松原安全（300893）：业绩稳健增长，新客户持续拓展

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook based on performance metrics and growth potential [1]. Core Insights - The company reported a significant revenue increase 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][3]. - The second quarter of 2025 saw a revenue of 612 million yuan, marking a 40.8% year-on-year growth and a 14.2% quarter-on-quarter increase [1][3]. - The company is expanding its product offerings beyond seat belts to include airbags and steering wheels, enhancing its competitive edge in the automotive safety sector [3]. - The company has successfully launched mass production of airbag fabric and is expected to achieve mass production of OPW by the third quarter of 2025 [3]. - The client base has diversified from domestic brands to include joint ventures and foreign brands, with 90 new product development projects acquired in the first half of 2025 [3]. Financial Summary - For the first half of 2025, the gross profit margin was 28.59%, with a net profit margin of 14.06% [3]. - The company forecasts net profits of 400 million, 540 million, and 720 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.3, 1.7, and 2.3 yuan [3]. - The projected revenue growth rates for 2025 to 2027 are 40.8%, 35.2%, and 31.5% respectively, with total revenues expected to reach 2.775 billion, 3.753 billion, and 4.936 billion yuan [4].