新泉股份（603179）：2024年年报及2025年一季报点评：公司业绩符合预期，自主内饰件龙头持续成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance meets expectations, with a strong growth trajectory as a leading manufacturer of interior automotive components [7] - The company achieved a total revenue of 13.26 billion yuan in 2024, representing a year-on-year growth of 25.46%, and a net profit attributable to shareholders of 0.98 billion yuan, up 21.24% year-on-year [7] - The company is expanding its product offerings and accelerating its globalization strategy, positioning itself as a potential global leader in automotive interior components [7] Financial Performance Summary - In 2024, the company reported total revenue of 13,264 million yuan, with a year-on-year increase of 25.46% [7] - The net profit attributable to shareholders for 2024 was 976.64 million yuan, reflecting a year-on-year growth of 21.24% [7] - For Q4 2024, the company achieved revenue of 36.59 billion yuan, a year-on-year increase of 12.47% and a quarter-on-quarter increase of 6.33% [7] - The gross margin for Q4 2024 was 17.48%, with a slight decline due to accounting policy changes, while the gross margin for Q1 2025 was 19.50% [7] - The company’s earnings per share (EPS) for 2025 is projected to be 2.74 yuan, with a price-to-earnings (P/E) ratio of 14.68 [1][8] Future Projections - The company’s net profit forecasts for 2025 and 2026 are adjusted to 1.34 billion yuan and 1.73 billion yuan, respectively, with a new forecast for 2027 at 2.10 billion yuan [7] - The projected EPS for 2026 and 2027 are 3.54 yuan and 4.31 yuan, respectively, with corresponding P/E ratios of 11.38 and 9.34 [1][8]