明新旭腾：主营汽车真皮内饰，超纤革业务打开成长空间

Investment Rating - The report initiates coverage on Mingxin Xuteng (605068.SH) with an "Accumulate" rating [4][98]. Core Views - Mingxin Xuteng is a leading domestic supplier of automotive leather interiors, with significant potential for domestic substitution in the market. The company is expected to benefit from the growing demand for leather products in the automotive sector, particularly as consumer preferences shift towards higher-end models [3][22][23]. Summary by Sections 1. Company Overview - Mingxin Xuteng specializes in automotive leather interiors and has been deeply engaged in the industry for nearly 20 years. The company offers a wide range of products, including genuine leather, suede microfiber, microfiber leather, PU, and PVC, which are used in various automotive interior components [34][39]. 2. Industry Analysis - The automotive leather market is dominated by foreign companies, which hold approximately 60% of the market share. However, there is substantial room for domestic suppliers like Mingxin Xuteng to increase their market share due to the ongoing trend of domestic substitution [54][78]. 3. Company Highlights - The company is expanding its product offerings, particularly in the microfiber leather segment, which is seen as a superior alternative to genuine leather. The domestic market for automotive microfiber leather is primarily occupied by foreign brands, indicating a significant opportunity for local manufacturers [23][88]. - Mingxin Xuteng has successfully secured projects with several well-known new energy vehicle manufacturers, with expected production ramp-up in 2023-2024. The company anticipates substantial revenue growth from these new clients [93][94]. - The company is actively enhancing its production capacity, with plans for a new factory in Mexico set to commence operations in 2024, which will further support its international expansion strategy [23][95]. 4. Financial Analysis and Forecast - The company has shown consistent revenue growth, with a projected increase in net profit from 108 million yuan in 2024 to 224 million yuan by 2026. The expected earnings per share (EPS) are forecasted to rise from 0.66 yuan in 2024 to 1.38 yuan in 2026, reflecting a favorable price-to-earnings (PE) ratio compared to peers [4][98].