证券研究报告：汽车 | 公司点评报告 发布时间：2025-08-25 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 33.07 | | --- | --- | | 总股本/流通股本（亿股）3.17 / 1.58 | | | 总市值/流通市值（亿元）105 / 52 | | | 52 周内最高/最低价 | 36.74 / 22.64 | | 资产负债率(%) | 57.2% | | 市盈率 | 28.76 | | 第一大股东 | 胡铲明 | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 松原安全(300893) 气囊方向盘启动新增长引擎，国内外产能投放进展 顺利 ⚫ 事件 松原安全发布 2025 年半年报，25H1 公司实现营收 11.48 亿元， 同比增长 42.9%，实现归母净利润 1.61 亿元，同比增长 30.9%，扣非 归母净利润 1.50 亿元，同比增长 26.6%。 其中，第二季度实现营收 6.12 亿元，同比增长 40.8%，归母净利 润 0.88 亿元，同比增长 41.0 ...

松原股份系列 车中旭霞 公司深度： 《松原股份（300893.SZ）-汽车安全带国产领军企业，品类拓展加速自主崛起》——20231212 公司点评： 《松原股份（300893.SZ）-产品线全面发力，一季度营收同比增长45%》 ——2025-05-05 《松原股份（300893.SZ）-产品线持续放量，三季度营收同比增长47%》 ——2024-11-02 《松原股份（300893.SZ）-2024年一季报点评-新产品放量，品类拓展加速自主崛起》-20240428 《松原股份（300893.SZ）-2023年年报点评-新产品放量，品类拓展加速自主崛起 》-20240418 核心观点 产品放量叠加成本优化，松原二季度净利润同比增长41% 25H1松原安全实现营收11.5亿元，同比+42.9%，归母净利润1.6亿元，同比+30.9%，扣非净利润1.5亿元，同比+26.6%；单季度看，25Q2松原安全实现营收6.1亿元，同比 +40.8%，环比+14.3%，归母净利润0.88亿元，同比+41.0%，环比+19.5%，扣非利润0.87亿元，同比+43.6%，环比+38.1%；整体来看，得益于公司被动安全系统全方位的持续 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved significant revenue growth in H1 2025, with revenue of approximately 1.148 billion yuan, a year-on-year increase of about 42.87%, and a net profit of approximately 161 million yuan, up about 30.85% [1]. - The company's major clients showed strong growth, driving revenue upward, with key clients' production increasing by approximately 19.61% year-on-year in Q2 2025 [2]. - The company is transitioning to become a global integrated supplier of automotive passive safety modules, with expected continued growth in both volume and pricing [3]. Summary by Sections Financial Performance - 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]. - The gross margin for Q2 2025 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 [2]. Business Strategy - The company is optimizing its client structure by targeting a range of brands from low-end to high-end, including partnerships with Stellantis, which is expected to generate sales of approximately 5.5 billion yuan starting in 2026 [3]. - The company aims to enhance the value per vehicle by integrating airbag, steering wheel, and seatbelt systems into a comprehensive automotive passive safety system [3]. Revenue and Profit Forecast - Revenue projections for 2025 to 2027 are approximately 2.802 billion yuan, 3.793 billion yuan, and 5.019 billion yuan, representing year-on-year growth rates of approximately 42.2%, 35.3%, and 32.3% respectively [4]. - Net profit forecasts for the same period are 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 [4].

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].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 1.148 billion yuan in the first half of 2025, representing a year-on-year increase of 42.87%. The net profit attributable to the parent company was 161 million yuan, up 30.85% year-on-year [1][2] - New businesses such as airbags and steering wheels are driving significant growth, with revenue from airbags and steering wheels increasing by 71.84% and 279.49% respectively [2] - The company maintains a high gross margin of 28.59%, although it has decreased by 1.69 percentage points year-on-year due to the rising proportion of lower-margin products [3] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 612 million yuan, a year-on-year increase of 40.77% and a quarter-on-quarter increase of 14.30%. The net profit for the same quarter was 88 million yuan, up 41.03% year-on-year and 19.52% quarter-on-quarter [1][2] Business Growth - The revenue breakdown shows that the safety belt, airbag, and steering wheel segments generated 676 million yuan, 299 million yuan, and 148 million yuan respectively, with year-on-year growth rates of 19.22%, 71.84%, and 279.49% [2] - The company has secured 90 new product development projects from clients such as Chery, Geely, and Volkswagen, which includes 42 safety belt projects, 30 airbag projects, and 18 steering wheel projects [4] Research and Development - The company has increased its R&D investment, with R&D expenses reaching 73.93 million yuan in the first half of 2025, a year-on-year increase of 74.79% [3] Market Expansion - The company is actively expanding into overseas markets, with a production base in Malaysia expected to reach mass production by Q3 2025. This facility will initially focus on assembly and will gradually introduce upstream component production lines [5] Profit Forecast and Valuation - The company is projected to achieve revenues of 2.592 billion yuan, 3.371 billion yuan, and 4.382 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to the parent company is expected to be 389 million yuan, 528 million yuan, and 696 million yuan for the same years [6][8]

Group 1 - The stock price of Junsheng Electronics (600699) has increased by 9.7% over the past week, attributed to developments in humanoid robots, automotive electronics, and growth in the first quarter report [1] - The company has fully entered the humanoid robot sector and plans to establish a wholly-owned subsidiary, Ningbo Junsheng Embodied Intelligent Robot Co., Ltd., by April 2025 [1] - Junsheng Electronics has made progress in its Robotaxi business, with products applicable to autonomous taxis, including safety airbags, seat belts, steering wheels, and various automotive electronic products [1] Group 2 - Over the past three years, the company has distributed approximately 860 million RMB in dividends and conducted share buybacks totaling around 420 million RMB [2] - The company has completed its loan buyback plan disclosed for November 2024, repurchasing 13.03 million shares for approximately 222 million RMB, with the repurchased shares being canceled [2] - Junsheng Electronics emphasizes shareholder returns through performance improvement and a dual approach of cash dividends and share buybacks, enhancing investor satisfaction [2] Group 3 - The company acknowledges the national policy on anti-involution, which aims to systematically address low-price competition and guide the industry towards value competition, enhancing overall profitability and promoting high-quality, innovation-driven transformation [2]

Core Viewpoint - Zhejiang Songyuan Automotive Safety Systems Co., Ltd. maintains a stable credit rating of A+ for its main entity and "Songyuan Convertible Bonds," reflecting its competitive advantages in technology research and customer resources within the automotive passive safety system sector [1][3][4]. Company Overview - The company, established in 2001, specializes in the research, design, production, and sales of automotive passive safety system products, including seat belts, airbags, and steering wheels [8][9]. - As of March 2025, the company has a total share capital of 226.36 million yuan, with the largest shareholder holding 46.59% [8]. Financial Performance - In 2024, the company achieved total revenue of 1.971 billion yuan, a year-on-year increase of 53.94%, and a profit of 292 million yuan, up 31.56% [5][9]. - The company's total assets reached 3.253 billion yuan by March 2025, with total liabilities increasing, indicating a growing debt burden but still maintaining a reasonable leverage level [6][9]. Operational Insights - The company has a stable customer base but faces high customer concentration, with the top five customers accounting for 71.33% of total sales in 2024, an increase of 5.91 percentage points year-on-year [5][25]. - The company is expanding its production capacity, with annual production capacities for seat belts, airbags, and steering wheels projected at 26 million, 2.6 million, and 2.6 million units, respectively [5][26]. Industry Context - The automotive parts industry is closely tied to the overall automotive market, with demand fluctuations potentially impacting the company's operations and profitability [5][6]. - The industry is experiencing growth, particularly in the electric vehicle segment, which supports the demand for automotive components [15][17]. Risk Factors - The company faces risks related to the automotive industry's cyclical nature, potential capital expenditure pressures from ongoing projects, and high reliance on major customers [4][6][19]. - Future performance may be influenced by market conditions, industry policies, and the company's ability to manage its receivables effectively [4][6][19].

Core Viewpoint - The sixth Multinational Corporation Leaders Qingdao Summit highlighted the "Investment in China" investment exchange cooperation meeting, showcasing typical cases of multinational companies aiding Shandong's green, low-carbon, and high-quality development [1][4]. Group 1: Investment Projects - The investment exchange meeting presented 10 typical cases selected from 52 submissions across 16 cities in Shandong, demonstrating the collaborative efforts between multinational companies and Shandong in pursuing green development [4]. - SKF Group, the world's largest bearing manufacturer, invested 500 million yuan in Jinan to expand its factory and establish a global commercial vehicle R&D center [4]. - AstraZeneca, a Fortune 500 company, invested 750 million USD in Qingdao to build a zero-carbon inhalation aerosol production base and regional headquarters [4]. - Hexagon, the largest manufacturer of coordinate measuring instruments globally, invested 2.1 billion yuan in Qingdao to create a technology R&D center and Greater China headquarters [4]. Group 2: Strategic Partnerships - Kuwait Petroleum Company acquired a 25% stake in Wanhua Chemical through capital increase and merger, with foreign investment amounting to approximately 638 million USD [5]. - OSI Group, an American company, established its tenth factory in China in Weihai, with a total foreign investment exceeding 140 million USD over two years [6]. - Henkel, a Fortune 500 company, invested 120 million euros in Yantai to create its largest single investment project globally [7]. - Komatsu, another Fortune 500 company, invested 10.6 billion yuan to build a global smart manufacturing industrial base in Jining [8]. - Eagle Group from Singapore invested approximately 11 billion yuan in a 600,000-ton lyocell fiber project in Jining, while Asia Pacific Forestry's projects in Rizhao accumulated nearly 30 billion yuan in investment [8]. - ZF Friedrichshafen, a German Fortune 500 company, made three consecutive capital increases totaling 140 million euros to establish a safety airbag integrated project globally for the first time in Rizhao [8]. - Cigna Group, a Fortune 500 company, has cumulatively invested 580 million USD in a biotechnology project in Liaocheng, with 10 expansions since 2004 [9].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 27.75 CNY, based on a current price of 17.02 CNY [7]. Core Insights - The company is a leading provider of automotive electronic and safety solutions, with a strong position in smart cockpit, intelligent driving, and new energy management [1][15]. - The automotive safety business has seen significant growth, with new project orders reaching a historical high of approximately 574 billion CNY for 2024 [2][37]. - The company is expanding its ecosystem by securing intelligent driving orders and collaborating with technology partners to enhance its competitive solutions [3][51]. - The company is leveraging its automotive technology to enter the robotics sector, positioning itself as a Tier 1 supplier for intelligent robots [4][66]. - Revenue projections for 2025-2027 are estimated at 645.12 billion CNY, 716.32 billion CNY, and 788.18 billion CNY, with net profits of 15.65 billion CNY, 18.77 billion CNY, and 22.99 billion CNY respectively [4]. Summary by Sections Company Overview - The company has established itself as a global leader in automotive electronics and safety solutions since its listing in 2011, with a focus on innovation through acquisitions and research institutes [1][15]. - It has a diversified product matrix covering multiple automotive domains, including smart driving and cockpit systems [21]. Safety Business Growth - The global automotive safety standards are evolving, driving demand for enhanced safety features, which the company is well-positioned to capitalize on [30][31]. - The company ranks second globally in the passive safety market, with a market share of 23.1% [36]. Intelligent Driving and Cockpit Integration - The intelligent cockpit market is projected to grow significantly, with the company holding a 10.3% market share globally [47]. - Collaborations with major chip manufacturers are enhancing the company's capabilities in intelligent driving solutions [52]. Robotics Expansion - The global humanoid robot market is expected to reach 32.4 billion USD by 2029, with the company aiming to leverage its automotive technology to penetrate this market [60][64]. - Strategic partnerships in the robotics sector are expected to yield additional orders and enhance the company's product offerings [68].

Core Viewpoint - Junsheng Electronics, known as the "Merger King," is pursuing a listing in Hong Kong after significant global expansion through acquisitions, but faces financial pressures and declining profitability [1][11]. Group 1: Company Overview - Junsheng Electronics was established in 2004 and entered the A-share market in 2011 through a reverse merger [2]. - The company has grown into a leading provider of smart automotive technology solutions, with total assets reaching 67.038 billion yuan as of the first quarter of this year [1][6]. - The company has completed a series of high-profile acquisitions, including the purchase of German PREH and Japanese Takata, significantly expanding its global footprint [2][3][4]. Group 2: Financial Performance - From 2011 to 2017, Junsheng's revenue increased from 1.462 billion yuan to 26.606 billion yuan, a growth of over 17 times, while net profit grew only 1.6 times [7]. - In 2021, the company reported a rare loss of 3.753 billion yuan, largely due to goodwill impairment [8][9]. - The company's revenue and net profit have shown significant volatility since 2019, with 2024 projections indicating continued financial strain [8][10]. Group 3: Debt and Dividend Policy - As of the first quarter of this year, Junsheng Electronics had approximately 7.239 billion yuan in goodwill and a debt-to-asset ratio of 69.83% [10]. - The company has maintained a cash dividend policy, distributing a total of 863 million yuan in dividends from 2022 to 2024, with an average payout ratio exceeding 30% [11].