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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported steady revenue growth in Q1 2024, with operating income reaching 3.047 billion yuan, a year-on-year increase of 40.24%. The net profit attributable to the parent company was 204 million yuan, up 34.74% year-on-year [3][4] - The company is entering a volume expansion phase, driven by strong performance in both interior and exterior decoration segments, as well as growth in overseas markets [1][5] - The company has launched an employee stock ownership plan to enhance employee motivation and confidence in long-term development [4] Financial Performance Summary - Q1 2024 revenue was 3.047 billion yuan, with a year-on-year growth of 40.24% and a quarter-on-quarter decline of 6.34%. The net profit attributable to the parent company was 204 million yuan, reflecting a year-on-year increase of 34.74% and a quarter-on-quarter decrease of 16.52% [3][4] - The gross margin for Q1 2024 was 20.10%, up 0.31 percentage points year-on-year but down 0.68 percentage points quarter-on-quarter. The net profit margin was 6.66%, down 0.42 percentage points year-on-year and 0.83 percentage points quarter-on-quarter, primarily due to an increase in expense ratios [4] - The company has made significant investments in overseas operations, including a total of 1.45 billion yuan in capital increases for its Mexican factory and the establishment of subsidiaries in Singapore and Slovakia [5] Earnings Forecast - The company is expected to achieve main business revenues of 13.702 billion, 17.532 billion, and 20.615 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30%, 28%, and 18% [6][7] - The forecasted net profit attributable to the parent company is 1.108 billion, 1.429 billion, and 1.771 billion yuan for the same years, with growth rates of 38%, 29%, and 24% [6][7] - The estimated EPS for 2024, 2025, and 2026 is 2.27, 2.93, and 3.63 yuan, respectively, corresponding to PE ratios of 20, 16, and 13 times [6][7]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 47.52 CNY per share [3][4]. Core Views - The company reported a Q1 2024 revenue of 3.047 billion CNY, representing a year-on-year increase of 40.24% but a quarter-on-quarter decrease of 6.34%. The net profit attributable to the parent company was 204 million CNY, up 34.75% year-on-year but down 16.52% quarter-on-quarter [3]. - The revenue growth is primarily driven by increased sales from clients such as Ideal, GAC New Energy, and Zeekr. The gross profit margin for Q1 2024 reached 20.10%, a year-on-year increase of 0.31 percentage points [3][4]. - The company is actively expanding its production capacity and has announced plans for a third employee stock ownership plan, aiming to raise up to 400 million CNY [3][4]. Summary by Sections Financial Performance - For Q1 2024, the company achieved a revenue of 3.047 billion CNY, a year-on-year growth of 40.24% and a quarter-on-quarter decline of 6.34%. The net profit was 204 million CNY, reflecting a year-on-year increase of 34.75% but a quarter-on-quarter decrease of 16.52% [3]. - The gross profit margin for Q1 2024 was 20.10%, showing a year-on-year increase of 0.31 percentage points [3]. Market Position and Strategy - The company is expanding its client base by entering the supply chains of new energy vehicle manufacturers such as Tesla, Ideal, and NIO, which is expected to drive significant growth [4]. - The company is also diversifying its product offerings from interior components to exterior parts, with a focus on carbon fiber materials, enhancing its competitive edge in the market [4]. Future Projections - The company is projected to achieve revenues of 13.912 billion CNY in 2024, 19.011 billion CNY in 2025, and 24.725 billion CNY in 2026, with corresponding net profits of 1.145 billion CNY, 1.614 billion CNY, and 2.139 billion CNY respectively [5][6]. - The expected earnings per share (EPS) are forecasted to be 2.35 CNY in 2024, 3.31 CNY in 2025, and 4.39 CNY in 2026, with a price-to-earnings (PE) ratio of 20, 14, and 11 for the respective years [5][6].

Financial Performance - The company's operating revenue for Q1 2024 reached CNY 3,046,997,609.24, representing a year-on-year increase of 40.24%[4] - The net profit attributable to shareholders of the listed company was CNY 204,175,896.46, up 34.74% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 202,016,901.66, reflecting a growth of 35.40%[4] - The basic earnings per share for the period was CNY 0.42, an increase of 35.48% year-on-year[5] - Total operating revenue for Q1 2024 reached ¥3,046,997,609.24, a significant increase of 40.2% compared to ¥2,172,763,496.67 in Q1 2023[21] - Net profit for Q1 2024 was ¥203,079,225.01, representing a 32.1% increase from ¥153,823,445.05 in Q1 2023[23] - The total comprehensive income for Q1 2024 was ¥217,789,770.18, up from ¥156,975,947.16 in Q1 2023, reflecting a growth of 38.7%[24] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 13,891,176,725.62, a 3.30% increase from the end of the previous year[5] - The company's total assets amounted to approximately RMB 13.89 billion, an increase from RMB 13.45 billion as of December 31, 2023, reflecting a growth of about 3.3%[16] - The company's total liabilities as of Q1 2024 amounted to ¥8,756,747,163.96, compared to ¥8,441,561,901.00 in the previous year, reflecting a growth of 3.7%[20] - Shareholders' equity totaled ¥5,134,429,561.66 in Q1 2024, an increase of 2.6% from ¥5,005,603,174.67 in Q1 2023[20] Cash Flow - The net cash flow from operating activities was CNY 107,169,631.94, showing a decrease of 8.28% compared to the same period last year[4] - In Q1 2024, the cash inflow from operating activities reached ¥2,211,893,749.15, a 31.3% increase from ¥1,683,372,619.17 in Q1 2023[26] - The net cash flow from operating activities was ¥107,169,631.94, a decrease of 8.8% compared to ¥116,839,194.81 in the same period last year[26] - The company reported a net cash outflow from investing activities of ¥414,318,872.24, compared to a net outflow of ¥196,184,562.37 in Q1 2023[27] - Cash inflow from financing activities totaled ¥896,030,345.97, an increase of 38.1% from ¥649,098,513.40 in Q1 2023[27] - The net cash flow from financing activities was ¥203,676,214.69, significantly up from ¥83,487,494.49 in the previous year[27] - The ending cash and cash equivalents balance was ¥1,085,497,311.06, compared to ¥453,346,908.72 at the end of Q1 2023[27] Operational Metrics - The weighted average return on equity was 4.04%, an increase of 0.39 percentage points compared to the previous year[5] - The increase in operating revenue and net profit was mainly attributed to the growth in business volume during the reporting period[8] - Research and development expenses for Q1 2024 were ¥141,024,791.24, up 32.9% from ¥106,052,797.91 in Q1 2023, indicating a focus on innovation[21] Shareholder Information - The total number of common shareholders at the end of the reporting period was 10,405[9] - The company reported a total of 12,715.3572 million shares held by its controlling shareholder, Jiangsu Xinquan Zhihua Investment Co., Ltd., which represents 77.51% of its total shares[14] - The company has engaged in margin trading activities, with 28.6 million shares transferred to a securities account for this purpose[14]

2024 年 04 月 20 日 公司研究 评级：买入(维持) 研究所： [Table_Title] 内外饰发力+海外拓展，迎接新一轮“成长期” 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn ——新泉股份（ ）深度报告 603179 最近一年走势 投资要点 : 公司内饰业务抓住电动化大趋势，跟随大客户放量，过去三年 （2021-2023）实现了收入和盈利的快速增长。当前时点，基于公司内饰 市占率和ASP进一步提升，外饰业务开始放量，海外业务逐步突破，我 们认为公司2024~2026年有望进入新一轮的成长期。  历史发展复盘：电动化趋势下大客户放量，2021-2023年公司快速 成长。 1）2017年以前：拓展产品和客户，实现初步成长。2017 年以前，公司不断丰富产品矩阵，并由商用车领域进入乘用车领域， 受益于我国汽车市场总体增速较高，实现初步成长。2）2018~2020 相对沪深300表现 2024/04/19 年：车市低迷，进入调整期。公司于2017 年在上交所主板上市， 表现 1M 3M 12M 2017-2019年我国乘用车销量增速回落甚至于2018-2020年 ...

江苏新泉汽车饰件股份有限公司（以下简称"公司"）第四届董事会、监事 会将于 2024 年 5 月 6 日任期届满。鉴于新一届董事会董事候选人和监事会监事 候选人的提名工作仍在进行中，为保持相关工作的连续性，公司董事会、监事会 换届选举工作将适当延期，公司董事会各专门委员会成员和高级管理人员的任期 也相应顺延。公司将尽快推进董事会、监事会的换届工作进程，并及时履行相应 的信息披露义务。 | 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-025 | | --- | --- | --- | | 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 关于董事会、监事会延迟换届的公告 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。 2024 年 4 月 19 日 1 在公司第五届董事会、监事会换届选举完成之前，公司第四届董事会、监事 会全体成员及高级管理人员将按照相关法律、法规和《公司章程》的规定继续履 行董事、监事及高级管理人员的义务和职责。 公司董事会、监事会延迟换届不 ...

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-026 | | --- | --- | --- | | 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 关于股份回购实施结果暨股份变动的公告 2024年2月5日，公司通过上海证券交易所交易系统以集中竞价交易方式首次 回购公司股份。具体内容详见公司2024年2月6日披露于上海证券交易所网站 （www.sse.com.cn）的《关于推动公司"提质增效重回报"及以集中竞价交易方 式首次回购公司股份的公告》（公告编号：2024-009）。 2024年3月2日、2024年4月2日公司分别披露了股份回购的相关进展情况。具 体内容详见公司在上海证券交易所网站（www.sse.com.cn）和指定信息披露媒体 披露的相关公告。 截至2024年4月19日，公司本次股份回购计划实施完毕。公司通过集中竞价 交易方式已累计回购股份2,815,720股，占公司当前总股本的比例为0.58%，回购 成交的最高价格为47.50元/股，最低价格为39.11元/股，回购均价为42.61元/ 股，已支付的总金额为人民币119,9 ...

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-024 | | --- | --- | --- | | 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 关于注销部分向不特定对象发行可转换公司债券募集资金 专户的公告 发区支行、兴业银行股份有限公司常州分行、招商银行股份有限公司常州分行签 | 订了《募集资金专户存储三方监管协议》。具体开户情况如下： | | --- | | 账户名称 | 开户银行 | 专户用途 | 银行账号 | 存续状态 | | --- | --- | --- | --- | --- | | 新泉（上海）汽车零部 | 中国工商银行股份有限公司 | 上海智能制造基地升级扩建 | 1105020219001316316 | 正常使用 | | 件有限公司 | 常州经济开发区支行 | 项目（一期） | | | | 合肥新泉汽车零部件有 | 兴业银行股份有限公司常州 | 汽车饰件智能制造合肥基地 | 406070100100049776 | 正常使用 | | 限公司 | 钟楼支行 | 建设项目 | | | | 江苏新泉汽车饰件股份 | ...