Investment Rating - The report maintains an "Accumulate" rating for the company [5][9] - The target price is set at 60.15 CNY, unchanged from the previous forecast [5][9] Core Insights - The company's Q3 performance exceeded expectations, with continuous improvement in profitability and rapid revenue growth [3][9] - For the first nine months of 2024, the company achieved a revenue of 9.61 billion CNY, representing a year-on-year increase of 31.2%, and a net profit attributable to shareholders of 690 million CNY, up 22.2% year-on-year [9] - The gross margin for Q3 2024 was 21.35%, an increase of 1.9 percentage points year-on-year, indicating enhanced profitability [9] - The company is accelerating its global market layout, with successful overseas capacity expansion and order acquisition [9] Financial Summary - The company forecasts EPS for 2024, 2025, and 2026 to be 2.25 CNY, 2.97 CNY, and 3.78 CNY respectively [9][14] - The projected revenue for 2024 is 13.85 billion CNY, with a year-on-year growth of 31.0% [12][14] - The net profit for 2024 is expected to reach 1.095 billion CNY, reflecting a growth of 36.0% compared to 2023 [12][14] - The company’s net asset return rate is projected to improve to 19.3% in 2024 [12][14]

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company's revenue performance has significantly improved both year-on-year and quarter-on-quarter, with Q3 2024 revenue reaching 3.441 billion yuan, up 28.08% year-on-year and 10.39% quarter-on-quarter [4][5]. - The net profit attributable to shareholders for Q3 2024 was 275 million yuan, reflecting a year-on-year increase of 47.98% and a quarter-on-quarter increase of 33.14% [4][5]. - The company is benefiting from a robust order flow and scale effects, leading to substantial growth in performance [5]. - The gross profit margin for Q3 2024 was 21.35%, an increase of 1.86% year-on-year, while the net profit margin was 7.98%, up 1.06% year-on-year [5]. - The company is actively expanding its overseas strategy, with new subsidiaries established in the United States, which is expected to enhance revenue contributions from international markets [5]. Financial Projections - The company is projected to achieve main business revenues of 13.109 billion, 17.178 billion, and 20.615 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 24%, 31%, and 20% [3][7]. - The net profit attributable to shareholders is expected to be 1.059 billion, 1.383 billion, and 1.805 billion yuan for the same years, with a consistent growth rate of 31% [3][7]. - The earnings per share (EPS) are forecasted to be 2.17, 2.84, and 3.70 yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (P/E) ratios of 23, 17, and 13 times [3][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - 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% [2][6] - The net profit attributable to shareholders reached 270 million yuan, up 48.0% year-on-year and 33.1% quarter-on-quarter [2][6] - The company's gross margin for Q3 2024 was 21.3%, an increase of 1.9 percentage points year-on-year and 1.5 percentage points quarter-on-quarter [2][6] - The net profit margin was 8.0%, up 1.1 percentage points year-on-year and 1.4 percentage points quarter-on-quarter [2][6] - The company continues to expand its product offerings and customer base, contributing to sustained high growth [6] Financial Performance Summary - For 2024-2026, the company is expected to achieve revenues of 13.21 billion yuan, 17.20 billion yuan, and 20.85 billion yuan, with year-on-year growth rates of 25.0%, 30.2%, and 21.2% respectively [7] - The net profit attributable to shareholders is projected to be 1.02 billion yuan, 1.40 billion yuan, and 1.87 billion yuan for the same period, with growth rates of 26.7%, 37.2%, and 33.7% respectively [7] - The company has a strong research and development capability, cost control, and quick response speed, which are core to its growth [7] Market Position and Strategy - The company is a leading manufacturer of interior components for vehicles, with ongoing global expansion and diversification of product categories [6] - Recent performance from key customers such as Chery, Li Auto, Geely, and Tesla has shown significant sales growth, further driving the company's revenue [6] - The company has established production bases in Malaysia and Mexico, and is planning to build a factory in the United States to capture more major clients [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company reported Q3 2024 earnings that exceeded expectations, with a revenue of 34.41 billion yuan, a year-on-year increase of 28.08% and a quarter-on-quarter increase of 10.39% [2][3]. - The net profit for Q3 2024 was 2.75 billion yuan, reflecting a year-on-year growth of 47.98% and a quarter-on-quarter growth of 33.14% [2][3]. - The company is positioned as a leading player in the domestic interior parts market, with a focus on expanding its product offerings and enhancing its global presence [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 96.05 billion yuan, representing a year-on-year growth of 31.24%, and a net profit of 6.86 billion yuan, up 22.22% year-on-year [2]. - The Q3 2024 gross margin was reported at 21.35%, an increase of 1.49 percentage points from the previous quarter, attributed to improved profitability from new projects [3]. - The company’s operating expenses ratio for Q3 2024 was 11.69%, with specific expense ratios for sales, management, R&D, and financial expenses being 1.95%, 4.05%, 4.27%, and 1.42% respectively [3]. Earnings Forecast and Valuation - The earnings forecast for the company is set at 10.55 billion yuan, 13.91 billion yuan, and 18.05 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.17 yuan, 2.85 yuan, and 3.70 yuan [4]. - The projected P/E ratios for 2024, 2025, and 2026 are 23.06, 17.49, and 13.48 respectively [4].

证 券 研 究 报 告 新泉股份（603179）2024 年三季报点评 强推（维持） 盈利超预期，看好明年海外放量 目标价：64.8 元 事项： 公司发布 2024 年三季报，24Q3 归母净利 2.75 亿元、同比+48%、环比+33%， 扣非归母净利 2.51 亿元、同比+35%、环比+21%。 评论： 随优质客户放量，营收持续高增。24Q3 营收 34.4 亿元、同比+28%、环比+10%， 符合预期，客户端主要受益：理想 24Q3 批发销量 15 万辆、同比+45%、环比 +40%，奇瑞 64 万辆、同比+32%、环比+16%，吉利 54 万辆、同比+16%、环 比+11%，特斯拉国内 25 万辆、同比+12%、环比+21%。 毛利率表现超预期，但汇兑影响财务费用。公司 24Q3 归母净利 2.75 亿元、 同比+48%、环比+33%，创新高，对应归母净利率 8.0%、同比+1.1PP、环比 +1.4PP。24Q3 毛利率 21.3%、同比+1.9PP、环比+1.5PP，创近三年新高，推 测受益规模效益、新项目和外饰工厂爬坡放量及精益管理等综合因素。24Q3 期间费率 11.7%、同比+1.0PP、环 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 50.25 CNY [1]. Core Views - The company reported strong performance in Q3 2024, with revenue reaching 9.605 billion CNY, a year-on-year increase of 31.24%, and a net profit attributable to shareholders of 686 million CNY, up 22.22% year-on-year [2]. - The company is positioned to become a global leader in interior and exterior automotive parts, leveraging strong relationships with key clients and expanding its overseas operations [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 9.605 billion CNY, with Q3 revenue at 3.441 billion CNY, reflecting a year-on-year growth of 28.06% and a quarter-on-quarter growth of 10.39% [2]. - The net profit for the first three quarters of 2024 was 686 million CNY, with Q3 net profit at 275 million CNY, showing a year-on-year increase of 47.97% and a quarter-on-quarter increase of 33.14% [2]. - The company’s gross margin in Q3 2024 was 21.35%, an increase of 1.85 percentage points year-on-year [2]. Client and Market Expansion - The company has established strong partnerships with major automotive manufacturers, including Chery, Geely, and Tesla, which have contributed to its revenue growth [2]. - The overseas expansion strategy includes subsidiaries in Mexico, Malaysia, and the USA, which are expected to enhance revenue from international markets [4]. Product and Market Strategy - The company is diversifying its product offerings from interior components to exterior parts, aiming to increase the per-vehicle value of its products [4]. - The company is actively engaging with new energy vehicle manufacturers, which is expected to drive significant growth in the coming years [4]. Future Financial Projections - Revenue projections for 2024-2026 are estimated at 13.712 billion CNY, 17.711 billion CNY, and 21.825 billion CNY, respectively, with corresponding net profits of 1.075 billion CNY, 1.469 billion CNY, and 1.844 billion CNY [5][6]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 2.21 CNY, 3.02 CNY, and 3.78 CNY, respectively [5][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 60.8 CNY [2][5] Core Insights - The company's performance exceeded market expectations, with a revenue of 9.605 billion CNY for the first three quarters, representing a year-on-year growth of 31.2%. The net profit attributable to the parent company was 686 million CNY, up 22.2% year-on-year [1] - The gross margin improved both year-on-year and quarter-on-quarter, with a gross margin of 20.5% for the first three quarters and 21.3% for the third quarter. Operating cash flow also showed a year-on-year increase of 28.1% [1] - The sales growth of major clients, including Geely, Chery, Li Auto, NIO, BYD, and Great Wall, contributed to the company's performance in the third quarter, with significant year-on-year increases in their sales [1] - The company is expected to see long-term growth driven by its exterior parts and overseas business expansion, with significant revenue growth in exterior products and ongoing internationalization efforts [1] Financial Summary - The company's revenue for 2022 was 6.947 billion CNY, projected to grow to 22.648 billion CNY by 2026, with a compound annual growth rate (CAGR) of 26.2% [4] - The net profit attributable to the parent company is expected to increase from 471 million CNY in 2022 to 1.977 billion CNY in 2026, reflecting a CAGR of 33.2% [4] - The earnings per share (EPS) are projected to rise from 0.97 CNY in 2022 to 4.06 CNY in 2026 [4]

| 证券代码：603179 | 证券简称：新泉股份 公告编号：2024-070 | | --- | --- | | 债券代码：113675 | 债券简称：新 23 转债 | 第五届董事会第四次会议决议公告 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。 一、董事会会议召开情况 江苏新泉汽车饰件股份有限公司（以下简称"公司"）第五届董事会第四次会 议通知和会议材料于 2024 年 10 月 20 日以专人送达、电子邮件等方式发出。会 议于 2024 年 10 月 30 日在公司会议室以现场和通讯结合的方式召开。本次会议 应出席董事 9 人，实际出席董事 9 人。公司监事及高级管理人员列席会议。本次 会议的通知、召开、表决程序符合《公司法》等有关法律法规和《公司章程》的 规定。 会议由董事长唐志华先生主持。 二、董事会会议审议情况 （一）审议通过《公司2024年第三季度报告》 具体内容详见公司同日于指定信息披露媒体披露的《公司2024年第三季度报 告》。 江苏新泉汽车饰件股份有限公司 该议案已经公司董事会审计委员会审议通过，并提交 ...

江苏新泉汽车饰件股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：603179 证券简称：新泉股份 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 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|------- ...

关于召开 2024 年第三季度业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络文字互动方式 ● 投资者可于 2024 年 11 月 21 日(星期四) 至 11 月 27 日(星期三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 xinquantzb@xinquan.cn 进行提问, 公司将在说明会上对投资者普遍关注的问题 进行回答。 | 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2024-071 | | --- | --- | --- | | 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 1 ● 会议召开时间：2024 年 11 月 28 日（星期四）下午 15:00-16:00 ● 会议召开地点：上海证券交易所上证路演中心 二、说明会召开的时间、地点 1、会议召开时间：2024 年 11 月 ...