新泉股份：二季度营收增速超越行业，产品盈利能力持续提升

Investment Rating - The report maintains an "Outperform" rating for the company [5][26]. Core Views - The company achieved a revenue growth of 26.74% year-on-year in Q2 2024, reaching 3.117 billion yuan, surpassing the industry average by 23 percentage points [1][6]. - The company is in its third round of rapid growth within the last decade, benefiting from increased sales from downstream customers and an enhanced market share in client supply [1][6]. - The gross margin for Q2 2024 was 19.86%, remaining stable compared to previous periods, while the net profit margin was 6.60%, reflecting a slight decline [1][8]. - The company is expanding its production capacity with new facilities in various locations, including Mexico and Slovakia, to support its global strategy [2][25]. Summary by Sections Financial Performance - In Q2 2024, the company reported a net profit of 206 million yuan, a year-on-year decline but a quarter-on-quarter increase of 1.13% [1][6]. - The operating profit margin for Q2 2024 was approximately 8%, showing a year-on-year improvement of nearly 1 percentage point when adjusted for convertible bond expenses [1][8]. - Revenue forecasts for 2024-2026 are adjusted to 13 billion, 16.7 billion, and 20.8 billion yuan, respectively, with net profits projected at 1.06 billion, 1.38 billion, and 1.79 billion yuan [26]. Market Position and Strategy - The company has established a platform supply system for interior components, with a focus on expanding its product categories, including exterior parts like bumpers [1][15]. - The company has a significant market share in the dashboard assembly segment, with a domestic market share of 18% [1][17]. - The company has been successful in deepening relationships with major automotive brands, which has contributed to its revenue growth [18][20]. Production Capacity and Global Expansion - The company is actively expanding its production capacity, with plans to add 2.1 million dashboard assemblies and other components across various locations [2][22]. - Investments in overseas markets, including a 65 million euro investment in Slovakia and a 50 million dollar investment in the U.S., are part of the company's strategy to enhance its global footprint [2][25]. - The company has established production bases in multiple cities to improve supply efficiency and reduce transportation costs [20][22].