新泉股份2024年三季报：Q3超预期，盈利能力不断改善

Investment Rating - The report maintains an "Accumulate" rating for the company [5][9] - The target price is set at 60.15 CNY, unchanged from the previous forecast [5][9] Core Insights - The company's Q3 performance exceeded expectations, with continuous improvement in profitability and rapid revenue growth [3][9] - For the first nine months of 2024, the company achieved a revenue of 9.61 billion CNY, representing a year-on-year increase of 31.2%, and a net profit attributable to shareholders of 690 million CNY, up 22.2% year-on-year [9] - The gross margin for Q3 2024 was 21.35%, an increase of 1.9 percentage points year-on-year, indicating enhanced profitability [9] - The company is accelerating its global market layout, with successful overseas capacity expansion and order acquisition [9] Financial Summary - The company forecasts EPS for 2024, 2025, and 2026 to be 2.25 CNY, 2.97 CNY, and 3.78 CNY respectively [9][14] - The projected revenue for 2024 is 13.85 billion CNY, with a year-on-year growth of 31.0% [12][14] - The net profit for 2024 is expected to reach 1.095 billion CNY, reflecting a growth of 36.0% compared to 2023 [12][14] - The company’s net asset return rate is projected to improve to 19.3% in 2024 [12][14]