2024-09-02 公司点评 买入/维持 新泉股份（603179） 目标价： 昨收盘：36.80 本土饰件龙头加速成长为国际 Tier1 总股本/流通(亿股) 4.87/4.87 总市值/流通(亿元) 179.3/179.3 12 个月最高/最低(元) 54.55/32.54 事件：公司发布 2024 半年报，上半年营业收入 61.64 亿元，同比+33.07%； 归母净利润 4.11 亿元，同比+9.46%；扣非净利润 4.11 亿元，同比+9.48%，。 其中 Q2 单季度实现收入 31.17 亿元，同比+26.74%，环比+2.30%；归母净 利润 2.06 亿元，同比-7.66%，环比+1.13%；扣非净利润 2.09 亿元，同比 -7.66%，环比+3.22%。 汇兑损益导致财务费用冲击盈利能力。24H1 公司毛利率 19.98%，同比 +0.1pct，净利率 6.62%，同比-1.5pct，毛利率有所改善，净利率受期内 汇 兑 损 益 影 响 有 所 波 动 。 Q2 单 季 毛 利 率 19.86% ， 同 环 比 分 别 -0.1/-0.2pct，净利率 6.58%，同环比分别-2.4/-0 ...

证券研究报告 | 2024年09月03日 新泉股份（603179.SH） 优于大市 二季度营收增速超越行业，产品盈利能力持续提升 公司单季度收入同比增长 27%，再创二季度新高。新泉股份 2024 年第二季度 实现收入 31.17 亿元，同比+26.74%，超越行业 23pct；归母净利润 2.06 亿 元，同比下滑，环比+1.13%，主要受汇兑变动及公司转债费用影响，加回汇 后公司经营性净利润同比增长 44%。公司处于十年内第三轮高速增长期，从 历史数据看，公司业绩基本符合中国汽车行业走势，增速超越行业，核心受 益于下游客户销量及公司在客户内配套份额提升。根据中汽协，二季度中国 汽车产量 729 万辆，同比+3.7%，公司核心客户销量增长迅速，吉利/奇瑞/ 比亚迪二季度销量同比+25%/39%/40%；优质新势力客户理想销量同比+25%。 24Q2 毛利率同/环比接近持平，公司 24Q2 毛利率为 19.86%，同/环比接近持 平；归母净利率为 6.60%，同比-2.5pct，环比-0.10pct。公司销量/管理/ 研 发 / 财 务 费 用 率 分 别 1.64%/4.36%/3.72%/1.64% ， ...

证 券 研 究 报 告 新泉股份（603179）2024 年中报点评 强推（维持） 汇兑影响盈利，拓品类与全球化稳步推进 目标价：53.3 元 当前价：36.80 元 事项： ❖ 公司发布 2024 年中报，24Q2 归母净利 2.06 亿元、同比-7.7%、环比+1.1%， 扣非归母净利 2.09 亿元、同比-7.7%、环比+3.2%。 评论： ❖ 营收持续高增，保险杠等外饰开始放量。24Q2 营收 31.2 亿元、同比+27%、 环比+2.3%，同比高增但增速相对放缓，客户端奇瑞、吉利、理想、比亚迪 24Q2 销量同比增速均 25%以上，但 24Q2 特斯拉国内销量 20.6 万台、同比-17%、 环比-7%；产品端公司外饰新品类增速可观，24H1 保险杠总成/外饰附件分别 实现收入 1.42、0.96 亿元，同比分别+3.87 倍、+1.48 倍。 ❖ 管销研费率稳中有降，但汇兑影响财务费用。公司 24Q2 归母净利 2.06 亿元、 同比-7.7%、环比+1.1%，对应归母净利率 6.6%、同比-2.5PP、环比-0.1PP。24Q2 毛利率 19.9%、同比-0.1PP、环比-0.2PP，较稳健。2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of 6.16 billion yuan in H1 2024, representing a year-on-year growth of 33.1%. The net profit attributable to shareholders was 410 million yuan, up 9.5% year-on-year. The growth was driven by new products and customer expansion, despite some impacts from key clients [12][13] - The company's gross profit margin for Q2 2024 was 19.9%, remaining stable compared to previous periods. After adjusting for foreign exchange impacts, the net profit margin for H1 2024 was 7.1%, an increase of 0.7 percentage points year-on-year [12][13] - The company is focusing on globalization and product category expansion as key drivers for revenue and performance growth. Recent developments include a profitable operation in Mexico and plans for a new factory in the U.S. [12][13] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 6.16 billion yuan, a 33.1% increase year-on-year, and a net profit of 410 million yuan, reflecting a 9.5% growth [12] - The top five clients, including Chery and Geely, showed significant sales growth in Q2 2024, with Chery's sales increasing by 42.7% year-on-year [12] - The company’s new products, such as bumpers and exterior parts, contributed to revenue growth, with bumper revenue increasing by 387.2% [12] Profitability and Costs - The gross profit margin for Q2 2024 was 19.9%, with a stable cost structure as sales, management, and R&D expense ratios decreased [12] - Foreign exchange losses impacted profitability, with a reported loss of 28 million yuan in H1 2024 compared to a gain of 77 million yuan in the same period last year [12] Future Outlook - The company forecasts revenues of 13.21 billion yuan, 17.20 billion yuan, and 20.85 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.0%, 30.2%, and 21.2% [12][13] - The expected net profit for the same years is projected to be 1.02 billion yuan, 1.38 billion yuan, and 1.87 billion yuan, with growth rates of 26.1%, 35.9%, and 35.4% [12][13]

Investment Rating - The report maintains a "Buy" rating for the company [6] - The target price is set at 60.15 CNY, corresponding to a 27x PE for 2024 [4][6] Core Insights - The company is expanding its product matrix centered around automotive trim, enhancing market share and per-vehicle value [4] - The company reported a revenue of 6.16 billion CNY for the first half of 2024, a year-on-year increase of 33.1%, with a net profit of 410 million CNY, up 9.5% year-on-year [4] - The second quarter of 2024 saw revenues of 3.12 billion CNY, a 26.7% increase year-on-year, while net profit decreased by 7.7% year-on-year to 210 million CNY [4] - The company is accelerating its overseas expansion, with investments in regions like Mexico and Slovakia, and has established subsidiaries in the U.S. to enhance its North American business [4] Financial Performance - The company forecasts EPS of 2.25 CNY, 2.97 CNY, and 3.78 CNY for 2024, 2025, and 2026 respectively [4] - The gross margin for Q2 2024 was 19.9%, showing a slight decline, while the net margin was 6.6%, down 2.44 percentage points year-on-year [4] - The company’s total revenue is projected to reach 13.85 billion CNY in 2024, with a growth rate of 31% [12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price set to achieve a relative return of over 20% within the next six months [5][14]. Core Views - The company reported a revenue of 6.164 billion yuan for H1 2024, representing a year-on-year increase of 33.07%, while the net profit attributable to shareholders was 411 million yuan, up 9.46% year-on-year [1]. - The company is actively expanding its international presence, with significant investments in overseas production bases and R&D centers, which supports its growth strategy [3]. - Key customers such as Chery, Geely, and Li Auto have shown strong sales growth, contributing to the company's revenue increase [2]. Financial Performance Summary - For H1 2024, the company achieved a gross margin of 19.98%, a slight increase of 0.12 percentage points year-on-year, while the net margin was 6.62%, down 1.49 percentage points year-on-year [1]. - In Q2 2024, the company reported revenue of 3.117 billion yuan, a year-on-year increase of 26.74%, but the net profit decreased by 7.66% year-on-year to 206 million yuan [1]. - The company’s revenue is projected to grow significantly, with estimates of 13.065 billion yuan in 2024, 16.104 billion yuan in 2025, and 19.607 billion yuan in 2026, reflecting growth rates of 23.58%, 23.26%, and 21.75% respectively [4][10]. Business Segment Performance - The revenue from the instrument panel assembly reached 4.08 billion yuan in H1 2024, up 35.48% year-on-year, while the bumper assembly revenue surged by 387.2% to 140 million yuan [1]. - The company’s expenses have increased, particularly in financial costs, which rose by 104 million yuan year-on-year due to foreign exchange losses [1]. Customer Sales Growth - Chery's cumulative sales reached 1.1 million units in H1 2024, a 48.4% increase year-on-year, while Geely's sales were 956,000 units, up 37.7% year-on-year [2]. - Li Auto's sales also showed strong growth, with 189,000 units sold in H1 2024, reflecting a 35.8% year-on-year increase [2]. International Expansion - The company is advancing its international strategy by expanding its production base in Mexico and increasing investment in Slovakia to enhance capacity for new projects [3]. - Establishing subsidiaries in the United States further supports the company's goal of penetrating the North American market [3].

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 6.164 billion yuan for H1 2024, representing a year-on-year increase of 33.07%, while the net profit attributable to shareholders was 411 million yuan, up 9.46% year-on-year [3] - The company has established strong partnerships with major automotive clients, including Chery, Geely, and Tesla, which have contributed to its revenue growth [3][5] - The company is actively expanding its overseas operations, with subsidiaries in Mexico, Malaysia, and the United States, which are expected to enhance its revenue streams [3][5] Financial Performance Summary - For H1 2024, the company's revenue was 6.164 billion yuan, with a net profit of 411 million yuan, and a gross margin of 19.98% [3][5] - The company’s revenue is projected to grow to 13.712 billion yuan in 2024, with a net profit of 1.081 billion yuan, reflecting a growth rate of 29.7% [6][7] - The earnings per share (EPS) is expected to increase from 2.22 yuan in 2024 to 3.80 yuan by 2026, indicating a strong growth trajectory [6][7] Client and Product Development - The company has seen significant sales growth from key clients, with Chery's sales increasing by 51.26% year-on-year in H1 2024 [3] - The company is diversifying its product offerings, expanding from interior components to exterior parts, which is expected to increase the per-vehicle value [5] - The company is also focusing on new energy vehicles, enhancing its competitive position in the market [5] International Expansion - The company is strategically building production bases in various regions, including Southeast Asia, North America, and Europe, to meet the growing demand from existing and potential clients [5] - The establishment of new facilities in Slovakia and the U.S. is part of the company's internationalization strategy, which aims to increase its global market share [5]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported a robust performance in H1 2024, achieving revenue of 6.16 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of 410 million yuan, up 9% year-on-year [1] - The growth in domestic sales of new energy vehicles significantly contributed to the revenue increase, with the company benefiting from a global expansion strategy that enhanced overseas revenue by 78% year-on-year [1] - The company is focusing on product expansion and internationalization, with strong partnerships established with major automotive manufacturers [2] Financial Performance Summary - In H1 2024, the company achieved a gross margin of 20.0%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin was 6.6%, down 1.5 percentage points year-on-year [1] - The company’s revenue is projected to grow from 10.57 billion yuan in 2023 to 13.01 billion yuan in 2024, reflecting a growth rate of 23% [3] - The forecasted net profit for 2024 is 1.05 billion yuan, with a year-on-year growth rate of 30.9% [3] Product and Market Expansion - The company is expanding its product offerings, with significant revenue growth in bumper assemblies and exterior accessories, which increased by 387% and 148% respectively in H1 2024 [2] - The international expansion strategy includes investments in Mexico, Singapore, and Slovakia, aiming to create new growth drivers [2] Valuation and Earnings Forecast - The projected net profits for the company from 2024 to 2026 are 1.05 billion yuan, 1.41 billion yuan, and 1.70 billion yuan respectively, with corresponding P/E ratios of 18, 13, and 11 times [2]

江苏新泉汽车饰件股份有限公司 2024 年半年度募集资金存放与实际使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-064 | | --- | --- | --- | | 债券代码：113675 | 债券简称：新 23 转债 | | 1 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》（2022 年修订）、上海 证券交易所《上海证券交易所上市公司自律监管指引第 1 号——规范运作》以及 《上海证券交易所上市公司自律监管指南第 1 号——公告格式（2023 年 12 月第 二次修订）》等有关规定，现将江苏新泉汽车饰件股份有限公司（以下简称"公 司"） 截至 2024 年 6 月 30 日募集资金存放与使用情况专项说明如下： 3 月 4 日完成置换）；2021 年度，公司非公开发行股票募投项目实际使用募集资 金 59,782.65 万元；2022 年度，公司非公开 ...

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-062 | | --- | --- | --- | | 债券代码：113675 | 债券简称：新 23 转债 | | 该议案已经公司董事会审计委员会审议通过，并提交董事会审议。 江苏新泉汽车饰件股份有限公司（以下简称"公司"）第五届董事会第三次会 议通知和会议材料于 2024 年 8 月 20 日以专人送达、电子邮件等方式发出。会议 于 2024 年 8 月 30 日在公司会议室以现场和通讯结合的方式召开。本次会议应出 席董事 9 人，实际出席董事 9 人。公司监事及高级管理人员列席会议。本次会议 的通知、召开、表决程序符合《公司法》等有关法律法规和《公司章程》的规定。 会议由董事长唐志华先生主持。 第五届董事会第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 二、董事会会议审议情况 （一）审议通过《2024年半年度报告》及其摘要 江苏新泉汽车饰件股份有限公司 具体内容详见公司同日于指定信息披露媒体披露的《公司 ...