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 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with expected revenue growth and profitability improvements over the next few years [6][12]. Core Insights - The company achieved a record revenue of 10.57 billion yuan in 2023, representing a year-on-year increase of 52.2%, and a net profit of 806 million yuan, up 71.2% year-on-year [3][6]. - The growth in revenue and profit is primarily driven by increased orders from international electric vehicle brands and domestic manufacturers such as BYD, Geely, and Li Auto [3][4]. - The company is expanding its investment in international markets, including a 45 million euro investment in Slovakia and a 50 million dollar investment in the United States [3][6]. Revenue and Profitability - In Q4 2023, the company reported revenue of 3.25 billion yuan, a year-on-year increase of 46.1% and a quarter-on-quarter increase of 21.1% [3]. - The gross margin for 2023 was 20.1%, with a notable increase in Q4 to 20.8% [3][8]. - The company’s net profit margin for 2023 was 7.62%, with expectations for continued improvement in profitability driven by cost control and efficiency measures [8][10]. Market Position and Strategy - The company has steadily increased its market share in the passenger vehicle sector, reaching 20.38% in 2023, up from 13.95% in 2022 [6]. - The company is actively expanding its product offerings from interior components to exterior parts, enhancing its competitive position in the automotive supply chain [6][4]. - The strategic focus on new energy vehicles and partnerships with brands like Tesla and NIO is expected to drive future growth [4][6]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 13.91 billion yuan, 19.01 billion yuan, and 24.71 billion yuan, respectively, with corresponding net profits of 1.15 billion yuan, 1.62 billion yuan, and 2.13 billion yuan [7][8]. - The expected earnings per share (EPS) for the same years are 2.35 yuan, 3.32 yuan, and 4.38 yuan, indicating a strong growth trajectory [7][9]. Investment Opportunities - The company is well-positioned to capitalize on the global shift towards electric vehicles, with a robust supply chain and international expansion plans [6][4]. - The anticipated increase in foreign sales and the ability to meet diverse customer needs through strategic investments in production capacity are key growth drivers [6][3].

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 ...

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 ...