Investment Rating - The report maintains an "Outperform" rating for the company [5][26]. Core Views - The company achieved a revenue growth of 26.74% year-on-year in Q2 2024, reaching 3.117 billion yuan, surpassing the industry average by 23 percentage points [1][6]. - The company is in its third round of rapid growth within the last decade, benefiting from increased sales from downstream customers and an enhanced market share in client supply [1][6]. - The gross margin for Q2 2024 was 19.86%, remaining stable compared to previous periods, while the net profit margin was 6.60%, reflecting a slight decline [1][8]. - The company is expanding its production capacity with new facilities in various locations, including Mexico and Slovakia, to support its global strategy [2][25]. Summary by Sections Financial Performance - In Q2 2024, the company reported a net profit of 206 million yuan, a year-on-year decline but a quarter-on-quarter increase of 1.13% [1][6]. - The operating profit margin for Q2 2024 was approximately 8%, showing a year-on-year improvement of nearly 1 percentage point when adjusted for convertible bond expenses [1][8]. - Revenue forecasts for 2024-2026 are adjusted to 13 billion, 16.7 billion, and 20.8 billion yuan, respectively, with net profits projected at 1.06 billion, 1.38 billion, and 1.79 billion yuan [26]. Market Position and Strategy - The company has established a platform supply system for interior components, with a focus on expanding its product categories, including exterior parts like bumpers [1][15]. - The company has a significant market share in the dashboard assembly segment, with a domestic market share of 18% [1][17]. - The company has been successful in deepening relationships with major automotive brands, which has contributed to its revenue growth [18][20]. Production Capacity and Global Expansion - The company is actively expanding its production capacity, with plans to add 2.1 million dashboard assemblies and other components across various locations [2][22]. - Investments in overseas markets, including a 65 million euro investment in Slovakia and a 50 million dollar investment in the U.S., are part of the company's strategy to enhance its global footprint [2][25]. - The company has established production bases in multiple cities to improve supply efficiency and reduce transportation costs [20][22].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 53.3 CNY, compared to the current price of 36.80 CNY [2]. Core Views - The company reported a net profit of 206 million CNY in Q2 2024, a year-on-year decrease of 7.7% but a quarter-on-quarter increase of 1.1%. The revenue for Q2 2024 was 3.12 billion CNY, reflecting a year-on-year growth of 27% and a quarter-on-quarter increase of 2.3% [2]. - The company is expanding its product categories and accelerating its globalization efforts, aiming to become a leading player in multi-category interior and exterior automotive parts [2]. Financial Performance Summary - **Revenue Growth**: The company achieved a revenue of 10.57 billion CNY in 2023, with projected revenues of 13.36 billion CNY in 2024, 16.76 billion CNY in 2025, and 20.62 billion CNY in 2026, indicating a year-on-year growth rate of 52.2% in 2023 and a projected growth rate of 26.3% in 2024 [3]. - **Net Profit**: The net profit for 2023 was 805 million CNY, with projections of 1.04 billion CNY in 2024, 1.40 billion CNY in 2025, and 1.83 billion CNY in 2026, showing a significant year-on-year growth of 71.2% in 2023 and 28.9% in 2024 [3]. - **Earnings Per Share (EPS)**: The EPS is expected to rise from 1.65 CNY in 2023 to 2.13 CNY in 2024, 2.87 CNY in 2025, and 3.75 CNY in 2026 [3]. Strategic Initiatives - **Product Expansion**: The company is actively expanding its product categories, particularly in exterior parts, with significant revenue growth in new product lines [2]. - **Domestic and International Expansion**: The company is enhancing its domestic production capabilities and expanding into North America and Europe, with new facilities and increased production capacity planned for 2024 and beyond [2]. - **Financial Management**: The company has managed to stabilize its operational expenses while facing foreign exchange losses, which impacted its financial results [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 ...

● 会议召开地点：上海证券交易所上证路演中心 | 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-065 | | --- | --- | --- | | 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 关于召开 2024 年半年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： ● 会议召开时间：2024 年 09 月 27 日(星期五) 下午 14:00-15:00 （网址：https://roadshow.sseinfo.com/） 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 1 3、会议召开方式：上证路演中心网络文字互动方式 三、参加人员 | 董事长、总经理：唐志华先生 | | | --- | --- | | 独立董事： | 冯巧根先生 | | ...

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-063 | | --- | --- | --- | | 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 第五届监事会第二次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 江苏新泉汽车饰件股份有限公司（以下简称"公司"）第五届监事会第二次会 议通知和会议材料于 2024 年 8 月 20 日以专人送达、电子邮件的方式发出。会议 于 2024 年 8 月 30 日在公司会议室以现场方式召开。本次会议应出席监事 3 人， 实际出席监事 3 人。会议由公司监事会主席姜美霞先生召集和主持。本次会议的 召集、召开和表决程序符合《中华人民共和国公司法》等有关法律、法规和公司 章程的规定，会议合法有效。 二、监事会会议审议情况 （一）审议通过《2024年半年度报告》及其摘要 经审核，监事会认为： 完整，承诺其中不存在虚假记载、误导性陈述或重大遗漏，对其内容的真实性、 准确性和完整性承担个 ...