| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2025-017 | | --- | --- | --- | | 债券代码：113675 | 债券简称：新 23 转债 | | 江苏新泉汽车饰件股份有限公司 关于 2024 年度暨 2025 年第一季度业绩暨现金分红说明会 召开情况的公告 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。 江苏新泉汽车饰件股份有限公司（以下简称"公司"）于 2025 年 05 月 12 日 上 午 09:00-10:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （https://roadshow.sseinfo.com/）通过网络文字互动方式召开 2024 年度暨 2025 年第一季度业绩暨现金分红说明会，现将有关事项公告如下： 一、业绩说明会召开情况 2025 年 04 月 29 日，公司于上海证券交易所网站（www.sse.com.cn）及指 定信息披露媒体披露了《江苏新泉汽车饰件股份有限公司关于召开 2024 年度暨 2025 年第一季度业绩暨现金分红说明会的 ...

Core Insights - The automotive industry experienced stable revenue growth in Q1 2025, with a year-on-year increase of 6.8%, while total profit decreased by 8.9% to 946.5 billion yuan [11][12] - The report highlights that leading companies in the automotive sector, particularly those with efficient management, have shown better-than-average performance in terms of net profit and operating cash flow [3][8] - The anticipated release of new models and the impact of local consumption promotion policies are expected to support a gradual recovery in automotive company performance in Q2 2025 [3][12] Revenue and Profit Analysis - In 2024, the automotive industry generated a total revenue of 10.65 trillion yuan, reflecting a 5.4% year-on-year growth, while total profit fell by 9.1% to 462.26 billion yuan [11][12] - The Q1 2025 revenue for the automotive industry was 2.40 trillion yuan, with a profit total of 946.5 billion yuan, indicating a continued decline in profitability [11][12] Profitability Comparison - The profitability of passenger vehicle companies showed significant differentiation in Q1 2025, with some companies like BYD and Seres maintaining strong growth, while others like GAC Group and JAC Motors faced challenges [17][18] - In 2024, the overall profit margin for the automotive industry was 12.4%, down 0.9 percentage points year-on-year, and further decreased to 12.1% in Q1 2025 [12][27] Inventory Management - Inventory levels in the automotive sector showed improvement for bus and parts companies, while passenger vehicle companies faced slight increases in turnover pressure [8][12] - By the end of Q1 2025, the inventory of the automotive industry accounted for 20.9% of current assets, a 1.2 percentage point increase year-on-year [8][12] Cash Flow Analysis - The overall cash flow in the automotive industry faced pressure, with the net cash flow from operating activities for the vehicle sector turning negative at -22.19 billion yuan in Q1 2025 [8][12] - The cash flow for parts companies showed a decline, with a total of 123.05 billion yuan in Q1 2025, down 1.4% year-on-year [8][12] Investment Recommendations - The report suggests focusing on leading automotive companies and those involved in the Huawei and Xiaomi supply chains, as well as companies in the humanoid robot and intelligent driving sectors [3][8] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several parts manufacturers such as New Spring Co., Silver Wheel Co., and Top Group [3][8]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes two main investment lines: leading companies in niche segments and those well-positioned in the robotics sector [2] - The automotive industry is experiencing a shift towards new energy vehicles (NEVs), with significant growth in sales and technological advancements [8][10] - The report highlights the importance of strategic partnerships and technological innovation in enhancing market competitiveness [22][24] Summary by Relevant Sections Overview of the Automotive Industry - In Q1 2025, the Chinese automotive market is characterized by a dominance of new energy vehicles, with NEV sales reaching 3.07 million units [8] - The penetration rate of new energy vehicles is projected to reach 53% in H1 2024 [10] Leading Companies in Niche Segments - **BAIC Blue Valley**: Achieved 130.6 billion yuan in NEV revenue in 2024, with a 26.4% year-on-year growth [13] - **Jianghuai Automobile**: NEV sales increased by 25.08% in 2024, with a total of 51,809 units sold [16] - **Changan Automobile**: Sold 735,000 NEVs in 2024, marking a 52.8% increase [18] - **Geely Automobile**: NEV sales reached 888,000 units in 2024, a 92% increase, with NEV revenue accounting for 41% of total revenue [20] - **BYD**: NEV sales grew over 40% in 2024, maintaining its position as the top seller in China and globally [22] Key Component Manufacturers - **Top Group**: Reported a revenue of 26.6 billion yuan in 2024, with a 35% year-on-year increase [24] - **Fuyao Glass**: Achieved 39.25 billion yuan in revenue in 2024, a growth of 18.4% [26] - **Haoneng Co.**: Revenue reached 2.36 billion yuan in 2024, with a 21.3% increase [28] - **Longsheng Technology**: Revenue of 2.4 billion yuan in 2024, a 31.2% increase [30] - **Zhejiang Rongtai**: Reported a revenue of 1.135 billion yuan in 2024, with a 42% increase [32] Robotics Sector Developments - **Songyan Power**: Launched the humanoid robot N2, which won second place in a marathon event [6] - **Beijing Humanoid Robot Innovation Center**: Developed the "Tiangong Ultra" robot, which won a marathon [6] - **Kepler**: Introduced the K2 "Bumblebee" robot, showcasing its industrial application capabilities [6] - **Yushu**: Collaborated with Great Wall Motors to enhance robot technology and smart manufacturing [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company's 2024 annual revenue reached 13.26 billion yuan, a year-on-year increase of 25.5%, with a net profit attributable to shareholders of 977 million yuan, up 21.2% year-on-year. For Q1 2025, revenue was 3.52 billion yuan, a 15.5% increase year-on-year, and net profit was 213 million yuan, up 4.4% year-on-year. The company is accelerating its overseas expansion in interior components, while exterior and seating segments are opening a second growth curve [2][4][9]. - The projected net profits for 2025, 2026, and 2027 are 1.408 billion yuan, 1.809 billion yuan, and 2.255 billion yuan, respectively, with corresponding P/E ratios of 14.67X, 11.42X, and 9.16X [2][9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 13.26 billion yuan, with a gross profit margin of 19.6%. The fourth quarter of 2024 saw revenue of 3.659 billion yuan, with a net profit of 291 million yuan, reflecting a 19.0% increase year-on-year [9]. - For Q1 2025, the company reported a revenue of 3.52 billion yuan, with a gross margin of 19.5% and a net profit margin of 6.0% [9]. Business Expansion - The company is focusing on expanding its overseas business, particularly in the seating and exterior components sectors. It has planned production capacities in Mexico and Slovakia for seating components and has acquired Anhui Ruiqi Automotive Company to enhance its seating business [9]. Client Performance - The company's top five clients generated sales of 9.889 billion yuan in 2024, a 38.16% increase year-on-year. Key clients include Chery and Geely, with significant year-on-year growth in vehicle sales [9].

Summary of the Conference Call for Xinquan Co., Ltd. Company Overview - Xinquan Co., Ltd. is a leading domestic automotive parts supplier, primarily focusing on interior components such as dashboard assemblies, which account for approximately two-thirds of its revenue. The company holds a market share of nearly 20% in the domestic market. Key clients include Chery, Geely, Tesla, and rapidly growing companies like Li Auto, BYD, and Xiaomi [3][4]. Financial Performance - In 2024, Xinquan achieved a revenue of 13.2 billion yuan, representing a year-on-year growth of 25.5%. The net profit attributable to shareholders was 977 million yuan, up 20%. The gross margin was 19.6%, slightly down due to accounting policy changes, but actual profitability remained stable [2][4]. - For Q1 2025, the company reported a revenue of 3.52 billion yuan, a year-on-year increase of 15.5%, with a net profit of 210 million yuan, showing a slight increase. The gross margin was 19.5% [6][2]. - The company expects a revenue of over 17 billion yuan in 2025, with profits exceeding 1.3 billion yuan, corresponding to a valuation of less than 16 times earnings [4][14]. Growth Drivers - Short-term growth is driven by the ramp-up of new products (exterior parts and passenger car seats) and expansion into overseas markets. The exterior parts are expected to generate 1.2 to 1.3 billion yuan in revenue, primarily from Chery [2][7]. - The passenger car seats segment, bolstered by the acquisition of a 70% stake in Anhui Ruichi, is projected to contribute 600 to 700 million yuan in revenue [8][2]. International Expansion - Xinquan is expanding its overseas market presence through a "local for local" strategy to mitigate geopolitical risks. Factories in Malaysia and Mexico are operational, with a Slovakian factory set to commence production soon. The Mexican factory is expected to generate 600 million yuan in revenue in 2024 and 2.5 billion yuan in 2025, with a profit margin higher than domestic operations [9][11][12]. - The Mexican factory's capacity utilization has rapidly increased to 80%-90%, nearing full production capacity. Future growth is anticipated with the launch of new Tesla models [11][12]. Strategic Positioning - Xinquan aims to transform into a comprehensive global supplier of interior and exterior solutions, leveraging its global footprint and product expansion. The company is currently valued at a low range, making it a recommended investment in the automotive parts sector [4][14]. - The company is also strategically positioned in the Southeast Asian market to capture demand from regional clients [10]. Key Risks and Considerations - The slight decline in gross and net profit margins is attributed to changes in accounting policies, which impacted the recognition of warranty costs. However, the underlying profitability remains stable [5][2]. - The performance of Tesla's Model Y during its update cycle has influenced revenue contributions, particularly in the first quarter of 2025 [6][2]. Conclusion - Xinquan Co., Ltd. is well-positioned for future growth through product diversification, international expansion, and a focus on high-margin segments. The company’s strategic initiatives and market positioning make it a compelling investment opportunity in the automotive parts industry [3][4][14].

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with revenue and net profit growth driven by new projects and increased customer sales [2][3]. Financial Performance Summary - In 2024, the company achieved revenue of 13.264 billion yuan, a year-on-year increase of 25.46%, and a net profit of 977 million yuan, up 21.24% year-on-year [2]. - For Q4 2024, revenue was 3.659 billion yuan, reflecting a year-on-year growth of 12.47% and a quarter-on-quarter increase of 6.33%. The net profit for the same quarter was 291 million yuan, up 19.00% year-on-year and 5.87% quarter-on-quarter [2][3]. - In Q1 2025, revenue reached 3.519 billion yuan, a year-on-year increase of 15.49%, but a quarter-on-quarter decline of 3.82%. The net profit was 213 million yuan, up 4.44% year-on-year but down 26.74% quarter-on-quarter [2][3]. Operational Insights - The company maintained stable operational performance, with Q4 2024 gross margin at 17.48%, a decrease of 3.87 percentage points due to accounting policy changes, while Q1 2025 gross margin was 19.50%, a slight year-on-year decrease of 0.60 percentage points [3]. - The period expense ratio for Q4 2024 was 8.20%, down 3.48 percentage points quarter-on-quarter, with sales expense ratio significantly impacted by accounting policy adjustments [3]. Product and Market Expansion - The company is expanding its product offerings, including dashboard and door panel products, which have competitive advantages in cost control and service response. It is deepening partnerships with high-quality clients such as Geely and Chery [4][5]. - The company is actively pursuing a globalization strategy, establishing operations in Mexico, Slovakia, Germany, and the United States, positioning itself as a leading global automotive trim supplier [5]. Profit Forecast and Investment Rating - The profit forecast for 2025-2026 has been adjusted to 1.337 billion yuan and 1.725 billion yuan, respectively, with a new forecast for 2027 at 2.102 billion yuan. Corresponding EPS estimates are 2.74 yuan, 3.54 yuan, and 4.31 yuan, with P/E ratios of 14.68x, 11.38x, and 9.34x [6]. - The company is recognized as a leading domestic interior trim supplier and is accelerating its global development, maintaining a "buy" rating [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance meets expectations, with a strong growth trajectory as a leading manufacturer of interior automotive components [7] - The company achieved a total revenue of 13.26 billion yuan in 2024, representing a year-on-year growth of 25.46%, and a net profit attributable to shareholders of 0.98 billion yuan, up 21.24% year-on-year [7] - The company is expanding its product offerings and accelerating its globalization strategy, positioning itself as a potential global leader in automotive interior components [7] Financial Performance Summary - In 2024, the company reported total revenue of 13,264 million yuan, with a year-on-year increase of 25.46% [7] - The net profit attributable to shareholders for 2024 was 976.64 million yuan, reflecting a year-on-year growth of 21.24% [7] - For Q4 2024, the company achieved revenue of 36.59 billion yuan, a year-on-year increase of 12.47% and a quarter-on-quarter increase of 6.33% [7] - The gross margin for Q4 2024 was 17.48%, with a slight decline due to accounting policy changes, while the gross margin for Q1 2025 was 19.50% [7] - The company’s earnings per share (EPS) for 2025 is projected to be 2.74 yuan, with a price-to-earnings (P/E) ratio of 14.68 [1][8] Future Projections - The company’s net profit forecasts for 2025 and 2026 are adjusted to 1.34 billion yuan and 1.73 billion yuan, respectively, with a new forecast for 2027 at 2.10 billion yuan [7] - The projected EPS for 2026 and 2027 are 3.54 yuan and 4.31 yuan, respectively, with corresponding P/E ratios of 11.38 and 9.34 [1][8]

Core Viewpoint - The company reported its 2024 annual results and 2025 Q1 results, showing strong revenue and profit growth, indicating overall operational stability and positive market response [1][2]. Financial Performance - In 2024, the company achieved revenue of 13.264 billion yuan, a year-on-year increase of 25.46%, and a net profit attributable to shareholders of 977 million yuan, up 21.24% [1]. - For Q4 2024, the company reported revenue of 3.659 billion yuan, a year-on-year increase of 12.47% and a quarter-on-quarter increase of 6.33%, with a net profit of 291 million yuan, up 19.00% year-on-year and 5.87% quarter-on-quarter [1][2]. - In Q1 2025, revenue was 3.519 billion yuan, a year-on-year increase of 15.49%, but a quarter-on-quarter decrease of 3.82%, with a net profit of 213 million yuan, up 4.44% year-on-year but down 26.74% quarter-on-quarter [1][2]. Cost and Profitability - The gross margin for Q4 2024 was 17.48%, a decrease of 3.87 percentage points quarter-on-quarter, primarily due to accounting policy changes, while the adjusted gross margin remained stable [2]. - The gross margin for Q1 2025 was 19.50%, a slight year-on-year decrease of 0.60 percentage points, also affected by accounting policy adjustments [2]. - The operating expense ratio for Q4 2024 was 8.20%, a decrease of 3.48 percentage points quarter-on-quarter, with the management expense ratio increasing to 6.80% [3]. - The net profit margin for Q4 2024 was 7.96%, remaining stable quarter-on-quarter, while for Q1 2025, the net profit margin was 6.06%, a year-on-year decrease of 0.64 percentage points [3]. Strategic Developments - The company is expanding its product offerings, focusing on dashboard and door panel products, and has established strong partnerships with major clients like Geely and Chery, leading to an increase in market share [4]. - The company is advancing its globalization strategy, with operations expanding in Mexico, Slovakia, Germany, and the United States, positioning itself as a leading global automotive interior parts supplier [4]. Profit Forecast - The profit forecasts for 2025 and 2026 have been adjusted to 1.337 billion yuan and 1.725 billion yuan, respectively, with a new forecast for 2027 set at 2.102 billion yuan [4]. - Corresponding EPS estimates are 2.74 yuan, 3.54 yuan, and 4.31 yuan for the respective years, with P/E ratios of 14.68x, 11.38x, and 9.34x [4].

Group 1 - The China Securities 500 Quality Growth Index (930939) has shown a slight increase of 0.22% as of April 30, 2025, with notable gains in constituent stocks such as Amlogic (688099) up 4.29% and Anker Innovations (300866) up 3.80% [1] - The 500 Quality Growth ETF (560500) has also risen by 0.22%, with the latest price reported at 0.92 yuan, and a significant increase in shares by 5 million this month, ranking it in the top third among comparable funds [1] - Huaxi Securities highlights the role of the Chinese version of the stabilization fund in supporting the A-share market, emphasizing a higher positioning for "stabilizing and activating the stock market" compared to previous times [1] Group 2 - The 500 Quality Growth ETF closely tracks the China Securities 500 Quality Growth Index, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the broader 500 Index [2] - As of March 31, 2025, the top ten weighted stocks in the index include Chifeng Jilong Gold Mining (600988) and Ninebot (689009), with the top ten stocks accounting for a total weight of 24.26% [2]

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