新泉股份：持续完善机器人布局，加快全球化拓展-20260131

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 107.20 CNY, based on a projected average PE of 40 times for comparable companies in 2026 [4][7]. Core Insights - The company is actively enhancing its robotics layout and accelerating global expansion, indicating a strong commitment to growth in the robotics sector [2][10]. - The company has signed a strategic cooperation agreement with Kaidi Co., aiming to enter the robotics key components market, leveraging both companies' strengths [10]. - The seating and overseas business segments are expected to be significant profit growth drivers, with plans for H-share listing and increased investment in the Mexican factory reflecting confidence in overseas demand [10]. Financial Forecasts - The projected net profit attributable to the parent company for 2025-2027 is expected to be 1.037 billion, 1.366 billion, and 1.746 billion CNY respectively, with corresponding year-on-year growth rates of 6.2%, 31.7%, and 27.8% [4][6]. - Revenue forecasts for 2025-2027 are 17.429 billion, 21.783 billion, and 26.006 billion CNY, with growth rates of 31.4%, 25.0%, and 19.4% respectively [6][10]. - The company's gross margin is projected to be 17.8% in 2025, 17.6% in 2026, and 18.0% in 2027, while the net margin is expected to be 6.0%, 6.3%, and 6.7% for the same years [6][10].