全球战略稳步推进，成长空间广阔。公司持续拓展海内外新客户，2024 年4 月及7 月，公司分别取得 Stellantis 合作及扩大合作定点，F/S 平台全生命周期收入预期合计超50 亿元，正式打入外资供应体系。 此外，公司具备上汽大众等合资车企的合作基础，有望持续切入外资供应体系。同时公司马来西亚基地 已于25H1 投产，全球化进程持续加速。 事件：公司发布2025 年三季报，Q3 单季度公司实现营业收入 6.86 亿元，分别同比/环比增长 35.4%/12.1%，实现归母净利润1.02 亿元，分别同比/环比增长50.9%/15.8%。前三季度公司实现收入18.3 亿元，同比增长40.0%，实现归母净利润2.6 亿元，同比增长37.9%。 盈利预测：我们预计公司 2025-2027 年归母净利润分别为4.0、5.3、7.3亿元，对应 EPS 分别为0.85、 1.12、1.54 元，对应 PE 分别31.5、23.9、17.4 倍。 点评： 风险因素：产能扩建进度不及预期、客户销量不及预期、上游原材料涨价等。 业绩高速增长，盈利能力持续改善。受益于大客户奇瑞、吉利、上汽通用五菱等主机厂销量持续提升， 以及公 ...

Investment Rating - The investment rating for Songyuan Safety (300893) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth outlook. Core Insights - The company has demonstrated robust revenue growth, with Q3 2025 revenue reaching 686 million yuan, a year-on-year increase of 35.4% and a quarter-on-quarter increase of 12.1%. The net profit attributable to shareholders for the same quarter was 102 million yuan, reflecting a year-on-year growth of 50.9% and a quarter-on-quarter growth of 15.8% [1][2]. - The company is benefiting from strong sales from major clients such as Chery, Geely, and SAIC-GM-Wuling, alongside the continuous expansion of new clients, which is driving revenue and profit growth [2]. - The gross profit margin for Q3 2025 was 29.1%, showing a slight year-on-year increase of 0.06 percentage points, while the net profit margin was 14.8%, up 1.5 percentage points year-on-year [2]. - The company has significantly improved its self-manufacturing rate, enhancing its competitive edge by providing comprehensive passive safety solutions to numerous global automotive manufacturers [2]. - The company has secured 90 new product development projects with major clients in the first half of 2025, indicating a strong acceleration in client expansion [2]. - The global strategy is progressing steadily, with expectations of over 5 billion yuan in revenue from the Stellantis partnership, marking a significant entry into the foreign supply chain [2]. - Profit forecasts for the company indicate net profits of 400 million yuan, 530 million yuan, and 727 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.85 yuan, 1.12 yuan, and 1.54 yuan [2][3]. Financial Summary - Total revenue is projected to grow from 1.28 billion yuan in 2023 to 4.86 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 35.4% [3]. - The net profit attributable to shareholders is expected to increase from 198 million yuan in 2023 to 727 million yuan in 2027, reflecting a CAGR of around 37.0% [3]. - The gross margin is projected to stabilize around 29.0% by 2027, while the return on equity (ROE) is expected to rise to 24.6% in the same year [3].