新泉股份（603179）：业绩短期承压，全球化、机器人等新品双轮驱动

Investment Rating - The investment rating for the company is "Buy" with a current price of 64.00 CNY and a fair value of 72.53 CNY [3]. Core Insights - The company is experiencing short-term pressure on its performance, but it is expected to benefit from globalization and new products in robotics, which will drive growth [1][7]. - In 2025, the company achieved a revenue of 15.52 billion CNY, a year-on-year increase of 17.0%, while the net profit attributable to shareholders was 820 million CNY, a decrease of 16.5% year-on-year [8][12]. - The revenue growth slowdown is attributed to a decline in wholesale sales from key clients, particularly international electric vehicle brands [8]. - The company is expanding its global footprint and actively investing in emerging industries such as robotics, which is expected to create a second growth curve [20]. Financial Forecast - Revenue is projected to grow from 13.26 billion CNY in 2024 to 30.84 billion CNY in 2028, with growth rates of 25.5%, 17.0%, 26.3%, 26.5%, and 24.2% respectively [2]. - The net profit attributable to shareholders is expected to increase from 977 million CNY in 2024 to 2.27 billion CNY in 2028, with growth rates of 21.2%, -16.5%, 51.3%, 38.4%, and 32.9% respectively [2]. - The earnings per share (EPS) is forecasted to rise from 2.00 CNY in 2024 to 4.45 CNY in 2028 [2]. Business Performance - The company reported a gross margin of 18.0% in 2025, down 1.6 percentage points year-on-year, primarily due to intensified industry competition and the ramp-up phase of overseas operations [12]. - The net profit margin for 2025 was 5.2%, a decrease of 2.2 percentage points year-on-year [12]. - The company is focusing on enhancing its product offerings and expanding its market share in the automotive interior and exterior parts sector [20].