Xinquan Automotive Trim(SH:603179) 东吴汽车黄细里团队·2025-05-06 00:59Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with revenue and net profit growth driven by new projects and increased customer sales [2][3]. Financial Performance Summary - In 2024, the company achieved revenue of 13.264 billion yuan, a year-on-year increase of 25.46%, and a net profit of 977 million yuan, up 21.24% year-on-year [2]. - For Q4 2024, revenue was 3.659 billion yuan, reflecting a year-on-year growth of 12.47% and a quarter-on-quarter increase of 6.33%. The net profit for the same quarter was 291 million yuan, up 19.00% year-on-year and 5.87% quarter-on-quarter [2][3]. - In Q1 2025, revenue reached 3.519 billion yuan, a year-on-year increase of 15.49%, but a quarter-on-quarter decline of 3.82%. The net profit was 213 million yuan, up 4.44% year-on-year but down 26.74% quarter-on-quarter [2][3]. Operational Insights - The company maintained stable operational performance, with Q4 2024 gross margin at 17.48%, a decrease of 3.87 percentage points due to accounting policy changes, while Q1 2025 gross margin was 19.50%, a slight year-on-year decrease of 0.60 percentage points [3]. - The period expense ratio for Q4 2024 was 8.20%, down 3.48 percentage points quarter-on-quarter, with sales expense ratio significantly impacted by accounting policy adjustments [3]. Product and Market Expansion - The company is expanding its product offerings, including dashboard and door panel products, which have competitive advantages in cost control and service response. It is deepening partnerships with high-quality clients such as Geely and Chery [4][5]. - The company is actively pursuing a globalization strategy, establishing operations in Mexico, Slovakia, Germany, and the United States, positioning itself as a leading global automotive trim supplier [5]. Profit Forecast and Investment Rating - The profit forecast for 2025-2026 has been adjusted to 1.337 billion yuan and 1.725 billion yuan, respectively, with a new forecast for 2027 at 2.102 billion yuan. Corresponding EPS estimates are 2.74 yuan, 3.54 yuan, and 4.31 yuan, with P/E ratios of 14.68x, 11.38x, and 9.34x [6]. - The company is recognized as a leading domestic interior trim supplier and is accelerating its global development, maintaining a "buy" rating [6].