松原安全：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-20250503

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, despite a quarter-on-quarter decline of 18.96% [7] - The net profit attributable to the parent company for Q1 2025 was 74 million yuan, reflecting a year-on-year increase of 20.47% and a quarter-on-quarter increase of 5.50% [7] - The company is positioned as a leader in passive safety products, with expectations for continued growth in market share and product offerings, particularly in high-performance seat belts and the new steering wheel and airbag products [7] Financial Summary - Revenue projections for 2023A to 2027E show a consistent upward trend, with total revenue expected to grow from 1,280 million yuan in 2023A to 4,799 million yuan in 2027E, representing a CAGR of approximately 33.07% [1][8] - The net profit attributable to the parent company is forecasted to increase from 197.78 million yuan in 2023A to 698.50 million yuan in 2027E, with a notable growth rate of 33.98% in 2027E [1][8] - The earnings per share (EPS) is projected to rise from 0.87 yuan in 2023A to 3.09 yuan in 2027E, indicating strong profitability growth [1][8] Market Data - The company's closing price is 33.78 yuan, with a market capitalization of 7,646.34 million yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 38.66 in 2023A to 10.95 in 2027E, suggesting an attractive valuation over time [1][8]