飞行车气囊

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松原安全(300893)25H1业绩点评:25Q2业绩高增 客户放量加速
Xin Lang Cai Jing· 2025-08-21 10:36
Core Viewpoint - The company's revenue growth is driven by an increase in major customers, with significant production increases from key clients in the automotive sector [2] Financial Performance - In H1 2025, the company achieved revenue of approximately 1.148 billion yuan, a year-on-year increase of about 42.87%, and a net profit attributable to shareholders of approximately 161 million yuan, up about 30.85% [1] - In Q2 2025, the company reported revenue of approximately 612 million yuan, a year-on-year increase of about 40.77%, and a net profit of approximately 88 million yuan, up about 41.03% [1] Cost and Profitability - In Q2 2025, the company's gross margin was approximately 29.15%, a decrease of about 0.79 percentage points year-on-year, while the net profit margin was approximately 14.35%, an increase of about 0.02 percentage points year-on-year [3] - The company's expense ratio in Q2 2025 was approximately 11.45%, a decrease of about 0.30 percentage points year-on-year and a decrease of about 2.91 percentage points quarter-on-quarter [3] Strategic Direction - The company is transitioning to become a global integrated supplier of automotive passive safety modules, with a focus on optimizing customer structure from domestic to foreign brands [4] - The company has secured two projects from Stellantis, with a total sales value of approximately 5.5 billion yuan, expected to start supplying in 2026 [4] - The company plans to explore innovative business areas such as new environmentally friendly materials and airbag systems for drones and flying cars [4] Investment Outlook - The company is expected to achieve revenues of approximately 2.802 billion yuan, 3.793 billion yuan, and 5.019 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of approximately 42.2%, 35.3%, and 32.3% respectively [5] - Net profits for the same period are projected to be approximately 391 million yuan, 536 million yuan, and 714 million yuan, with year-on-year growth rates of approximately 50.2%, 37.1%, and 33.2% respectively [5] - As of August 20, 2025, the company's stock price corresponds to PE ratios of 25.92, 18.90, and 14.19 for the years 2025 to 2027 [5]