SONGYUAN(300893) 信达证券·2025-04-25 10:16Investment Rating - The investment rating for Songyuan Safety (300893.SZ) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Viewpoints - Songyuan Safety has demonstrated robust growth in 2024, with total revenue reaching 1.97 billion yuan, a year-on-year increase of 54%. The company achieved a revenue of 660 million yuan in Q4 2024, reflecting a 42% year-on-year growth and a 30% quarter-on-quarter growth [1][2]. - The company's net profit attributable to shareholders for 2024 was 260 million yuan, up 32% year-on-year, although Q4 net profit saw a decline of 14% year-on-year [1][2]. - The company has been expanding its product offerings in the automotive safety sector, with significant revenue growth in various product lines, including a 152% increase in airbag revenue [2]. - Songyuan Safety has established deep collaborations with major domestic automotive brands and has made significant progress in securing projects with well-known European automotive manufacturers, enhancing its global strategy [2]. Financial Summary - In 2024, the gross profit margin was 28.7%, down 2.8 percentage points year-on-year, while the net profit margin was 13.2%, down 2.2 percentage points year-on-year [2]. - The company forecasts net profits of 400 million yuan, 540 million yuan, and 720 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.8, 2.4, and 3.2 yuan [2][3]. - The projected revenue growth rates for the next few years are 40.8% in 2025, 35.2% in 2026, and 31.5% in 2027 [3].