新泉股份：3季度毛利率同环比提升，预计外饰件及海外业务将是盈利增长点

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 60.8 CNY [2][5] Core Insights - The company's performance exceeded market expectations, with a revenue of 9.605 billion CNY for the first three quarters, representing a year-on-year growth of 31.2%. The net profit attributable to the parent company was 686 million CNY, up 22.2% year-on-year [1] - The gross margin improved both year-on-year and quarter-on-quarter, with a gross margin of 20.5% for the first three quarters and 21.3% for the third quarter. Operating cash flow also showed a year-on-year increase of 28.1% [1] - The sales growth of major clients, including Geely, Chery, Li Auto, NIO, BYD, and Great Wall, contributed to the company's performance in the third quarter, with significant year-on-year increases in their sales [1] - The company is expected to see long-term growth driven by its exterior parts and overseas business expansion, with significant revenue growth in exterior products and ongoing internationalization efforts [1] Financial Summary - The company's revenue for 2022 was 6.947 billion CNY, projected to grow to 22.648 billion CNY by 2026, with a compound annual growth rate (CAGR) of 26.2% [4] - The net profit attributable to the parent company is expected to increase from 471 million CNY in 2022 to 1.977 billion CNY in 2026, reflecting a CAGR of 33.2% [4] - The earnings per share (EPS) are projected to rise from 0.97 CNY in 2022 to 4.06 CNY in 2026 [4]