SONGYUAN(300893) 信达证券·2025-02-20 11:28Investment Rating - The investment rating for Songyuan Co., Ltd. (300893) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on recent developments and financial projections. Core Insights - The company has received a significant order from a leading domestic automotive manufacturer, marking its first project with this client, which is expected to enhance its position in the new energy vehicle supply chain [1][2]. - The company is expanding its product offerings beyond seat belts to include airbags and steering wheels, with the latter showing strong sales growth and stable profit margins [2]. - Songyuan Co., Ltd. is making strides in international markets, securing projects with European automotive manufacturers and establishing a production base in Malaysia to enhance global delivery capabilities [2]. - The company anticipates a revenue of approximately 1.98 billion RMB and a net profit of 292-310 million RMB for 2024, reflecting a year-on-year growth of 40.1%-54.7% [2][4]. Financial Summary - Total revenue is projected to grow from 1.28 billion RMB in 2023 to 1.98 billion RMB in 2024, representing a year-on-year growth rate of 54.6% [4]. - The net profit is expected to increase from 198 million RMB in 2023 to 292 million RMB in 2024, with a growth rate of 47.7% [4]. - The gross margin is forecasted to remain stable around 30.5% in 2024, with a return on equity (ROE) projected at 19.2% [4]. - Earnings per share (EPS) are expected to rise from 0.87 RMB in 2023 to 1.29 RMB in 2024, with corresponding price-to-earnings (P/E) ratios of 25.55 and 19.09 for 2024 and 2025, respectively [3][4].