松原股份(300893) - 2025年2月12日投资者关系活动记录表

Group 1: Business Performance and Growth - The company maintains a high growth trend in its main business, achieving a "good start" in the new year, supported by product cost-performance advantages and brand strength [2] - The overall revenue for 2024 is projected to reach nearly 2 billion yuan, with significant improvements in profitability [5] - The company expects to maintain a compound annual growth rate of over 30% in the coming years [11] Group 2: Product Segments and Profitability - The safety belt assembly division is the primary growth driver, with stable high profit margins [4] - The airbag and steering wheel division has seen annual sales growth doubling, with profit margins stabilizing above 20% [4] - The company is focusing on enhancing the gross margin through scale effects and improved production efficiency [3] Group 3: Market Position and Client Structure - The company is upgrading its client structure, aiming to penetrate the global market as a supplier of independent brand components [5] - Strategic partnerships with mainstream brands like Li Auto are expected to expand into mid-to-high-end models [5] - The company is also increasing its supply share to strategic clients in the commercial vehicle sector [5] Group 4: Expansion and New Projects - The Chao Lake base is the company's first overseas project, which has begun industrialization and is expected to enhance production capacity [6] - The Malaysian factory is on track to commence production in Q4 of the current year [6] - The company is investing in new product development, focusing on smart and electronic products, as well as exploring innovative materials and applications [7] Group 5: Financial Strategies and Market Outlook - The first phase of the convertible bond project has entered the conversion period, with plans for a second phase already disclosed [11] - The company will utilize its public platform for reasonable refinancing arrangements to meet capital needs [11] - The recent market performance has been weak, but the company is committed to delivering strong results to enhance investor confidence [11]