上海市锦天城律师事务所 关于江苏新泉汽车饰件股份有限公司 第三期员工持股计划的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所关于 江苏新泉汽车饰件股份有限公司第三期员工持股计划 的法律意见书 致：江苏新泉汽车饰件股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受江苏新泉汽车饰件股份 有限公司（以下简称"新泉股份"或"公司"）的委托，担任新泉股份实施第三 期员工持股计划（以下简称"本次员工持股计划"、或"本计划"）的专项法律顾 问。本所现根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《关于上市公司实施员工持股计划试点 的指导意见》（以下简称"《指导意见》"）及《上海证券交易所上市公司自律监管 指引第 1 号——规范运作（2023 年 12 月修订）》（以下简称"《自律监管指引第 1 号》"）等有关法律、法规、规章和规范性文件的规定，就本次员工持股计划相关 事 ...

证券代码：603179 证券简称：新泉股份 可转债代码：113675 可转债简称：新 23 转债 二〇二四年五月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《江 苏新泉汽车饰件股份有限公司 2023 年向不特定对象发行可转换公司债券受托管 理协议》（以下简称"《受托管理协议》"）《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募集说明书》（以下简称"《募集说明书》"）《江苏 新泉汽车饰件股份有限公司 2023 年年度报告》等相关公开信息披露文件、第三 方中介机构出具的专业意见等，由本期债券受托管理人中信建投证券股份有限公 司（以下简称"中信建投证券"）编制。中信建投证券对本报告中所包含的从上 述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、 准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中 信建投证券不承担任何责任。 | 第一节 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 63.78 yuan, based on a PE target of 28 times for 2024 [3]. Core Views - The company achieved a revenue of 3.05 billion yuan in Q1 2024, representing a year-on-year growth of 40.2%, and a net profit of 200 million yuan, up 34.7% year-on-year [1]. - The company is experiencing strong sales from key customers, with notable increases in vehicle sales from Chery (+63.8%), Li Auto (+52.9%), and Geely (+42.2%), although Tesla's sales decreased by 3.7% [1]. - The company is expanding its production capacity in Mexico to meet new project demands, which is expected to enhance its market share among North American clients [1]. - The gross margin improved to 20.1%, up 0.3 percentage points year-on-year, driven by economies of scale [1]. - The company has initiated a third employee stock ownership plan to incentivize core employees and ensure long-term stability [1]. - The company is a leading manufacturer of interior components, with ongoing global expansion and diversification of product lines [1]. Financial Summary - Revenue projections for 2024-2026 are 13.49 billion yuan, 17.20 billion yuan, and 20.85 billion yuan, with year-on-year growth rates of 27.6%, 27.5%, and 21.2% respectively [2]. - Net profit forecasts for the same period are 1.11 billion yuan, 1.48 billion yuan, and 1.88 billion yuan, with growth rates of 37.3%, 33.7%, and 26.9% respectively [2]. - Earnings per share (EPS) are projected to be 2.27 yuan, 3.03 yuan, and 3.85 yuan for 2024, 2025, and 2026, respectively [2]. - The company’s financial ratios indicate a PE of 19.2 for 2024, a PB of 3.8, and an EV/EBITDA of 13.3 [2].

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-035 | | --- | --- | --- | | 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 债券持有人及其一致行动人持有可转换公司债券比例 变动达 10%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。 二、债券持有人持有可转换公司债券变动情况 2024 年 2 月 19 日，公司控股股东新泉投资通过上海证券交易所交易系统以 大宗交易方式转让"新 23 转债"1,160,000 张，占发行总量的 10%。具体内容详 1 见公司于 2024 年 2 月 20 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于债券持有人持有可转换公司债券比例变动达 10%的公告》（公告编号： 2024-010）。 2024 年 5 月 8 日，公司收到控股股东新泉投资及其一致行动人唐志华先生、 唐美华女士的通知， 2024 年 3 月 27 日至 2024 年 5 月 8 日期间，新泉投资 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company's Q1 2024 performance met expectations, with revenue of 3.05 billion yuan, a year-on-year increase of 40%, and a net profit of 200 million yuan, up 35% year-on-year [1] - The revenue growth is attributed to increased market share and sales growth from key clients such as Chery and Li Auto, with domestic new energy vehicle sales rising by 32% year-on-year [1] - The company is expected to maintain high growth due to continuous sales increases from downstream clients and its competitive advantages in cost and service [1] Financial Performance - In Q1 2024, the company's gross margin was 20.1%, and net profit margin was 6.7% [1] - The company experienced an increase in expense ratios, impacting net profit margins in the short term, with sales, management, and R&D expense ratios at 1.7%, 5.5%, and 4.6% respectively [1] - The company has a strong financial outlook, with projected net profits of 1.14 billion, 1.49 billion, and 1.86 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 19.6, 15.0, and 12.1 [2][1] Market Position and Strategy - The company is expanding its product offerings beyond instrument panels to exterior parts, significantly increasing the value per vehicle [1] - The company is also pursuing international expansion, with investments in Mexico, Singapore, and Slovakia, which is expected to drive future growth [1] - Collaborations with major automotive manufacturers like Chery, Li Auto, BYD, and NIO are strengthening the company's customer base for future product expansion [1]

证券研究报告 | 2024年05月06日 新泉股份（603179.SH） 买入 一季度营收同比增长 40%，第三期员工持股计划稳步推进 核心观点 公司研究·财报点评 公司一季度收入同比增长40%，超越历史同期表现。公司2024年第一季度实 汽车·汽车零部件 现收入30.47亿元，同比+40.24%，环比微幅下降；归母净利润2.04亿元，同 证券分析师：唐旭霞 比+34.74%。公司处于十年内第三轮高速增长期，21年至今，公司连续4年一 0755-81981814 tangxx@guosen.com.cn 季度收入表现环比微降甚至增长，增速超越中国汽车行业，核心受益于下游客 S0980519080002 户销量及公司在客户内配套份额提升。根据中汽协数据，一季度中国汽车产量 基础数据 660万辆，同比增长6.3%，而公司核心客户销量增长迅速，吉利/奇瑞一季度 投资评级 买入(维持) 销量同比增长49%/60%；优质新势力客户理想销量同比增长53%。 合理估值 收盘价 46.00元 总市值/流通市值 22416/22416百万元 24Q1毛利率同比提升0.31pct。公司24Q1毛利率20.10%，同比+0.31p ...

证券研究报告·公司点评报告·汽车零部件 新泉股份（603179） 2024 年一季报点评：2024Q1 业绩符合预期， 2024 年 05月 06日 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） 48.02 28.05 20.1 ...

股 票 研 究 [Table_industryInfo] 运输设备业/可选消费品 [ Table_Main[新ITnaf 泉bol]e 股_Ti份tle]( 603179) [评Tab级le_：Inv est] 增持 上次评级： 增持 一季报符合预期，全球化不断深化 目标价格： 60.60 上次预测： 60.60 公 ----新泉股份 2024年一季报点评 当前价格： 46.37 司 吴晓飞(分析师) 管正月(分析师) 2024.05.04 更 0755-23976003 021-38032026 [交Ta易bl数e_M据a rket] 新 wuxiaofei@gtjas.com guanzhengyue@gtjas.com 证书编号 S0880517080003 S0880521030003 52周内股价区间（元） 36.70-54.62 报 总市值（百万元） 22,596 告 本报告导读： 总股本/流通A股（百万股） 487/487 流通 B股/H股（百万股） 0/0 公司 2024 年一季报符合预期，收入业绩快速增长，公司积极布局海外并拓展新品， 流通股比例 100% 中长期成长性值得期待。 日均成交量 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first investment recommendation [2]. Core Insights - The company has been deeply engaged in the automotive interior and exterior parts industry for over 20 years, establishing itself as a leading supplier in China [2]. - The company has experienced significant revenue growth, with revenues of 46.1 billion, 69.5 billion, and 105.7 billion yuan from 2021 to 2023, representing year-over-year growth rates of 25.3%, 50.6%, and 52.2% respectively [2]. - The company is benefiting from the "new four modernizations" in the automotive industry, which include electrification, intelligence, connectivity, and sharing, leading to a high growth phase [2]. Summary by Sections Company Overview - Founded in 2001, the company has developed a comprehensive product line for automotive interior and exterior components, including dashboard assemblies, roof consoles, door inner panels, pillar trims, water channel covers, and bumper assemblies [2]. - The company has expanded its overseas market presence, particularly benefiting from international electric vehicle clients, with overseas revenue growing significantly from 2.3 million to 6.1 million and then to 5.0 million yuan from 2021 to 2023, with a CAGR of 48.7% [2]. Product Performance - The dashboard assembly is a core business for the company, with revenue increasing from 28.5 billion to 45.6 billion and then to 69.8 billion yuan from 2021 to 2023, accounting for 61.9%, 65.6%, and 66.1% of total revenue respectively [2]. - The average selling price (ASP) of dashboard assemblies has risen from 1149.1 yuan to 1311.4 yuan during the same period, reflecting the company's competitive strength in the market [2]. Technological Edge - The company possesses industry-leading technology and advanced production processes, holding 195 patents, including 9 invention patents and 184 utility model patents [3]. - The company has implemented advanced manufacturing techniques, such as reaction injection molding technology for lightweight products and various innovative production processes that enhance product quality and efficiency [3]. Client Base and Capacity Expansion - The company has established strong relationships with major automotive manufacturers, including FAW Group and various international electric vehicle companies, contributing significantly to its revenue growth [7]. - The company is expanding its production capacity, with a total capacity of 560 million sets for large and medium-sized products, and plans to increase capacity in Mexico by the end of 2024 [7]. Financial Projections - Revenue is projected to reach 137.7 billion, 175.3 billion, and 217.3 billion yuan for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 30.2%, 27.3%, and 24.0% [8]. - The net profit attributable to shareholders is expected to be 11.1 billion, 14.9 billion, and 18.3 billion yuan for the same years, with growth rates of 38.2%, 33.5%, and 23.0% respectively [8].

2024 年 05 月 01 日 公司研究 评级：买入(维持) 研究所： [Table_Title] 2024Q1 业绩稳步增长，内外饰发力+海外市场 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 进入放量周期 ——新泉股份（ ） 年一季报点评 603179 2024 最近一年走势 事件 : 新泉股份2024年4月29日发布2024年一季报：公司2024年Q1实现 营业收入30.47亿元，同比+40.24%；实现归属于母公司所有者的净利 润2.04亿元，同比+34.74%；实现扣除非经常性损益后的归属母公司股 东净利润2.02亿元，同比+35.40%。 投资要点 :  2024Q1营收稳健增长，利润端同比提升。2024Q1，公司实现营业 相对沪深300表现 2024/04/30 收入30.47亿元，同比+40.24%，环比-6.34%；实现归母净利润2.04 表现 1M 3M 12M 亿元，同比+34.74%，环比-16.52%；实现扣非后归母净利润2.02 新泉股份 8.0% 17.2% 21.4% 亿元，同比+35.40%，环比-17.06%。公司营收稳健增长，主要 ...