| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2025-006 | | --- | --- | --- | | 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 2025 年 3 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 2025 年 3 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：自 2025 年 1 月 1 日至 2025 年 3 月 31 日期间，新 23 转债未发生转股情况。 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 ...

江苏新泉汽车饰件股份有限公司 关于聘任公司副总经理的公告 | 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2025-005 | | --- | --- | --- | | 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董事会 2025 年 3 月 13 日 附简历： 王利军：男，1973 年 9 月出生，中国国籍，无永久境外居留权，MBA 硕士学 历，1997 年毕业于武汉科技大学，机械工程专业；1998 年-2000 年就职于万宝 1 至机电有限公司担任管理员，2001 年-2002 年就职于普思电子有限公司担任生产 主管；2003 年-2018 年就职于慧鱼汽车系统有限公司担任高级经理；2018 年-2020 年就职于宁波舜宇精工股份有限公司担任总经理；2020 年 4 月加入本公司，担 任公司全资子公司新泉（上海）汽车零部件有限公司总经理，现任本公司副总经 理、新泉（上海）汽车零部件有限公司总经理。 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 ...

Summary of the Conference Call for Xinquan Co., Ltd. Industry and Company Overview - The conference call pertains to Xinquan Co., Ltd., a company involved in the automotive parts industry, particularly focusing on components for electric vehicles, including those for Tesla [3][4][6]. Core Insights and Arguments - **Stock Price Adjustment**: The recent adjustment in Xinquan's stock price is attributed to external factors, particularly Tesla's disappointing sales data in February in China and Europe, mainly due to the Model Y redesign affecting production lines. However, the company believes these factors will not significantly impact long-term growth [3]. - **Future Growth Drivers**: Xinquan's future growth is expected to stem from globalization and product diversification. The company has made progress in establishing factories in Mexico, the U.S., and Europe, which has led to new projects with Tesla in North America and exceeded profit margin expectations [4][5]. - **Revenue and Profit Projections**: Xinquan anticipates revenue growth of over 30% annually in the coming years, with projected profits reaching between 1.35 billion to 1.4 billion yuan by 2025, corresponding to a market valuation of approximately 17 to 18 times earnings [4][5]. - **Response to Trade Barriers**: The company is actively addressing trade barriers and tariff issues by establishing manufacturing facilities in Mexico and the U.S. to mitigate uncertainties arising from trade tensions. Additionally, a factory in Slovakia has begun production to serve European clients [6]. - **Product Diversification**: Xinquan is expanding its product offerings from interior components to exterior parts and plans to enter the seating market. The exterior parts segment is expected to grow significantly, with higher profit margins due to increased automation [7]. - **Client Relationships**: The company has demonstrated strong capabilities in binding clients and meeting their needs, maintaining close relationships with high-quality domestic clients such as Chery, Geely, Li Auto, SAIC, and BYD, which provide ongoing order support [8]. - **Market Trends and Investment Potential**: The current investment trend in the automotive parts market is heavily focused on robotics and smart technologies. Xinquan is viewed as a company with the potential to innovate and expand beyond traditional automotive parts, positioning itself for long-term growth [9]. Other Important Insights - **Tesla's Sales Impact**: While Tesla's sales in North America have shown slight declines, the company is managing tariff impacts through negotiations, indicating a collaborative approach to market challenges [3]. - **Investment Opportunity**: The recent stock price adjustment is seen as a potential buying opportunity for investors, given the company's strong fundamentals and growth prospects [8].

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.