Financial Performance - Revenue for Q3 2024 reached ¥3,440,950,364.98, an increase of 28.08% compared to the same period last year[2] - Net profit attributable to shareholders was ¥274,918,819.30, reflecting a growth of 47.98% year-over-year[2] - Net profit excluding non-recurring gains and losses for the period was ¥251,331,882.86, up 35.20% from the previous year[2] - Basic earnings per share for Q3 2024 was ¥0.56, an increase of 47.37% compared to the same period last year[4] - Total operating revenue for the first three quarters of 2024 reached ¥9.61 billion, a 31.1% increase from ¥7.32 billion in the same period of 2023[14] - Net profit for the first three quarters of 2024 was ¥683.07 million, representing a 21.7% increase compared to ¥561.50 million in 2023[15] - Basic earnings per share for the first three quarters of 2024 were ¥1.41, up from ¥1.15 in the same period of 2023[17] - The total profit for the first three quarters of 2024 was ¥788.41 million, up 22.5% from ¥643.26 million in 2023[15] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥14,671,186,375.25, representing a 9.10% increase from the end of the previous year[4] - Total assets increased to CNY 14.67 billion, up from CNY 13.45 billion, representing a growth of approximately 9.1% year-over-year[12] - Current assets totaled CNY 9.28 billion, compared to CNY 9.11 billion in the previous period, reflecting an increase of about 1.9%[12] - Accounts receivable rose to CNY 3.38 billion, up from CNY 2.96 billion, indicating a growth of approximately 14.1%[12] - Inventory decreased to CNY 2.38 billion from CNY 2.48 billion, showing a decline of about 3.7%[12] - Total liabilities reached CNY 9.25 billion, an increase from CNY 8.44 billion, marking a growth of approximately 9.6%[13] - Long-term borrowings increased significantly to CNY 1.15 billion from CNY 468 million, representing a growth of about 145.5%[13] - The company's equity attributable to shareholders rose to CNY 5.37 billion, compared to CNY 4.96 billion, reflecting an increase of approximately 8.1%[13] Cash Flow - Cash flow from operating activities for the year-to-date was ¥441,068,240.52, an increase of 28.14% compared to the same period last year[2] - Cash flow from operating activities totaled ¥6.95 billion, an increase of 28.1% from ¥5.43 billion in the previous year[18] - The net cash flow from operating activities for Q3 2024 was CNY 441,068,240.52, an increase of 28.2% compared to CNY 344,210,659.23 in Q3 2023[19] - Total cash outflow from investing activities reached CNY 1,218,057,503.72, up from CNY 981,629,251.95 in the same period last year, indicating a 24.1% increase[19] - Cash inflow from financing activities was CNY 2,170,349,312.27, a decrease of 15.4% compared to CNY 2,566,654,350.05 in Q3 2023[19] - The net cash flow from financing activities was CNY 340,205,745.81, down from CNY 1,255,986,675.22 in the previous year, reflecting a significant decline[19] - The total cash and cash equivalents at the end of Q3 2024 stood at CNY 718,130,539.08, a decrease from CNY 1,292,603,034.01 at the end of Q3 2023[19] - The company reported a total cash outflow of CNY 473,072,909.26 for the quarter, contrasting with a cash inflow of CNY 837,745,953.24 in Q3 2023[19] Expenses and Investments - Total operating costs increased to ¥8.82 billion, up 32.7% from ¥6.64 billion year-over-year[14] - Research and development expenses rose to ¥404.08 million, a 30.3% increase from ¥309.93 million in 2023[14] - The company reported a financial expense of ¥117.66 million, compared to a financial income of ¥29.90 million in the same period last year[14] - The company experienced a decrease in investment income, reporting a loss of ¥1.18 million compared to a gain of ¥0.70 million in the previous year[15] - Other comprehensive income after tax showed a loss of ¥110.92 million, contrasting with a gain of ¥3.46 million in the same period of 2023[15] - The company paid CNY 367,977,270.94 in various taxes, compared to CNY 308,178,626.98 in the same quarter last year, marking a 19.3% increase[19] - The cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was CNY 1,214,557,503.72, up from CNY 759,043,251.95, representing a 60.0% increase year-over-year[19] Strategic Initiatives - The company reported a significant increase in business volume, contributing to the overall growth in revenue and profit[7] - Government subsidies recognized during the period amounted to ¥28,430,466.54, contributing positively to the financial results[5] - The company plans to expand its market presence and invest in new product development to drive future growth[11]

| 证券代码：603179 | 证券简称：新泉股份 公告编号：2024-069 | | --- | --- | | 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 9 月 30 日，累计已有人民币 81,000 元新 23 转债已转换为公司股票，累计转股数为 1,574 股，占新 23 转债转股前公司已 发行股份总额的 0.0003%。 未转股可转债情况：截至 2024 年 9 月 30 日，尚未转股的新 23 转债金额 为人民币 1,159,919,000 元，占新 23 转债发行总量的比例为 99.9930%。 本季度转股情况：2024 年 7 月 1 日至 2024 年 9 月 30 日，累计已有人民 币 60,000 元新 23 转债已转换为公司股票，因转股形成的股份数量为 1,172 股。 一、可转债发行上市概况 单位：股 | 股份类别 | 变动前 | ...

江苏新泉汽车饰件股份有限公司 关于实际控制人之一股票质押式回购交易提前购回的公告 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： ●江苏新泉汽车饰件股份有限公司（以下简称"公司"）实际控制人之一唐 志华先生持有公司股份数量为 5,400.746 万股，占公司总股本比例为 11.08%。 唐志华先生本次将其进行股票质押式回购交易的 1,800 万股提前购回，本次提前 购回的股份占其所持本公司股份的 33.33%，占公司总股本的 3.69%。本次股票质 押式回购交易提前购回后，唐志华先生持有公司股份剩余质押数量为 1,800 万 股，占其持股数量比例为 33.33%。 公司于 2024 年 10 月 8 日接到实际控制人之一唐志华先生的通知，获悉其办 理了股票质押式回购交易提前购回业务，具体事项如下： | 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-068 | | --- | --- | --- | | 债券代码：113675 | 债券简称：新 23 转债 | | 二、本次股份解除质押后 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - The company achieved total revenue of 6.16 billion yuan in H1 2024, representing a year-on-year increase of 33.1%. In Q2 2024, revenue grew by 26.7% year-on-year and 2.3% quarter-on-quarter [2] - The net profit attributable to shareholders for H1 2024 was 1.31 billion yuan, with a year-on-year increase of 9.5%. In Q2 2024, the net profit was 0.21 billion yuan, showing a year-on-year decrease of 7.7% and a quarter-on-quarter decrease of 1.1% [2] - The company is expanding its global presence, with ongoing projects in Mexico, the United States, and Slovakia to enhance its market reach [2] Revenue Growth Drivers - Continuous increase in customer orders and expansion of product categories are driving revenue growth. The company has established strong ties with high-quality clients such as Geely, Chery, Li Auto, and BYD [2] - The dashboard assembly, the company's largest business segment, generated revenue of 4.08 billion yuan, up 35.5% year-on-year. Other segments, including exterior accessories, also saw significant revenue increases [2] Profitability Metrics - The gross profit margin for H1 2024 was 20.0%, remaining stable compared to the previous year. The Q2 2024 gross profit margin was 19.9%, showing a slight decrease [2] - The report forecasts revenue for 2024-2026 to be 13.77 billion yuan, 17.53 billion yuan, and 21.73 billion yuan, respectively, with corresponding EPS of 2.28 yuan, 3.05 yuan, and 3.75 yuan [4][5] Financial Projections - The company is expected to maintain a strong growth trajectory, with a projected revenue growth rate of 30.2% in 2024, 27.3% in 2025, and 24.0% in 2026 [4] - The net profit is projected to grow by 38.2% in 2024, 33.5% in 2025, and 23.0% in 2026 [4] Market Performance - The current stock price is 44.6 yuan, with a total market capitalization of 21.7 billion yuan. The stock has traded within a range of 33.28 to 52.7 yuan over the past 52 weeks [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company's performance meets expectations, with a focus on accelerating global expansion [2]. - In H1 2024, the company achieved total revenue of 6.16 billion, a year-on-year increase of 33.1% [2]. - The company is deepening its partnerships with high-quality clients such as Geely, Chery, Li Auto, and BYD, driving stable revenue growth [2]. - The company is expanding its product categories, with significant revenue growth in dashboard assemblies and exterior accessories [2]. - The company is actively enhancing its domestic and international industrial layout, including the construction of a research center in Shanghai and expanding production bases in Mexico, the United States, and Slovakia [2]. Financial Summary - The company forecasts revenues of 10.57 billion, 13.77 billion, 17.53 billion, and 21.73 billion for 2023A, 2024E, 2025E, and 2026E respectively, with growth rates of 52.2%, 30.2%, 27.3%, and 24.0% [4]. - The net profit attributable to shareholders is projected to be 806 million, 1.11 billion, 1.49 billion, and 1.83 billion for the same years, with growth rates of 71.2%, 38.2%, 33.5%, and 23.0% [4]. - The diluted earnings per share (EPS) are expected to be 1.65, 2.28, 3.05, and 3.75 for 2023A, 2024E, 2025E, and 2026E respectively [4]. - The company's return on equity (ROE) is projected to increase from 16.1% in 2023A to 21.6% in 2026E [4].

2024 年 09 月 27 日下午 14:00-15:00，公司董事长兼总经理唐志华先生、独 立董事冯巧根先生、副总经理兼董事会秘书高海龙先生、财务总监李新芳女士出 席了本次业绩说明会。与投资者进行互动交流和沟通，就投资者关注的问题进行 了回复。 二、投资者提出的主要问题及公司回复情况 本次业绩说明会中投资者提出的主要问题及回复整理如下： | 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-067 | | --- | --- | --- | | 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 年半年度业绩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 2024 年 09 月 27 日 下 午 14:00-15:00 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 ...

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-066 | | --- | --- | --- | | 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 关于实际控制人之一部分股份质押的公告 公司于 2024 年 9 月 26 日接到实际控制人之一唐志华先生将其持有的公司部 分股份质押的通知，具体情况如下： | 股东 | 是否为控 | 本次质押股 | 是否为 | 是否补 | 质押起始日 | 质押到期 | 质权人 | 占其所持 | 占公司总 | 质押融资资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 股股东 | 数 | 限售股 | 充质押 | | 日 | | 股份比例 | 股本比例 | 用途 | | 唐志 | | | | | | 至办理解 除质押登 | 云南国际信托 | | | | | | 否 | 18,000,000 | 否 | 否 | 2024.9.25 | | | 33.33% | 3.69% | 个人资金需要 | | 华 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 6.164 billion yuan for the first half of 2024, representing a year-on-year growth of 33.07%, while the net profit attributable to the parent company was 411 million yuan, up 9.46% year-on-year [2] - The target price is set at 54.25 yuan, with a target period of 6 months [2] - The company is actively expanding its capacity and international presence, with several new projects planned for the coming years [2][3] Market Data - Total share capital is 487.30 million shares, with a 100% circulation ratio for A shares [2] - The highest and lowest stock prices in the past 12 months were 54.39 yuan and 32.54 yuan, respectively [2] Revenue and Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 13.695 billion yuan, 17.266 billion yuan, and 20.962 billion yuan, with year-on-year growth rates of 29.54%, 26.07%, and 21.41% respectively [3][4] - Expected net profits for the same years are 1.057 billion yuan, 1.371 billion yuan, and 1.655 billion yuan, with growth rates of 31.19%, 29.71%, and 20.70% respectively [3][4] Product Performance - The revenue from traditional instrument panel assemblies increased to 4.080 billion yuan, a year-on-year growth of 35.48%, accounting for 66.19% of total revenue [2] - The company has seen significant growth in the bumper assembly and exterior accessories segments, with revenues of 142 million yuan and 96 million yuan, representing year-on-year increases of 387.15% and 147.83% respectively [2] Strategic Initiatives - The company is expanding its presence in the new energy vehicle market, partnering with brands like Li Auto, Geely, GAC New Energy, BYD, and NIO [2] - Planned capacity expansions include new manufacturing bases in Anqing, Shanghai, and Changzhou, as well as an expansion in Mexico [2][3]

Investment Rating - The investment rating for the company is "Buy" with a first coverage date of September 22, 2024 [1]. Core Views - The company, Xinquan Co., Ltd., is a leading domestic automotive trim supplier with a comprehensive product range including instrument panel assemblies (66% of revenue), door panel assemblies (15%), and bumper assemblies (2.3%). The customer base primarily consists of domestic and new energy vehicle manufacturers, including well-known international electric vehicle brands [4][9]. - Xinquan is recognized as a high-growth stock in the industry, expected to leverage its scale advantages for better cost control and profitability. The company is entering a new growth cycle driven by both organic and external growth strategies [4][5]. - The company has been actively expanding its international presence since 2019, establishing production bases in Malaysia and Mexico, and subsidiaries in the USA and Slovakia to serve global markets [4][5]. Summary by Sections 1. Basic Information - Xinquan Co., Ltd. was established in 2001 and has developed a robust product line in the automotive trim industry, covering both commercial and passenger vehicles. Key clients include major domestic truck manufacturers and prominent passenger vehicle companies [9][11]. 2. Growth Logic: "Organic + External" Dual Growth - **Scale Advantages**: The company has established a positive growth cycle through cost control, enhancing product competitiveness, and acquiring quality clients. Fixed costs account for approximately 15-20% of revenue, which is lower than competitors by 5-15 percentage points [4][23][30]. - **Global Expansion**: Xinquan has been expanding its international footprint to better serve clients and tap into new markets, with significant investments in production facilities abroad [4][5]. - **Product Diversification**: The company is enhancing its product offerings by expanding into exterior trim products, with significant revenue growth in bumper assemblies and exterior accessories [4][5]. 3. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 1 billion, 1.4 billion, and 1.86 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 24%, 40%, and 33%. The corresponding P/E ratios are 19, 14, and 10 times [4][5][16].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company, as a leading domestic automotive trim manufacturer, is accelerating its growth to become an international Tier 1 supplier, supported by strong revenue growth and strategic international expansion [1][3]. - The company reported a revenue of 6.164 billion yuan for the first half of 2024, representing a year-on-year increase of 33.07%, with a net profit of 411 million yuan, up 9.46% year-on-year [1][3]. - The company is actively expanding its international presence, with investments in Slovakia and the establishment of subsidiaries in the United States to enhance its market reach [1][3]. Financial Performance Summary - The company achieved a gross margin of 19.98% in H1 2024, a slight increase of 0.1 percentage points year-on-year, while the net profit margin decreased by 1.5 percentage points to 6.62% due to foreign exchange losses impacting profitability [1][3]. - For Q2 2024, the company reported a revenue of 3.117 billion yuan, a year-on-year increase of 26.74%, and a net profit of 206 million yuan, down 7.66% year-on-year [1][3]. - The company is expected to generate revenues of 13.809 billion yuan, 17.866 billion yuan, and 21.942 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.070 billion yuan, 1.451 billion yuan, and 1.848 billion yuan [3][5]. Business Segment Performance - The interior trim business continues to grow significantly, with revenue from dashboard assemblies, top cabinets, door panels, and interior accessories increasing by 35.48%, 54.71%, 18.70%, and 13.38% year-on-year, respectively [1][3]. - The exterior trim segment also saw substantial growth, with bumper assembly sales increasing by 410% and revenue rising by 387% to 142 million yuan [1][3]. Strategic Initiatives - The company is focusing on enhancing its production capacity in Slovakia and expanding its manufacturing base in Mexico to better serve existing and potential customers [1][3]. - The internationalization strategy is being actively pursued, with significant investments aimed at establishing a competitive edge in the global automotive trim market [1][3].