Xin Lang Cai Jing·2025-04-30 00:44Core Viewpoint - The company reported significant revenue growth and profitability in 2024, driven by strong performance across its core automotive safety components business [1][2][4]. Revenue Growth - In 2024, the company's revenue reached 1.971 billion yuan, a year-on-year increase of 53.94%, significantly outperforming the industry [1][2]. - The revenue breakdown for key business segments includes: - Automotive seatbelt assemblies: 1.264 billion yuan, up 39.9% - Automotive airbags: 475 million yuan, up 151.86% - Automotive steering wheels: 131 million yuan, up 71.45% [2]. Profitability - The net profit attributable to shareholders for 2024 was 260 million yuan, a year-on-year increase of 31.65% [1][3]. - The company's gross margin was 28.71%, a decrease of 2.81 percentage points year-on-year [3]. Cost Management - The company effectively controlled expenses, with sales, management, and R&D expense ratios at 1.78%, 3.75%, and 4.97%, respectively, showing reductions compared to the previous year [3]. - R&D investment increased to 98 million yuan, a year-on-year growth of 46.27% [3]. Market Position and Product Development - The company is benefiting from the domestic automotive parts localization trend, enhancing its market position as a leading provider of passive safety systems [4]. - Customer base expansion includes partnerships with major domestic brands and new energy vehicle manufacturers, increasing its share in the passive safety system market [4]. - New product launches, particularly in airbags and steering wheels, are driving growth and transforming the company into a comprehensive supplier of passive safety systems [4]. Future Outlook - The company plans to maintain its revenue and profit forecasts for 2025 and 2026, with projected revenues of 2.591 billion yuan, 3.447 billion yuan, and 4.516 billion yuan for 2025-2027, and net profits of 447 million yuan, 593 million yuan, and 792 million yuan, respectively [5]. - The closing price on April 29, 2025, was 33.10 yuan, corresponding to a PE ratio of 16.76, 12.63, and 9.46 for 2025-2027 [5].