SONGYUAN(300893) 东吴证券·2025-04-24 05:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 1.971 billion yuan in 2024, representing a year-on-year growth of 53.94%, and a net profit attributable to shareholders of 260.39 million yuan, up 31.65% year-on-year [7] - In Q4 2024, the company reported a revenue of 661 million yuan, a year-on-year increase of 41.93% and a quarter-on-quarter increase of 30.41% [7] - The company is expected to maintain strong growth in its safety belt business and is also seeing growth in its airbag and steering wheel segments, which are considered the second growth curve for the company [7] Financial Summary - Revenue Forecast: - 2023A: 1.280 billion yuan - 2024A: 1.971 billion yuan - 2025E: 2.701 billion yuan - 2026E: 3.607 billion yuan - 2027E: 4.799 billion yuan - Year-on-year growth rates for 2024A to 2027E are 53.94%, 37.03%, 33.54%, and 33.07% respectively [1][8] - Net Profit Forecast: - 2023A: 197.78 million yuan - 2024A: 260.39 million yuan - 2025E: 392.40 million yuan - 2026E: 521.33 million yuan - 2027E: 698.50 million yuan - Year-on-year growth rates for 2024A to 2027E are 31.65%, 50.70%, 32.86%, and 33.98% respectively [1][8] - Earnings Per Share (EPS): - 2023A: 0.87 yuan - 2024A: 1.15 yuan - 2025E: 1.73 yuan - 2026E: 2.30 yuan - 2027E: 3.09 yuan [1][8] - Price-to-Earnings (P/E) Ratios: - 2024A: 28.95 - 2025E: 19.21 - 2026E: 14.46 - 2027E: 10.79 [1][8] Market Data - Closing Price: 33.30 yuan - Market Capitalization: 7.53769 billion yuan - Price-to-Book Ratio: 5.82 [5][6]