松原安全（300893）：2025Q2业绩高速增长，海外工厂落地在即

Investment Rating - The report maintains a "Buy-A" rating for the company [5][7]. Core Views - The company achieved significant revenue growth in Q2 2025, with a total revenue of 1.12 billion yuan, representing a year-on-year increase of 42.87%. The net profit attributable to shareholders reached 161 million yuan, up 30.85% year-on-year [1][2]. - The growth in revenue is primarily driven by the safety belt and airbag businesses, with the airbag business experiencing a remarkable 72.3% increase in revenue [2][4]. - The company is expanding its global footprint with the commencement of production at its Malaysia factory, which is expected to reach full capacity by Q3 2025 [4]. Revenue Summary - In H1 2025, the company generated revenue of 1.148 billion yuan, with the safety belt business contributing 676 million yuan (up 27.8%), the airbag business 299 million yuan (up 72.3%), and the steering wheel business 148 million yuan (up 283.3%) [2][4]. - The Q2 2025 revenue was 612 million yuan, driven by increased sales from major clients such as Geely and Chery, with Geely's sales reaching 985,000 units (up 29% year-on-year) [2][4]. Profit Summary - The net profit for Q2 2025 was 88 million yuan, reflecting a year-on-year increase of 41.03% and a quarter-on-quarter increase of 18.92% [3]. - The gross margin improved to 29.15%, up 1.21 percentage points from the previous quarter, attributed to enhanced production efficiency [3]. Future Outlook - The company is expected to see continued revenue growth as new projects with Stellantis and other emerging clients like Leap Motor and Xpeng ramp up production [2][4]. - The report forecasts net profits of 410 million yuan, 530 million yuan, and 730 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 26.4, 20.3, and 14.7 [5][10].