新泉股份：自主饰件领跑者再成长

Investment Rating - The investment rating for the company is "Buy" with a first coverage date of September 22, 2024 [1]. Core Views - The company, Xinquan Co., Ltd., is a leading domestic automotive trim supplier with a comprehensive product range including instrument panel assemblies (66% of revenue), door panel assemblies (15%), and bumper assemblies (2.3%). The customer base primarily consists of domestic and new energy vehicle manufacturers, including well-known international electric vehicle brands [4][9]. - Xinquan is recognized as a high-growth stock in the industry, expected to leverage its scale advantages for better cost control and profitability. The company is entering a new growth cycle driven by both organic and external growth strategies [4][5]. - The company has been actively expanding its international presence since 2019, establishing production bases in Malaysia and Mexico, and subsidiaries in the USA and Slovakia to serve global markets [4][5]. Summary by Sections 1. Basic Information - Xinquan Co., Ltd. was established in 2001 and has developed a robust product line in the automotive trim industry, covering both commercial and passenger vehicles. Key clients include major domestic truck manufacturers and prominent passenger vehicle companies [9][11]. 2. Growth Logic: "Organic + External" Dual Growth - Scale Advantages: The company has established a positive growth cycle through cost control, enhancing product competitiveness, and acquiring quality clients. Fixed costs account for approximately 15-20% of revenue, which is lower than competitors by 5-15 percentage points [4][23][30]. - Global Expansion: Xinquan has been expanding its international footprint to better serve clients and tap into new markets, with significant investments in production facilities abroad [4][5]. - Product Diversification: The company is enhancing its product offerings by expanding into exterior trim products, with significant revenue growth in bumper assemblies and exterior accessories [4][5]. 3. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 1 billion, 1.4 billion, and 1.86 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 24%, 40%, and 33%. The corresponding P/E ratios are 19, 14, and 10 times [4][5][16].