方正证券研报指出，新泉股份全球化战略加速，机器人构筑成长新曲线。公司拥有完善的汽车内外饰总 成产品矩阵，主要产品包括仪表盘总成、门板总成、内饰附件、保险杠总成等，其中，仪表盘总成产品 在2025H1贡献营收43.6亿元，占总营收的64.4%，为最主要产品。全球化战略加速、产能扩充加码，海 外有望成为新增长点。随着特斯拉Optimus即将进入量产元年，国内外人形机器人有望迎来快速发展。 10月30日，公司公告将投资1亿元设立全资子公司-常州新泉智能机器人有限公司，加速布局机器人赛 道，子公司于12月9日正式成立，主要负责智能机器人相关部件产品的研发、设计、制造和销售。当前 公司正推进谐波减速器、执行器模组、机器人减速器专用轴承等机器人零部件产品量产，在未来有望贡 献增长新弹性。维持"推荐"评级。 ...

Core Viewpoint - The company, a leading player in the domestic automotive interior sector, is expanding its business into the seating market to enhance its average selling price (ASP) boundaries [1] Group 1: Product and Revenue Breakdown - The company has a comprehensive product matrix for automotive interior and exterior assemblies, with major products including instrument panel assemblies, door panel assemblies, interior accessories, and bumper assemblies [1] - In the first half of 2025, the instrument panel assembly is expected to contribute 4.36 billion yuan, accounting for 64.4% of total revenue, making it the primary product [1] - Door panel assemblies and bumper assemblies are projected to account for 23.0% and 4.6% of total revenue, respectively [1] Group 2: Market and Clientele - The company has achieved coverage in both passenger and commercial vehicle sectors, with key clients including Tesla, Chery, Geely, and other leading domestic automakers [1] - In 2025, Tesla, Chery, and Geely are expected to achieve sales of 1.636 million, 2.631 million, and 3.025 million vehicles, respectively, with year-on-year changes of -9%, +8%, and +39% [1] Group 3: Business Expansion and Acquisitions - In May 2025, the company acquired Anhui Ruqi to expand into the complete vehicle seating sector, enhancing its collaboration with Chery [1] - The seating business has already contributed 200 million yuan in revenue in the first half of 2025, with an ASP close to 1,200 yuan [2] Group 4: Global Strategy and Capacity Expansion - The company is accelerating its globalization strategy and expanding production capacity, with overseas markets expected to become a new growth point [2] - In April 2025, the company invested 45 million euros in Slovakia for capacity expansion and established subsidiaries in Munich and Ingolstadt, Germany, in May and June [2] - The company has established production bases in Malaysia, Mexico, and Slovakia, with revenue and net profit from the Mexico base reaching 1.68 billion yuan and 140 million yuan, respectively, in the first three quarters of 2025 [2] Group 5: New Growth Areas - The company has established a wholly-owned subsidiary, Changzhou Xinquan Intelligent Robot Co., Ltd., with an investment of 100 million yuan to accelerate its entry into the robotics sector [3] - The subsidiary will focus on the research, design, manufacturing, and sales of components related to intelligent robots, with plans for mass production of various robot parts [3] Group 6: Financial Projections - The company is expected to achieve revenues of 16.22 billion, 19.40 billion, and 22.73 billion yuan from 2025 to 2027, with year-on-year growth rates of +22.3%, +19.6%, and +17.2% [3] - The projected net profit attributable to the parent company is expected to be 990 million, 1.31 billion, and 1.63 billion yuan for the same period, with year-on-year growth rates of +1.5%, +31.7%, and +25.2% [3]

东北证券研报指出，新泉股份营收整体稳步增长，核心客户排产出现分化。公司其他核心客户排产提 升，有效对冲了理想产量的大幅下滑，Q3实现营收39.5亿元，同环比分别+14.9%/+0.4%。全球化方 面，公司已在马来西亚、墨西哥、斯洛伐克、美国等地设立生成基地，并于25年4 月向斯洛伐克新泉增 加投资4500万欧元以满足新增定点项目的产能扩充。同时，公司于25年5月和6月分别在德国慕尼黑和拜 仁州因戈尔施塔特市设立了子公司，进一步开拓欧洲市场业务。公司战略布局机器人。10月30日，公司 公告出资1亿元设立全资子公司"常州新泉智能机器人有限公司"。特斯拉是公司核心客户，公司在乘用 车环节给特斯拉供应座椅背板、仪表盘总成等，凭借与特斯拉较强商务关系，机器人有望打开全新成长 空间。首次覆盖，给予"增持"评级。 ...