新泉股份：Q2业绩符合预期，经营性盈利能力大幅提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [5][6]. Core Insights - The company's Q2 performance met expectations, with significant improvement in operational profitability. The total revenue for the first half of 2024 reached 6.164 billion yuan, a year-on-year increase of 33.07%, while the net profit attributable to the parent company was 411 million yuan, up 9.46% year-on-year [2][6]. - The company is expected to achieve net profits of 1.050 billion, 1.566 billion, and 2.001 billion yuan for the years 2024 to 2026, corresponding to PE ratios of 17.3X, 11.6X, and 9.1X respectively [2][7]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 3.117 billion yuan, with year-on-year growth of 26.74% and a quarter-on-quarter increase of 2.3%. The net profit for Q2 was 206 million yuan, showing a year-on-year decrease of 7.66% but a quarter-on-quarter increase of 1.13% [6][7]. - The revenue growth was primarily driven by increased sales from core downstream customers, including Chery, Geely, and Li Auto, with Chery's sales up 62.9% year-on-year [6][7]. Product and Market Expansion - The company is diversifying its projects, with clear growth in its overseas operations, particularly in Mexico, where production capacity is being accelerated. The company also deepened its presence in the U.S. and Europe [7]. - In H1 2024, the revenue from the overseas Mexico plant was 330 million yuan, while the U.S. operations contributed 5 million yuan [7]. Profitability Metrics - The gross margin for Q2 2024 was 19.86%, with a net margin of 6.58%. The company faced pressure on net margins due to increased period expense ratios, primarily from rising financial costs [6][7]. - The financial expense ratio for Q2 was 1.64%, reflecting an increase due to foreign exchange losses and interest from convertible bonds issued in 2023 [6][7].