新泉股份（603179）：预计座椅及海外业务拓展将增厚盈利

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 88.20 CNY, based on a projected average PE of 36 times for comparable companies in 2026 [3][6]. Core Insights - The company is expected to see profit growth driven by its seating and overseas business expansion, with projected net profits for 2026-2028 at 1.25 billion, 1.58 billion, and 1.98 billion CNY respectively, reflecting significant growth rates [2][3]. - The company aims to enhance its global footprint, with plans for subsidiaries in Malaysia and investments in factories in Mexico and Slovakia, indicating a strong commitment to international market development [10]. Financial Performance Summary - Revenue projections for 2024A to 2028E are as follows: 13.26 billion CNY (2024A), 15.52 billion CNY (2025A), 19.62 billion CNY (2026E), 24.27 billion CNY (2027E), and 29.29 billion CNY (2028E), with growth rates of 25.5%, 17.0%, 26.4%, 23.7%, and 20.7% respectively [5]. - The company's gross profit margin is expected to stabilize around 19.1% to 19.4% from 2026E to 2028E, while net profit margins are projected to improve from 6.4% in 2026E to 6.7% in 2028E [5][10]. - The company’s earnings per share (EPS) are forecasted to increase from 2.45 CNY in 2026E to 3.87 CNY in 2028E, indicating a positive trend in profitability [5][10]. Business Growth Drivers - The seating and robotics segments are identified as key growth areas, with expectations for the seating business to turn profitable as new models are launched and production scales up [10]. - The robotics business is also progressing, with strategic partnerships aimed at enhancing product development and manufacturing capabilities, positioning the company as a significant player in this sector [10].