新泉股份2024年中报点评：收入保持高增长，利润受汇兑影响

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of 6.16 billion yuan in H1 2024, representing a year-on-year growth of 33.1%. The net profit attributable to shareholders was 410 million yuan, up 9.5% year-on-year. The growth was driven by new products and customer expansion, despite some impacts from key clients [12][13] - The company's gross profit margin for Q2 2024 was 19.9%, remaining stable compared to previous periods. After adjusting for foreign exchange impacts, the net profit margin for H1 2024 was 7.1%, an increase of 0.7 percentage points year-on-year [12][13] - The company is focusing on globalization and product category expansion as key drivers for revenue and performance growth. Recent developments include a profitable operation in Mexico and plans for a new factory in the U.S. [12][13] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 6.16 billion yuan, a 33.1% increase year-on-year, and a net profit of 410 million yuan, reflecting a 9.5% growth [12] - The top five clients, including Chery and Geely, showed significant sales growth in Q2 2024, with Chery's sales increasing by 42.7% year-on-year [12] - The company’s new products, such as bumpers and exterior parts, contributed to revenue growth, with bumper revenue increasing by 387.2% [12] Profitability and Costs - The gross profit margin for Q2 2024 was 19.9%, with a stable cost structure as sales, management, and R&D expense ratios decreased [12] - Foreign exchange losses impacted profitability, with a reported loss of 28 million yuan in H1 2024 compared to a gain of 77 million yuan in the same period last year [12] Future Outlook - The company forecasts revenues of 13.21 billion yuan, 17.20 billion yuan, and 20.85 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.0%, 30.2%, and 21.2% [12][13] - The expected net profit for the same years is projected to be 1.02 billion yuan, 1.38 billion yuan, and 1.87 billion yuan, with growth rates of 26.1%, 35.9%, and 35.4% [12][13]