新泉股份：受汇兑损益影响，24Q2业绩短期承压

Investment Rating - The report maintains a "Buy" rating for the company with a target price set to achieve a relative return of over 20% within the next six months [5][14]. Core Views - The company reported a revenue of 6.164 billion yuan for H1 2024, representing a year-on-year increase of 33.07%, while the net profit attributable to shareholders was 411 million yuan, up 9.46% year-on-year [1]. - The company is actively expanding its international presence, with significant investments in overseas production bases and R&D centers, which supports its growth strategy [3]. - Key customers such as Chery, Geely, and Li Auto have shown strong sales growth, contributing to the company's revenue increase [2]. Financial Performance Summary - For H1 2024, the company achieved a gross margin of 19.98%, a slight increase of 0.12 percentage points year-on-year, while the net margin was 6.62%, down 1.49 percentage points year-on-year [1]. - In Q2 2024, the company reported revenue of 3.117 billion yuan, a year-on-year increase of 26.74%, but the net profit decreased by 7.66% year-on-year to 206 million yuan [1]. - The company’s revenue is projected to grow significantly, with estimates of 13.065 billion yuan in 2024, 16.104 billion yuan in 2025, and 19.607 billion yuan in 2026, reflecting growth rates of 23.58%, 23.26%, and 21.75% respectively [4][10]. Business Segment Performance - The revenue from the instrument panel assembly reached 4.08 billion yuan in H1 2024, up 35.48% year-on-year, while the bumper assembly revenue surged by 387.2% to 140 million yuan [1]. - The company’s expenses have increased, particularly in financial costs, which rose by 104 million yuan year-on-year due to foreign exchange losses [1]. Customer Sales Growth - Chery's cumulative sales reached 1.1 million units in H1 2024, a 48.4% increase year-on-year, while Geely's sales were 956,000 units, up 37.7% year-on-year [2]. - Li Auto's sales also showed strong growth, with 189,000 units sold in H1 2024, reflecting a 35.8% year-on-year increase [2]. International Expansion - The company is advancing its international strategy by expanding its production base in Mexico and increasing investment in Slovakia to enhance capacity for new projects [3]. - Establishing subsidiaries in the United States further supports the company's goal of penetrating the North American market [3].