新泉股份：业务稳健发展，经营效率不断提升

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported a robust performance in H1 2024, achieving revenue of 6.16 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of 410 million yuan, up 9% year-on-year [1] - The growth in domestic sales of new energy vehicles significantly contributed to the revenue increase, with the company benefiting from a global expansion strategy that enhanced overseas revenue by 78% year-on-year [1] - The company is focusing on product expansion and internationalization, with strong partnerships established with major automotive manufacturers [2] Financial Performance Summary - In H1 2024, the company achieved a gross margin of 20.0%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin was 6.6%, down 1.5 percentage points year-on-year [1] - The company’s revenue is projected to grow from 10.57 billion yuan in 2023 to 13.01 billion yuan in 2024, reflecting a growth rate of 23% [3] - The forecasted net profit for 2024 is 1.05 billion yuan, with a year-on-year growth rate of 30.9% [3] Product and Market Expansion - The company is expanding its product offerings, with significant revenue growth in bumper assemblies and exterior accessories, which increased by 387% and 148% respectively in H1 2024 [2] - The international expansion strategy includes investments in Mexico, Singapore, and Slovakia, aiming to create new growth drivers [2] Valuation and Earnings Forecast - The projected net profits for the company from 2024 to 2026 are 1.05 billion yuan, 1.41 billion yuan, and 1.70 billion yuan respectively, with corresponding P/E ratios of 18, 13, and 11 times [2]