expectations; customer development falls short of expectations; industry competition intensifies; raw material costs increase, etc.
