Summary of New Spring Co., Ltd. Conference Call Company Overview - New Spring Co., Ltd. specializes in automotive components, including medical board assemblies and door panel assemblies, with a high per-vehicle value of approximately 3,000 yuan [3][4] - The company has been expanding its product line, increasing the proportion of instrument panel assemblies, while door panel assemblies account for about 10% [4] Core Insights and Arguments - Significant progress has been made in overseas markets, with one large overseas automaker becoming the top client among the company's top five clients [3][4] - Domestic quality clients such as Geely, Chery, and BYD are also becoming key customers [3] - The company has established factories in Malaysia, Mexico, Slovakia, and the United States, with overseas assets now accounting for 10% of total assets [4][5] - The Mexico factory has shown impressive performance, generating revenue of 330 million yuan in 2023, with expectations to double this in 2024, indicating successful global expansion and profitability [4][6] Growth Potential - New Spring Co., Ltd. is actively expanding into exterior parts (bumpers, plastic tailgates, etc.) and seating business, aiming to increase per-vehicle value to 5,000 yuan, enhancing its position as a platform supplier [4][5] - Revenue forecasts indicate strong growth, with expectations of reaching 12 billion yuan in 2024, over 17 billion yuan in 2025, and exceeding 20 billion yuan in 2026; profits are projected to be 1.4 billion yuan in 2025 and 1.9 billion yuan in 2026, with growth rates between 30%-40% [4][7] Financial Performance and Valuation - The company has successfully controlled costs and improved profit margins through automation and personalized management, particularly in the Mexico factory, which has exceeded profit expectations [4][6] - The current valuation for 2025 is only 16 times earnings, which is considered attractive given the company's strong growth potential and successful global strategy [4][7] Additional Important Points - The global expansion strategy has significantly enhanced market competitiveness and performance, with the Mexico factory contributing revenue since 2022 and expected to double its income in 2024 [6] - Collaborations with major international automakers, such as Sogea and Anfenglin, are helping to expand global market share [6]

Group 1 - Investment Rating: Buy (Maintain) [7] - Current Price: 42.55 Yuan [7] Group 2 - The company is accelerating its globalization process by establishing a wholly-owned subsidiary in Germany, investing 36 million Euros in Munich to set up Xinquan (Europe) Co., Ltd., and an additional 30 million Euros in Bavaria for Xinquan (Bavaria) Automotive Parts Co., Ltd. [5][12] - This overseas expansion is expected to enhance product quality and responsiveness, further expanding the customer base among high-end foreign brands in Bavaria [5][12] Group 3 - 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%. The net profit attributable to the parent company was 270 million Yuan, up 48.0% year-on-year and 33.1% quarter-on-quarter [12] - Key customers such as Geely, Chery, Li Auto, and BYD have shown significant sales growth, with respective sales of 2.177 million, 2.604 million, 501 thousand, and 4.25 million units, reflecting year-on-year growth rates of 32.0%, 38.4%, 33.1%, and 41.3% [12] Group 4 - The company is a leading manufacturer of interior components, with ongoing global expansion and diversification strategies. Recent developments include establishing a joint venture in Malaysia and improving profitability in Mexico, with H1 2024 revenue reaching 325 million Yuan [13] - The company aims to expand its product range beyond dashboards and door panels to include seat back panels and exterior components [13] Group 5 - Revenue forecasts for 2024-2026 are projected at 132.1 billion Yuan, 172.0 billion Yuan, and 208.5 billion Yuan, with year-on-year growth rates of 25.0%, 30.2%, and 21.2% respectively. Net profit attributable to the parent company is expected to be 10.2 billion Yuan, 14.0 billion Yuan, and 18.7 billion Yuan, with growth rates of 26.7%, 37.2%, and 33.7% respectively [14] - The company’s financial metrics indicate a strong growth trajectory, with a projected CAGR of 32.4% from 2023 to 2026 [14]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company is expanding its global footprint by establishing a wholly-owned subsidiary in Germany, investing €36 million in total, which includes €30 million for a new automotive parts company in Bavaria [1][11]. - The establishment of the subsidiary in Bavaria is strategically significant as it is home to major automotive manufacturers like BMW and Audi, enhancing the company's ability to serve European markets [13][11]. - The company has shown strong revenue growth, with a projected increase in revenue from ¥62 billion in 2023 to ¥136 billion in 2024, reflecting a year-over-year growth of 29% [4][10]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are ¥136 billion, ¥171 billion, and ¥223 billion, respectively, with year-over-year growth rates of 29%, 25%, and 31% [4][10]. - Expected net profits for the same period are projected at ¥11.1 billion, ¥14.7 billion, and ¥19.2 billion, with year-over-year growth rates of 38%, 31.8%, and 31% [4][10]. - The earnings per share (EPS) are forecasted to be ¥2.3, ¥3.0, and ¥3.9 for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 18.7, 14.2, and 10.8 [4][10]. Market Position - The company has demonstrated a significant increase in global competitiveness, with a revenue growth of 33% year-over-year, compared to a slight decline of 0.6% for a major competitor, Faurecia [3][4]. - The establishment of production capabilities in Slovakia and Germany is expected to enhance the company's service to local customers and expand its market presence in Europe [11][13].

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is accelerating its overseas capacity expansion, aiming to become a global leader in interior and exterior automotive parts by establishing subsidiaries in Germany with investments of €36 million [1]. - The company is actively expanding its customer base, particularly in the new energy vehicle sector, having entered Tesla's supply chain and secured contracts with other major brands, leading to a steady increase in market share from 8.69% in 2021 to 20.38% in 2023 [2]. - The company is strategically enhancing its global footprint by establishing production bases in Southeast Asia, North America, and Europe, which is expected to increase its export revenue share [3]. - The company is projected to achieve significant revenue growth, with estimated revenues of ¥137.12 billion, ¥177.11 billion, and ¥218.25 billion for 2024, 2025, and 2026 respectively, alongside net profits of ¥10.75 billion, ¥14.69 billion, and ¥18.44 billion [4]. Summary by Sections Investment Strategy - The company is focusing on new energy and expanding its supply chain to include new energy vehicle manufacturers, which is expected to drive growth [4]. - The company is enhancing its production capabilities to meet the demands of existing and potential customers, thereby increasing its responsiveness and order acquisition [3]. Financial Projections - The company’s revenue is projected to grow significantly, with a growth rate of 52.2% in 2023, followed by 29.7% in 2024, and continuing at a rate of approximately 23.2% by 2026 [5][8]. - The net profit is expected to increase from ¥806 million in 2023 to ¥1.844 billion by 2026, reflecting a strong growth trajectory [5][8]. Market Position - The company is well-positioned to capture market share in the global interior and exterior automotive parts market, which is estimated to be worth trillions, by leveraging its cost-effectiveness and quick response capabilities [2][4].

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2025-001 | | --- | --- | --- | | 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 可转债转股结果暨股份变动公告 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： 累计转股情况：截至 2024 年 12 月 31 日，累计已有人民币 94,000 元新 23 转债已转换为公司股票，累计转股数为 1,825 股，占新 23 转债转股前公司已 发行股份总额的 0.0004%。 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股的新 23 转债金 额为人民币 1,159,906,000 元，占新 23 转债发行总量的比例为 99.9919%。 本季度转股情况：2024 年 10 月 1 日至 2024 年 12 月 31 日，累计已有人 民币 13,000 元新 23 转债已转换为公司股票，因转股形成的股份数量为 251 股。 一、可转债发行上市概况 （一）根据中国 ...

Summary of Conference Call Records Company and Industry Overview - The company is primarily involved in the automotive parts industry, focusing on interior and exterior components such as dashboards, seats, and other related parts. The key clients include Tesla, Geely, Chery, and Li Auto, with Tesla accounting for over 20% of the company's revenue in the current year [1][2][3]. Key Points and Arguments 1. **Growth Potential**: The company is expected to see significant growth in its overseas business in the coming years, driven by new Tesla models and an increase in production capacity [1][2]. 2. **Client Structure**: Major clients include Tesla, Geely, Chery, and Li Auto, with Tesla being the largest contributor to revenue. The company has a strong competitive position in both domestic and international markets [2][3]. 3. **Revenue Projections**: The company anticipates reaching a revenue of approximately 18 billion by 2026, with a potential market capitalization of 400 billion if valued at 20-25 times earnings [2][3]. 4. **Product Expansion**: The company is expanding its product offerings, particularly in the seating and dashboard segments, and is expected to enter the supply chains of major European automakers like Volkswagen and Volvo [3][4]. 5. **Production Capacity**: The company has established factories in Malaysia and Mexico to support global expansion, with the Mexican factory expected to produce significant output for Tesla's new models [9][10]. 6. **Financial Performance**: The company reported a revenue growth of approximately 30% year-over-year for the first three quarters, with an estimated total revenue of around 13 billion for the year [8][19]. 7. **Market Position**: The company holds about 17% market share in the domestic market, with a fragmented competitive landscape that offers opportunities for further consolidation and growth [15][16]. 8. **R&D Investment**: The company increased its R&D investment by 50% in 2023, focusing on expanding its product lines and enhancing production capabilities [11][12]. Additional Important Insights - **Cost Structure**: The company is expected to improve its profit margins as overseas revenue increases, with net margins projected to rise above 10% [2][3]. - **Competitive Landscape**: The company competes with major players like Faurecia and Yanfeng, with a focus on leveraging its strong client relationships and technological capabilities to gain market share [15][17]. - **Consumer Trends**: There is a growing demand for high-end and customized automotive parts, which the company is well-positioned to meet through its innovative product offerings [12][14]. This summary encapsulates the key insights from the conference call records, highlighting the company's growth trajectory, client dynamics, and market positioning within the automotive parts industry.

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 58.40 yuan based on a 20x PE ratio for 2025 [10]. Core Insights - The company is a leading provider of automotive interior and exterior parts, with a strong focus on passenger vehicles, which now account for 85% of its revenue [20][30]. - The company has successfully expanded its product offerings from commercial vehicles to passenger vehicles, with significant growth in its exterior parts business, which saw a revenue increase of 247% year-on-year in the first half of 2024 [20]. - The company is actively pursuing international expansion, with production bases established in Malaysia and Mexico, and subsidiaries in the United States and Slovakia [50]. Financial Performance - The company is projected to achieve a CAGR of 28.8% in net profit from 2024 to 2026, with EPS estimates of 2.19, 2.92, and 3.54 yuan for the respective years [10]. - For the first three quarters of 2024, the company reported revenue of 9.605 billion yuan, a year-on-year increase of 31.2%, and a net profit of 686 million yuan, up 22.2% [30]. - The company's revenue growth has been robust, with a 3-year CAGR of 42.2% and a net profit CAGR of 46.2% from 2021 to 2023 [30]. Market Position - The company holds a significant market share in the passenger vehicle segment, with major clients including Geely, BYD, and Chery, and the top five customers accounted for 71% of total revenue in 2023 [20][30]. - The automotive interior industry is characterized by low concentration, providing opportunities for growth as domestic brands rise [38]. - The report highlights the potential for further growth in the exterior parts segment, which currently represents only 3.8% of total revenue [20]. Valuation Metrics - The company is valued at a total market capitalization of 22.338 billion yuan, with a total asset value of 14.671 billion yuan [22]. - The report provides a relative valuation analysis, indicating a dynamic PE of 21, 16, and 13 for the years 2024, 2025, and 2026, respectively [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - The company has a strong potential for product expansion and is positioned to become a Tier 0.5 supplier, leveraging its technological capabilities and comprehensive product development processes [70][73] - The company has established a solid customer base, including major clients like Chery and Geely, which are driving its growth [74][81] - The automotive interior and exterior market is expected to grow significantly, with the domestic market projected to reach CNY 1824.88 billion by 2026, and the global market expected to reach CNY 4856.86 billion [51][52] Summary by Sections Company Overview - The company has been deeply engaged in the automotive trim sector for over 20 years, achieving a comprehensive product range that covers both commercial and passenger vehicles [4][19] - The company has experienced two growth cycles, with the latest driven by the rapid increase in electric vehicle penetration and sales [5][19] Financial Performance - In 2023, the company achieved revenue of CNY 105.72 billion, a year-on-year increase of 52.19%, and a net profit of CNY 8.06 billion, up 71.18% [154] - The company’s revenue is expected to continue growing, with projections of CNY 131.03 billion, CNY 167.37 billion, and CNY 201.82 billion for 2024, 2025, and 2026 respectively [96] Market Trends - The automotive interior and exterior market is characterized by a wide variety of products and complex manufacturing processes, with significant potential for horizontal expansion [173] - The market for automotive interior and exterior components is expected to grow, driven by increasing vehicle sales and rising per-vehicle value [51][48] Customer Base and Strategic Partnerships - The company has established strong relationships with key clients, including Tesla, which has significantly contributed to its overseas sales growth [81][94] - The company is actively expanding its global footprint, with production bases in North America and Southeast Asia to support its international clients [85][99] Production Capacity and Efficiency - The company has set up manufacturing bases in 20 cities across China and has established production facilities in Malaysia and Mexico to enhance its supply chain efficiency [85][89] - The company’s production capacity has reached 742 million units, with a utilization rate of 97.26% [92][87] Research and Development - The company has invested significantly in R&D, with expenses reaching CNY 4.57 billion in 2023, a 49.31% increase year-on-year, reflecting its commitment to innovation [162][167] - The company is focused on improving its production processes and reducing costs through lean management practices [162]

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-073 | | --- | --- | --- | | 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 关于全资子公司签署怀柔科学城区域配套资源整理协议的 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个别及连带责任。 重要内容提示： 一、交易概述 （一）根据北京市怀柔科学城区域配套资源整理工作的统筹规划，江苏新泉 汽车饰件股份有限公司（以下简称"公司"）全资子公司北京新泉志和汽车饰件 系统有限公司（以下简称"北京新泉"）拟与北京雁栖中诚科技发展有限公司（以 下简称"雁栖中诚"）就北京新泉土地、房屋、附属物及设备设施等整理及补偿 事宜，签署《怀柔科学城区域配套资源整理协议》，整理补偿补助款共计 106,082,479.00 元。 （二）公司于 2024 年 12 月 9 日以现场和通讯结合的方式在公司会议室召开 第五届董事会第五次会议，以 9 票同意、0 票反对、0 票弃权，审议通过了《关 1 交易简要内容：公司 ...

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-074 | | --- | --- | --- | | 债券代码：113675 | 债券简称：新 23 转债 | | 关于公司及全资子公司通过高新技术企业认定的公告 江苏新泉汽车饰件股份有限公司 1 本次高新技术企业的认定系原高新技术企业证书有效期满后进行的重新认 定，根据《中华人民共和国企业所得税法》以及国家对高新技术企业的相关税收 规定，公司及全资子公司新泉模具自本次通过高新技术企业认定后连续三年 （2024 年至 2026 年）享受国家关于高新技术企业的相关税收优惠政策，即按 15% 的税率缴纳企业所得税。 特此公告。 江苏新泉汽车饰件股份有限公司董事会 2024 年 12 月 9 日 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个别及连带责任。 根据全国高新技术企业认定管理工作领导小组办公室近日发布的《对江苏省 认定机构 2024 年认定报备的第一批高新技术企业进行备案的公告》，江苏新泉汽 车饰件股份有限公司（以下简称"公司"）及全资子公司江苏新泉模具 ...