SONGYUAN(300893) 国投证券·2025-04-28 13:57Investment Rating - The report maintains a "Buy-A" rating for the company [4][7]. Core Views - The company achieved a revenue of 536 million yuan in Q1 2025, representing a year-on-year increase of 45.34% and a quarter-on-quarter decrease of 18.96%. The net profit attributable to shareholders was 74 million yuan, up 20.47% year-on-year and 5.50% quarter-on-quarter [2][4]. - The company is expected to continue high growth driven by three factors: volume, price, and profit. It is actively expanding collaborations with domestic and overseas clients, optimizing product structure, and promoting in-house production of components [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a comprehensive gross margin of 27.94%, down 2.74 percentage points year-on-year but up 1.38 percentage points quarter-on-quarter. The period expense ratio was 14.36%, an increase of 2.22 percentage points year-on-year [2]. - The company’s revenue is projected to grow from 12.8 billion yuan in 2023 to 51.0 billion yuan in 2027, with net profit expected to rise from 2.0 billion yuan to 7.0 billion yuan over the same period [5][12]. Growth Drivers - The company is deepening cooperation with key clients such as Chery, Geely, and Wuling, while also expanding into the new energy vehicle market with clients like BYD and NIO. It has also secured a project with a European client for global vehicle safety belt systems [3]. - The average selling price of safety belt assemblies is expected to reach 59.03 yuan per unit in 2024, reflecting a year-on-year increase of 6.53% [3]. Valuation - The report estimates the company's net profits for 2025, 2026, and 2027 to be 4.0 billion yuan, 5.5 billion yuan, and 7.0 billion yuan respectively, corresponding to a price-to-earnings (PE) ratio of 18.7, 13.8, and 10.7 times [4][12]. - A target price of 44.25 yuan per share is set for the next six months, based on a 25 times PE ratio for 2025 [4].