Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 58.40 yuan based on a 20x PE ratio for 2025 [10]. Core Insights - The company is a leading provider of automotive interior and exterior parts, with a strong focus on passenger vehicles, which now account for 85% of its revenue [20][30]. - The company has successfully expanded its product offerings from commercial vehicles to passenger vehicles, with significant growth in its exterior parts business, which saw a revenue increase of 247% year-on-year in the first half of 2024 [20]. - The company is actively pursuing international expansion, with production bases established in Malaysia and Mexico, and subsidiaries in the United States and Slovakia [50]. Financial Performance - The company is projected to achieve a CAGR of 28.8% in net profit from 2024 to 2026, with EPS estimates of 2.19, 2.92, and 3.54 yuan for the respective years [10]. - For the first three quarters of 2024, the company reported revenue of 9.605 billion yuan, a year-on-year increase of 31.2%, and a net profit of 686 million yuan, up 22.2% [30]. - The company's revenue growth has been robust, with a 3-year CAGR of 42.2% and a net profit CAGR of 46.2% from 2021 to 2023 [30]. Market Position - The company holds a significant market share in the passenger vehicle segment, with major clients including Geely, BYD, and Chery, and the top five customers accounted for 71% of total revenue in 2023 [20][30]. - The automotive interior industry is characterized by low concentration, providing opportunities for growth as domestic brands rise [38]. - The report highlights the potential for further growth in the exterior parts segment, which currently represents only 3.8% of total revenue [20]. Valuation Metrics - The company is valued at a total market capitalization of 22.338 billion yuan, with a total asset value of 14.671 billion yuan [22]. - The report provides a relative valuation analysis, indicating a dynamic PE of 21, 16, and 13 for the years 2024, 2025, and 2026, respectively [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - The company has a strong potential for product expansion and is positioned to become a Tier 0.5 supplier, leveraging its technological capabilities and comprehensive product development processes [70][73] - The company has established a solid customer base, including major clients like Chery and Geely, which are driving its growth [74][81] - The automotive interior and exterior market is expected to grow significantly, with the domestic market projected to reach CNY 1824.88 billion by 2026, and the global market expected to reach CNY 4856.86 billion [51][52] Summary by Sections Company Overview - The company has been deeply engaged in the automotive trim sector for over 20 years, achieving a comprehensive product range that covers both commercial and passenger vehicles [4][19] - The company has experienced two growth cycles, with the latest driven by the rapid increase in electric vehicle penetration and sales [5][19] Financial Performance - In 2023, the company achieved revenue of CNY 105.72 billion, a year-on-year increase of 52.19%, and a net profit of CNY 8.06 billion, up 71.18% [154] - The company’s revenue is expected to continue growing, with projections of CNY 131.03 billion, CNY 167.37 billion, and CNY 201.82 billion for 2024, 2025, and 2026 respectively [96] Market Trends - The automotive interior and exterior market is characterized by a wide variety of products and complex manufacturing processes, with significant potential for horizontal expansion [173] - The market for automotive interior and exterior components is expected to grow, driven by increasing vehicle sales and rising per-vehicle value [51][48] Customer Base and Strategic Partnerships - The company has established strong relationships with key clients, including Tesla, which has significantly contributed to its overseas sales growth [81][94] - The company is actively expanding its global footprint, with production bases in North America and Southeast Asia to support its international clients [85][99] Production Capacity and Efficiency - The company has set up manufacturing bases in 20 cities across China and has established production facilities in Malaysia and Mexico to enhance its supply chain efficiency [85][89] - The company’s production capacity has reached 742 million units, with a utilization rate of 97.26% [92][87] Research and Development - The company has invested significantly in R&D, with expenses reaching CNY 4.57 billion in 2023, a 49.31% increase year-on-year, reflecting its commitment to innovation [162][167] - The company is focused on improving its production processes and reducing costs through lean management practices [162]

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-073 | | --- | --- | --- | | 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 关于全资子公司签署怀柔科学城区域配套资源整理协议的 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个别及连带责任。 重要内容提示： 一、交易概述 （一）根据北京市怀柔科学城区域配套资源整理工作的统筹规划，江苏新泉 汽车饰件股份有限公司（以下简称"公司"）全资子公司北京新泉志和汽车饰件 系统有限公司（以下简称"北京新泉"）拟与北京雁栖中诚科技发展有限公司（以 下简称"雁栖中诚"）就北京新泉土地、房屋、附属物及设备设施等整理及补偿 事宜，签署《怀柔科学城区域配套资源整理协议》，整理补偿补助款共计 106,082,479.00 元。 （二）公司于 2024 年 12 月 9 日以现场和通讯结合的方式在公司会议室召开 第五届董事会第五次会议，以 9 票同意、0 票反对、0 票弃权，审议通过了《关 1 交易简要内容：公司 ...

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-074 | | --- | --- | --- | | 债券代码：113675 | 债券简称：新 23 转债 | | 关于公司及全资子公司通过高新技术企业认定的公告 江苏新泉汽车饰件股份有限公司 1 本次高新技术企业的认定系原高新技术企业证书有效期满后进行的重新认 定，根据《中华人民共和国企业所得税法》以及国家对高新技术企业的相关税收 规定，公司及全资子公司新泉模具自本次通过高新技术企业认定后连续三年 （2024 年至 2026 年）享受国家关于高新技术企业的相关税收优惠政策，即按 15% 的税率缴纳企业所得税。 特此公告。 江苏新泉汽车饰件股份有限公司董事会 2024 年 12 月 9 日 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个别及连带责任。 根据全国高新技术企业认定管理工作领导小组办公室近日发布的《对江苏省 认定机构 2024 年认定报备的第一批高新技术企业进行备案的公告》，江苏新泉汽 车饰件股份有限公司（以下简称"公司"）及全资子公司江苏新泉模具 ...

关于 2024 年第三季度业绩说明会召开情况的公告 | 证券代码：603179 | 证券简称：新泉股份 公告编号：2024-072 | | --- | --- | | 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 答：公司的发展战略和年度经营计划，会在每年的年度报告中披露，谢谢。 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 11 月 28 日 下 午 15:00-16:00 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 年第三季 度业绩说明会，现将有关事项公告如下： 一、业绩说明会召开情况 2024 年 10 月 31 日，公司于上海证券交易所网站（www.sse.com.cn）及指 定信息披露媒体披露了《江苏新泉汽车饰件股份有限公司关于召开 2024 年第三 季度业绩说明会的公告》（公告编号：2024-071 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is experiencing rapid growth in performance and continuous business expansion, particularly in the electric vehicle sector, with significant contributions from overseas operations [1][3] - The company has established partnerships with major international brands such as Geely, Tesla, and Chery, enhancing its market presence and profitability [1] - Revenue and profit forecasts indicate strong growth, with expected revenues of 140.9 billion, 176.9 billion, and 211.1 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 33.3%, 25.6%, and 19.3% [2][3] Summary by Sections Performance Metrics - For the period from Q1 to Q3 of 2024, the company reported revenues of 96.05 billion yuan, a year-on-year increase of 31.24%, and a net profit of 6.86 billion yuan, up 22.22% [1] - In Q3 of 2024, revenues reached 34.41 billion yuan, representing a 28.08% increase year-on-year, with a net profit of 2.75 billion yuan, up 47.98% [1] Revenue Growth - The company is expanding its product line from interior to exterior components, driven by strong sales from key clients like Chery, Geely, and Tesla [1] - Chery's vehicle sales increased by 39.9% year-on-year, while Geely's sales grew by 21%, and Tesla's deliveries rose by 6.4% in Q3 of 2024 [1] Cost and Profitability - The gross margin for Q3 of 2024 was 21.35%, an increase of 1.86 percentage points, attributed to improved profitability from new projects [1] - The company is implementing cost control measures and optimizing its product structure, leading to a gross margin of 20.47% for the first three quarters of 2024, up 0.75 percentage points [1] Financial Projections - The company forecasts revenues of 140.9 billion, 176.9 billion, and 211.1 billion yuan for 2024, 2025, and 2026, with corresponding net profits of 11.2 billion, 14.6 billion, and 18.4 billion yuan [2][3] - The projected compound annual growth rate (CAGR) for revenue is 25.9%, and for net profit, it is 31.8% [1][2]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][5]. Core Insights - The company's Q3 performance exceeded expectations, with total revenue reaching 9.605 billion yuan, a year-on-year increase of 31.24%, and a net profit attributable to shareholders of 686 million yuan, up 22.22% year-on-year [4][5]. - The company is experiencing significant improvements in profitability, driven by the release of capacity at its overseas factory in Mexico and further expansion in the US and Europe [5]. - The projected net profits for 2024-2026 are estimated at 1.003 billion, 1.566 billion, and 2.001 billion yuan, corresponding to PE ratios of 25.94X, 16.62X, and 13.01X respectively [5]. Summary by Sections Q3 Performance - In Q3 2024, the company achieved revenue of 3.441 billion yuan, with a quarter-on-quarter increase of 28.06% and a year-on-year increase of 10.39%. The net profit for Q3 was 275 million yuan, reflecting a quarter-on-quarter increase of 47.98% and a year-on-year increase of 33.50% [4][5]. - The growth in revenue is primarily attributed to increased sales from key downstream customers, including Chery, Geely, and Tesla [4][5]. Profitability Metrics - The gross margin for Q3 2024 was 21.36%, with a quarter-on-quarter increase of 1.86 percentage points and a year-on-year increase of 1.50 percentage points. The net profit margin was 7.99%, with respective increases of 1.07 and 1.38 percentage points [4][5]. - The improvement in gross margin is due to the launch of high-margin new projects and contributions from other business segments [4][5]. Diversification and Market Expansion - The company is actively diversifying its projects, with clear growth in its overseas operations, particularly in Mexico, where revenue remained stable [5]. - The company has established itself as a benchmark for overseas business expansion, with upcoming contributions from new factories in Mexico and Europe [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4]. Core Insights - The company reported a revenue of 9.605 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 31.2%. The net profit attributable to the parent company was 686 million yuan, up 22.2% year-on-year. In Q3 2024, revenue reached 3.441 billion yuan, with a quarter-on-quarter increase of 28.1% and a year-on-year increase of 10.4%. The net profit for Q3 was 275 million yuan, showing a significant quarter-on-quarter increase of 48.0% and a year-on-year increase of 33.1% [4][5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 21.3%, which is an increase of 1.9 percentage points year-on-year and 1.5 percentage points quarter-on-quarter. The net profit margin was 8.0%, up 1.1 percentage points year-on-year and 1.4 percentage points quarter-on-quarter. The company's operating expenses ratio was 11.7%, with sales, management, R&D, and financial expenses ratios at 1.9%, 4.0%, 4.3%, and 1.4% respectively [4]. Market Position and Growth - The company is benefiting from increased orders from core customers in the new energy vehicle sector. Notable sales growth was observed from Tesla, Li Auto, Geely, and Chery in Q3 2024, with Tesla's sales in China reaching 249,000 units, a year-on-year increase of 12% and a quarter-on-quarter increase of 21% [4]. Global Expansion - The company is expanding its global footprint, with significant investments in overseas production facilities. In Mexico, the company has invested 50 million yuan for capacity expansion, expecting revenue of 1 billion yuan in 2024. In Slovakia, a subsidiary is being established with an initial investment of 20 million euros, and production is expected to commence in 2025. Additionally, subsidiaries have been set up in the United States [4]. Future Projections - The report forecasts revenues of 13.371 billion yuan, 18.452 billion yuan, and 23.704 billion yuan for 2024, 2025, and 2026 respectively. Corresponding net profits are projected to be 1.059 billion yuan, 1.478 billion yuan, and 1.964 billion yuan for the same years. The price-to-earnings (PE) ratios are expected to be 23, 16, and 12 for 2024, 2025, and 2026 respectively [4][5].

Investment Rating - The report maintains an "Outperform" rating for the company [5][3]. Core Views - The company has experienced rapid growth in sales from core customers, with a 48% year-on-year increase in net profit for the third quarter, reaching a historical high [1][6]. - The company is in its third round of rapid growth over the past decade, with revenue for the first three quarters of 2024 at 9.605 billion yuan, a 31.24% increase year-on-year [1][6]. - The gross margin for Q3 2024 improved by 1.86 percentage points to 21.35%, while the net margin reached 7.98%, reflecting strong operational efficiency [1][8]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 3.441 billion yuan, a 28% increase year-on-year and a 10% increase quarter-on-quarter [1][6]. - The net profit for Q3 2024 was 275 million yuan, marking a 48% year-on-year increase and a 33% quarter-on-quarter increase [1][6]. - The company’s revenue for 2024 is projected to be 12.989 billion yuan, with a net profit forecast of 1.060 billion yuan [4][3]. Market Position and Growth Drivers - The company has established a platform-based supply system for interior components and is expanding into exterior products, which is expected to enhance profit margins [1][9]. - The company’s market share in the domestic dashboard assembly segment has reached 18%, with plans to expand into bumper assemblies and other exterior products [1][10]. - The company is benefiting from a strong customer base, including major automotive brands like Geely, Chery, BYD, Li Auto, and Tesla, which have seen significant sales growth [1][6]. Capacity Expansion and Global Strategy - The company is actively expanding its production capacity in various locations, including Hefei, Anqing, Changzhou, Shanghai, and Mexico, with an expected addition of 2.1 million dashboard assemblies and other components [2][16]. - Investments in Slovakia and the United States are part of the company's strategy to enhance its global footprint and meet increasing demand [2][16]. - The company’s international strategy includes establishing subsidiaries in Mexico and Slovakia to support local manufacturing and sales [16][17].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][14]. Core Insights - The company reported a significant year-on-year revenue increase of 31.24% for the first three quarters of 2024, reaching 9.605 billion yuan, with a net profit of 686 million yuan, up 22.22% [1]. - The company's gross margin improved to 20.47%, while the net margin was 7.11%, reflecting a slight decrease of 0.56 percentage points year-on-year [1]. - In Q3 2024, revenue reached 3.441 billion yuan, marking a 28.08% increase year-on-year and a 10.39% increase quarter-on-quarter, with net profit soaring by 47.98% year-on-year [1]. Financial Performance Summary - The company's operating expenses (excluding R&D) for Q3 2024 were 7.42% of revenue, showing a year-on-year increase of 0.61 percentage points [2]. - Key clients such as Chery, Geely, and Li Auto have shown strong sales growth, which is expected to support the company's revenue growth [3]. - The company is actively expanding its international presence, with projects in Mexico and Slovakia, and has established subsidiaries in the U.S. [4]. Financial Forecast - The company is projected to achieve net profits of 1.045 billion yuan, 1.351 billion yuan, and 1.715 billion yuan for the years 2024, 2025, and 2026, respectively [4]. - The current market valuation corresponds to a P/E ratio of 23, 18, and 14 for the years 2024 to 2026 [4]. - Revenue is expected to grow from 10.572 billion yuan in 2023 to 19.607 billion yuan in 2026, with a compound annual growth rate of approximately 21.75% [5][10].