被动安全国产替代加速，海外拓展取得重大突破公司所处赛道被动安全市场份额长期被外资垄断，被动安全系统涉及整车安全认证，技术与认证壁垒较高，竞争格局好，随着松原股份等国产供应商的技术不断完善，同时车企降本压力的加剧，国产替代趋势加速。此外公司2024 年获得全球化客户订单，海外拓展取得新的突破，并进入新的发展阶段。Q3 continued its year-on-month growth trend, and gross margin fluctuated due to falling costs. The company achieved revenue of 1.31 billion yuan, up 60.8% year on year, and net profit of 0.191 billion yuan, up 62.9% year on year. Among them, Q3 achieved revenue of 0.51 billion yuan, up 47.1% year on year and 16.5% month on month; achieved net profit of 0.067 billion yuan, up 24.7% year on year, up 8.2% month on month. The results continued the month-on-month growth trend. Q3 gross profit margin was 29.02%, a year-on-year decrease of 3.62 pct and a month-on-month decrease of 0.92 pct.
Customer production and sales trends are improving, and Q4 performance is still worth looking forward to
Benefiting from the excellent performance of downstream customers, the fourth quarter revenue side is still worth looking forward to. As the scale of the quarter continues to rise, profitability is expected to improve marginally from month to month.
Passive safety has been accelerated, and overseas expansion has achieved major breakthroughs. The passive safety market share of the company's racetrack has been monopolized by foreign investors for a long time. Passive safety systems involve vehicle safety certification. The technical and certification barriers are high, and the competitive pattern is good. With the continuous improvement of technology from domestic suppliers such as Songwon Co., Ltd., and at the same time, the pressure on car companies to reduce costs intensifies, and the domestic substitution trend is accelerating. Furthermore, the company received orders from global customers in 2024, achieved new breakthroughs in overseas expansion, and entered a new stage of development.
Investment advice
Adjusted profit forecasts, we expect revenue for 2024-2026 to be 1.872, 2.591, 3.447 billion yuan (1.744, 2.414, 3.211 billion yuan), net profit due to mother of 0.285, 0.447, 0.593 billion yuan (0.302, 0.419, 0.558 billion yuan), EPS of 1.26, 1.97, 2.62 yuan (1.34, 1.85, 2.47 yuan); 2024/11 The closing price on January 1 was 30.88 yuan, corresponding to 2024-2026 PE being 24.49, 15.64, and 11.78 times; maintaining the “buy” rating.
Risk warning
Sales in the passenger car industry fell short of expectations, increased competition exceeded expectations, raw material prices fluctuated, customer shipments fell short of expectations, etc.
