Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 43.48 [1][10]. Core Insights - The company reported a revenue of 10.572 billion yuan in 2023, representing a year-on-year increase of 52.19%, and a net profit attributable to shareholders of 806 million yuan, up 71.19% year-on-year [3][4]. - The company is transitioning its Mexican factory to domestic suppliers, which is expected to enhance operational efficiency and reduce costs [1]. - The company is expanding its product offerings from interior components to exterior components, which is anticipated to create new growth opportunities [3][4]. - The company has made significant investments in international markets, including the establishment of subsidiaries in Singapore and Slovakia, to further its global presence [3][4]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 3.253 billion yuan, with a quarter-on-quarter increase of 46.16% and a year-on-year increase of 21.09% [3]. - The company's main business segments, such as dashboard assemblies and door panel assemblies, reported revenues of 6.983 billion yuan and 1.748 billion yuan, respectively, with year-on-year growth rates of 53.13% and 37.08% [3][4]. - The company is expected to achieve revenues of 13.799 billion yuan, 18.112 billion yuan, and 23.125 billion yuan in 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 30.53%, 31.25%, and 27.68% [4][6]. Profitability Metrics - The gross profit margin for the automotive parts industry is reported at 20.55%, with specific margins for various components such as dashboards at 22.02% and bumpers at 31.33% [3]. - The report projects net profit margins to improve, with net profits expected to reach 1.079 billion yuan, 1.569 billion yuan, and 2.177 billion yuan for the years 2024, 2025, and 2026, respectively [4][6]. Market Position and Strategy - The company is positioned as a leading domestic manufacturer of interior components, with a comprehensive product range that is expected to increase the per-vehicle value of its offerings [3][4]. - The internationalization strategy includes significant investments in Mexico, Singapore, and the United States, aimed at establishing the company as a global leader in both interior and exterior automotive components [3][4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55.44 CNY [2][4]. Core Insights - The company's performance in 2023 met expectations, with revenue reaching 10.572 billion CNY, a year-on-year increase of 52.2%, and net profit attributable to shareholders at 806 million CNY, up 71.2% [1]. - The fourth quarter showed significant growth, with revenue of 3.253 billion CNY, a 46.2% year-on-year increase, and net profit of 245 million CNY, up 56.6% [1]. - The company plans to distribute a dividend of 0.3 CNY per share for 2023 [1]. - The gross margin improved slightly to 20.0% for the year, with a notable increase in the fourth quarter to 20.8% [1]. - The company is expanding its product categories and international presence, particularly in the exterior parts business, which has seen substantial growth [1]. - New production bases are being established in the U.S. and Europe to accelerate internationalization efforts [1]. Financial Summary - Revenue for 2023 was 10,572 million CNY, with a year-on-year growth of 52.2% [3]. - The net profit attributable to shareholders for 2023 was 806 million CNY, reflecting a 71.2% increase [3]. - The company forecasts earnings per share (EPS) of 2.31 CNY, 3.06 CNY, and 3.96 CNY for 2024, 2025, and 2026 respectively [2]. - The gross margin is projected to improve gradually, reaching 21.0% by 2026 [3]. - The company’s net asset return rate is expected to rise to 26.1% by 2026 [3].

证券研究报告 公 2024年03月29日 司 报 告 新泉股份(603179) 行 业： 汽车/汽车零部件 │ 公 投资评级： 买入（维持） 司 当前价格： 42.95元 品类扩张和全球化持续演绎，四季度业绩超预期 年 目标价格： 63.78元 报 点 事件： 评 基本数据 公司发布2023年年报，全年实现收入105.7亿元，同比+52.2%，归母净利 总股本/流通股本(百万股) 487.30/487.30 润8.1亿，同比+71.2%，其中四季度收入32.5亿，同比+46.2%，环比+21.1%， 四季度归母净利润2.45亿，同比+56.5%，环比+31.7%。 流通A股市值(百万元) 20,929.62  新项目持续爬坡，下游客户表现良好，四季度收入超预期 每股净资产(元) 9.79 2023Q4 公司主要下游客户特斯拉销量 24.9 万辆，同比+9.2%；吉利销量 资产负债率(%) 62.78 61.0万辆，同比+20.8%，奇瑞销量59.1万辆，同比+89.2%，理想销量13.2 一年内最高/最低(元) 56.67/36.56 万辆，同比+184.6%。全年来看，公司主要产品销量增速强劲，2023年 ...

公司研究 证 券研究 报 告 汽车零部件Ⅲ 2024年03月28日 新 泉股份（603179）2023年报点评 强 推 （维持） 23 年全年净利增速超 70%，24 年拓份额及 目标价：56.6元 全球化布局提速 当前价：43.14元 事项： 华创证券研究所  公司发布2023年度报告，23Q4实现归母净利2.45亿元、同比+57%、环比+32%； 证券分析师：张程航 23全年实现归母净利8.06亿元、同比+71%。 评论： 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com  单季全年营收均创历史新高，受益核心客户增长叠加产品开拓加速。公司23Q4 执业编号：S0360519070003 营收32.5亿元、同比+46%、环比+21%，2023年全年营收106亿元、同比+52%。 证券分析师：夏凉 1）客户端：2023年北美大客户全球产量187万台、同比+37%，吉利、奇瑞、 理想、比亚迪批发销量分别170、178、38、300万台，同比分别+18%、+55%、 电话：021-20572532 +182%、+61%，保障了公司收入的高增长。2）产品端：2023 年公司 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 车身附件及饰件 ＃investSuggestion＃ ＃ ＃d新yCo泉mpa股ny＃份 （ 603179 ） investSug 增持 ( 维ges持tionC）h 603179 ＃title＃ 2023Q4 收入超预期，毛利率环比改善 ange＃ ＃createTime1＃ 2024 年03 月26 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry：＃公司发布2023年年报：2023年营收105.7亿元，同比+52.2%；归母净利 润8.1亿元，同比+71.2%；扣非归母净利润8.0亿元，同比+73.7%。其中2023Q4 市场数据日期 2024-03-25 营收32.5亿元，同环比分别+46.2%/+21.1%；归母净利润2.45亿元，同环比分别 收盘价（元） 41.62 +56.5%/+31.7%；扣非归母净利润2.4亿元，同环比分别+55.0%/+31.0%。 总股本（百万股） 487.30  2023Q4收入超预期，业绩实现同比高增长。2023年中国汽车产量为3016.1万辆， 同比+11.6%，2023年营收 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company achieved a revenue of 10.57 billion yuan in 2023, representing a year-on-year increase of 52.2%, and a net profit attributable to shareholders of 806 million yuan, up 71.2% year-on-year [1]. - In Q4 2023, the company reported a revenue of 3.25 billion yuan, a year-on-year increase of 46.2%, and a net profit of 245 million yuan, reflecting a year-on-year growth of 56.6% [1]. - The growth in Q4 revenue was driven by a 21% quarter-on-quarter increase, with new exterior decoration business gradually ramping up [1]. - The company's core businesses, including dashboard assemblies and door panel assemblies, saw revenue growth of 53% and 37% year-on-year, respectively [1]. - The new exterior decoration business has emerged as a new growth point, with revenue from bumper assemblies and exterior accessories increasing by 113% and 202% year-on-year, respectively [1]. Financial Performance Summary - The company’s gross profit margin for 2023 was 20.05%, a slight increase of 0.3 percentage points year-on-year [1]. - The company is expected to continue expanding its production capacity, with plans to add 1.3 million sets of dashboard assemblies and 1.2 million sets of door inner panels by the end of 2026 [1]. - The report forecasts net profits for 2024, 2025, and 2026 to be 1.14 billion yuan, 1.43 billion yuan, and 1.79 billion yuan, respectively, with corresponding P/E ratios of 18.5, 14.7, and 11.8 [3][1].

证券研究报告·公司点评报告·汽车零部件 新泉股份（603179） 2023 年年度报告点评：2023Q4 业绩符合预 2024 年 03月 26日 期，自主内饰龙头持续成长 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 证券分析师 刘力宇 营业总收入（百万元） 6,947 10,572 13,785 18,028 22,564 执业证书：S0600522050001 同比 50.60% 52.19% 30.40% 30.78% 25.16% liuly@dwzq.com.cn 归母净利润（百万元） 470.54 805.53 1,122.23 1,482.33 1,877.42 同比 65.67% 71.19% 39.31% 32.09% 26.65% 股价走势 EPS-最新摊薄（元/股） 0.97 1.65 2.30 3.04 3.85 新泉股份 沪深300 P/E（现价&最新摊薄） 45.42 26.53 ...

[Table_Title] 证券研究报告 新泉股份（603179.SH）：23 年业绩符合预期， 公司研究 全球化持续推进 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2024年3月27日 [新Ta泉ble股_St份oc(kA6n0d3Ra1n7k9] .SH) [T事ab件le：_Su3mm月ary2 5日，公司发布2023年年度报告。2023年公司实现营业收入 投资评级 105.7 亿元，同比+52.2%，实现归母净利润 8.1 亿元，同比+71.2%，实现 扣非后归母净利润8.0亿元，同比+73.7%。公司2023年销售毛利率20.1%， 上次评级 同比+0.3pct，净利率7.6%，同比+0.8pct。 [陆Ta嘉bl敏e_ A u t h汽or车] 行业首席分析师 点评： 执业编号：S1500522060001 联系电话：13816900611 ➢ 公司营收及业绩快速增长，盈利能力进一步提升。单季度来看，2023Q4 邮 箱：lujiamin@cindasc.com 公司实现营业收入 32.5 亿元，同比+46.2%，环比+21.2%，实现归母 净利润2 ...

新泉股份（603179.SH）系列点评二 全年业绩高增 剑指全球内外饰龙头 2024年03月27日 [T able_Author] 分析师：崔琰 执业证号：S0100523110002 邮箱：cuiyan@mszq.com ➢ 事件：公司披露2023年报：2023年实现营收105.7亿元，同比+52.2%， 推荐 维持评级 归母净利润8.1亿元，同比+71.2%，扣非归母净利润8.0亿元，同比+73.7%； 当前价格： 43.86元 其中2023Q4实现营收32.5亿元，同比+46.1%，环比+21.1%；归母净利润2.4 元，同比+56.5%，环比+31.7%；扣非归母净利润2.4亿元，同比+55.0%，环 比+31.0%。 相关研究 1.新泉股份（603179.SH）系列点评一：业绩 同时公告：1）根据公司发展及战略规划需要，公司拟通过全资子公司新加坡新 超预期 剑指全球内外饰龙头-2024/01/17 泉对斯洛伐克新泉增加投资 4,500 万欧元，由公司以自有资金出资；2）公司拟 通过全资子公司新加坡新泉以自有资金 5,000 万美元在美国特拉华州投资设立 新泉美国控股，并由新泉美国控股分别在加利福尼亚 ...

2024 年 03 月 27 日 公司研究 评级：买入(维持) 研究所： [Table_Title] 年营收利润创新高，外饰产品 海外 2023 + 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 业务即将发力 ——新泉股份（ ） 年年报点评 603179 2023 最近一年走势 事件 : 新泉股份2024年3月25日发布2023年年报：公司2023年实现营业收 入105.72亿元，同比+52.19%。实现归属于上市公司股东的净利润8.06 亿元，同比+71.19%，实现扣除非经常性损益后净利润8.04亿元，同比 +73.70%。 投资要点 :  2023年营收利润创新高，降本增效盈利能力持续提升。 2023 相对沪深300表现 2024/03/27 年Q4，公司实现营业收入32.53亿元，同比+46.16%，环比+21.09%， 表现 1M 3M 12M 实现归母净利润2.45亿元，同比+56.52%，环比+31.65%，实现扣 新泉股份 -7.4% -12.9% 9.9% 非后归母净利润2.44亿元，同比+55.01%，环比+31.02%。公司2023 沪深300 0 ...