新泉股份：公司更新报告：业绩快速增长，业务持续拓展

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is experiencing rapid growth in performance and continuous business expansion, particularly in the electric vehicle sector, with significant contributions from overseas operations [1][3] - The company has established partnerships with major international brands such as Geely, Tesla, and Chery, enhancing its market presence and profitability [1] - Revenue and profit forecasts indicate strong growth, with expected revenues of 140.9 billion, 176.9 billion, and 211.1 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 33.3%, 25.6%, and 19.3% [2][3] Summary by Sections Performance Metrics - For the period from Q1 to Q3 of 2024, the company reported revenues of 96.05 billion yuan, a year-on-year increase of 31.24%, and a net profit of 6.86 billion yuan, up 22.22% [1] - In Q3 of 2024, revenues reached 34.41 billion yuan, representing a 28.08% increase year-on-year, with a net profit of 2.75 billion yuan, up 47.98% [1] Revenue Growth - The company is expanding its product line from interior to exterior components, driven by strong sales from key clients like Chery, Geely, and Tesla [1] - Chery's vehicle sales increased by 39.9% year-on-year, while Geely's sales grew by 21%, and Tesla's deliveries rose by 6.4% in Q3 of 2024 [1] Cost and Profitability - The gross margin for Q3 of 2024 was 21.35%, an increase of 1.86 percentage points, attributed to improved profitability from new projects [1] - The company is implementing cost control measures and optimizing its product structure, leading to a gross margin of 20.47% for the first three quarters of 2024, up 0.75 percentage points [1] Financial Projections - The company forecasts revenues of 140.9 billion, 176.9 billion, and 211.1 billion yuan for 2024, 2025, and 2026, with corresponding net profits of 11.2 billion, 14.6 billion, and 18.4 billion yuan [2][3] - The projected compound annual growth rate (CAGR) for revenue is 25.9%, and for net profit, it is 31.8% [1][2]