新泉股份：Q3业绩超出预期，盈利能力大幅提升

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][5]. Core Insights - The company's Q3 performance exceeded expectations, with total revenue reaching 9.605 billion yuan, a year-on-year increase of 31.24%, and a net profit attributable to shareholders of 686 million yuan, up 22.22% year-on-year [4][5]. - The company is experiencing significant improvements in profitability, driven by the release of capacity at its overseas factory in Mexico and further expansion in the US and Europe [5]. - The projected net profits for 2024-2026 are estimated at 1.003 billion, 1.566 billion, and 2.001 billion yuan, corresponding to PE ratios of 25.94X, 16.62X, and 13.01X respectively [5]. Summary by Sections Q3 Performance - In Q3 2024, the company achieved revenue of 3.441 billion yuan, with a quarter-on-quarter increase of 28.06% and a year-on-year increase of 10.39%. The net profit for Q3 was 275 million yuan, reflecting a quarter-on-quarter increase of 47.98% and a year-on-year increase of 33.50% [4][5]. - The growth in revenue is primarily attributed to increased sales from key downstream customers, including Chery, Geely, and Tesla [4][5]. Profitability Metrics - The gross margin for Q3 2024 was 21.36%, with a quarter-on-quarter increase of 1.86 percentage points and a year-on-year increase of 1.50 percentage points. The net profit margin was 7.99%, with respective increases of 1.07 and 1.38 percentage points [4][5]. - The improvement in gross margin is due to the launch of high-margin new projects and contributions from other business segments [4][5]. Diversification and Market Expansion - The company is actively diversifying its projects, with clear growth in its overseas operations, particularly in Mexico, where revenue remained stable [5]. - The company has established itself as a benchmark for overseas business expansion, with upcoming contributions from new factories in Mexico and Europe [5].