| 证券代码：603179 | 证券简称：新泉股份 | | | 公告编号：2025-018 | | --- | --- | --- | --- | --- | | 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 特此公告。 一、对外投资基本情况 江苏新泉汽车饰件股份有限公司（以下简称"公司"或"新泉股份"）于 2025 年 1 月 3 日召开第五届董事会第六次会议，审议通过了《关于通过全资子公司在 德国投资设立下属子公司的议案》，同意公司通过全资子公司 XINQUAN INTERNATIONAL DEVELOPMENT SINGAPORE PTE.LTD.（以下简称"新加坡新泉"） 以自有资金 3,600 万欧元在德国慕尼黑投资设立新泉（欧洲）有限公司（具体名 称以注册核准内容为准）（以下简称"新泉（欧洲）"），并由新泉（欧洲）在德国 拜仁州投资 3,000 万欧元设立新泉（拜仁）汽车零部件有限公司（具体名称以注 册核准内容为准）（以下简称"新泉（拜仁）"）。新泉（欧洲）和新泉（拜仁）的 注册资本均为 10 万欧元。投资完成后，新加坡新泉持有新泉（欧洲）10 ...

Core Viewpoint - The company has established a new subsidiary in Europe, indicating a strategic expansion into the automotive parts sector in Germany [1] Group 1: Investment Details - The company, through its wholly-owned subsidiary in Singapore, has invested €36 million to set up a new entity named Xinquan (Europe) GmbH in Munich, Germany [1] - Additionally, Xinquan (Europe) GmbH has invested €30 million to establish Xinquan (Bavaria) Automotive Parts Co., Ltd. in Bavaria, Germany [1] - The registered capital of Xinquan (Europe) GmbH is €100,000, with 100% ownership held by the Singapore subsidiary [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 65.04 CNY [4][2] Core Insights - The company is expected to achieve significant revenue growth, with projected revenues of 17.28 billion CNY in 2025, 21.55 billion CNY in 2026, and 26.04 billion CNY in 2027, reflecting growth rates of 30.3%, 24.7%, and 20.8% respectively [3][8] - The company is expanding its customer base and developing new products, particularly in seating, which is anticipated to enhance its value proposition and open new growth avenues [8][2] - The company's earnings per share (EPS) are forecasted to be 2.71 CNY in 2025, 3.62 CNY in 2026, and 4.80 CNY in 2027, indicating a strong upward trend [2][3] Financial Performance Summary - The company reported a revenue of 10.57 billion CNY in 2023, with a year-on-year growth of 52.2%, and a net profit of 806 million CNY, growing by 71.2% [3][8] - The gross margin is projected to improve slightly from 19.0% in 2023 to 20.8% in 2027, while the net profit margin is expected to increase from 7.6% to 9.0% over the same period [3][8] - The return on equity (ROE) is forecasted to rise from 17.8% in 2023 to 25.3% in 2027, indicating improved profitability and efficiency [3][8] Market Position and Strategy - The company is actively pursuing international expansion, with revenue from its Mexico and Malaysia factories expected to reach 5.86 billion CNY and 1.49 billion CNY respectively in 2024 [8] - The company plans to acquire a 70% stake in Anhui Ruiqi to diversify its product offerings into automotive seating, which is expected to enhance its competitive edge [8][2] - Collaborations with major automotive manufacturers such as Geely, Chery, and BYD are being established to strengthen its market presence [8][2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 65.04 CNY [4] Core Views - The company is expected to continue expanding its customer base and new seating products will open new growth opportunities [1] - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 2.71, 3.62, and 4.80 CNY respectively, with a target price based on a 2025 PE average valuation of 24 times [2] - The company has established partnerships with various domestic and international clients, enhancing its market position [8] Financial Summary - The company's revenue is projected to grow from 10,572 million CNY in 2023 to 26,037 million CNY in 2027, with a compound annual growth rate (CAGR) of 20.8% [3] - The net profit attributable to the parent company is expected to increase from 806 million CNY in 2023 to 2,340 million CNY in 2027, reflecting a CAGR of 32.7% [3] - The gross margin is forecasted to improve from 19.0% in 2023 to 20.8% in 2027, indicating a positive trend in profitability [3] Business Development - The company is actively expanding its product offerings, particularly in seating and interior components, which are expected to enhance the value of its offerings per vehicle [8] - The internationalization strategy is progressing, with revenue from overseas operations projected to improve as new factories in Mexico and Malaysia begin operations [8]

Group 1 - The core viewpoint of the articles indicates that the market is expected to experience a steady upward trend supported by policy measures and liquidity easing, with a focus on technology growth and consumer recovery as the main driving forces [1][2] - The Central Political Bureau meeting emphasized timely interest rate cuts and reserve requirement ratio reductions, which are expected to release liquidity through structural tools, thereby solidifying the market bottom [1] - In Q1 2025, the net profit attributable to shareholders of A-shares turned positive year-on-year, with significant recovery in the profitability of small and medium-sized stocks, particularly in the TMT and consumer sectors [1] Group 2 - The CSI 500 Quality Growth Index consists of 100 listed companies selected for their high profitability, sustainable earnings, and strong cash flow, providing diverse investment options for investors [2] - As of April 30, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 24.07% of the index, with notable companies including Chifeng Jilong Gold Mining and Ninebot [2][4] - The 500 Quality Growth ETF closely tracks the CSI 500 Quality Growth Index, offering investors a way to invest in these high-quality growth companies [2][4]

2024 年年度股东大会会议材料 江苏新泉汽车饰件股份有限公司 2024 年年度股东大会 会 议 材 料 二〇二五年五月二十七日 - 1 - 2024 年年度股东大会会议材料 江苏新泉汽车饰件股份有限公司 2024 年年度股东大会议程及相关事项 一、会议召集人：公司董事会 二、会议召开时间： 2024 年年度股东大会会议材料 目 录 | 2024 | 年年度股东大会议程及相关事项 | 1 | | --- | --- | --- | | 2024 | 年年度股东大会会议须知 | 3 | | 议案一、2024 | 年度董事会工作报告 | 4 | | 议案二、2024 | 年度监事会工作报告 | 11 | | 议案三、2024 | 年度财务决算报告 | 14 | | 议案四、2024 | 年度利润分配预案 | 19 | | 议案五、2024 | 年年度报告全文及摘要 | 23 | | 议案六、关于续聘会计师事务所的议案 | | 24 | | 议案七、关于公司及子公司 | 2025 | 年度向银行申请综合授信额度的议案 29 | | 议案八、关于公司董事、监事和高级管理人员 | 2024 | 年度实际支付薪酬的议案3 ...

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2025-017 | | --- | --- | --- | | 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 2024 年度暨 2025 年第一季度业绩暨现金分红说明会 召开情况的公告 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 2025 年 05 月 12 日 上 午 09:00-10:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （https://roadshow.sseinfo.com/）通过网络文字互动方式召开 2024 年度暨 2025 年第一季度业绩暨现金分红说明会，现将有关事项公告如下： 一、业绩说明会召开情况 2025 年 04 月 29 日，公司于上海证券交易所网站（www.sse.com.cn）及指 定信息披露媒体披露了《江苏新泉汽车饰件股份有限公司关于召开 2024 年度暨 2025 年第一季度业绩暨现金分红说明会的 ...

Core Insights - The automotive industry experienced stable revenue growth in Q1 2025, with a year-on-year increase of 6.8%, while total profit decreased by 8.9% to 946.5 billion yuan [11][12] - The report highlights that leading companies in the automotive sector, particularly those with efficient management, have shown better-than-average performance in terms of net profit and operating cash flow [3][8] - The anticipated release of new models and the impact of local consumption promotion policies are expected to support a gradual recovery in automotive company performance in Q2 2025 [3][12] Revenue and Profit Analysis - In 2024, the automotive industry generated a total revenue of 10.65 trillion yuan, reflecting a 5.4% year-on-year growth, while total profit fell by 9.1% to 462.26 billion yuan [11][12] - The Q1 2025 revenue for the automotive industry was 2.40 trillion yuan, with a profit total of 946.5 billion yuan, indicating a continued decline in profitability [11][12] Profitability Comparison - The profitability of passenger vehicle companies showed significant differentiation in Q1 2025, with some companies like BYD and Seres maintaining strong growth, while others like GAC Group and JAC Motors faced challenges [17][18] - In 2024, the overall profit margin for the automotive industry was 12.4%, down 0.9 percentage points year-on-year, and further decreased to 12.1% in Q1 2025 [12][27] Inventory Management - Inventory levels in the automotive sector showed improvement for bus and parts companies, while passenger vehicle companies faced slight increases in turnover pressure [8][12] - By the end of Q1 2025, the inventory of the automotive industry accounted for 20.9% of current assets, a 1.2 percentage point increase year-on-year [8][12] Cash Flow Analysis - The overall cash flow in the automotive industry faced pressure, with the net cash flow from operating activities for the vehicle sector turning negative at -22.19 billion yuan in Q1 2025 [8][12] - The cash flow for parts companies showed a decline, with a total of 123.05 billion yuan in Q1 2025, down 1.4% year-on-year [8][12] Investment Recommendations - The report suggests focusing on leading automotive companies and those involved in the Huawei and Xiaomi supply chains, as well as companies in the humanoid robot and intelligent driving sectors [3][8] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several parts manufacturers such as New Spring Co., Silver Wheel Co., and Top Group [3][8]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes two main investment lines: leading companies in niche segments and those well-positioned in the robotics sector [2] - The automotive industry is experiencing a shift towards new energy vehicles (NEVs), with significant growth in sales and technological advancements [8][10] - The report highlights the importance of strategic partnerships and technological innovation in enhancing market competitiveness [22][24] Summary by Relevant Sections Overview of the Automotive Industry - In Q1 2025, the Chinese automotive market is characterized by a dominance of new energy vehicles, with NEV sales reaching 3.07 million units [8] - The penetration rate of new energy vehicles is projected to reach 53% in H1 2024 [10] Leading Companies in Niche Segments - **BAIC Blue Valley**: Achieved 130.6 billion yuan in NEV revenue in 2024, with a 26.4% year-on-year growth [13] - **Jianghuai Automobile**: NEV sales increased by 25.08% in 2024, with a total of 51,809 units sold [16] - **Changan Automobile**: Sold 735,000 NEVs in 2024, marking a 52.8% increase [18] - **Geely Automobile**: NEV sales reached 888,000 units in 2024, a 92% increase, with NEV revenue accounting for 41% of total revenue [20] - **BYD**: NEV sales grew over 40% in 2024, maintaining its position as the top seller in China and globally [22] Key Component Manufacturers - **Top Group**: Reported a revenue of 26.6 billion yuan in 2024, with a 35% year-on-year increase [24] - **Fuyao Glass**: Achieved 39.25 billion yuan in revenue in 2024, a growth of 18.4% [26] - **Haoneng Co.**: Revenue reached 2.36 billion yuan in 2024, with a 21.3% increase [28] - **Longsheng Technology**: Revenue of 2.4 billion yuan in 2024, a 31.2% increase [30] - **Zhejiang Rongtai**: Reported a revenue of 1.135 billion yuan in 2024, with a 42% increase [32] Robotics Sector Developments - **Songyan Power**: Launched the humanoid robot N2, which won second place in a marathon event [6] - **Beijing Humanoid Robot Innovation Center**: Developed the "Tiangong Ultra" robot, which won a marathon [6] - **Kepler**: Introduced the K2 "Bumblebee" robot, showcasing its industrial application capabilities [6] - **Yushu**: Collaborated with Great Wall Motors to enhance robot technology and smart manufacturing [6]

丨证券研究报告丨 公司研究丨点评报告丨新泉股份（603179.SH） [Table_Title] 2024 年及 2025 年 Q1 业绩点评：2024 年业绩 符合预期，2025Q1 短期承压不改长期成长动能 报告要点 [Table_Summary] 公司公布 2024 年年报，公司营业收入为 132.6 亿元，同比上升 25.5%；归母净利润为 9.77 亿 元，同比上升 21.2%。 2025 年一季报，公司营业收入为 35.2 亿元，同比上升 15.5%；归母净 利润为 2.13 亿元，同比上升 4.4%。内饰龙头出海加速，外饰+座椅开启公司第二成长曲线。预 计公司 2025-2027 年归母净利润分别为 14.08、18.09、22.55 亿元，对应 PE 分别为 14.67X、 11.42X、9.16X，维持"买入"评级。 分析师及联系人 [Table_Author] 高伊楠 张永乾 SAC：S0490517060001 SAC：S0490524030002 SFC：BUW101 公司公布 2024 年年报，公司营业收入为 132.6 亿元，同比上升 25.5%；归母净利润为 9.77 亿 元，同 ...