新泉股份：2024年三季报点评：营收业绩同环比显著提升，盈利能力稳健增长

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company's revenue performance has significantly improved both year-on-year and quarter-on-quarter, with Q3 2024 revenue reaching 3.441 billion yuan, up 28.08% year-on-year and 10.39% quarter-on-quarter [4][5]. - The net profit attributable to shareholders for Q3 2024 was 275 million yuan, reflecting a year-on-year increase of 47.98% and a quarter-on-quarter increase of 33.14% [4][5]. - The company is benefiting from a robust order flow and scale effects, leading to substantial growth in performance [5]. - The gross profit margin for Q3 2024 was 21.35%, an increase of 1.86% year-on-year, while the net profit margin was 7.98%, up 1.06% year-on-year [5]. - The company is actively expanding its overseas strategy, with new subsidiaries established in the United States, which is expected to enhance revenue contributions from international markets [5]. Financial Projections - The company is projected to achieve main business revenues of 13.109 billion, 17.178 billion, and 20.615 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 24%, 31%, and 20% [3][7]. - The net profit attributable to shareholders is expected to be 1.059 billion, 1.383 billion, and 1.805 billion yuan for the same years, with a consistent growth rate of 31% [3][7]. - The earnings per share (EPS) are forecasted to be 2.17, 2.84, and 3.70 yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (P/E) ratios of 23, 17, and 13 times [3][7].