Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a revenue of 16.82 billion yuan for 2024, representing a year-on-year increase of 14.8%, with a net profit attributable to shareholders of 1.05 billion yuan, up 7.8% year-on-year [1][4] - In Q1 2025, the company achieved a revenue of 3.83 billion yuan, a year-on-year increase of 10.4%, and a net profit of 250 million yuan, which is a significant increase of 43.0% year-on-year, indicating better-than-expected performance [1][2] Summary by Sections Revenue Performance - The company's total revenue for 2024 was 16.82 billion yuan, with domestic revenue declining by 4.4% due to weak consumer demand, while overseas revenue grew by 21.7% [2] - In Q1 2025, the company reported a revenue of 3.83 billion yuan, with overseas revenue increasing by 15.8% to 2.97 billion yuan, while domestic revenue decreased by 4.9% to 860 million yuan [2] Profitability - The company's net profit for 2024 was 1.05 billion yuan, with a net profit margin of 6.3%, a slight decrease of 0.4 percentage points year-on-year. In Q1 2025, the net profit margin improved to 6.4% [3] - The gross profit margin for 2024 increased by 0.5 percentage points to 22.4%, attributed to cost reduction and efficiency improvements, along with a significant reduction in hedging-related losses [3] Earnings Forecast and Valuation - The company is expected to maintain strong growth in overseas sales, with projected net profits for 2025, 2026, and 2027 at 1.16 billion yuan, 1.30 billion yuan, and 1.43 billion yuan, respectively, reflecting year-on-year growth rates of 10.1%, 12.0%, and 10.2% [4] - The corresponding price-to-earnings ratios for these years are projected to be 10x, 9x, and 8x, respectively [4]

编号：2025-002 | | √特定对象调研 □分析师会议 | | --- | --- | | 投 资 者 关 系 活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | █其他 投资机构线上交流 | | 参 与 单 位 名 称 及人员姓名 | 长江证券、中信证券、广发证券、国泰海通证券、国金证券、中金公 生证券、华创证券、华安证券、东方证券、华福证券、英大证券、方 | | | 司、国信证券、华泰证券、西南证券、申万宏源证券、国投证券、光 | | | 大证券、太平洋证券、开源证券、中信建投证券、国盛证券、国联民 | | | 正证券、华西证券、中泰证券、中国银河证券、贝莱德基金、华商基 | | | 金、泓德基金、鑫元基金、南方基金、交银施罗德基金、国投瑞银基 | | | 金、盈峰资本、创金合信基金、广州市航长投资、深圳广汇缘资产管 | | | 理、浙江浙商证券资产管理、浙江三耕资产管理、长江养老保险、中 | | | 汇人寿保险等 61 方接入电话会议。 | | 时间 | 2025 年 4 月 29 日 | | 地点 | 电话线上交流 | | | 董事 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's profit exceeded expectations, with 2024 revenue reaching 16.82 billion yuan, a year-on-year increase of 15%, and net profit attributable to shareholders at 1.05 billion yuan, up 8% year-on-year. The first quarter of 2025 saw revenue of 3.83 billion yuan, a 10% increase year-on-year, and net profit of 247 million yuan, a significant 43% increase year-on-year [6] - The company has established a new appliance research institute to develop emerging product categories, with overseas revenue showing strong growth, particularly in small home appliances, while domestic sales faced challenges due to a sluggish market [6] - The gross profit margin decreased to 20.9% in 2024, down 1.8 percentage points year-on-year, primarily due to product mix adjustments, while expense ratios remained stable [6] - The company is expected to see continued growth in profitability, with forecasts for net profit of 1.17 billion yuan in 2025, 1.26 billion yuan in 2026, and 1.37 billion yuan in 2027, reflecting year-on-year growth rates of 11.0%, 7.6%, and 8.6% respectively [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 16.82 billion yuan, with a year-on-year growth rate of 14.8%. For 2025, revenue is expected to reach 18.33 billion yuan, reflecting an 8.9% increase [2] - The net profit attributable to shareholders for 2024 is estimated at 1.05 billion yuan, with a growth rate of 7.8%. The forecast for 2025 is 1.17 billion yuan, indicating an 11.0% increase [2] - Earnings per share for 2024 is projected at 1.29 yuan, increasing to 1.44 yuan in 2025 [2] - The company's return on equity (ROE) is expected to be 12.9% in 2025, with a price-to-earnings (P/E) ratio of 9 [2] Market Data - As of April 28, 2025, the closing price of the company's stock is 13.00 yuan, with a market capitalization of 10.51 billion yuan [3] - The company has a price-to-book ratio of 1.3 and a dividend yield of 3.08% [3]

Core Viewpoint - The company reported strong financial performance for Q1 2025, with significant growth in net profit driven by reduced fair value losses and strong export sales [1][3]. Financial Performance - Q1 2025: Revenue reached 3.834 billion (up 10.4% YoY), net profit attributable to shareholders was 247 million (up 43.0% YoY), and non-recurring net profit was 245 million (up 15.3% YoY) [1]. - Q4 2024: Revenue was 4.131 billion (up 6.2% YoY), net profit attributable to shareholders was 268 million (up 11.1% YoY), and non-recurring net profit was 287 million (up 47.5% YoY) [1]. - Full Year 2024: Revenue totaled 16.821 billion (up 14.8% YoY), net profit attributable to shareholders was 1.053 billion (up 7.7% YoY), and non-recurring net profit was 1.084 billion (up 8.8% YoY) [1]. Dividend and Share Buyback - The company announced a cash dividend of 4.5 per 10 shares (including tax), with a total dividend payout rate of 42%, consistent with the previous year [2]. Revenue Analysis - Q1 2025: Export sales were 2.98 billion (up 16% YoY), continuing strong growth, while domestic sales were 860 million (down 5% YoY) [4][5]. - Full Year 2024: Export and domestic sales grew by 22% and declined by 4% respectively, indicating strong overseas demand but weak domestic consumption [6]. Profitability Analysis - Q1 2025: Gross margin improved by 0.5 percentage points YoY and 3.0 percentage points QoQ, while net profit margin increased by 1.5 percentage points YoY [6]. - Full Year 2024: Gross margin and net profit margin decreased by 1.8 and 0.4 percentage points YoY respectively, attributed to increased export share and intensified domestic competition [6]. Investment Outlook - The company is expanding its OEM categories and maintaining strong export growth, with plans to enhance its overseas supply chain capabilities [7]. - Revenue projections for 2025-2027 are 19 billion, 20.9 billion, and 22.8 billion respectively, with net profits expected to be 1.2 billion, 1.3 billion, and 1.4 billion [7].

事件：公司2024 年全年实现营业收入168.21 亿元，同比+14.84%，归母净利润10.53亿元，同比 +7.75%；其中2024Q4 实现营业收入41.31 亿元，同比+6.15%，归母净利润2.68 亿元，同比+11.07%。公 司2025 年Q1 全年实现营业收入38.34 亿元，同比+10.36%，归母净利润2.47 亿元，同比+43.02%。24 年 公司向全体股东每 10 股派发现金红利 4.50元（含税），分红比例42.02%。 风险提示：新品销售不及预期；自有品牌销售不及预期；外销订单不及预期；原材料价格上涨及运费上 涨导致利润下滑。 海外需求旺盛带动外销增长，内销增长有所承压分地区看， 24A 公司内外销收入同比-4.42%/+21.68% ， 其中24Q4 内外销同比-11.3%/+14.1%。2024 年海外小家电总体需求比较旺盛，外销增速较好；内销 受国内消费市场景气度低迷等因素影响表现较弱。25Q1 内外销收入同比-4.94%/+15.77% ，外销延续较 好的增长趋势，内销仍有所承压。针对美国对华加征关税政策，近年来公司也在印度尼西亚进行了产能 布局，设立了两个制造基地，以应 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a total revenue of 16.82 billion yuan for 2024, representing a year-over-year increase of 14.84%, with a net profit attributable to shareholders of 1.05 billion yuan, up 7.75% year-over-year [1][3] - The company has maintained a high growth rate in exports, while the decline in domestic sales has narrowed [2] - The profit margin improved in Q1 2025, with a gross profit margin of 22.42%, an increase of 0.50 percentage points year-over-year [2] Revenue Summary - For 2024, the total revenue was 16.82 billion yuan, with a year-over-year growth of 14.84% [1] - The revenue forecast for 2025 is adjusted to 18.06 billion yuan, reflecting a year-over-year increase of 7.35% [3] - The revenue projections for 2026 and 2027 are 19.24 billion yuan and 20.51 billion yuan, respectively, with growth rates of 6.57% and 6.58% [3] Profit Summary - The net profit attributable to shareholders for 2024 was 1.05 billion yuan, with a year-over-year increase of 7.75% [1] - The forecasted net profits for 2025, 2026, and 2027 are 1.18 billion yuan, 1.26 billion yuan, and 1.39 billion yuan, respectively, with growth rates of 12.06%, 6.40%, and 10.74% [3] - The earnings per share (EPS) for 2025 is projected to be 1.45 yuan, with corresponding price-to-earnings (PE) ratios of 8.95, 8.41, and 7.59 for 2025, 2026, and 2027 [3][9] Financial Metrics - The gross profit margin for 2024 was 20.91%, with a slight decrease of 1.82 percentage points year-over-year [2] - The net profit margin for 2024 was 6.26%, down 0.41 percentage points year-over-year [2] - The company’s operating expenses as a percentage of sales for Q1 2025 were 3.90% for sales, 5.80% for management, and 3.36% for R&D [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company continues to experience high growth in exports, with Q1 2025 external sales reaching 2.98 billion (up 16% year-on-year) [5] - Domestic sales in Q1 2025 were 860 million (down 5% year-on-year), showing a narrowing decline compared to Q4 [5] - The company plans to increase its investment in its Indonesian subsidiary by 50 million to strengthen its overseas supply chain capabilities [5] - The company has successfully expanded its product categories, with kitchen appliances and home appliances showing year-on-year revenue growth of 16% and 17% respectively in 2024 [5] - The company expects to benefit from domestic subsidies and a recovery in brand positioning, particularly in its self-owned brands [8] Revenue Analysis - In Q1 2025, total revenue was 3.834 billion (up 10.4% year-on-year), with a net profit attributable to the parent company of 247 million (up 43.0% year-on-year) [6] - For the full year 2024, total revenue was 16.821 billion (up 14.8% year-on-year), with a net profit of 1.053 billion (up 7.7% year-on-year) [6] - The company reported a cash dividend of 4.5 per 10 shares (including tax), resulting in a total dividend payout ratio of 42% [6] Profit Analysis - In Q1 2025, the gross margin increased by 0.5 percentage points year-on-year and 3.0 percentage points quarter-on-quarter, indicating an improvement in profitability [7] - The company’s gross margin for 2024 was 20.9%, reflecting a decrease due to increased export ratios and intensified domestic competition [7] Financial Forecast - The company forecasts revenues of 19 billion, 20.9 billion, and 22.8 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.8%, 10.2%, and 9.1% [8] - The net profit attributable to the parent company is projected to be 1.178 billion, 1.309 billion, and 1.435 billion for the same years, with growth rates of 11.9%, 11.2%, and 9.6% respectively [10]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company achieved a total revenue of 16.82 billion yuan in 2024, representing a year-on-year increase of 14.84%, and a net profit attributable to shareholders of 1.05 billion yuan, up 7.75% year-on-year [1]. - The company is experiencing strong overseas demand, leading to significant growth in exports, while domestic sales are under pressure due to a sluggish consumer market [2]. - The gross margin for 2024 was 20.91%, a decrease of 1.82 percentage points year-on-year, while the net margin was 6.63%, down 0.51 percentage points year-on-year [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 4.13 billion yuan, a 6.15% increase year-on-year, and a net profit of 268 million yuan, up 11.07% year-on-year [1]. - For Q1 2025, the company achieved revenue of 3.83 billion yuan, a 10.36% increase year-on-year, and a net profit of 247 million yuan, a significant increase of 43.02% year-on-year [1]. Sales and Revenue Breakdown - In 2024, the company's domestic sales decreased by 4.42% while international sales increased by 21.68%. In Q4 2024, domestic sales fell by 11.3% and international sales grew by 14.1% [2]. - For Q1 2025, domestic sales declined by 4.94% while international sales rose by 15.77%, indicating a continued trend of strong export growth despite domestic challenges [2]. Cost and Margin Analysis - The company's gross margin for 2024 was 20.91%, down from the previous year, while the net margin was 6.63% [3]. - In Q4 2024, the gross margin was 19.38%, a decline of 4.01 percentage points year-on-year, but the net margin slightly improved to 7.01% [3]. Expense Management - The company maintained good control over its expense ratios in 2024, with sales, management, R&D, and financial expense ratios at 3.6%, 4.94%, 3.94%, and -0.52% respectively [3]. - For Q1 2025, the expense ratios were 3.9% for sales, 5.8% for management, and 3.36% for R&D, indicating a slight increase in management expenses [4]. Future Outlook - The company expects to see gradual recovery in domestic sales due to a low base, while external orders are anticipated to continue driving overall revenue growth [4]. - The projected net profits for 2025, 2026, and 2027 are 1.21 billion yuan, 1.37 billion yuan, and 1.51 billion yuan respectively, with corresponding P/E ratios of 8.74x, 7.68x, and 6.99x [4].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 17.10 CNY for the next six months [4][6]. Core Views - The company has shown strong growth in overseas sales, with a year-on-year increase of 15.8% in Q1, driven by robust demand for small household appliances and increased inventory needs due to uncertainties in U.S. tariff policies [2]. - Domestic sales have shown marginal improvement, with a year-on-year decline of 4.9% in Q1, compared to a decline of 11.2% in Q4 2024, supported by government subsidies for replacing old appliances [2]. - The company's profitability has improved, with a net profit margin of 6.4% in Q1, up by 1.5 percentage points year-on-year, attributed to better investment returns and a favorable exchange rate [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 16.82 billion CNY, a year-on-year increase of 14.8%, and a net profit of 1.05 billion CNY, up by 7.7% [1]. - For Q1 2025, the company reported a revenue of 3.83 billion CNY, a year-on-year increase of 10.4%, and a net profit of 0.25 billion CNY, up by 43.0% [1][3]. - The company's gross profit margin improved by 0.5 percentage points year-on-year, indicating better cost management and product mix [3]. Future Outlook - The company is expected to benefit from ongoing government subsidies for small household appliances, which will likely enhance domestic sales [4]. - The establishment of a manufacturing base in Indonesia is anticipated to mitigate trade policy risks and support stable growth in overseas sales [2]. - The projected earnings per share (EPS) for 2025 to 2027 are estimated to be 1.43 CNY, 1.62 CNY, and 1.88 CNY respectively, indicating a positive growth trajectory [7].

Investment Rating - The investment rating for Xinbao Co., Ltd. is maintained at "Buy" [1] Core Views - In Q1 2025, the company continues to experience good external sales performance while the decline in domestic sales is narrowing. The overall revenue growth remains stable, with a projected net profit increase for 2025-2027 [5][6] - The company reported a revenue of 16.82 billion yuan in 2024, representing a year-on-year increase of 14.84%. The net profit attributable to the parent company was 1.05 billion yuan, up 7.75% year-on-year [5][6] - The company is expected to benefit from category expansion, which is likely to drive steady growth in external sales, while improvements in domestic sales will enhance profitability [5][6] Financial Summary - Revenue and Profit Forecasts: - 2025E Revenue: 18.52 billion yuan, with a year-on-year growth of 10.1% - 2025E Net Profit: 1.20 billion yuan, with a year-on-year growth of 14.4% [8][10] - Key Financial Ratios: - Gross Margin: 21.4% in 2025E - Net Margin: 6.5% in 2025E - Return on Equity (ROE): 13.3% in 2025E [8][11] Sales Performance - In Q1 2025, domestic sales revenue was 860 million yuan, down 5% year-on-year, while external sales revenue was 2.97 billion yuan, up 16% year-on-year. The trend shows a recovery in external sales and a narrowing decline in domestic sales [6][7] Market Outlook - The company is actively cooperating with downstream clients to shift production capacity, which is expected to support steady growth in external sales as overseas production ramps up [6][7]