新泉股份（603179）：营收稳健增长，布局机器人费用高增

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 15.524 billion yuan in 2025, representing a year-on-year growth of 17.04%, while the net profit attributable to shareholders decreased by 16.54% to 815 million yuan [8] - The company is expanding its business into emerging industries, particularly in robotics, with the establishment of a new subsidiary focused on core components for robots [8] - The company plans to issue H shares to accelerate its globalization strategy, with ongoing international expansions in regions such as Mexico, Slovakia, Germany, and the United States [8] - The profit forecasts for 2026 and 2027 have been adjusted downwards to 1.069 billion yuan and 1.374 billion yuan, respectively, due to increased competition in the automotive industry [8] Financial Summary - Total revenue is projected to grow from 15.524 billion yuan in 2025 to 29.398 billion yuan by 2028, with a compound annual growth rate (CAGR) of approximately 20.87% [1] - The net profit attributable to shareholders is expected to recover to 1.617 billion yuan by 2028, after a dip in 2025 [1] - The earnings per share (EPS) is forecasted to increase from 1.60 yuan in 2025 to 3.17 yuan in 2028 [1] - The company's price-to-earnings (P/E) ratio is projected to decrease from 43.52 in 2025 to 21.94 by 2028, indicating a potential increase in valuation attractiveness [1]