Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 43.48 [1][10]. Core Insights - The company reported a revenue of 10.572 billion yuan in 2023, representing a year-on-year increase of 52.19%, and a net profit attributable to shareholders of 806 million yuan, up 71.19% year-on-year [3][4]. - The company is transitioning its Mexican factory to domestic suppliers, which is expected to enhance operational efficiency and reduce costs [1]. - The company is expanding its product offerings from interior components to exterior components, which is anticipated to create new growth opportunities [3][4]. - The company has made significant investments in international markets, including the establishment of subsidiaries in Singapore and Slovakia, to further its global presence [3][4]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 3.253 billion yuan, with a quarter-on-quarter increase of 46.16% and a year-on-year increase of 21.09% [3]. - The company's main business segments, such as dashboard assemblies and door panel assemblies, reported revenues of 6.983 billion yuan and 1.748 billion yuan, respectively, with year-on-year growth rates of 53.13% and 37.08% [3][4]. - The company is expected to achieve revenues of 13.799 billion yuan, 18.112 billion yuan, and 23.125 billion yuan in 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 30.53%, 31.25%, and 27.68% [4][6]. Profitability Metrics - The gross profit margin for the automotive parts industry is reported at 20.55%, with specific margins for various components such as dashboards at 22.02% and bumpers at 31.33% [3]. - The report projects net profit margins to improve, with net profits expected to reach 1.079 billion yuan, 1.569 billion yuan, and 2.177 billion yuan for the years 2024, 2025, and 2026, respectively [4][6]. Market Position and Strategy - The company is positioned as a leading domestic manufacturer of interior components, with a comprehensive product range that is expected to increase the per-vehicle value of its offerings [3][4]. - The internationalization strategy includes significant investments in Mexico, Singapore, and the United States, aimed at establishing the company as a global leader in both interior and exterior automotive components [3][4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55.44 CNY [2][4]. Core Insights - The company's performance in 2023 met expectations, with revenue reaching 10.572 billion CNY, a year-on-year increase of 52.2%, and net profit attributable to shareholders at 806 million CNY, up 71.2% [1]. - The fourth quarter showed significant growth, with revenue of 3.253 billion CNY, a 46.2% year-on-year increase, and net profit of 245 million CNY, up 56.6% [1]. - The company plans to distribute a dividend of 0.3 CNY per share for 2023 [1]. - The gross margin improved slightly to 20.0% for the year, with a notable increase in the fourth quarter to 20.8% [1]. - The company is expanding its product categories and international presence, particularly in the exterior parts business, which has seen substantial growth [1]. - New production bases are being established in the U.S. and Europe to accelerate internationalization efforts [1]. Financial Summary - Revenue for 2023 was 10,572 million CNY, with a year-on-year growth of 52.2% [3]. - The net profit attributable to shareholders for 2023 was 806 million CNY, reflecting a 71.2% increase [3]. - The company forecasts earnings per share (EPS) of 2.31 CNY, 3.06 CNY, and 3.96 CNY for 2024, 2025, and 2026 respectively [2]. - The gross margin is projected to improve gradually, reaching 21.0% by 2026 [3]. - The company’s net asset return rate is expected to rise to 26.1% by 2026 [3].

证券研究报告 公 2024年03月29日 司 报 告 新泉股份(603179) 行 业： 汽车/汽车零部件 │ 公 投资评级： 买入（维持） 司 当前价格： 42.95元 品类扩张和全球化持续演绎，四季度业绩超预期 年 目标价格： 63.78元 报 点 事件： 评 基本数据 公司发布2023年年报，全年实现收入105.7亿元，同比+52.2%，归母净利 总股本/流通股本(百万股) 487.30/487.30 润8.1亿，同比+71.2%，其中四季度收入32.5亿，同比+46.2%，环比+21.1%， 四季度归母净利润2.45亿，同比+56.5%，环比+31.7%。 流通A股市值(百万元) 20,929.62  新项目持续爬坡，下游客户表现良好，四季度收入超预期 每股净资产(元) 9.79 2023Q4 公司主要下游客户特斯拉销量 24.9 万辆，同比+9.2%；吉利销量 资产负债率(%) 62.78 61.0万辆，同比+20.8%，奇瑞销量59.1万辆，同比+89.2%，理想销量13.2 一年内最高/最低(元) 56.67/36.56 万辆，同比+184.6%。全年来看，公司主要产品销量增速强劲，2023年 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][14]. Core Insights - The company achieved a net profit growth of over 70% in 2023, with a net profit of 806 million yuan, reflecting a year-on-year increase of 71% [1]. - The revenue for 2023 reached 10.57 billion yuan, a 52% increase year-on-year, driven by growth in core customers and accelerated product development [1]. - The company is expanding its global footprint, particularly in North America and Europe, with significant investments aimed at enhancing production capacity and market share [1][2]. Financial Performance Summary - **2023 Financials**: - Total revenue: 10.57 billion yuan, up 52.2% year-on-year - Net profit: 806 million yuan, up 71.2% year-on-year - Gross margin: 20.0% [3][9] - **2024 Projections**: - Expected revenue: 13.60 billion yuan, with a growth rate of 28.7% - Expected net profit: 1.10 billion yuan, with a growth rate of 36.9% - Earnings per share: 2.26 yuan [3][9] - **Valuation Metrics**: - Price-to-earnings (P/E) ratio for 2024: 25, targeting a market value of 27.6 billion yuan and a target price of 56.6 yuan per share [2][5]. Market Expansion and Strategy - The company is focusing on increasing its market share through product category expansion and international market penetration, aiming to become a leading global player in automotive interior and exterior components [2]. - Significant investments in new facilities in Mexico and Slovakia are expected to enhance production capabilities and support future growth [1][2].

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 10.572 billion yuan in 2023, representing a year-on-year growth of 52.19%, and a net profit attributable to shareholders of 806 million yuan, up 71.19% year-on-year [3][4] - In Q4 2023, the company achieved a revenue of 3.253 billion yuan, a year-on-year increase of 46.16% and a quarter-on-quarter increase of 21.06%, with a net profit of 245 million yuan, reflecting a year-on-year growth of 56.57% and a quarter-on-quarter growth of 31.72% [3][4] Summary by Sections Financial Performance - The company’s total revenue for 2023 was 10.572 billion yuan, with a net profit of 806 million yuan, both showing significant growth compared to the previous year [3] - Q4 2023 revenue was 3.253 billion yuan, with a gross margin of 20.78%, which improved both year-on-year and quarter-on-quarter [3][4] - The company’s operating cash flow for 2023 was 590 million yuan, with a net increase in cash of 736 million yuan [10] Growth Prospects - The company is expanding its product offerings and has a competitive advantage in cost control and service responsiveness, particularly with key clients such as Geely and Chery [4] - The company is pursuing a global strategy, with operations expanding in Mexico, Slovakia, and the United States, positioning itself as a leader in automotive interior components [4] Earnings Forecast - The forecast for net profit attributable to shareholders is 1.122 billion yuan for 2024, 1.482 billion yuan for 2025, and 1.877 billion yuan for 2026, with corresponding EPS of 2.30 yuan, 3.04 yuan, and 3.85 yuan respectively [2][4] - The projected P/E ratios for the next three years are 19.05, 14.42, and 11.38 [2][4]

[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 ...