SONGYUAN(300893) 东吴证券·2025-04-24 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust overall performance in Q4 2024, with significant growth in revenue and net profit, although Q4 net profit slightly underperformed expectations [7] - The company is positioned as a leader in passive safety products, with expectations for continued growth driven by competitive advantages in technology, cost, and service responsiveness [7] - The safety belt business is expected to see volume and price increases, while the airbag and steering wheel segments are emerging as new growth drivers for the company [7] Financial Performance Summary - For 2024, the company achieved total revenue of 1.971 billion yuan, a year-on-year increase 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 revenue of 661 million yuan, a year-on-year increase of 41.93% and a quarter-on-quarter increase of 30.41% [7] - The gross margin for Q4 2024 was 26.56%, reflecting a decrease of 2.45 percentage points from the previous quarter, attributed to changes in product mix and year-end customer rebates [7] - The company forecasts net profits of 392 million yuan for 2025, 521 million yuan for 2026, and 698 million yuan for 2027, with corresponding EPS of 1.73 yuan, 2.30 yuan, and 3.09 yuan [7][8] Market Data Summary - The closing price of the company's stock is 33.30 yuan, with a market capitalization of 7.53769 billion yuan [5] - The company has a price-to-earnings ratio of 28.95 based on the latest diluted EPS [8] - The company's net asset value per share is 5.72 yuan, with a debt-to-asset ratio of 57.22% [6]