新泉股份：系列点评六：海外产能拓展加速 剑指全球内外饰龙头

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is accelerating its overseas capacity expansion, aiming to become a global leader in interior and exterior automotive parts by establishing subsidiaries in Germany with investments of €36 million [1]. - The company is actively expanding its customer base, particularly in the new energy vehicle sector, having entered Tesla's supply chain and secured contracts with other major brands, leading to a steady increase in market share from 8.69% in 2021 to 20.38% in 2023 [2]. - The company is strategically enhancing its global footprint by establishing production bases in Southeast Asia, North America, and Europe, which is expected to increase its export revenue share [3]. - The company is projected to achieve significant revenue growth, with estimated revenues of ¥137.12 billion, ¥177.11 billion, and ¥218.25 billion for 2024, 2025, and 2026 respectively, alongside net profits of ¥10.75 billion, ¥14.69 billion, and ¥18.44 billion [4]. Summary by Sections Investment Strategy - The company is focusing on new energy and expanding its supply chain to include new energy vehicle manufacturers, which is expected to drive growth [4]. - The company is enhancing its production capabilities to meet the demands of existing and potential customers, thereby increasing its responsiveness and order acquisition [3]. Financial Projections - The company’s revenue is projected to grow significantly, with a growth rate of 52.2% in 2023, followed by 29.7% in 2024, and continuing at a rate of approximately 23.2% by 2026 [5][8]. - The net profit is expected to increase from ¥806 million in 2023 to ¥1.844 billion by 2026, reflecting a strong growth trajectory [5][8]. Market Position - The company is well-positioned to capture market share in the global interior and exterior automotive parts market, which is estimated to be worth trillions, by leveraging its cost-effectiveness and quick response capabilities [2][4].