松原安全(300893)：业绩稳健增长 新客户持续拓展

Core Insights - The company reported a significant revenue growth of 42.9% year-on-year for the first half of 2025, achieving a total revenue of 1.148 billion yuan, with a net profit of 161 million yuan, reflecting a 30.9% increase [1][2] - The second quarter of 2025 showed continued strong performance with a revenue of 612 million yuan, up 40.8% year-on-year and 14.2% quarter-on-quarter, alongside a net profit of 88 million yuan, which is a 41% increase year-on-year and an 18.9% increase quarter-on-quarter [1][2] Financial Performance - The company's gross margin for the first half of 2025 was 28.59%, a decrease of 1.69 percentage points year-on-year, primarily due to a lower proportion of high-margin seatbelt products [2] - The net profit margin for the first half of 2025 was 14.06%, with a corresponding net profit of 161 million yuan, up 30.9% year-on-year [2] - In Q2 2025, the gross margin improved to 29.15%, with a year-on-year decrease of 0.8 percentage points but a quarter-on-quarter increase of 1.2 percentage points [2] - The R&D expenses increased by 74.8% to 74 million yuan, driven by new project developments [2] Product Development and Market Expansion - The company is expanding its product offerings beyond seatbelts to include airbags and steering wheels, enhancing its full-system solution capabilities [3] - In the first half of 2025, seatbelt revenue was 680 million yuan, up 19.3%, while airbag revenue surged by 120.8% to 300 million yuan, and steering wheel revenue increased by 283.3% to 150 million yuan [3] - The company has begun mass production of airbag fabrics and expects to achieve mass production of OPW by Q3 2025, further strengthening product competitiveness [3] Global Strategy and Client Base - The client base has expanded from domestic brands to include joint venture and foreign brands, with 90 new product development projects acquired in the first half of 2025 [3] - The company’s Malaysian facility commenced production in the first half of 2025, with expectations to reach mass production status by Q3 2025, accelerating the globalization process [3] Profit Forecast - The company forecasts net profits of 400 million yuan, 540 million yuan, and 720 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.3, 1.7, and 2.3 yuan, and PE ratios of 25.2, 18.7, and 14.2 times [4]