松原安全(300893)：业绩加速增长 盈利能力持续提升

Core Insights - The company reported strong financial performance for Q3 2025, with revenue of 686 million yuan, representing a year-on-year growth of 35.4% and a quarter-on-quarter growth of 12.1%. The net profit attributable to shareholders reached 102 million yuan, with a year-on-year increase of 50.9% and a quarter-on-quarter increase of 15.8% [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.83 billion yuan, reflecting a year-on-year growth of 40.0%. The net profit attributable to shareholders for the same period was 260 million yuan, marking a year-on-year increase of 37.9% [1][2]. - The gross profit margin for Q3 2025 was 29.1%, showing a slight year-on-year increase of 0.06 percentage points but a quarter-on-quarter decrease of 0.07 percentage points. The net profit margin was 14.8%, with a year-on-year increase of 1.5 percentage points and a quarter-on-quarter increase of 0.5 percentage points [2]. Customer Expansion and Product Development - The company has significantly improved its self-manufacturing rate since establishing its airbag and steering wheel division in 2018, leading to rapid growth in these product lines. The integration of the vertical supply chain has enhanced the stability and timeliness of deliveries, allowing for competitive pricing [3]. - The company has secured 90 new product development projects with major clients such as Chery, Geely, and SAIC-GM-Wuling in the first half of 2025, indicating accelerated customer expansion [3]. Global Strategy and Growth Potential - The company is actively expanding its customer base both domestically and internationally. It has established collaborations with Stellantis, with projected lifecycle revenues exceeding 5 billion yuan, marking its entry into foreign supply systems [3]. - The company's Malaysian base commenced production in the first half of 2025, further accelerating its globalization efforts [3]. Profit Forecast - The company forecasts net profits attributable to shareholders of 400 million yuan, 530 million yuan, and 730 million yuan for 2025, 2026, and 2027, respectively. Corresponding earnings per share (EPS) are expected to be 0.85 yuan, 1.12 yuan, and 1.54 yuan, with price-to-earnings (PE) ratios of 31.5, 23.9, and 17.4 times [4].