松原安全(300893)2025年三季报点评：2025Q3业绩符合预期 被动安全国产替代持续推进

Core Insights - The company reported its Q3 2025 results, showing strong revenue and profit growth, with a year-on-year revenue increase of 39.98% and a net profit increase of 37.93% [1] - Q3 2025 revenue reached 686 million yuan, a 35.39% year-on-year increase, and a 12.08% quarter-on-quarter increase, while net profit for the same period was 102 million yuan, reflecting a 50.88% year-on-year increase and a 15.76% quarter-on-quarter increase [1][2] Revenue and Profit Performance - For the first three quarters of 2025, the company achieved total revenue of 1.834 billion yuan and a net profit of 263 million yuan [1] - The Q3 2025 gross margin was stable at 29.08%, with a slight increase in net profit margin to 14.82%, up 0.47 percentage points from the previous quarter [2] Customer Performance - Major customers' performance in Q3 2025 included Chery with 715,800 units sold (up 16.62% quarter-on-quarter), Geely with 761,000 units (up 7.88%), SAIC-GM-Wuling with 404,400 units (flat), Great Wall Motors with 353,600 units (up 12.97%), and Li Auto L6 with 38,400 units (down 26.15%) [2] Business Segments - The safety belt business is expected to see volume and price increases due to competitive advantages in technology, cost, and service response, with potential for domestic substitution of foreign products [3] - The steering wheel and airbag business is identified as a second growth curve, having started mass production in 2021 and currently serving major clients like Geely and SAIC-GM-Wuling [3] Profit Forecast and Investment Rating - The company maintains profit forecasts for 2025-2027 at 392 million yuan, 521 million yuan, and 699 million yuan, with corresponding EPS of 0.83 yuan, 1.10 yuan, and 1.48 yuan, and P/E ratios of 32.25, 24.28, and 18.12 respectively [3]