Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 60.60 CNY, unchanged from the previous rating [1][2]. Core Insights - The company has shown strong performance in 2023, benefiting from increased orders from downstream clients and expanding its overseas market presence. The mid-to-long-term growth potential is promising [1][2]. - The company reported a total revenue of 10.57 billion CNY in 2023, a year-on-year increase of 52.2%, with a net profit attributable to shareholders of 806 million CNY, up 71.2% [1][2]. - The fourth quarter of 2023 saw record revenue of 3.25 billion CNY, a 46.2% increase year-on-year, and a net profit of 245 million CNY, up 56.6% [1][2]. Financial Performance Summary - The company achieved a gross profit margin of 20.05% in 2023, an increase of 0.32 percentage points year-on-year, and a net profit margin of 7.62%, up 0.81 percentage points [1][2]. - The forecast for 2024 estimates earnings per share (EPS) of 2.25 CNY, corresponding to a price-to-earnings (PE) ratio of 27 times [1][2]. - The company is expected to continue its growth trajectory, with projected revenues of 13.85 billion CNY in 2024 and 17.64 billion CNY in 2025 [2]. Strategic Developments - The company is actively expanding its investment in regions such as Mexico and Slovakia, aiming to enhance its global production capacity and secure new overseas orders [1][2]. - The strategic focus on exterior decoration business is expected to become a new growth point, with ongoing collaboration with leading brands [1][2].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company reported a rapid revenue growth in 2023, achieving an operating income of 10.57 billion yuan, a year-over-year increase of 52%, and a net profit attributable to shareholders of 810 million yuan, up 71% year-over-year [3] - The company is actively expanding its customer base, focusing on high-end foreign and joint venture brands, and has secured projects for new vehicle models [3] - The company is also diversifying its product offerings by expanding into new categories such as exterior parts, and is continuing its internationalization strategy with significant investments in Slovakia and the United States [3] Financial Performance - In Q4 2023, the company achieved an operating income of 3.25 billion yuan, a year-over-year increase of 46%, and a net profit of 240 million yuan, up 57% year-over-year [3] - The comprehensive gross margin for 2023 was 20.0%, an increase of 0.3 percentage points year-over-year, while the net profit margin was 7.6%, up 0.8 percentage points year-over-year [3] - The company expects net profits for 2024-2026 to be 1.131 billion, 1.454 billion, and 1.722 billion yuan, respectively, with corresponding P/E ratios of 18.89, 14.70, and 12.41 [3][5] Market Position and Strategy - The company is deepening its engagement with domestic brand passenger car clients and expanding into the electric vehicle market, partnering with notable brands such as Ideal, Geely, and BYD [3] - The report highlights the company's strong cost control and leading profitability in the industry, which positions it well for future growth [3] - The company is increasing its production capacity both domestically and internationally, aiming to enhance its global market share [3]

Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 3.00 RMB per 10 shares to all shareholders, pending approval at the 2023 annual general meeting[4]. - The company distributed a cash dividend of 0.30 yuan per share, totaling 146,190,591.30 yuan, based on a total share capital of 487,301,971 shares[30]. - The proposed cash dividend represents 18.10% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which amounts to 805,532,030.11 RMB[123]. - The cash dividend policy has not been adjusted during the reporting period and was strictly executed according to the established guidelines[120]. - The company has established a three-year shareholder return plan for 2022-2024, which was approved at the 2022 extraordinary general meeting[120]. Financial Performance - The company's operating revenue for 2023 reached ¥10,571,883,599.87, representing a 52.19% increase compared to ¥6,946,694,968.78 in 2022[19]. - Net profit attributable to shareholders for 2023 was ¥805,532,030.11, a 71.19% increase from ¥470,535,778.43 in 2022[19]. - The net profit after deducting non-recurring gains and losses was ¥804,449,010.44, up 73.70% from ¥463,137,256.18 in 2022[19]. - The company's total assets as of the end of 2023 were ¥13,447,165,075.67, a 44.03% increase from ¥9,336,581,800.68 in 2022[19]. - Basic earnings per share for 2023 were ¥1.65, reflecting a 70.10% increase compared to ¥0.97 in 2022[20]. Capital Structure and Financing - The company successfully issued 11.60 billion RMB of convertible bonds, which began trading on September 5, 2023[29]. - The funds raised from the convertible bonds will be used for the upgrade and expansion of the Shanghai smart manufacturing base and the construction of the Hefei automotive parts smart manufacturing base[29]. - The company reported a significant increase in accounts receivable financing, with a change of 491.82 million RMB during the period[28]. - The company's financial structure is expected to improve, enhancing stability and risk resistance due to the successful fundraising[29]. - The company issued 11.60 billion RMB in convertible bonds on August 11, 2023, with a maturity of 6 years and an initial conversion price of 51.35 RMB per share[187]. Operational Efficiency and Management - The company implemented lean management practices, focusing on cost reduction and efficiency improvement across various dimensions, including production and procurement[30]. - The company has established a comprehensive product development process that allows for synchronous development with automotive manufacturers, significantly reducing communication time and costs[38]. - The company has focused on customer-centric strategies, enhancing its service capabilities through the establishment of production bases nationwide[35]. - The company has engaged with minority shareholders through various channels to ensure their opinions and rights are adequately represented[121]. - The company plans to maintain a high level of control over sales and management expenses, ensuring operational efficiency and cost reduction[81]. Market Expansion and Internationalization - The company is actively pursuing an internationalization strategy, with investments of 50 million USD and 95 million USD in its Mexican subsidiary to expand production capacity[29]. - The company established wholly-owned subsidiaries in Singapore and Slovakia in September and November 2023, respectively, to expand its presence in the European market[30]. - The company is actively pursuing market expansion and technological innovation to meet the evolving demands of the automotive industry[77]. - The company is actively pursuing international expansion, having established production bases in Malaysia and Mexico, and subsidiaries in the United States and Slovakia to penetrate Southeast Asian, North American, and European markets[79]. - The company plans to invest in establishing a wholly-owned subsidiary in Singapore as part of its market expansion strategy[104]. Research and Development - Research and development expenses increased by 49.31% to RMB 457 million due to the rise in R&D projects during the reporting period[44]. - The company has set up R&D centers in Shanghai to enhance technological innovation and maintain industry leadership[41]. - The company is investing 100 million RMB in R&D for new technologies aimed at enhancing product efficiency and sustainability[94]. - The company aims to continuously develop new technologies and processes to meet the increasing demand for personalized vehicles[83]. - The number of R&D personnel is 1,378, accounting for 12.63% of the total workforce[59]. Governance and Compliance - The company has established a comprehensive governance structure, ensuring compliance with laws and regulations, and protecting shareholder rights[84]. - The company has implemented a robust internal control management system to maintain effective financial reporting controls[85]. - The company has engaged in effective communication with investors through various channels, enhancing investor confidence[85]. - The company has committed to avoiding conflicts of interest and ensuring independence in operations and transactions[140]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[136]. Environmental and Sustainability Initiatives - The company has adopted carbon reduction measures, including phasing out old manufacturing equipment and promoting solar energy projects[137]. - The company invested 10.0365 million yuan in environmental protection during the reporting period[134]. - The company emphasizes the importance of sustainable development and plans to use retained earnings to improve operational efficiency and profitability[125]. - The company has implemented changes in accounting policies in accordance with the Ministry of Finance's guidelines, effective from January 1, 2022, and January 1, 2023, respectively, which will not significantly impact the company's financial position or operating results[151]. - The company has established a comprehensive risk management system, enhancing financial data analysis and fund usage supervision[132].

公[T司abl点e_H评ea报der告] ●汽车行业 2024年 3月 25日 [Table_Title] [Table_StockCode] 产品量价齐升助力营利高增，海内外产 新泉股份(603179.SH) [Table_InvestRank] 能扩建推动可持续发展 推荐 维持评级 核心观点： 分析师 [Tabl事e_S件u：mm公a司ry发] 布 2023 年度财务报告，全年公司实现营业收入 105.72 亿元，同 [石Ta金b漫le_Authors] ：010-80927689 比+52.19%，实现归母净利润 8.06 亿元，同比+71.18%，实现扣非归母净利润 ：shijinman_yj@chinastock.com.cn 8.04 亿元，同比+73.70%，EPS 为 1.65 元。 分析师登记编码：S0130522030002 我们的分析和判断：  优质客户资源驱动产品量价齐升，规模效应带动毛利率回升。公司在内外 研究助理 饰件领域积累了多年的研发制造经验，成长为国内汽车饰件龙头企业，顺应 秦智坤 新能源发展趋势，拓展了头部新能源主机厂客户资源，如特斯拉、理想、比 ：qinzhik ...

证券研究报告 | 年报点评报告 2024年03月26日 新泉股份（603179.SH） 2023 业绩符合预期，外饰件&全球化布局提速 事件：1）公司发布2023年报，实现营收105.7亿元，同比+52.2%，归 买入（维持） 母净利润8.1亿元，同比+71.2%。2）拟对斯洛伐克新泉增资4500万欧 股票信息 元；3）拟设立新泉美国控股，对加州、德州子公司分别出资400、4600 行业 汽车零部件 万美元。 前次评级 买入 3月25日收盘价(元) 41.62 2023 业绩符合预期，Q4 收入/利润均创新高。公司 2023Q4 实现收入 总市值(百万元) 20,281.51 32.5亿元，同/环比分别为+46%/+21%；归母净利润2.4亿元，同/环比 总股本(百万股) 487.30 分别为+57%/+32%。行业层面，2023Q4 国内乘用车销量环比+20%， 其中自由流通股(%) 100.00 30日日均成交量(百万股) 5.00 其中奇瑞环比+23%，吉利环比+15%，理想环比+25%，特斯拉（全球） 股价走势 环比+11%。公司业绩高于行业销量增速，预计主要受益于：1）降本增效 的持续推进；2）外饰 ...

上 市 公 司 汽车 2024 年03月 26 日 新泉股份 (603179) 公 司 研 究 ——2023 年报点评，马太效应持续凸显 / 公 司 点 报告原因：有业绩公布需要点评 评 投资要点：公司发布2023年业绩公告，报告期内，公司实现营业收入105.72亿元，比上年同 买入 （维持） 期上升52.19%；归属于母公司的净利润8.06亿元，同比上升71.19%；扣除非经常性损益后  归属于母公司净利润8.04亿元，同比上升73.70%。 证 市场数据： 2024年03月25日  23 年伴随营收新高的同时，净利率也同比改善。23 年营收同比增速 52.19%，归母净利 券 收盘价（元） 41.62 润增速高达71.19%，其中主要是毛利率和费用率均有改善：1、毛利率全年20.05%，同 研 一年内最高/最低（元） 56.67/36.56 市净率 4.1 比+0.32pct；2、四费占比10.22%，同比-0.59cpt；由于整体毛利率和费用率都有正向贡 究 息率（分红/股价） - 报 献，因而净利率达到7.62%, 同比+0.85pct, 导致利润增速高达71.19%。 流通A股市值（百万元） 2 ...

证券研究报告 | 2024年03月26日 新泉股份（603179.SH） 买入 2023 年营收同比增长 52%，持续拓展海外业务布局 核心观点 公司研究·财报点评 公司单四季度归母净利润2.45亿元，同比+57%。新泉股份2023年实现营收 汽车·汽车零部件 106亿元，同比+52%；实现归母净利润8亿元，同比+71%；单季度看，23Q4收 证券分析师：唐旭霞 入33亿元，同比+46%，环比+21%；实现归母净利润2.45亿元，同比+57%，环 0755-81981814 tangxx@guosen.com.cn 比+32%。公司业务量增长迅速，23年仪表板总成销量532万套，同比+47%；门 S0980519080002 板总成销量148万套，同比+50%；保险杠总成销量15万套，同比+57%。 基础数据 公司持续受益于客户放量及核心客户份额提升，营收增速超越行业40pct。23 投资评级 买入(维持) 合理估值 年中国汽车销量3005万辆，同比+12%。公司营收增速超越行业40pct，核心原 收盘价 41.62元 总市值/流通市值 20282/20282百万元 因为下游客户销量增长及公司在核心客户内份额 ...

江苏新泉汽车饰件股份有限公司 2023 年度 独立董事述职报告 （闫建来） 2024 年 3 月 （闫建来） 作为江苏新泉汽车饰件股份有限公司（以下简称"公司"）的独立董事，我 严格按照《公司法》《上市公司独立董事规则》《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》《上市公司治理准则》《公司章程》《公司独立董 事工作制度》等相关法律法规和规章制度的规定和要求，在履职期间忠实勤勉、 恪尽职守，认真出席董事会及各专门委员会会议，积极履行职责，独立自主决 策，切实维护公司和全体股东尤其是中小股东的合法权益。现将 2023 年度履 职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 江苏新泉汽车饰件股份有限公司 2023 年度独立董事述职报告 本人闫建来：男，1963 年出生，中国国籍，无永久境外居留权，本科学历。 1985 年 7 月毕业于吉林工业大学汽车工程系内燃机专业，获得学士学位。1985 年 8 月至 1988 年 7 月，就职于中国汽车零部件工业联营公司（中汽总公司）从 事全国汽车零部件规划编制和实施工作、轿车国产化定点和投资工作。1988 年 9 月至 19 ...

江苏新泉汽车饰件股份有限公司 专项报告 2023 年度 您可使用手机"行一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行资讯 您可使用手机"行一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行资讯 （ 立信会计师事务所(特殊普通合伙) CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 关于江苏新泉汽车饰件股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2024]第 ZA10270 号 江苏新泉汽车饰件股份有限公司全体股东; 我们审计了江苏新泉汽车饰件股份有限公司(以下简称"新泉股 份")2023年度的财务报表,包括 2023年 12 月 31 日的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2024 年 3 月 23 日出具了报告号为信会师报字(2024)第 ZA10268 号的 无保留意见审计报告。 新泉股份管理层根据中国证券监督管理委员会《上市公司监 ...

| 证券代码：603179 | 证券简称：新泉股份 公告编号：2024-017 | | --- | --- | | 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 关于公司及子公司 2024 年度向银行申请综合授信额度的公告 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 2024 年 3 月 23 日 召开了第四届董事会第二十七次会议，审议通过了《关于公司及子公司 2024 年 度向银行申请综合授信额度的议案》，同意公司及控股子公司 2024 年度向银行等 金融机构申请总额不超过人民币 60 亿元（含等值外币）的综合授信额度，授信 期限自 2023 年年度股东大会审议通过之日起至 2024 年年度股东大会召开之日 止。现将相关事项公告如下： 一、本次向银行申请授信的基本情况 1、授信种类：包括但不限于各类贷款、汇票、信用证、国际信用证、保函、 保理、贸易融资、票据贴现、项目贷款等融资品种。公司及子公司可以以土地、 房产、机器设备等自有 ...