北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于广东新宝电器股份有限公司 2024 年第三次临时股东大会的 法律意见书 国枫律股字[2024]A0555 号 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员资格、 会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案内容及该等议 案所表述的事实或数据的真实性、准确性和完整性发表意见； 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、 网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证； 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执业规 1 则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责， 遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事 实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述 或者重大遗漏， ...

证券代码：002705 证券简称：新宝股份 公告编码：（2024）073 号 广东新宝电器股份有限公司 广东新宝电器股份有限公司（简称"新宝股份"、"公司"或"本公司" ）及董 事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 广东新宝电器股份有限公司于 2024 年 10 月 29 日在《证券时报》《证券日 报》《上海证券报》《中国证券报》及巨潮资讯网（http://www.cninfo.com.cn） 刊登了《关于召开 2024 年第三次临时股东大会通知的公告》（公告编号：2024- 070）。2024 年第三次临时股东大会（以下简称"本次股东大会"）将采用现场 投票与网络投票相结合的方式进行，根据相关规定，现将本次股东大会的有关事 项提示如下： 关于召开 2024 年第三次临时股东大会的提示性公告 本次会议采取现场投票与网络投票相结合的方式召开，公司将通过深交所交 易系统和互联网投票系统（http://wltp.cninfo.com.cn）向公司股东提供网络形式的 投票平台，股东可以在网络投票时间内通过上述系统行使表决权。 1 一、 召开会议的基本情况 1、 股东 ...

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a revenue of 4.97 billion yuan in Q3 2024, representing a year-on-year increase of 12.9%. The net profit attributable to shareholders was 340 million yuan, a slight increase of 0.5% year-on-year, while the net profit after deducting non-recurring items was 310 million yuan, reflecting a year-on-year decrease of 13.7% [1][2] Financial Summary - In Q3, the company's revenue growth was driven by a significant increase in external sales, which reached 4.19 billion yuan, up 20.3% year-on-year. However, internal sales were under pressure, declining by 15.3% to 780 million yuan due to weak domestic demand [2] - The company's net profit margin for Q3 was 6.9%, down 0.8 percentage points year-on-year, and the gross profit margin was 20.9%, down 2.2 percentage points year-on-year. This decline was primarily attributed to the appreciation of the RMB and an increase in the proportion of low-margin external sales [4] - The company maintained excellent cost control, benefiting from the scale effect of external sales, with sales, management, and R&D expense ratios decreasing by 0.2, 0.3, and 0.3 percentage points year-on-year, respectively [4] Profit Forecast and Valuation - The company is expected to maintain rapid growth in external sales, with internal sales gradually recovering. The projected net profits for 2024, 2025, and 2026 are 1.05 billion yuan, 1.19 billion yuan, and 1.32 billion yuan, respectively. The corresponding price-to-earnings ratios at the current stock price are 12X, 10X, and 9X [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue met expectations, but the net profit attributable to the parent company fell short of expectations. For the first three quarters of 2024, the company achieved revenue of 12.69 billion yuan, a year-on-year increase of 18%. The net profit attributable to the parent company was 785 million yuan, a year-on-year increase of 7%, while the net profit after deducting non-recurring gains and losses decreased by 1% [4][5] - The company continues to see growth in overseas sales, with a notable increase in external orders. The home appliance category is experiencing rapid growth due to the company's expansion into new categories and large customer orders. The overseas production capacity is expected to be released by the end of the year, which will help meet orders from the US market [5] - The gross margin has decreased, while the expense ratio remains stable. The gross margin fell from 23.1% in Q3 2023 to 20.87% in Q3 2024, influenced by product mix adjustments. The company’s three major expense ratios remained stable, with a slight decrease [6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a total revenue of 12.69 billion yuan, with a year-on-year growth rate of 18%. The net profit attributable to the parent company was 785 million yuan, reflecting a year-on-year increase of 6.7% [7] - The company forecasts net profits of 1.068 billion yuan, 1.169 billion yuan, and 1.258 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 9.3%, 9.4%, and 7.6% [6][7] - The earnings per share are projected to be 1.32 yuan, 1.44 yuan, and 1.55 yuan for 2024, 2025, and 2026 respectively [7] Market Position - The company is positioned as a leading player in the Western small home appliance market, with significant recovery in export business and gradual ramp-up of new business lines. The profitability is expected to gradually recover [6]

证券代码：002705 证券简称：新宝股份 公告编码：（2024）072 号 广东新宝电器股份有限公司 关于为全资子公司担保的进展公告 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"）及 董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 一、 担保情况概述 广东新宝电器股份有限公司于2024年4月26日召开第七届董事会第二次会议 及2024年5月20日召开的2023年年度股东大会审议通过了《关于公司2024年度为 子公司提供担保的议案》，同意公司为全资子公司滁州东菱电器有限公司（以下 简称"滁州东菱")的融资业务（用于非流动资金贷款、流动资金贷款、开立银行 承兑汇票、信用证、商业承兑汇票贴现、押汇、远期外汇等业务）提供不超过45,000 万元人民币连带责任保证担保。具体内容详见公司于2024年4月27日在巨潮资讯 网（http://www.cninfo.com.cn）刊登的《广东新宝电器股份有限公司关于为子公 司提供担保的公告》。 二、 担保进展情况 2024年11月1日，公司与徽商银行股份有限公司滁州凤凰路支行（以下简称 "徽商银行"）签订了编 ...

证券代码：002705 证券简称：新宝股份 公告编码：（2024）071 号 广东新宝电器股份有限公司 关于完成深圳分公司工商注册登记的公告 广东新宝电器股份有限公司（简称"新宝股份"、"公司"或"本公司" ）及董 事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 公司于 2024 年 10 月 28 日召开第七届董事会第五次临时会议审议通过了 《关于公司设立深圳分公司的议案》，同意公司在深圳设立分公司，并授权公司 经营管理层负责办理本次设立分公司的相关事宜，具体内容详见公司于 2024 年 10 月 29 日刊载于巨潮资讯网（http://www.cninfo.com.cn）及《证券时报》《上海 证券报》《中国证券报》《证券日报》的相关公告。 一、 注册登记事项 2024 年 11 月 1 日，公司完成了设立深圳分公司的工商注册登记手续，并领 取了深圳市市场监督管理局颁发的《营业执照》。《营业执照》主要内容如下： 1、分公司名称：广东新宝电器股份有限公司深圳研发部； 2、统一社会信用代码：91440300MAE4DMBX71； 4、分公司负责人：陈光华； 5、成立日期 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong performance in external sales while internal sales remain stable. The report emphasizes the potential for improved profitability driven by internal sales recovery [5][6] - The company achieved a revenue of 12.69 billion yuan (up 17.99%) and a net profit of 785 million yuan (up 6.66%) for the first three quarters of 2024. The third quarter alone saw revenues of 4.967 billion yuan (up 12.88%) [5] - The report projects a decrease in profit forecasts due to pressure on internal sales, with expected net profits for 2024-2026 revised to 1.049 billion yuan, 1.204 billion yuan, and 1.332 billion yuan respectively [5] Financial Summary - Revenue and Profit Forecasts: - 2022A: Revenue 13.696 billion yuan, Net Profit 961 million yuan - 2023A: Revenue 14.647 billion yuan, Net Profit 977 million yuan - 2024E: Revenue 16.781 billion yuan, Net Profit 1.049 billion yuan - 2025E: Revenue 18.516 billion yuan, Net Profit 1.204 billion yuan - 2026E: Revenue 20.368 billion yuan, Net Profit 1.332 billion yuan [4] - Profitability Ratios: - Gross Margin: 21.1% (2022A), 22.7% (2023A), 21.8% (2024E) - Net Margin: 7.0% (2022A), 6.7% (2023A), 6.2% (2024E) [4][7] - Earnings Per Share (EPS): - 2022A: 1.18 yuan, 2023A: 1.19 yuan, 2024E: 1.28 yuan, 2025E: 1.47 yuan, 2026E: 1.63 yuan [4] Sales Performance - In Q3 2024, internal sales reached 4.2 billion yuan (up 20%), while external sales were 780 million yuan (down 15%). The overall demand for internal sales remains under pressure [6] - The report highlights that the overall export value of small household appliances increased by 12% in Q3 2024, maintaining the previous quarter's performance [6] Margin Analysis - The gross margin for Q1, Q2, and Q3 of 2024 was 21.92%, 21.63%, and 20.87% respectively, indicating a decline primarily due to structural changes and increased competition in the domestic market [7] - The report notes that the decline in gross margin is also influenced by exchange rate fluctuations and competitive pressures in the domestic market [7]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company achieved a revenue of 12.69 billion, representing a year-on-year increase of 17.99%, while the net profit attributable to shareholders was 785 million, up 6.66% year-on-year. The third quarter alone saw a revenue of 4.97 billion, a 12.88% increase year-on-year, with a net profit of 343 million, a slight increase of 0.53% year-on-year [5]. - External sales continued to show strong growth, with a year-on-year increase of 20% in Q3, while internal sales faced pressure, declining by 15% in the same period. The report anticipates that external sales will continue to grow due to strong demand, while internal sales may improve due to policies encouraging upgrades [5][6]. - The company's gross margin decreased significantly, down 2.2 percentage points year-on-year, primarily due to a higher proportion of lower-margin external sales and the impact of currency appreciation. Despite this, the report expects external sales to maintain growth momentum, and internal sales to benefit from upgrade policies [5][6]. Financial Performance Summary - For the years 2024 to 2026, the company is projected to achieve revenue growth of 12%, 14%, and 14% respectively, with corresponding valuations of 11X, 10X, and 9X [2][5]. - The report provides detailed financial forecasts, including expected revenues of 16.92 billion in 2024, 18.43 billion in 2025, and 20.03 billion in 2026, with net profits projected at 1.10 billion, 1.25 billion, and 1.42 billion respectively [7][12].

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price raised to 19.35 CNY from the previous 16.00 CNY [4][14]. Core Insights - The company has shown stable domestic sales performance while experiencing high growth in export orders. The flexible production capabilities are expected to enhance market share in the export sector, leading to stable revenue growth [3][14]. - The company’s revenue for the first three quarters of 2024 reached 12.69 billion CNY, a year-on-year increase of 17.99%, with a net profit of 785 million CNY, up 6.66% year-on-year [16]. - The report anticipates a slight decline in domestic sales due to a slow recovery in the small home appliance sector, while export revenue is expected to remain robust [17][18]. Summary by Sections 1. Investment Recommendation - The company is rated "Accumulate" with a target price of 19.35 CNY, reflecting a 15x PE for 2024 [4][14]. 2. Performance Overview - For Q1-Q3 2024, the company achieved a revenue of 12.69 billion CNY, with Q3 revenue at 4.967 billion CNY, showing a year-on-year increase of 12.88% [16]. 3. Export Growth and Domestic Sales - Export revenue for the first three quarters increased by 24.15% year-on-year, while domestic sales saw a decline of 1.25%. In Q3, export revenue grew by 20%, accounting for 84% of total revenue [17]. 4. Changes in Revenue Structure Affecting Profit Margins - The gross margin for Q1-Q3 2024 was 21.41%, down 1.09 percentage points year-on-year, with Q3 gross margin at 20.87%, down 2.23 percentage points year-on-year. The decline is attributed to a higher proportion of lower-margin export business and the appreciation of the RMB [18]. 5. Healthy Cash Flow and Financial Position - As of Q3 2024, the company had cash and cash equivalents totaling 3.215 billion CNY, with inventory at 1.843 billion CNY. The net cash flow from operating activities for Q1-Q3 was 612 million CNY [19][20].

Financial Performance - In the first three quarters of 2024, the company achieved total operating revenue of 1,268,960.22 thousand yuan, an increase of 17.99% compared to the same period in 2023 [1] - Overseas sales revenue reached 1,011,440.45 thousand yuan, growing by 24.15% year-on-year [2] - Domestic sales revenue was 257,519.77 thousand yuan, a decrease of 1.25% compared to 2023 [2] - The total profit for the first three quarters was 102,976.91 thousand yuan, up by 5.13% year-on-year [2] - Net profit attributable to shareholders was 78,493.74 thousand yuan, reflecting a growth of 6.66% compared to the previous year [2] - Sales expenses increased by 10.68% to 43,203.44 thousand yuan, while management expenses rose by 12.13% to 65,455.15 thousand yuan [2] - Research and development expenses were 44,949.40 thousand yuan, up by 8.94% [2] - Cash flow from operating activities decreased by 38.95% to 61,241.41 thousand yuan [2] Market Insights - The demand for overseas small appliances remained strong in the first three quarters of 2024 [2] - The company expects continued growth in overseas markets in Q4 2024, driven by an expansion of product categories and market share [3] - Domestic sales have been impacted by overall weak consumer demand, but there is optimism for recovery with supportive macro policies [3] Strategic Initiatives - The company is focusing on enhancing core competitiveness and expanding product categories in overseas markets [3] - Plans to increase R&D investment to meet diverse consumer needs and strengthen brand building [3] - The company has made investments in Indonesia to expand production capacity, with a recent capital increase of $5 million for further development [3][4] Regulatory Compliance - The company adheres to regulations ensuring the accuracy and completeness of information disclosure, with no significant undisclosed information reported [4]