新泉股份：本土饰件龙头加速成长为国际Tier1

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company, as a leading domestic automotive trim manufacturer, is accelerating its growth to become an international Tier 1 supplier, supported by strong revenue growth and strategic international expansion [1][3]. - The company reported a revenue of 6.164 billion yuan for the first half of 2024, representing a year-on-year increase of 33.07%, with a net profit of 411 million yuan, up 9.46% year-on-year [1][3]. - The company is actively expanding its international presence, with investments in Slovakia and the establishment of subsidiaries in the United States to enhance its market reach [1][3]. Financial Performance Summary - The company achieved a gross margin of 19.98% in H1 2024, a slight increase of 0.1 percentage points year-on-year, while the net profit margin decreased by 1.5 percentage points to 6.62% due to foreign exchange losses impacting profitability [1][3]. - For Q2 2024, the company reported a revenue of 3.117 billion yuan, a year-on-year increase of 26.74%, and a net profit of 206 million yuan, down 7.66% year-on-year [1][3]. - The company is expected to generate revenues of 13.809 billion yuan, 17.866 billion yuan, and 21.942 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.070 billion yuan, 1.451 billion yuan, and 1.848 billion yuan [3][5]. Business Segment Performance - The interior trim business continues to grow significantly, with revenue from dashboard assemblies, top cabinets, door panels, and interior accessories increasing by 35.48%, 54.71%, 18.70%, and 13.38% year-on-year, respectively [1][3]. - The exterior trim segment also saw substantial growth, with bumper assembly sales increasing by 410% and revenue rising by 387% to 142 million yuan [1][3]. Strategic Initiatives - The company is focusing on enhancing its production capacity in Slovakia and expanding its manufacturing base in Mexico to better serve existing and potential customers [1][3]. - The internationalization strategy is being actively pursued, with significant investments aimed at establishing a competitive edge in the global automotive trim market [1][3].