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 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching RMB 1.2 billion, representing a year-on-year growth of 15%[10]. - The company's operating revenue for the first half of 2024 reached ¥6,164,086,398.11, representing a 33.07% increase compared to ¥4,632,176,008.73 in the same period last year[15]. - Net profit attributable to shareholders was ¥410,662,385.49, up 9.46% from ¥375,160,284.96 year-on-year[15]. - The net cash flow from operating activities increased significantly by 175.83%, amounting to ¥679,261,786.72 compared to ¥246,263,868.94 in the previous year[15]. - Basic earnings per share for the first half of 2024 were ¥0.84, reflecting a 9.09% increase from ¥0.77 in the same period last year[16]. - The total comprehensive income for the first half of 2024 was CNY 337,743,085.91, down from CNY 403,786,935.69 in the same period of 2023, a decrease of 16.3%[107]. - The company reported a net profit increase, with retained earnings rising to ¥2,212,544,554.25 from ¥1,948,072,880.66, an increase of approximately 13.5%[100]. Market Expansion and Strategy - The company is actively pursuing market expansion, targeting new regions in Southeast Asia, aiming for a 25% increase in market share by the end of 2024[10]. - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 15%[10]. - The company is actively seeking to expand its market presence and integrate beneficial resources to solidify its industry influence and market share[45]. - The company has successfully transitioned from a focus on heavy-duty trucks to also becoming a core supplier for passenger vehicles, expanding its market reach[24]. Research and Development - Research and development investments have increased by 30%, totaling RMB 150 million, to enhance product offerings and technological advancements[10]. - The company has established a research and development center in Shanghai to strengthen its technological innovation capabilities[26]. - The company has developed a comprehensive new product development capability, significantly reducing outsourcing communication time and costs[25]. - The company has focused on technological advancements and service improvements, enhancing its product offerings in appearance, performance, and safety to meet customer expectations[24]. Acquisitions and Partnerships - The company has completed a strategic acquisition of a local competitor, which is expected to enhance production capacity by 40%[10]. - The company has established strong partnerships with major domestic truck manufacturers and passenger car brands, positioning itself among the top tier of automotive parts suppliers in China[23]. - The company has received multiple accolades as a core and excellent supplier from various automotive manufacturers, reflecting its strong customer relationships[24]. Financial Health and Assets - The company has maintained a strong balance sheet, with total assets amounting to RMB 3 billion and a debt-to-equity ratio of 0.5[10]. - The company's total assets at the end of the reporting period were ¥13,984,636,585.02, a 4.00% increase from ¥13,447,165,075.67 at the end of the previous year[15]. - The company's total liabilities rose to CNY 5,749,513,158.78 in the first half of 2024, up from CNY 5,083,938,193.34 in the same period of 2023, indicating a growth of 13.1%[103]. - The company has a stable credit rating of AA- for both its long-term credit and the "New 23 Convertible Bond," with a stable outlook[95]. Shareholder and Governance - The company elected a new board of directors and management team during the 2023 annual general meeting, including Tang Zhihua as Chairman and General Manager[49]. - The company distributed cash dividends of ¥0.30 per share, totaling ¥146,190,711.90, based on a total share capital of 487,302,373 shares[32]. - The company has committed to limit the transfer of shares held by directors and senior management to no more than 25% of their total shareholdings annually during their tenure[60]. - The company has not reported any changes in the number of shares held by major shareholders during the reporting period[87]. Environmental and Social Responsibility - The company has implemented measures to reduce carbon emissions, including phasing out old manufacturing equipment and promoting solar energy projects[58]. - The company strictly adheres to environmental protection laws and has not faced any administrative penalties related to environmental issues during the reporting period[56]. Risks and Challenges - The company plans to enhance its technological innovation and management efficiency to strengthen its competitive advantage in the automotive parts industry[45]. - The company has invested significantly in new product development, although it faces risks if new models do not gain market acceptance[45]. - The company is monitoring national industry policies closely to adapt to any changes that may impact the automotive sector[45]. Accounting and Financial Reporting - The company’s financial statements are prepared in accordance with the Chinese Accounting Standards, ensuring compliance and transparency in financial reporting[126]. - The company has made commitments to compensate investors for losses due to false statements or omissions in the prospectus[62]. - The company recognizes revenue when control of goods or services is transferred to customers, which is when they can direct the use and obtain almost all economic benefits[178].

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-062 | | --- | --- | --- | | 债券代码：113675 | 债券简称：新 23 转债 | | 该议案已经公司董事会审计委员会审议通过，并提交董事会审议。 江苏新泉汽车饰件股份有限公司（以下简称"公司"）第五届董事会第三次会 议通知和会议材料于 2024 年 8 月 20 日以专人送达、电子邮件等方式发出。会议 于 2024 年 8 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。 第五届董事会第三次会议决议公告 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 二、董事会会议审议情况 （一）审议通过《2024年半年度报告》及其摘要 江苏新泉汽车饰件股份有限公司 具体内容详见公司同日于指定信息披露媒体披露的《公司 ...

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-061 | | --- | --- | --- | | 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 关于不向下修正"新 23 转债"转股价格的公告 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： 截至 2024 年 8 月 15 日，江苏新泉汽车饰件股份有限公司（以下简称"公 司"）股价触发"新 23 转债"向下修正转股价格条款。 经公司第五届董事会第二次会议审议，公司董事会决定本次不向下修正 转股价格，同时，在未来六个月内（2024 年 8 月 16 日至 2025 年 2 月 15 日）， 如再次触发可转债转股价格向下修正条款的，亦不提出向下修正方案。在此期间 之后（从 2025 年 2 月 16 日重新开始起算），若再次触发"新 23 转债"的转股 价格向下修正条款，届时公司董事会将再次召开会议，审慎决定是否行使转股价 格的向下修正权利。 一、可转债发行上市概况 （一）根据中国证券监 ...

| 证券代码：603179 | 证券简称：新泉股份 公告编号：2024-060 | | --- | --- | | 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"新 23 转债"预计满足转股价格修正条件 的提示性公告 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、可转债发行上市概况 （一）根据中国证券监督管理委员会《关于同意江苏新泉汽车饰件股份有限 公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1601 号）， 江苏新泉汽车饰件股份有限公司（以下简称"公司"）于 2023 年 8 月 11 日向不 特定对象发行 1,160 万张可转换公司债券，每张面值 100 元，期限 6 年，发行总 额 11.60 亿元。票面利率为：第一年 0.30%、第二年 0.50%、第三年 1.00%、第 四年 1.50%、第五年 2.00%、第六年 3.00%。债券期限为 2023 年 8 月 11 日至 2029 年 8 月 10 日。 （二）经上海证券交易所自律监管决定 ...