Core Viewpoint - The Chinese government has introduced a series of financial policies aimed at stabilizing the market and supporting export-oriented enterprises, particularly in response to the impact of new tariffs from the United States [1][2]. Group 1: Financial Policies - The policies include measures from the banking and insurance sectors to support foreign trade development [1]. - Specific support will be provided to listed companies significantly affected by tariffs, including assistance with equity pledges and fundraising [1]. - The government aims to enhance regulatory support while maintaining a balance in oversight to help affected enterprises cope with tariff impacts [1]. Group 2: Company Responses - Companies like Xinbao Co., a leader in the small home appliance sector, expressed optimism about the new policies, which are expected to alleviate some of the pressures from tariffs [1]. - Xinbao Co. highlighted that approximately 70%-80% of its revenue comes from exports, with a significant portion from the U.S. market [1]. - Other companies, such as an automotive parts manufacturer, noted that while they experienced short-term market fluctuations due to tariffs, their financial stability remains intact, and they are more concerned about rising business costs than liquidity [3]. Group 3: Industry Support Initiatives - China Manufacturing Network, a comprehensive foreign trade service platform, acknowledged the positive impact of the new financial policies on export-oriented businesses, while emphasizing the need for further evaluation of the policy details [4]. - The platform has launched initiatives like the "New Maritime Plan" to help small and medium-sized enterprises expand into emerging markets and has established a special development fund to support industries heavily impacted by tariffs [4].

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 ...

Core Viewpoint - The company is expected to achieve record-high overseas sales revenue in 2024, actively expanding production capacity overseas to mitigate tariff risks, while continuing to develop its domestic brand business for future growth potential [1]. Investment Highlights - The company maintains a "Buy" rating, with new profit forecasts for 2027. Expected EPS for 2025-2027 is projected at 1.44, 1.59, and 1.74 yuan, representing year-on-year growth of 11%, 10%, and 9% respectively. A target price of 21.6 yuan is set based on a 15x PE for 2025 [2]. Performance Summary - In 2024, the company achieved revenue of 16.821 billion yuan, a year-on-year increase of 14.84%, with a net profit attributable to shareholders of 1.053 billion yuan, up 7.75%. In Q4 2024, revenue was 4.131 billion yuan, a 6.15% increase, and net profit was 268 million yuan, up 11.07% [3]. - For Q1 2025, revenue reached 3.834 billion yuan, a 10.36% increase, with net profit of 247 million yuan, up 43.02% [3]. - The company reported a total of 13.2 billion yuan in overseas sales, a 22% increase year-on-year, while domestic sales fell by 4% to 3.7 billion yuan [3]. Profitability Analysis - The overall gross margin for 2024 was 20.91%, down 1.83 percentage points year-on-year, with overseas gross margin at 19.33% and domestic gross margin at 26.62% [4]. - In Q1 2025, the gross margin improved to 22.42%, up 0.50 percentage points year-on-year [4]. - The net profit margin for 2024 was 6.26%, a decrease of 0.41 percentage points year-on-year, while Q4 2024 saw a net profit margin of 6.44%, an increase of 1.47 percentage points [4].

Core Viewpoint - The A-share market has shown robust growth in the home appliance sector for the fiscal year 2024 and the first quarter of 2025, particularly in the white goods segment, which has demonstrated impressive performance [1][2]. White Goods Industry - Most listed companies in the white goods sector reported revenue and profit growth for both 2024 and Q1 2025, with notable performances from Midea Group and Haier Smart Home [2][3]. - Midea Group achieved a total revenue of 409.1 billion yuan in 2024, a year-on-year increase of 9.5%, and a net profit of 38.5 billion yuan, up 14.29%. In Q1 2025, revenue reached 128.4 billion yuan, growing over 20%, with a net profit of 12.4 billion yuan, up 38.02% [2][5]. - Haier Smart Home reported a total revenue of 285.98 billion yuan in 2024, a 4.29% increase, with a net profit of 18.74 billion yuan, up 12.92%. In Q1 2025, net profit was 5.49 billion yuan, a 15.09% increase [2][5]. - Other companies like Gree Electric, TCL Smart Home, and Hisense Home Appliances also reported net profit growth exceeding 10% in Q1 2025 [3]. Black Goods Industry - The black goods sector showed performance divergence, with leading companies like Sichuan Changhong and Hisense Vision maintaining steady growth [6]. - Sichuan Changhong's 2024 revenue was 103.69 billion yuan, a 6.4% increase, with a net profit of 704 million yuan, up 2.3%. In Q1 2025, revenue was 26.84 billion yuan, a 12.89% increase, and net profit surged by 96.68% to 345 million yuan [6][8]. - Hisense Vision reported 2024 revenue of 58.53 billion yuan, a 9.17% increase, with a net profit of 2.25 billion yuan, up 7.17%. In Q1 2025, revenue was 13.38 billion yuan, a 5.31% increase, and net profit rose by 18.61% to 554 million yuan [6][8]. Small Appliances Industry - The small appliances segment exhibited mixed results, with leading companies like Supor and Xinbao maintaining growth while others faced declines [9][10]. - Supor's 2024 revenue reached 22.43 billion yuan, a 5.27% increase, with a net profit of 2.24 billion yuan, up 2.97%. In Q1 2025, revenue was 5.79 billion yuan, a 7.59% increase, and net profit was 497 million yuan, up 5.82% [9][11]. - Xinbao's 2024 revenue exceeded 16.82 billion yuan, a 14.84% increase, with a net profit of 1.05 billion yuan, up 7.75%. In Q1 2025, revenue was 3.83 billion yuan, a 10.36% increase, and net profit rose by 43.02% to 247 million yuan [10][11]. - Conversely, companies like Joyoung experienced significant declines, with a 7.94% drop in revenue for 2024 and a 68.55% decrease in net profit [10][11].

编者按 A股市场2024年年报和2025年一季报业绩披露已收官。正逢"五一"长假，证券时报记者精选了几大行业，对相关行业业绩和亮点进行了梳理，以飨读 者。 2024年和2025年一季度，A股市场家电行业上市公司总体实现稳健增长，其中白色家电行业上市企业2025年一季度业绩表现亮眼。 白色家电：一季度业绩表现亮眼 按照申万行业分类，白色家电行业绝大多数上市公司2024年和2025年一季度业绩均实现增长。 比如美的集团披露的2024年年报显示，公司2024年实现营业总收入4091亿元，同比增长9.5%，实现归属于上市公司股东的净利润385亿元，同比增长 14.29%。2025年一季度，美的集团营业总收入1284.28亿元，同比增长逾两成，实现归属于上市公司股东的净利润124.22亿元，同比增长38.02%。 另一家年度营收超过千亿元的公司海尔智家2024年实现营业收入2859.81亿元，同比增长4.29%，实现归属于上市公司股东的净利润187.41亿元，同比增长 12.92%。2025年一季度海尔智家实现归属于上市公司股东的净利润54.87亿元，同比增长15.09%。 如果说2024年度白色家电行业中还有上市公司 ...

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].