松原安全 20260326 摘要 松原股份正从单一安全带供应商向被动安全集成商转型，2024 年营收 19.7 亿元，2023 年起增速重回 30%+，2024 年 ROE 回升至 21.64%。 产品结构优化显著，安全气囊与方向盘新业务营收占比从 2021 年 0.64%飙升至 2025H1 的 39%，单车价值量从 2017 年 38.66 元增至 2024 年约 400 元。 客户矩阵由商用车拓展至乘用车，已覆盖蔚小理、问界、极氪等新势力 及奇瑞、吉利等头部自主，2024 年获欧洲斯特兰蒂斯全球定点，开启 出海进程。 盈利能力大幅领先国际巨头，2021-2024 年毛利率维持 28%-33%， 远高于奥托立夫（16%-18.5%），2024 年直接生产人效达奥托立夫 3.66 倍。 产能布局进入放量期，马来西亚工厂预计 2025Q3 投产，规划年产 50 万套；预计 2030 年国内份额达 12%，海外份额 2.5%，总营收目标突 破 100 亿元。 0.64%提升至 2025 上半年的 39%。在客户结构方面，公司已从商用车领域拓 展至乘用车领域，客户矩阵不断完善。自 2021 年起，公司密集获得蔚来 ...

2026 年 03 月 25 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2026 年第 46 期 观点精粹: 最新报告摘要 专科业务稳健增长，第二增长曲线逐步构建--华润双鹤/化学制药(600062/213701) 公司点评 2025 年公司扣非归母净利润同比增长，高端聚烯烃项目打开长期成长天花板--卫星化学/化学原料 (002648/212202) 公司点评 被动安全赛道黑马，量价双重成长向上--松原安全/汽车零部件(300893/212802) 公司深度研究 2025 年收入持续增长，盈利能力稳健提升--福耀玻璃/汽车零部件(600660/212802) 公司点评 上美股份(2145.HK)深度报告：单聚焦锚定根基，多品牌迈向全球--上美股份/化妆品(02145/217702) 公司 PPT 报告（港股美股） 现金充足，高比例分红维持--中国宏桥/工业金属(01378/212403) 点评报告（港股美股） 中国新药即将闪耀亮相 2026 年 AACR 会议--行业周报 2025 年归母净利润预计+ ...

2026 年 03 月 24 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 被动安全赛道黑马，量价双重成长向上 ——松原安全（300893）公司深度研究 最近一年走势 投资要点: 本篇报告解决了以下核心问题：1、汽车被动安全行业的发展前景；2、 公司的核心竞争力与成长逻辑。 《松原安全（300893）公司动态研究：2025Q3 公 司经营稳定稳健向上，盈利能力持续提升（买入） *汽车零部件*戴畅》——2025-11-16 国海证券研究所 请务必阅读正文后免责条款部分 相对沪深 300 表现 2026/03/23 表现 1M 3M 12M 松原安全 -10.5% -14.1% 20.2% 沪深 300 -5.2% -4.4% 12.9% 市场数据 2026/03/23 当前价格（元） 20.97 52 周价格区间（元） 20.80-41.16 总市值（百万元） 9,918.84 流通市值（百万元） 5,260.81 总股本（万股） 47,300.13 流通股本（万股） 25,087.31 日均成交额（百 ...

证券研究报告/行业研究 专注汽车零部件优质赛道 ——汽车零部件行业专题研究 投资要点 ➢ 如何看待当下汽车零部件的投资机会？ 智电变革下，中国汽车产业迎来历史性的发展机遇，自主品牌主机厂在国内 实现了对合资品牌的反超，并加速走向全球化，带动国内产业链共同成长，中 国有望诞生世界级的零部件巨头。我们认为汽零的投资有四大主线：优质赛 道、全球化、智能化和机器人赛道，本文主要聚焦高壁垒、格局优的优质赛 道，具体包括汽车玻璃、车灯、被动安全和座椅四个细分领域。 ➢ 汽车玻璃： 智电变革推动汽车单车玻璃使用量增加，以及全景天幕、调光玻璃、HUD玻 璃等高附加值产品渗透率提升，行业迎来量价齐升，我们预计2030年全球汽 车玻璃行业规模有望达1443亿元，2025-2030年CAGR约为9.7%。 汽车玻璃行业高度集中，2020年全球CR4超过85%，福耀玻璃为全球龙头， 市占率为28%。福耀玻璃专注汽车玻璃主业，2020年以来加大对天幕玻璃等 新产品的研发，并在海外对手战略收缩背景下加大资本开支，市占率有望持 续提升，我们估算2025年市占率约为37%。 ➢ 车灯： ADB、DLP等智能大灯渗透率提升，推动车灯ASP持续 ...

证券代码：300893 证券简称：松原安全 公告编号：2026-005 浙江松原汽车安全系统股份有限公司 关于控股股东、实际控制人的一致行动人减持计划时 间届满暨减持完毕的公告 公司控股股东、实际控制人的一致行动人、持股 5%以上股东南京明凯创 业投资合伙企业（有限合伙）保证向公司的提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 浙江松原汽车安全系统股份有限公司（以下简称"公司"）于 2025 年 11 月 11 日披露了《关于控股股东、实际控制人的一致行动人减持股份的预披露公 告》（公告编号：2025-111），因自身资金需求，公司控股股东、实际控制人的 一致行动人南京明凯创业投资合伙企业（有限合伙）（以下简称"南京明凯"） 计划自该公告披露之日起十五个交易日后的三个月内（根据中国证监会及深圳证 券交易所相关规定禁止减持的期间除外），以集中竞价、大宗交易或两者相结合 的方式减持公司股份不超过 4,727,797 股（占公司总股本比例 1%）。 二、其他相关说明 一、 股东减持股份情况 | ...

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The demand for distributed power sources in North America is increasing due to the mismatch between the expansion of traditional power grids and the rapid construction of data centers, creating opportunities for on-site power generation and backup power equipment [5][16] - The automotive sector is experiencing a shift towards high-end luxury passenger vehicles, with expectations of increased performance as product matrices expand [8] - The automotive parts industry is expected to see an upward trend in profitability due to reduced competition and expansion in downstream markets [8] Summary by Sections 1. Data Center Distributed Power Demand - The power supply gap in North America is widening, leading to increased demand for distributed power sources [16] - Major tech companies are significantly increasing their capital expenditures for data centers, with a total expected expenditure of approximately $650 billion in 2026 [16][17] - The total installed capacity of data centers in the U.S. is projected to grow from about 17 GW in 2025 to approximately 50 GW by 2030 [16] 2. Industry News Highlights - Xiaopeng Motors announced that Volkswagen will be the first customer for its second-generation VLA model [34] - Huawei's autonomous driving system recorded over 470 million kilometers during the Spring Festival, equivalent to 190,000 round trips between Beijing and Shanghai [35] - NIO's chip subsidiary completed its first round of financing, raising over 2.2 billion RMB [37] 3. Market Performance - The automotive sector's performance this week saw the Shanghai Composite Index increase by 1.08%, while the automotive sector rose by 0.59%, ranking 23rd among A-share industries [7][43] - The passenger vehicle sector's PE valuation decreased, while commercial vehicles and automotive parts sectors saw an increase in PE valuations [43][46] 4. Investment Recommendations - For passenger vehicles, the recommendation includes Jianghuai Automobile and Seres, with Geely Automobile as a beneficiary [8] - In the automotive parts sector, recommended companies include Desay SV, Zhejiang Xiantong, and Meili Technology, with beneficiaries such as Weichai Power and Wufeng High-Tech [8]

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The demand for distributed power sources in North America is increasing due to the mismatch between the expansion of traditional power grids and the rapid construction of data centers, creating opportunities for on-site power generation and backup power equipment [5][16] - The automotive sector is experiencing a shift towards high-end luxury passenger vehicles, with expectations of increased performance as product matrices expand [8] - The automotive parts industry is expected to see an upward trend in profitability due to reduced competition and expansion in downstream markets [8] Summary by Sections 1. Data Center Distributed Power Demand - The power supply gap in North America is widening, leading to increased demand for distributed power sources [16] - Major tech companies are significantly increasing their capital expenditures for data centers, with a total expected expenditure of approximately $650 billion (about 4.58 trillion RMB) in 2026 [16][17] - The total installed capacity of data centers in the U.S. is projected to grow from about 17 GW in 2025 to approximately 50 GW by 2030 [16] 2. Industry News Highlights - XPeng Motors announced that Volkswagen will be the first customer for its second-generation VLA model [6] - Huawei's autonomous driving system recorded over 470 million kilometers during the Spring Festival, equivalent to 190,000 round trips between Beijing and Shanghai [6] - NIO's chip subsidiary completed its first round of financing, raising over 2.2 billion RMB [6] 3. Market Performance - The automotive sector's performance this week saw the CSI 300 index increase by 1.08%, while the automotive sector rose by 0.59%, ranking 23rd among A-share industries [7][43] - The passenger vehicle index decreased by 1.41%, with GAC Group and NIO leading the gains [7][46] - The commercial vehicle index increased by 1.41%, with Hailun Zhe and Weichai Power leading the gains [7][50] 4. Investment Recommendations - For passenger vehicles, the demand for domestic high-end luxury vehicles is exceeding expectations, with recommended stocks including JAC Motors and Seres, while benefiting stocks include Geely [8] - In the parts sector, companies like Desay SV and Zhejiang Xiantong are recommended due to expected profitability improvements [8]

Core Viewpoint - The report from Kaiyuan Securities highlights Songyuan Safety as a leading local player in passive safety, starting with seat belts and expanding into airbags and steering wheel businesses [1] Group 1: Company Overview - Songyuan Safety has strengthened its competitive edge and cost advantages through vertical integration and self-research of key components [1] - The client base has expanded from domestic companies to joint ventures and foreign enterprises, currently covering brands such as Geely, Chery, Li Auto, Leap Motor, and Stralis [1] Group 2: Market Potential - The global passive safety market presents significant growth opportunities, positioning the company to potentially become a global automotive safety giant [1] Group 3: Financial Projections - Revenue projections for the company are estimated at 2.734 billion, 3.591 billion, and 4.861 billion yuan for the years 2025, 2026, and 2027 respectively [1] - Expected net profits attributable to the parent company are forecasted to be 402 million, 537 million, and 758 million yuan for the same years [1] - Earnings per share (EPS) are projected to be 0.85, 1.14, and 1.60 yuan per share for 2025, 2026, and 2027 respectively [1] - The current price-to-earnings (PE) ratios are 27.6, 20.6, and 14.6 times for the years 2025, 2026, and 2027 respectively [1] Group 4: Investment Rating - The report initiates coverage with a "Buy" rating based on the company's growth potential and competitive positioning [1]

汽车/汽车零部件 松原安全（300893.SZ） 本土汽车被动安全新星，业绩高增迈向全球 2026 年 02 月 23 日 投资评级：买入（首次） | 日期 | 2026/2/13 | | --- | --- | | 当前股价(元) | 23.44 | | 一年最高最低(元) | 41.16/22.45 | | 总市值(亿元) | 110.87 | | 流通市值(亿元) | 58.80 | | 总股本(亿股) | 4.73 | | 流通股本(亿股) | 2.51 | | 近 3 个月换手率(%) | 94.41 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2025-02 2025-06 2025-10 松原安全 沪深300 | 邓健全（分析师） | 赵悦媛（分析师） | 赵旭杨（分析师） | | --- | --- | --- | | dengjianquan@kysec.cn | zhaoyueyuan@kysec.cn | zhaoxuyang@kysec.cn | | 证书编号：S0790525090003 | 证书编号：S0790525100003 | 证书编号：S ...

证券日报网讯 2月11日，松原安全发布公告称，公司持股5%以上股东南京明凯创业投资合伙企业（有 限合伙）解除质押1764000股，占其持股4.98%，占公司总股本0.37%，质押起始日2025年1月7日，解除 日期2026年2月9日，质权人为交通银行股份有限公司重庆市分行。 （文章来源：证券日报） ...