新泉股份：24Q3业绩同比高增，加速国际化战略

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][14]. Core Insights - The company reported a significant year-on-year revenue increase of 31.24% for the first three quarters of 2024, reaching 9.605 billion yuan, with a net profit of 686 million yuan, up 22.22% [1]. - The company's gross margin improved to 20.47%, while the net margin was 7.11%, reflecting a slight decrease of 0.56 percentage points year-on-year [1]. - In Q3 2024, revenue reached 3.441 billion yuan, marking a 28.08% increase year-on-year and a 10.39% increase quarter-on-quarter, with net profit soaring by 47.98% year-on-year [1]. Financial Performance Summary - The company's operating expenses (excluding R&D) for Q3 2024 were 7.42% of revenue, showing a year-on-year increase of 0.61 percentage points [2]. - Key clients such as Chery, Geely, and Li Auto have shown strong sales growth, which is expected to support the company's revenue growth [3]. - The company is actively expanding its international presence, with projects in Mexico and Slovakia, and has established subsidiaries in the U.S. [4]. Financial Forecast - The company is projected to achieve net profits of 1.045 billion yuan, 1.351 billion yuan, and 1.715 billion yuan for the years 2024, 2025, and 2026, respectively [4]. - The current market valuation corresponds to a P/E ratio of 23, 18, and 14 for the years 2024 to 2026 [4]. - Revenue is expected to grow from 10.572 billion yuan in 2023 to 19.607 billion yuan in 2026, with a compound annual growth rate of approximately 21.75% [5][10].