Xinquan Automotive Trim(603179) 国联证券·2025-01-07 07:50Group 1 - Investment Rating: Buy (Maintain) [7] - Current Price: 42.55 Yuan [7] Group 2 - The company is accelerating its globalization process by establishing a wholly-owned subsidiary in Germany, investing 36 million Euros in Munich to set up Xinquan (Europe) Co., Ltd., and an additional 30 million Euros in Bavaria for Xinquan (Bavaria) Automotive Parts Co., Ltd. [5][12] - This overseas expansion is expected to enhance product quality and responsiveness, further expanding the customer base among high-end foreign brands in Bavaria [5][12] Group 3 - The company reported a record high revenue of 3.44 billion Yuan in Q3 2024, representing a year-on-year increase of 28.1% and a quarter-on-quarter increase of 10.4%. The net profit attributable to the parent company was 270 million Yuan, up 48.0% year-on-year and 33.1% quarter-on-quarter [12] - Key customers such as Geely, Chery, Li Auto, and BYD have shown significant sales growth, with respective sales of 2.177 million, 2.604 million, 501 thousand, and 4.25 million units, reflecting year-on-year growth rates of 32.0%, 38.4%, 33.1%, and 41.3% [12] Group 4 - The company is a leading manufacturer of interior components, with ongoing global expansion and diversification strategies. Recent developments include establishing a joint venture in Malaysia and improving profitability in Mexico, with H1 2024 revenue reaching 325 million Yuan [13] - The company aims to expand its product range beyond dashboards and door panels to include seat back panels and exterior components [13] Group 5 - Revenue forecasts for 2024-2026 are projected at 132.1 billion Yuan, 172.0 billion Yuan, and 208.5 billion Yuan, with year-on-year growth rates of 25.0%, 30.2%, and 21.2% respectively. Net profit attributable to the parent company is expected to be 10.2 billion Yuan, 14.0 billion Yuan, and 18.7 billion Yuan, with growth rates of 26.7%, 37.2%, and 33.7% respectively [14] - The company’s financial metrics indicate a strong growth trajectory, with a projected CAGR of 32.4% from 2023 to 2026 [14]