SONGYUAN(300893) 信达证券·2025-02-20 12:23Investment 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 continuous order breakthroughs and market share growth. Core Viewpoints - The company has received a significant order from a leading domestic automotive manufacturer, marking its first project designation 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 gross margins above 20% [2]. - The company is making strides in international markets, securing project designations from a well-known European automotive manufacturer, which is anticipated to positively impact long-term growth [2]. - The company forecasts a revenue of approximately 1.98 billion yuan and a net profit of 292 to 310 million yuan for 2024, reflecting a year-on-year growth of 40.1% to 54.7% [2][4]. - Profit forecasts for the company indicate a net profit of 290 million yuan in 2024, 390 million yuan in 2025, and 510 million yuan in 2026, with corresponding EPS of 1.29, 1.73, and 2.27 yuan [3][4]. Summary by Relevant Sections Orders and Market Position - The company has achieved continuous breakthroughs in orders, enhancing its market share and reducing reliance on traditional fuel vehicle clients, thereby improving its cyclical resilience [2]. Product Development and Growth - The core business of the company, seat belt assembly, maintains a high gross margin, while the new product lines in airbags and steering wheels are experiencing rapid sales growth, contributing to the company's overall growth potential [2]. International Expansion - The establishment of a production base in Malaysia is underway, with plans to reach a production capacity of 500,000 sets per year by the second half of 2025, which will enhance the company's global delivery capabilities [2]. Financial Performance - The company’s revenue is projected to grow significantly, with a total revenue of 1.98 billion yuan in 2024, and a net profit forecasted to increase steadily over the next few years [4].