新泉股份点评报告：投资设立德国子公司，全球布局不断完善

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company is expanding its global footprint by establishing a wholly-owned subsidiary in Germany, investing €36 million in total, which includes €30 million for a new automotive parts company in Bavaria [1][11]. - The establishment of the subsidiary in Bavaria is strategically significant as it is home to major automotive manufacturers like BMW and Audi, enhancing the company's ability to serve European markets [13][11]. - The company has shown strong revenue growth, with a projected increase in revenue from ¥62 billion in 2023 to ¥136 billion in 2024, reflecting a year-over-year growth of 29% [4][10]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are ¥136 billion, ¥171 billion, and ¥223 billion, respectively, with year-over-year growth rates of 29%, 25%, and 31% [4][10]. - Expected net profits for the same period are projected at ¥11.1 billion, ¥14.7 billion, and ¥19.2 billion, with year-over-year growth rates of 38%, 31.8%, and 31% [4][10]. - The earnings per share (EPS) are forecasted to be ¥2.3, ¥3.0, and ¥3.9 for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 18.7, 14.2, and 10.8 [4][10]. Market Position - The company has demonstrated a significant increase in global competitiveness, with a revenue growth of 33% year-over-year, compared to a slight decline of 0.6% for a major competitor, Faurecia [3][4]. - The establishment of production capabilities in Slovakia and Germany is expected to enhance the company's service to local customers and expand its market presence in Europe [11][13].