债券代码：123244 债券简称：松原转债 浙江松原汽车安全系统股份有限公司 关于 2023 年限制性股票激励计划首次授予部分 第一个归属期归属条件成就的公告 证券代码：300893 证券简称：松原股份 公告编号：2024- 085 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 浙江松原汽车安全系统股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日召开了第三届董事会第二十九次会议和第三届监事会第二十七次会议，审 议通过《关于 2023 年限制性股票激励计划首次授予部分第一个归属期归属条件 成就的议案》，根据公司《2023 年限制性股票激励计划（草案）》（以下简称 "《激励计划》"或"本激励计划"）的规定和 2023 年第三次临时股东大会的 授权，同意为符合归属条件的 26 名激励对象办理 14.661 万股第二类限制性股 票的归属事宜。现将有关事项说明如下： 一、本激励计划简述及已履行的相关审批程序 （一）公司限制性股票激励计划简述 1 本次符合归属条件的激励对象人数：26 人 本次限制性股票归属数量：14.661 万股 限 ...

| 证券代码：300893 | 证券简称：松原股份 | 公告编号：2024-084 | | --- | --- | --- | | 债券代码：123244 | 债券简称：松原转债 | | 浙江松原汽车安全系统股份有限公司 关于作废 2023 年限制性股票激励计划部分已授予 尚未归属的限制性股票的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 浙江松原汽车安全系统股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日召开了第三届董事会第二十九次会议和第三届监事会第二十七次会议，审 议通过《关于作废 2023 年限制性股票激励计划部分已授予尚未归属的限制性股 票的议案》，同意根据公司《2023 年限制性股票激励计划（草案）》（以下简称 "《激励计划》"或"本激励计划"）等相关规定，对 2023 年限制性股票激励 计划部分已授予尚未归属的限制性股票共计 14.079 万股进行作废处理，现将相 关事项说明如下： 一、限制性股票激励计划已履行的相关审批程序 （一）2023年9月8日，公司召开第三届董事会第十三次会议，审议通过《关 于公司<2023年限 ...

浙江松原汽车安全系统股份有限公司 2023 年限制性股票激励计划首次授予部分 第一个归属期归属条件成就相关事项 之 独立财务顾问报告 2024 年 10 月 | 一、释义 3 | | | --- | --- | | 二、声明 5 | | | 三、基本假设 6 | | | 四、本激励计划已经履行的审批程序 | 7 | | 五、独立财务顾问意见 8 | | | （一）本激励计划首次授予部分第一个归属期归属条件成就的说明 8 | | | （二）本激励计划首次授予部分第一个归属期归属情况 10 | | | （三）结论性意见 11 | | | 六、备查文件及咨询方式 12 | | | （一）备查文件 12 | | | （二）咨询方式 12 | | 一、释义 证券简称：松原股份 证券代码：300893 上海荣正企业咨询服务（集团）股份有限公司 关于 3 1、独立财务顾问：指上海荣正企业咨询服务（集团）股份有限公司 2、上市公司、本公司、公司、松原股份：指浙江松原汽车安全系统股份有限公 司。 3、本激励计划、本计划、《激励计划》：指浙江松原汽车安全系统股份有限公 司 2023 年限制性股票激励计划。 4、限制性股票、第二类 ...

| 证券代码：300893 | 证券简称：松原股份 | 公告编号：2024-083 | | --- | --- | --- | | 债券代码：123244 | 债券简称：松原转债 | | 浙江松原汽车安全系统股份有限公司 第三届监事会第二十七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 浙江松原汽车安全系统股份有限公司（以下简称"公司"）第三届监事会第 二十七次会议于 2024 年 10 月 31 日以现场结合通讯的方式召开。本次会议已于 2024 年 10 月 24 日通过专人送达的方式通知全体监事。本次会议应参加监事 3 名，实到监事 3 名，董事会秘书列席会议，会议的召集、召开方式和程序符合《公 司法》等法律法规及《公司章程》的有关规定。 1、第三届监事会第二十七次会议决议。 二、监事会会议审议情况 特此公告。 （一）审议通过《关于作废 2023 年限制性股票激励计划部分已授予尚未归 属的限制性股票的议案》 经审核，监事会认为：公司本次作废部分已授予尚未归属的限制性股票事项 符合《上市公司股权激励管理办法》等法律 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][14]. Core Views - The company reported strong performance in Q3 2024, with revenue of approximately 5.07 billion yuan, a year-on-year increase of about 47.08% and a quarter-on-quarter increase of about 16.54% [1]. - The company is transitioning to become an integrated supplier of automotive passive safety modules, enhancing its product offerings and customer base [3]. - The company has optimized its customer structure, targeting various segments from domestic brands to foreign brands, which is expected to drive future growth [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of approximately 13.10 billion yuan, a year-on-year increase of about 60.8%, and a net profit of approximately 1.91 billion yuan, a year-on-year increase of about 62.87% [1]. - In Q3 2024, the gross margin was approximately 29.02%, a decrease of 3.62 percentage points year-on-year, and the net margin was approximately 13.30%, a decrease of 2.39 percentage points year-on-year [2]. Customer and Market Dynamics - The company saw a sequential increase in major customers, which contributed to revenue growth [2]. - The production volume of major clients like Geely and Chery showed mixed results, with Geely down by 9.80% year-on-year and Chery up by 34.56% year-on-year in Q3 2024 [2]. Future Outlook - The company has revised its revenue expectations for 2024-2026, forecasting revenues of approximately 17.9 billion yuan, 25.3 billion yuan, and 35.2 billion yuan, representing year-on-year growth rates of approximately 40.0%, 41.4%, and 39.0% respectively [4]. - The net profit forecasts for the same period are approximately 2.8 billion yuan, 4.1 billion yuan, and 5.8 billion yuan, with year-on-year growth rates of approximately 42.5%, 44.7%, and 42.9% respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company is experiencing rapid revenue growth, with a year-on-year increase of 60.8% in the first three quarters, reaching a revenue of 1.31 billion RMB. The net profit also saw a significant rise of 62.9%, amounting to 191 million RMB [2][4]. - The company is positioned well for domestic substitution in the automotive sector, with strong demand for its high-cost performance products. The airbag and steering wheel businesses have shown remarkable growth, with revenues increasing by 233.2% and 44.8% respectively [3][4]. - The gross margin has slightly decreased due to a higher proportion of lower-margin products, but there is potential for recovery as production scales up and self-manufacturing rates improve [3]. Summary by Sections Financial Performance - In the first three quarters, the company reported a revenue of 1.31 billion RMB, with a gross margin of 29.8% and a net profit margin of 14.6% [2]. - For Q3 alone, the revenue was 507 million RMB, reflecting a quarter-on-quarter increase of 24.7% in net profit [2]. Business Outlook - The company is expected to maintain high growth rates due to expanding customer base and product upgrades, with projected revenues of 1.87 billion, 2.58 billion, and 3.52 billion RMB for 2024, 2025, and 2026 respectively [4][7]. - The net profit forecasts for the same years are 292 million, 396 million, and 529 million RMB, with corresponding P/E ratios decreasing from 25.0 to 13.8 [4][7]. Market Position - The company is in the early stages of expanding into international markets, having already made inroads with key clients. This positions the company for sustained growth and increased market share [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][14]. Core Insights - The company reported a significant year-on-year revenue growth of 60.80% in the first three quarters of 2024, reaching 1.31 billion yuan, with a net profit of 191 million yuan, reflecting a 62.87% increase [1]. - The gross margin for the first three quarters of 2024 was 29.79%, a decrease of 1.90 percentage points year-on-year, attributed to the gradual ramp-up of new businesses [1]. - The company is expanding its international presence by establishing a wholly-owned subsidiary in Malaysia, with an initial investment of up to 50 million yuan, aimed at enhancing global delivery capabilities [4]. Financial Performance - In Q3 2024, the company achieved a revenue of 507 million yuan, a year-on-year increase of 47.08%, and a net profit of 67 million yuan, up 24.67% year-on-year [1]. - The company's operating expenses (excluding R&D) for Q3 2024 were 6.89% of revenue, slightly up from the previous year [2]. - The company expects to achieve net profits of 286 million yuan, 352 million yuan, and 470 million yuan for the years 2024, 2025, and 2026, respectively [4]. Customer Performance - Major customers, including Chery and Geely, have shown strong sales growth, with Geely's Q3 2024 sales increasing by 15.8% year-on-year and Chery's by 27.4% [3]. - The continued strong performance of core customers is expected to provide a solid foundation for the company's future growth [3]. Valuation Metrics - The company's projected P/E ratios for 2024, 2025, and 2026 are 26, 21, and 16 times, respectively, indicating a favorable valuation compared to expected earnings growth [4][5].

证券研究报告·公司点评报告·汽车零部件 松原股份（300893） 2024 年三季报点评：2024Q3 业绩符合预期， 自主被动安全龙头持续成长 2024 年 10 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 991.87 | 1,280.38 | 1,850.71 | 2,538.13 | 3,257.58 | | 同比（ % ） | 33.12 | 29.09 | 44.54 | 37.14 | 28.35 | | 归母净利润（百万元） | 118.04 | 197.78 | 284.36 | 386.19 | 518.57 | | 同比（ % ） | 6.09 | 67.56 | 43.77 | 35.81 | 34.2 ...

| --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|----------------|--------------------------------------| | 2024 年 10 月 29 日 松原股份 (300893.SZ) | | | 公司快报 | | | | | 证券研究报告 | | 三季度营收高速增长，盈利能力略有承压 | | | 汽车零部件Ⅲ | | | 投资评级 | | 买入 -A | | 事件： 10 月 28 日，松原股份发布 2024 年三季报，实现营收 13.10 亿 元，同比 +60.80% ；实现归母净利润 1.91 亿元，同比 +62.87% 。 | | | 维持评级 | | | | | | | 自 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江松原汽车安全系统股份有限公司（以下简称"公司"）于 2024 年 10 月 25日召开第三届董事会第二十八次会议，审议通过了《关于注销全资子公司的议 案》，同意公司注销全资子公司宁波奥维萨汽车部件有限公司（以下简称"奥维 萨"），并授权经营管理层依法办理清算和注销等相关工作。 根据《深圳证券交易所创业板股票上市规则》《公司章程》及相关法律法规 的规定，本次注销事项在公司董事会审批权限范围内，无需提交公司股东大会审 议。本次注销事项不涉及关联交易，也不构成重大资产重组。 | 证券代码：300893 | 证券简称：松原股份 | 公告编号：2024-080 | | --- | --- | --- | | 债券代码：123244 | 债券简称：松原转债 | | 浙江松原汽车安全系统股份有限公司 关于注销全资子公司的公告 一、注销全资子公司的基本信息 1、公司名称：宁波奥维萨汽车部件有限公司 2、统一社会信用代码：913302810749301206 3、类型：有限责任公司（自然人投资或控股的法人独资） 4、成立日期： ...