新泉股份：系列点评五：2024Q3业绩超预期 剑指全球内外饰龙头

Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 50.25 CNY [1]. Core Views - The company reported strong performance in Q3 2024, with revenue reaching 9.605 billion CNY, a year-on-year increase of 31.24%, and a net profit attributable to shareholders of 686 million CNY, up 22.22% year-on-year [2]. - The company is positioned to become a global leader in interior and exterior automotive parts, leveraging strong relationships with key clients and expanding its overseas operations [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 9.605 billion CNY, with Q3 revenue at 3.441 billion CNY, reflecting a year-on-year growth of 28.06% and a quarter-on-quarter growth of 10.39% [2]. - The net profit for the first three quarters of 2024 was 686 million CNY, with Q3 net profit at 275 million CNY, showing a year-on-year increase of 47.97% and a quarter-on-quarter increase of 33.14% [2]. - The company’s gross margin in Q3 2024 was 21.35%, an increase of 1.85 percentage points year-on-year [2]. Client and Market Expansion - The company has established strong partnerships with major automotive manufacturers, including Chery, Geely, and Tesla, which have contributed to its revenue growth [2]. - The overseas expansion strategy includes subsidiaries in Mexico, Malaysia, and the USA, which are expected to enhance revenue from international markets [4]. Product and Market Strategy - The company is diversifying its product offerings from interior components to exterior parts, aiming to increase the per-vehicle value of its products [4]. - The company is actively engaging with new energy vehicle manufacturers, which is expected to drive significant growth in the coming years [4]. Future Financial Projections - Revenue projections for 2024-2026 are estimated at 13.712 billion CNY, 17.711 billion CNY, and 21.825 billion CNY, respectively, with corresponding net profits of 1.075 billion CNY, 1.469 billion CNY, and 1.844 billion CNY [5][6]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 2.21 CNY, 3.02 CNY, and 3.78 CNY, respectively [5][6].