松原安全（300893）：2025年一季报点评：2025Q1业绩符合预期，自主被动安全龙头持续成长

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met expectations, with revenue growth of 45.34% year-on-year, reaching 536 million yuan, while net profit increased by 20.47% year-on-year to 74 million yuan [7] - The company is positioned as a leader in passive safety products, with expectations for continued growth driven by competitive advantages in technology, cost, and service response [7] - The safety belt business is expected to see both volume and price increases, while the steering wheel and airbag business is identified as a new growth curve for the company [7] Financial Summary - Revenue projections for 2023A to 2027E show a growth trajectory from 1,280 million yuan to 4,799 million yuan, with year-on-year growth rates of 29.09%, 53.94%, 37.03%, 33.54%, and 33.07% respectively [1] - Net profit forecasts for the same period are projected to rise from 197.78 million yuan in 2023A to 698.50 million yuan in 2027E, with growth rates of 67.56%, 31.65%, 50.70%, 32.86%, and 33.98% respectively [1] - The latest diluted EPS is expected to increase from 0.87 yuan in 2023A to 3.09 yuan in 2027E, with corresponding P/E ratios decreasing from 38.66 to 10.95 over the same period [1][8]