Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company's revenue performance has significantly improved both year-on-year and quarter-on-quarter, with Q3 2024 revenue reaching 3.441 billion yuan, up 28.08% year-on-year and 10.39% quarter-on-quarter [4][5]. - The net profit attributable to shareholders for Q3 2024 was 275 million yuan, reflecting a year-on-year increase of 47.98% and a quarter-on-quarter increase of 33.14% [4][5]. - The company is benefiting from a robust order flow and scale effects, leading to substantial growth in performance [5]. - The gross profit margin for Q3 2024 was 21.35%, an increase of 1.86% year-on-year, while the net profit margin was 7.98%, up 1.06% year-on-year [5]. - The company is actively expanding its overseas strategy, with new subsidiaries established in the United States, which is expected to enhance revenue contributions from international markets [5]. Financial Projections - The company is projected to achieve main business revenues of 13.109 billion, 17.178 billion, and 20.615 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 24%, 31%, and 20% [3][7]. - The net profit attributable to shareholders is expected to be 1.059 billion, 1.383 billion, and 1.805 billion yuan for the same years, with a consistent growth rate of 31% [3][7]. - The earnings per share (EPS) are forecasted to be 2.17, 2.84, and 3.70 yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (P/E) ratios of 23, 17, and 13 times [3][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a record high revenue of 3.44 billion yuan in Q3 2024, representing a year-on-year increase of 28.1% and a quarter-on-quarter increase of 10.4% [2][6] - The net profit attributable to shareholders reached 270 million yuan, up 48.0% year-on-year and 33.1% quarter-on-quarter [2][6] - The company's gross margin for Q3 2024 was 21.3%, an increase of 1.9 percentage points year-on-year and 1.5 percentage points quarter-on-quarter [2][6] - The net profit margin was 8.0%, up 1.1 percentage points year-on-year and 1.4 percentage points quarter-on-quarter [2][6] - The company continues to expand its product offerings and customer base, contributing to sustained high growth [6] Financial Performance Summary - For 2024-2026, the company is expected to achieve revenues of 13.21 billion yuan, 17.20 billion yuan, and 20.85 billion yuan, with year-on-year growth rates of 25.0%, 30.2%, and 21.2% respectively [7] - The net profit attributable to shareholders is projected to be 1.02 billion yuan, 1.40 billion yuan, and 1.87 billion yuan for the same period, with growth rates of 26.7%, 37.2%, and 33.7% respectively [7] - The company has a strong research and development capability, cost control, and quick response speed, which are core to its growth [7] Market Position and Strategy - The company is a leading manufacturer of interior components for vehicles, with ongoing global expansion and diversification of product categories [6] - Recent performance from key customers such as Chery, Li Auto, Geely, and Tesla has shown significant sales growth, further driving the company's revenue [6] - The company has established production bases in Malaysia and Mexico, and is planning to build a factory in the United States to capture more major clients [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company reported Q3 2024 earnings that exceeded expectations, with a revenue of 34.41 billion yuan, a year-on-year increase of 28.08% and a quarter-on-quarter increase of 10.39% [2][3]. - The net profit for Q3 2024 was 2.75 billion yuan, reflecting a year-on-year growth of 47.98% and a quarter-on-quarter growth of 33.14% [2][3]. - The company is positioned as a leading player in the domestic interior parts market, with a focus on expanding its product offerings and enhancing its global presence [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 96.05 billion yuan, representing a year-on-year growth of 31.24%, and a net profit of 6.86 billion yuan, up 22.22% year-on-year [2]. - The Q3 2024 gross margin was reported at 21.35%, an increase of 1.49 percentage points from the previous quarter, attributed to improved profitability from new projects [3]. - The company’s operating expenses ratio for Q3 2024 was 11.69%, with specific expense ratios for sales, management, R&D, and financial expenses being 1.95%, 4.05%, 4.27%, and 1.42% respectively [3]. Earnings Forecast and Valuation - The earnings forecast for the company is set at 10.55 billion yuan, 13.91 billion yuan, and 18.05 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.17 yuan, 2.85 yuan, and 3.70 yuan [4]. - The projected P/E ratios for 2024, 2025, and 2026 are 23.06, 17.49, and 13.48 respectively [4].

证 券 研 究 报 告 新泉股份（603179）2024 年三季报点评 强推（维持） 盈利超预期，看好明年海外放量 目标价：64.8 元 事项： 公司发布 2024 年三季报，24Q3 归母净利 2.75 亿元、同比+48%、环比+33%， 扣非归母净利 2.51 亿元、同比+35%、环比+21%。 评论： 随优质客户放量，营收持续高增。24Q3 营收 34.4 亿元、同比+28%、环比+10%， 符合预期，客户端主要受益：理想 24Q3 批发销量 15 万辆、同比+45%、环比 +40%，奇瑞 64 万辆、同比+32%、环比+16%，吉利 54 万辆、同比+16%、环 比+11%，特斯拉国内 25 万辆、同比+12%、环比+21%。 毛利率表现超预期，但汇兑影响财务费用。公司 24Q3 归母净利 2.75 亿元、 同比+48%、环比+33%，创新高，对应归母净利率 8.0%、同比+1.1PP、环比 +1.4PP。24Q3 毛利率 21.3%、同比+1.9PP、环比+1.5PP，创近三年新高，推 测受益规模效益、新项目和外饰工厂爬坡放量及精益管理等综合因素。24Q3 期间费率 11.7%、同比+1.0PP、环 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 50.25 CNY [1]. Core Views - The company reported strong performance in Q3 2024, with revenue reaching 9.605 billion CNY, a year-on-year increase of 31.24%, and a net profit attributable to shareholders of 686 million CNY, up 22.22% year-on-year [2]. - The company is positioned to become a global leader in interior and exterior automotive parts, leveraging strong relationships with key clients and expanding its overseas operations [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 9.605 billion CNY, with Q3 revenue at 3.441 billion CNY, reflecting a year-on-year growth of 28.06% and a quarter-on-quarter growth of 10.39% [2]. - The net profit for the first three quarters of 2024 was 686 million CNY, with Q3 net profit at 275 million CNY, showing a year-on-year increase of 47.97% and a quarter-on-quarter increase of 33.14% [2]. - The company’s gross margin in Q3 2024 was 21.35%, an increase of 1.85 percentage points year-on-year [2]. Client and Market Expansion - The company has established strong partnerships with major automotive manufacturers, including Chery, Geely, and Tesla, which have contributed to its revenue growth [2]. - The overseas expansion strategy includes subsidiaries in Mexico, Malaysia, and the USA, which are expected to enhance revenue from international markets [4]. Product and Market Strategy - The company is diversifying its product offerings from interior components to exterior parts, aiming to increase the per-vehicle value of its products [4]. - The company is actively engaging with new energy vehicle manufacturers, which is expected to drive significant growth in the coming years [4]. Future Financial Projections - Revenue projections for 2024-2026 are estimated at 13.712 billion CNY, 17.711 billion CNY, and 21.825 billion CNY, respectively, with corresponding net profits of 1.075 billion CNY, 1.469 billion CNY, and 1.844 billion CNY [5][6]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 2.21 CNY, 3.02 CNY, and 3.78 CNY, respectively [5][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 60.8 CNY [2][5] Core Insights - The company's performance exceeded market expectations, with a revenue of 9.605 billion CNY for the first three quarters, representing a year-on-year growth of 31.2%. The net profit attributable to the parent company was 686 million CNY, up 22.2% year-on-year [1] - The gross margin improved both year-on-year and quarter-on-quarter, with a gross margin of 20.5% for the first three quarters and 21.3% for the third quarter. Operating cash flow also showed a year-on-year increase of 28.1% [1] - The sales growth of major clients, including Geely, Chery, Li Auto, NIO, BYD, and Great Wall, contributed to the company's performance in the third quarter, with significant year-on-year increases in their sales [1] - The company is expected to see long-term growth driven by its exterior parts and overseas business expansion, with significant revenue growth in exterior products and ongoing internationalization efforts [1] Financial Summary - The company's revenue for 2022 was 6.947 billion CNY, projected to grow to 22.648 billion CNY by 2026, with a compound annual growth rate (CAGR) of 26.2% [4] - The net profit attributable to the parent company is expected to increase from 471 million CNY in 2022 to 1.977 billion CNY in 2026, reflecting a CAGR of 33.2% [4] - The earnings per share (EPS) are projected to rise from 0.97 CNY in 2022 to 4.06 CNY in 2026 [4]

| 证券代码：603179 | 证券简称：新泉股份 公告编号：2024-070 | | --- | --- | | 债券代码：113675 | 债券简称：新 23 转债 | 第五届董事会第四次会议决议公告 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 江苏新泉汽车饰件股份有限公司（以下简称"公司"）第五届董事会第四次会 议通知和会议材料于 2024 年 10 月 20 日以专人送达、电子邮件等方式发出。会 议于 2024 年 10 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。 二、董事会会议审议情况 （一）审议通过《公司2024年第三季度报告》 具体内容详见公司同日于指定信息披露媒体披露的《公司2024年第三季度报 告》。 江苏新泉汽车饰件股份有限公司 该议案已经公司董事会审计委员会审议通过，并提交 ...

关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： （网址：https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络文字互动方式 ● 投资者可于 2024 年 11 月 21 日(星期四) 至 11 月 27 日(星期三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 xinquantzb@xinquan.cn 进行提问, 公司将在说明会上对投资者普遍关注的问题 进行回答。 | 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-071 | | --- | --- | --- | | 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 1 ● 会议召开时间：2024 年 11 月 28 日（星期四）下午 15:00-16:00 ● 会议召开地点：上海证券交易所上证路演中心 二、说明会召开的时间、地点 1、会议召开时间：2024 年 11 月 ...

江苏新泉汽车饰件股份有限公司 舆情管理制度 第一章 总 则 第一条 为了提高江苏新泉汽车饰件股份有限公司（以下简称"公司"）应对 各类舆情的能力，建立快速反应和应急处置机制，充分发挥网络互动优势，正确把 握和引导网络舆论导向，及时、妥善处理各类舆情对公司股价、公司商业信誉及正 常生产经营活动造成的影响，切实保护投资者合法权益，根据《上海证券交易所股 票上市规则》等相关法律、法规和规范性文件及《江苏新泉汽车饰件股份有限公司 章程》（以下简称"《公司章程》"）的相关规定，结合公司实际情况，制定本 制度。 第二条 本制度所称"舆情"包括： （一） 报刊、电视、网络等媒体对公司进行的负面报道； （二） 社会上存在的已经或将给公司造成不良影响的传言或信息； （三） 可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四） 其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 第三条 公司舆情应对坚持"科学应对、突出导向、注重实效"的总体原则， 有效引导内部舆论和社会舆论，避免和消除因媒体可能对公司造成的各种负面影 响，切实维护公司的利益和形象。 第二章 舆情管理的组织体系及 ...

Financial Performance - Revenue for Q3 2024 reached ¥3,440,950,364.98, an increase of 28.08% compared to the same period last year[2] - Net profit attributable to shareholders was ¥274,918,819.30, reflecting a growth of 47.98% year-over-year[2] - Net profit excluding non-recurring gains and losses for the period was ¥251,331,882.86, up 35.20% from the previous year[2] - Basic earnings per share for Q3 2024 was ¥0.56, an increase of 47.37% compared to the same period last year[4] - Total operating revenue for the first three quarters of 2024 reached ¥9.61 billion, a 31.1% increase from ¥7.32 billion in the same period of 2023[14] - Net profit for the first three quarters of 2024 was ¥683.07 million, representing a 21.7% increase compared to ¥561.50 million in 2023[15] - Basic earnings per share for the first three quarters of 2024 were ¥1.41, up from ¥1.15 in the same period of 2023[17] - The total profit for the first three quarters of 2024 was ¥788.41 million, up 22.5% from ¥643.26 million in 2023[15] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥14,671,186,375.25, representing a 9.10% increase from the end of the previous year[4] - Total assets increased to CNY 14.67 billion, up from CNY 13.45 billion, representing a growth of approximately 9.1% year-over-year[12] - Current assets totaled CNY 9.28 billion, compared to CNY 9.11 billion in the previous period, reflecting an increase of about 1.9%[12] - Accounts receivable rose to CNY 3.38 billion, up from CNY 2.96 billion, indicating a growth of approximately 14.1%[12] - Inventory decreased to CNY 2.38 billion from CNY 2.48 billion, showing a decline of about 3.7%[12] - Total liabilities reached CNY 9.25 billion, an increase from CNY 8.44 billion, marking a growth of approximately 9.6%[13] - Long-term borrowings increased significantly to CNY 1.15 billion from CNY 468 million, representing a growth of about 145.5%[13] - The company's equity attributable to shareholders rose to CNY 5.37 billion, compared to CNY 4.96 billion, reflecting an increase of approximately 8.1%[13] Cash Flow - Cash flow from operating activities for the year-to-date was ¥441,068,240.52, an increase of 28.14% compared to the same period last year[2] - Cash flow from operating activities totaled ¥6.95 billion, an increase of 28.1% from ¥5.43 billion in the previous year[18] - The net cash flow from operating activities for Q3 2024 was CNY 441,068,240.52, an increase of 28.2% compared to CNY 344,210,659.23 in Q3 2023[19] - Total cash outflow from investing activities reached CNY 1,218,057,503.72, up from CNY 981,629,251.95 in the same period last year, indicating a 24.1% increase[19] - Cash inflow from financing activities was CNY 2,170,349,312.27, a decrease of 15.4% compared to CNY 2,566,654,350.05 in Q3 2023[19] - The net cash flow from financing activities was CNY 340,205,745.81, down from CNY 1,255,986,675.22 in the previous year, reflecting a significant decline[19] - The total cash and cash equivalents at the end of Q3 2024 stood at CNY 718,130,539.08, a decrease from CNY 1,292,603,034.01 at the end of Q3 2023[19] - The company reported a total cash outflow of CNY 473,072,909.26 for the quarter, contrasting with a cash inflow of CNY 837,745,953.24 in Q3 2023[19] Expenses and Investments - Total operating costs increased to ¥8.82 billion, up 32.7% from ¥6.64 billion year-over-year[14] - Research and development expenses rose to ¥404.08 million, a 30.3% increase from ¥309.93 million in 2023[14] - The company reported a financial expense of ¥117.66 million, compared to a financial income of ¥29.90 million in the same period last year[14] - The company experienced a decrease in investment income, reporting a loss of ¥1.18 million compared to a gain of ¥0.70 million in the previous year[15] - Other comprehensive income after tax showed a loss of ¥110.92 million, contrasting with a gain of ¥3.46 million in the same period of 2023[15] - The company paid CNY 367,977,270.94 in various taxes, compared to CNY 308,178,626.98 in the same quarter last year, marking a 19.3% increase[19] - The cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was CNY 1,214,557,503.72, up from CNY 759,043,251.95, representing a 60.0% increase year-over-year[19] Strategic Initiatives - The company reported a significant increase in business volume, contributing to the overall growth in revenue and profit[7] - Government subsidies recognized during the period amounted to ¥28,430,466.54, contributing positively to the financial results[5] - The company plans to expand its market presence and invest in new product development to drive future growth[11]