松原安全(300893)：Q2业绩同比高增 第二增长曲线持续放量

Core Viewpoint - The company reported strong revenue and profit growth in H1 2025, driven by increased sales from major clients and significant growth in its second growth curve products [1][2]. Financial Performance - H1 2025 revenue reached 1.148 billion yuan, up 42.9% year-on-year, with Q2 revenue at 610 million yuan, reflecting increases of 40.8% year-on-year and 14.3% quarter-on-quarter [1]. - H1 2025 net profit attributable to shareholders was 161 million yuan, a year-on-year increase of 30.85%, with Q2 net profit at 88 million yuan, showing growth of 41.0% year-on-year and 19.5% quarter-on-quarter [1]. - H1 2025 net profit excluding non-recurring items was 150 million yuan, up 26.63% year-on-year, with Q2 at 87 million yuan, reflecting increases of 43.6% year-on-year and 38.1% quarter-on-quarter [1]. Product and Client Performance - Revenue breakdown for H1 2025: seat belts (676 million yuan, 59%), airbags (299 million yuan, 26%), and steering wheels (148 million yuan, 13%). Airbag and steering wheel businesses grew significantly by 120.8% and 283.3% year-on-year, respectively [1]. - Major clients' sales: Chery sold 618,000 units in Q2 2025, up 11.9% year-on-year and 2.8% quarter-on-quarter; Geely sold 821,000 units, up 44.3% year-on-year and 5.0% quarter-on-quarter, contributing to revenue growth [1]. Profitability and Cost Management - Q2 2025 gross margin was 29.15%, down 0.8 percentage points year-on-year but up 1.2 percentage points quarter-on-quarter, affected by product mix changes and increased airbag costs [2]. - Q2 2025 expense ratios: management (1.49%), R&D (3.29%), sales (5.64%), and financial (1.03%), with total period expense ratio at 11.45%, showing a decrease of 0.3% year-on-year and 2.9% quarter-on-quarter, indicating significant dilution effects [2]. Strategic Initiatives - The company is advancing its overseas expansion, aiming to capture more market share through high cost-performance and efficiency [2]. - Ongoing supply chain optimization and the construction of new projects in Anhui and Ningbo are expected to enhance production capacity and competitiveness against international players [2]. - The company has secured a project with Stellantis, projected to generate approximately 5.5 billion yuan in revenue over its lifecycle, and has established partnerships with joint venture brands like SAIC Volkswagen and Jiangling Ford [2]. Earnings Forecast - Revenue projections for 2025-2027 are 2.7 billion, 3.51 billion, and 4.56 billion yuan, representing year-on-year growth of 37%, 30%, and 30%, respectively [3]. - Net profit forecasts for the same period are 400 million, 530 million, and 680 million yuan, with year-on-year growth of 54%, 33%, and 28%, respectively, corresponding to PE ratios of 21x, 16x, and 12x [3].