SONGYUAN(300893) 国投证券·2025-04-23 03:04Investment Rating - The investment rating for the company is "Buy-A" with a target price of 44.25 CNY for the next six months [6][10]. Core Views - The company achieved excellent performance in 2024, with revenue of 1.971 billion CNY, a year-on-year increase of 53.94%, and a net profit attributable to shareholders of 260 million CNY, up 31.65% year-on-year [1][2]. - The growth is primarily driven by the rapid expansion of new businesses, particularly airbags and steering wheels, which saw sales of 606 million CNY, a year-on-year increase of 128.65% [2][4]. - The company is expected to maintain high growth in the future, supported by volume, price, and profit improvements [4][10]. Revenue and Profitability - In 2024, the company reported a comprehensive gross margin of 28.71%, a decrease of 2.61 percentage points year-on-year, mainly due to changes in product structure [2][3]. - The sales of safety belts reached 1.264 billion CNY, with a year-on-year increase of 39.90% [2]. - The gross margin for airbags and steering wheels was 16.29%, down 1.62 percentage points year-on-year, with airbags achieving a gross margin of 17.25% [2][3]. Quarterly Performance - In Q4 2024, the company achieved revenue of 661 million CNY, a year-on-year increase of 41.93% and a quarter-on-quarter increase of 30.41% [3]. - The comprehensive gross margin for Q4 2024 was 26.56%, down 4.67 percentage points year-on-year [3]. Future Growth Drivers - The company is actively expanding and deepening cooperation with domestic and overseas clients, including partnerships with major automotive manufacturers and new energy vehicle clients [4][10]. - The average selling price of safety belt assemblies reached 59.03 CNY per unit in 2023, an increase of 6.53% year-on-year, indicating an ongoing optimization of product structure [4][10]. - The company plans to enhance its production capacity and develop new electronic control products in collaboration with partners [10]. Financial Projections - The company is projected to achieve net profits of 400 million CNY, 550 million CNY, and 700 million CNY for the years 2025, 2026, and 2027, respectively [10][11]. - The expected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 18.9, 13.9, and 10.8, respectively [10][11].