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 ...

| 投资要点 | | --- | 事件： 公司发布2025年半年度报告。2025年上半年公司实现营业收入11.48亿元，同比增长42.87%； 实现归母净利润1.61亿元，同比增长30.85%。其中，2025Q2单季度公司实现营业收入6.12亿 元，同比增长40.77%，环比增长14.30%；实现归母净利润0.88亿元，同比增长41.03%，环比增 长19.52%。公司2025Q2业绩符合我们的预期。 2025Q2业绩符合预期，毛利率环比改善明显。 营收端，公司2025Q2实现营业收入6.12亿元，同比增长40.77%，环比增长14.30%。主要下游客 户2025Q2表现情况：奇瑞汽车批发61.38万辆，环比增长2.28%；吉利汽车批发70.54万辆，环 比增长0.23%；上通五菱批发40.03万辆，环比增长13.40%；长城汽车批发31.30万辆，环比增长 21.88%。毛利率方面，公司2025Q2综合毛利率29.15%，环比提升1.21个百分点，预计主要系公 司收入增长带来的规模效益+持续推进降本增效所致。期间费用方面，公司2025Q2期间费用率 为11.45%，环比下降2.91个百分点，主要系公司二季度 ...

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].

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]

女性腕管天生较窄，激素变化（如孕期、更年期）可能加重水肿风险，因此中年女性患"鼠标手"的几率更大。大家很容易把"鼠标手" 和颈椎病引起的手臂 不适的症状混淆，延误了治疗，其实在症状上它们有明确的区别。 在人体手腕部掌侧有一个骨性纤维管道，称为腕管，由于长时间重复手腕动作等各种原因挤占了腕管的空间，就会引起腕管内压力增高，正中神经受到压 迫，引起疼痛等一系列症状。 它的形成与长期重复性手腕动作或局部压力过大密切相关，主要表现为手腕部疼痛或手指麻木。 我国新版的《职业病分类和目录》从8月1日起正式实施，其中腕管综合征，也就是大家俗称的"鼠标手"，首次作为职业病正式被纳入国家的法定目录当中。 数据显示，"鼠标手"这种"数字时代工伤"，在我国视频终端工作者中患病率达12%到15%。"鼠标手"就是用鼠标才会得吗？有哪些典型的症状？有没有一些 方法可以预防和缓解？经常按摩是不是就会好？ "鼠标手"是怎么发生的？ 除了手指麻木这个症状，鼠标手还有一些信号，包括： 夜间或晨起时手指麻木症状加重，可能被麻醒； 握力下降，拿东西易掉落； 北京大学人民医院创伤骨科主任医师 熊建：它的定位很准确，一般来讲不会有颈部的不适，也不会有像 ...

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].