SONGYUAN(300893) 甬兴证券·2025-04-25 07:03Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company achieved significant revenue growth in 2024, with total revenue of approximately 1.971 billion yuan, a year-on-year increase of about 53.94%, and a net profit of approximately 260 million yuan, up 31.65% year-on-year [1][5]. - The company is transitioning to become a global integrated supplier of automotive passive safety modules, with a focus on optimizing its customer structure and enhancing product value [4][5]. Revenue and Profitability - In Q4 2024, the company reported revenue of approximately 661 million yuan, a year-on-year increase of 41.93% and a quarter-on-quarter increase of 30.41% [1]. - The gross margin for 2024 was approximately 28.71%, down 2.81 percentage points year-on-year, while the net margin was approximately 13.21%, down 2.24 percentage points year-on-year [3]. Product Performance - Revenue from key products in 2024 included approximately 1.264 billion yuan from seatbelt assemblies, 475 million yuan from airbags, and 131 million yuan from steering wheels, with year-on-year growth rates of 39.90%, 151.86%, and 71.45% respectively [2]. Customer Base and Market Growth - The company’s major customers, including Geely, Chery, SAIC-GM-Wuling, Great Wall, and Yutong, collectively produced approximately 8.2127 million vehicles in 2024, representing a year-on-year increase of 10.84% [2]. Future Projections - Revenue projections for 2025 to 2027 are approximately 2.80 billion yuan, 3.79 billion yuan, and 5.02 billion yuan, with year-on-year growth rates of 42.2%, 35.3%, and 32.3% respectively [5][7]. - Net profit projections for the same period are approximately 390 million yuan, 540 million yuan, and 710 million yuan, with year-on-year growth rates of 50.2%, 37.0%, and 33.2% respectively [5][7].