SONGYUAN(300893) 信达证券·2025-04-25 12:23Investment 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 - The company has demonstrated robust growth in 2024, with total revenue reaching 1.97 billion yuan, a year-on-year increase of 54%, and a net profit attributable to shareholders of 260 million yuan, up 32% year-on-year [1][2]. - The fourth quarter of 2024 saw revenue of 660 million yuan, reflecting a 42% year-on-year growth and a 30% quarter-on-quarter increase, although net profit for this quarter decreased by 14% year-on-year [1][2]. - The company has a strong focus on the automotive safety sector, expanding its product offerings beyond seat belts to include airbags and steering wheels, thereby enhancing its comprehensive solution capabilities [2]. - Significant growth was noted in product revenues, with seat belt sales at 1.26 billion yuan (up 40%), airbags at 480 million yuan (up 152%), and steering wheels at 130 million yuan (up 71%) in 2024 [2]. - The company is making strides in customer acquisition, having secured projects with a well-known European automotive manufacturer, which is expected to enhance its global market presence [2]. Financial Summary - For 2024, the company reported a gross margin of 28.7%, a decrease of 2.8 percentage points year-on-year, and a net profit margin of 13.2%, down 2.2 percentage points year-on-year [2]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 400 million, 540 million, and 720 million yuan, respectively, with corresponding EPS of 1.8, 2.4, and 3.2 yuan [2][3]. - The company’s total revenue is expected to grow from 2.77 billion yuan in 2025 to 4.94 billion yuan in 2027, with a compound annual growth rate of approximately 31.5% [3].