Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved a revenue of 16.821 billion yuan in 2024, representing a year-on-year growth of 14.84%. The net profit attributable to shareholders was 1.053 billion yuan, with a year-on-year increase of 7.75%. The net profit excluding non-recurring items was 1.084 billion yuan, up 8.82% year-on-year [4][6] - In Q4 2024, the company reported a revenue of 4.131 billion yuan, a year-on-year growth of 6.15%, and a net profit of 268 million yuan, which is an increase of 11.07% year-on-year. The net profit excluding non-recurring items for the same quarter was 287 million yuan, showing a significant growth of 47.51% [4][6] - For Q1 2025, the company achieved a revenue of 3.834 billion yuan, a year-on-year increase of 10.36%, with a net profit of 247 million yuan, reflecting a growth of 43.02% year-on-year [4][6] Revenue Growth - The company's revenue growth is driven by strong overseas demand, with a 21.68% increase in international business. Domestic business, however, saw a decline of 4.42% due to a cautious consumer environment [9] - In Q1 2025, overseas business continued to grow at approximately 15.77%, while domestic business declined by about 4.94% [9] Profitability and Cost Management - The company's gross margin decreased by 1.82 percentage points in 2024, with specific declines in kitchen appliances and home appliances. However, the overall expense ratio improved significantly, leading to a 4.75% year-on-year increase in operating profit [9] - In Q1 2025, the gross margin improved by 0.50 percentage points, contributing to a 16.59% year-on-year increase in operating profit [9] Future Outlook - The company aims to establish a diversified small home appliance technology service system, providing comprehensive solutions to meet consumer demands. The projected net profits for 2025, 2026, and 2027 are 1.196 billion yuan, 1.332 billion yuan, and 1.460 billion yuan, respectively, with corresponding PE ratios of 9.4, 8.4, and 7.7 times [9]

公司于 2025 年 4 月 30 日收到公司控股股东东菱集团及其一致行动人东菱电 器集团有限公司（以下简称"香港东菱"）出具的《关于持有广东新宝电器股份有 限公司股票比例变动触及 1%整数倍的告知函》，因东菱集团于 2025 年 4 月 11 日至 2025 年 4 月 29 日增持公司股份 145 万股，使东菱集团及其一致行动人香港 东菱合计持股比例由 65.8662%增加至 66.0448%，本次权益变动触及 1%的整数 倍。 根据《上市公司收购管理办法》《证券期货法律适用意见第 19 号——<上市 公司收购管理办法>第十三条、第十四条的适用意见》的有关规定，现将具体情 况公告如下： 广东新宝电器股份有限公司（以下简称"新宝股份"、"公司"或"本公司"） 股东广东东菱凯琴集团有限公司及东菱电器集团有限公司保证向本公司提供的 信息内容真实、准确和完整，没有虚假记载、误导性陈述或者重大遗漏。 | 1.基本情况 | | | | --- | --- | --- | | 信息披露义务人 | 1 | 广东东菱凯琴集团有限公司 | | 住所 | | 佛山市顺德区勒流镇银城路 | 1 本公司及董事会全体成员保证信息披露 ...

本报告导读： 公司外销收入规模2024 年创历史新高，积极布局产能出海降低关税风险，内销持续布局品牌业务，未 来增长可期。 业绩简述：公司24 年实现收入168.21 亿元，同比14.84%，归母净利润10.53 亿元，同比7.75%，扣非 10.84 亿元，同比8.82%。24Q4实现收入41.31 亿元，同比6.15%，实现归母净利润2.68 亿元，同比 11.07%，扣非2.87 亿元，同比47.51%。公司25Q1 实现收入38.34亿元，同比10.36%，归母净利润2.47 亿 元，同比43.02%，扣非2.45亿元，同比15.34%。公司25Q1 归母增速高于扣非增速的主要原因是：汇率 波动下，公司套保产生外汇合约投资损失和公允价值变动损失差异，24Q1 此部分带来约0.5 亿元亏损而 25Q1 此部分仅亏损约700 万。另外公司24 年年报公告每10 股派息4.5 元，合计派现金红利3.6 亿元，分 红率34%，对应股息率3.3%。 外销景气度持续。全年来看，公司实现外销收入132 亿元，同比增长22%，创历史新高，实现内销收入 37 亿元，同比下降4%。单季度来看，经过测算，24Q4 外销增长 ...

证券研究报告 | 公司点评 | 小家电 Q1 业绩超预期，外销维持较快增长 ——新宝股份 2024 年报&2025 年一季报点评 投资事件 新宝股份发布 2024 年报&2025 年一季报。2024 全年公司实现营业收入 168.2 亿元 （同比+14.8%），归母净利润 10.5 亿元（同比+7.8%），扣非后归母净利润 10.8 亿元 （同比+8.8%），公司此前已披露 2024 年业绩快报。 单 Q1 公司实现营业收入 38.3 亿元（同比+10.4%），归母净利润 2.5 亿元（同比 +43.0%），扣非后归母净利润 2.5 亿元（同比+15.3%）。Q1 业绩超预期。 ❑ 盈利能力明显修复，主要得益于套保相关损失大幅减少，毛利率提升及费率优 化亦有贡献 投资要点 2024 年公司归母净利润 10.5 亿元（同比+7.8%），归母净利率 6.3%，同比-0.4pct。Q1 公司归母净利润同比+43.0%至 2.5 亿元，归母净利率 6.4%（同比+1.5pct）。公司毛利 率同比+0.5pct 至 22.4%（或主要由于降本增效，美元升值也有一定贡献），费用管控 良好，销售/管理/研发费用率分别同比- ...

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]

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 ...

公司发布2024年 和25Q1业绩： 25Q1：收入38.34 亿（同比+10.4%），归母净利润2.47 亿（同比+43.0%），扣非归母净利润2.45 亿 （同比+15.3%）。 24Q4：收入41.31 亿（同比+6.2%），归母净利润2.68 亿（同比+11.1%），扣非归母净利润2.87 亿（同 比+47.5%）。 24 年：收入168.21 亿（同比+14.8%），归母净利润10.53 亿（同比+7.7%），扣非归母净利润10.84 亿 （同比+8.8%）。 分红：每10 股派发现金红利4.5 元（含税），叠加回购合计分红率42%（上年42%）。 收入分析 25Q1： 外销29.8 亿（同比+16%）相比Q4 同比+14%延续高增，抢出口叠加高景气，且公司公告拟向印尼子公 司增资5 千万美元夯实海外供应链能力。 Q1 收入符合预期，归母净利润增速较高主因衍生品投资及公允价值损失同比减少约4 千万。 投资建议： 我们的观点： 公司代工品类不断扩充，外销延续高增，已布局印尼基地应对关税扰动；内销品牌矩阵逐步完善，有望 受益国补加速修复。 盈利预测：我们预计 2025-2027 年公司收入190/209 ...

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]