证券代码：300893 证券简称：松原安全 公告编号：2025-036 债券代码：123244 债券简称：松原转债 浙江松原汽车安全系统股份有限公司 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。 一、董事会会议召开情况 浙江松原汽车安全系统股份有限公司（以下简称"公司"）第三届董事会第 三十六次会议于 2025 年 5 月 12 日以书面传签方式召开。本次会议已于 2025 年 意缩短会议通知时间。本次会议应参加表决董事 7 名，实际表决董事 7 名，会议 的召集、召开方式和程序符合《公司法》等法律法规及《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于聘任公司董事会秘书的议案》 因工作岗位调整，叶醒先生不再担任公司董事会秘书职务，离任后将继续在 公司担任其他职务。经公司董事长提名，董事会提名委员会审查并同意，董事会 同意聘任张毕峰先生为公司董事会秘书，任期自本次董事会审议通过之日起至本 届董事会任期届满之日止。 具体内容详见公司同日在巨潮资讯（www.cninfo.com.cn）披露的《关于变 更公司董事会秘书的公告》（公告编号：202 ...

一、保荐工作概述 浙江松原汽车安全系统股份有限公司 2024 年度跟踪报告 | 保荐人名称：中信建投证券股份有限公司 | 上市公司简称：松原安全 | | --- | --- | | 保荐代表人姓名：孙泉 | 联系电话：021-68801584 | | 保荐代表人姓名：马忆南 | 联系电话：021-68801584 | | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 不限于防止关联方占用公司资源的制度、募集 | | | | 是 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | 件一致 | | | 4 ...

欢迎广大投资者积极参与！ 特此公告。 浙江松原汽车安全系统股份有限公司 关于举行 2024 年度网上业绩说明会的公告 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"）将于 2025 年 5 月 19 日（星期一） 下午 15:00-17:00 在同花顺路演平台采用网络远程方式举行 松原股份 2024 年度网上业绩说明会。 投资者可以通过以下两种方式参与：（1）登录同花顺路演平台，进入直播间 https://board.10jqka.com.cn/rs/pc/detail?roadshowId=1010539 进行提问；（2）使用 同花顺手机炒股软件扫描下方二维码进入路演直播间进行提问互动交流。 出席本次年度报告说明会的人员有：董事长胡铲明先生，独立董事涂必胜先 生，保荐代表人孙泉先生，董事会秘书张毕峰先生，财务总监郭小平先生。 | 证券代码：300893 | 证券简称：松原安全 | 公告编号：2025-038 | | --- | --- | --- | | 债券代码：123244 | 债券简称：松原转债 | ...

| 证券代码：300893 | 证券简称：松原安全 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：123244 | 债券简称：松原转债 | | 浙江松原汽车安全系统股份有限公司 关于变更公司董事会秘书的公告 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。 一、董事会秘书辞职情况 浙江松原汽车安全系统股份有限公司（以下简称"公司"）董事会近日收到 公司董事会秘书叶醒先生关于工作岗位调整的通知，叶醒先生因工作岗位调整不 再担任公司董事会秘书职务，离任后将继续在公司担任其他职务。叶醒先生原定 任期至公司第三届董事会任期届满时止。 截至本公告披露日，叶醒先生直接持有公司股份 37,500 股，占公司总股本 的 0.0166%。其配偶或其他关联人未持有本公司股份，不存在应当履行而未履行 的承诺事项。叶醒先生将继续严格遵守《上市公司董事和高级管理人员所持本公 司股份及其变动管理规则（2025 年修订）》《深圳证券交易所上市公司自律监 管指引第 18 号——股东及董事、高级管理人员减持股份（2025 年修订）》等相 关法律、法规及 ...

证券代码：300893 证券简称：松原安全 公告编号：2025-036 债券代码：123244 债券简称：松原转债 浙江松原汽车安全系统股份有限公司 第三届董事会第三十六次会议决议公告 因工作岗位调整，叶醒先生不再担任公司董事会秘书职务，离任后将继续在 公司担任其他职务。经公司董事长提名，董事会提名委员会审查并同意，董事会 同意聘任张毕峰先生为公司董事会秘书，任期自本次董事会审议通过之日起至本 届董事会任期届满之日止。 具体内容详见公司同日在巨潮资讯（www.cninfo.com.cn）披露的《关于变 更公司董事会秘书的公告》（公告编号：2025-037）。 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。 一、董事会会议召开情况 浙江松原汽车安全系统股份有限公司（以下简称"公司"）第三届董事会第 三十六次会议于 2025 年 5 月 12 日以书面传签方式召开。本次会议已于 2025 年 5 月 9 日通过邮件、电话或专人送达的方式通知全体董事，并经全体董事一致同 意缩短会议通知时间。本次会议应参加表决董事 7 名，实际表决董事 7 名，会议 的召集、召开方式 ...

Core Viewpoint - The company is positioned as a leading domestic manufacturer of automotive safety belts, with accelerated product line expansion and a projected revenue growth of 45% year-on-year in Q1 2025 [1]. Financial Performance - In 2024, the company achieved a revenue of 1.97 billion yuan, representing a year-on-year increase of 53.9%, with a net profit attributable to shareholders of 260 million yuan, up 31.5% year-on-year [2][12]. - The revenue breakdown by business segments shows that the safety belt assembly, airbags, and steering wheel segments generated revenues of 1.26 billion, 470 million, and 130 million yuan, respectively, with year-on-year growth rates of 40%, 152%, and 71% [2][12]. - In Q4 2024, the company reported a revenue of 660 million yuan, a year-on-year increase of 42.0% and a quarter-on-quarter increase of 30.4% [2][12]. - For Q1 2025, the company recorded a revenue of 540 million yuan, reflecting a year-on-year growth of 45.5% but a quarter-on-quarter decline of 18.9% [2][12]. Profitability Metrics - The gross profit margin for Q1 2025 was 27.9%, down 2.7 percentage points year-on-year but up 1.4 percentage points quarter-on-quarter, attributed to positive scale effects from product volume increases [4]. - The net profit margin for Q1 2025 was 13.7%, down 2.9 percentage points year-on-year but up 3.2 percentage points quarter-on-quarter [4]. Market Position and Trends - The global passive safety market for passenger vehicles is expected to exceed 100 billion yuan, characterized as an oligopoly with only 3-4 core suppliers, where the leading supplier, Autoliv, holds approximately 43% market share, while the company holds about 1% [6]. - The rise of domestic automotive brands and the globalization of the industry are expected to benefit local component manufacturers, which have significant cost advantages and faster response times [5][6]. Product Development and Client Expansion - The company has seen a ramp-up in its airbag and steering wheel businesses since the second half of 2023, driven by upgrades in passive safety system configurations and an expanded client base [8]. - The average value per vehicle for safety systems has increased from around 200 yuan to between 500-800 yuan, with further potential to reach 1,000-1,500 yuan as the company upgrades to a passive safety system supplier [8]. - The company has successfully expanded its client base to include notable names such as BYD, Huawei, and various joint ventures, and has received a project notification from a well-known European automotive manufacturer, with expected mass supply starting in 2027 [8].

Core Viewpoint - The company reported its Q1 2025 results, showing strong revenue growth despite a quarter-over-quarter decline, indicating resilience in its business model and market position [2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 536 million yuan, a year-on-year increase of 45.34%, but a quarter-on-quarter decrease of 18.96 [3]. - The net profit attributable to the parent company was 74 million yuan, reflecting a year-on-year growth of 20.47% and a quarter-on-quarter increase of 5.50% [3]. - The gross margin for Q1 2025 was 27.94%, down 2.74 percentage points year-on-year but up 1.38 percentage points quarter-on-quarter [3]. - The expense ratio for Q1 2025 was 14.36%, an increase of 2.22 percentage points year-on-year and 4.59 percentage points quarter-on-quarter [3]. Business Segments - The safety belt business is expected to see both volume and price increases due to competitive advantages in technology, cost, and service response, with a focus on high-performance safety belts [4]. - The steering wheel and airbag business is identified as a second growth curve, having started mass production in 2021 and gaining traction with major clients like Geely and SAIC-GM-Wuling [4]. Future Projections - The company maintains its net profit forecasts for 2025-2027 at 392 million yuan, 521 million yuan, and 698 million yuan, respectively, with corresponding EPS of 1.73 yuan, 2.30 yuan, and 3.09 yuan [6]. - The projected P/E ratios for 2025-2027 are 19.49x, 14.67x, and 10.95x, respectively, indicating a favorable valuation outlook [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met expectations, with revenue growth of 45.34% year-on-year, reaching 536 million yuan, while net profit increased by 20.47% year-on-year to 74 million yuan [7] - The company is positioned as a leader in passive safety products, with expectations for continued growth driven by competitive advantages in technology, cost, and service response [7] - The safety belt business is expected to see both volume and price increases, while the steering wheel and airbag business is identified as a new growth curve for the company [7] Financial Summary - Revenue projections for 2023A to 2027E show a growth trajectory from 1,280 million yuan to 4,799 million yuan, with year-on-year growth rates of 29.09%, 53.94%, 37.03%, 33.54%, and 33.07% respectively [1] - Net profit forecasts for the same period are projected to rise from 197.78 million yuan in 2023A to 698.50 million yuan in 2027E, with growth rates of 67.56%, 31.65%, 50.70%, 32.86%, and 33.98% respectively [1] - The latest diluted EPS is expected to increase from 0.87 yuan in 2023A to 3.09 yuan in 2027E, with corresponding P/E ratios decreasing from 38.66 to 10.95 over the same period [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met expectations, with revenue growth of 45.34% year-on-year, reaching 536 million yuan, despite a quarter-on-quarter decline of 18.96% [7] - The net profit attributable to the parent company for Q1 2025 was 74 million yuan, reflecting a year-on-year increase of 20.47% and a quarter-on-quarter increase of 5.50% [7] - The company is positioned as a leader in passive safety products, with expectations for continued growth in market share and product offerings, particularly in high-performance seat belts and the new steering wheel and airbag products [7] Financial Summary - Revenue projections for 2023A to 2027E show a consistent upward trend, with total revenue expected to grow from 1,280 million yuan in 2023A to 4,799 million yuan in 2027E, representing a CAGR of approximately 33.07% [1][8] - The net profit attributable to the parent company is forecasted to increase from 197.78 million yuan in 2023A to 698.50 million yuan in 2027E, with a notable growth rate of 33.98% in 2027E [1][8] - The earnings per share (EPS) is projected to rise from 0.87 yuan in 2023A to 3.09 yuan in 2027E, indicating strong profitability growth [1][8] Market Data - The company's closing price is 33.78 yuan, with a market capitalization of 7,646.34 million yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 38.66 in 2023A to 10.95 in 2027E, suggesting an attractive valuation over time [1][8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has reported significant revenue growth driven by new businesses, with 2024 revenue reaching 1.971 billion yuan, a year-on-year increase of 53.94% [2][3] - The company is benefiting from the domestic automotive parts substitution trend, with substantial progress in customer expansion, product volume, technology research and development, and capacity layout [5][6] Summary by Sections Revenue Growth - In 2024, the company's revenue was 1.971 billion yuan, a substantial increase of 53.94% year-on-year, significantly outperforming the industry [2][3] - Revenue from the automotive seatbelt assembly, airbags, and steering wheel businesses was 1.264 billion, 475 million, and 131 million yuan, respectively, with year-on-year growth rates of 39.9%, 151.86%, and 71.45% [3] Profitability and Cost Control - The net profit attributable to the parent company for 2024 was 260 million yuan, up 31.65% year-on-year, with a gross margin of 28.71%, a decrease of 2.81 percentage points [4] - The company has effectively controlled expenses, with selling, administrative, and R&D expense ratios of 1.78%, 3.75%, and 4.97%, respectively, showing year-on-year decreases [4] R&D and Product Development - The company has increased R&D investment, with R&D expenses reaching 98 million yuan, a year-on-year increase of 46.27% [4] - New products such as airbags and steering wheels are experiencing rapid growth, becoming significant drivers of the company's expansion [5][6] Capacity Expansion - The company successfully issued 410 million yuan in convertible bonds to support the construction of projects aimed at producing 13.3 million sets of automotive safety systems and components annually [6] - The company is accelerating the construction of its projects in Chao Lake and Ningbo, which will enhance its market share in seatbelts, airbags, and steering wheel assemblies [6] Earnings Forecast - The company maintains its earnings forecasts for 2025 and 2026, with new projections for 2027, expecting revenues of 2.591 billion, 3.447 billion, and 4.516 billion yuan for 2025, 2026, and 2027, respectively [7] - The projected net profits for the same years are 447 million, 593 million, and 792 million yuan, with corresponding EPS of 1.98, 2.62, and 3.50 yuan [7]