Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][15]. Core Views - The company achieved a revenue of 12.69 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 17.99%, while the net profit attributable to the parent company was 785 million yuan, up 6.66% year-on-year [1]. - The external sales continue to show strong growth, with a revenue of 10.11 billion yuan in the first three quarters of 2024, up 24.15% year-on-year, while domestic sales faced pressure with a revenue of 2.575 billion yuan, down 1.25% year-on-year [2]. - The gross profit margin for the first three quarters of 2024 was 21.41%, a decrease of 1.09 percentage points year-on-year, and the net profit margin was 6.51%, down 0.7 percentage points year-on-year, primarily due to the higher proportion of lower-margin external sales [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 4.967 billion yuan, a year-on-year increase of 12.88%, and a net profit of 343 million yuan, up 0.53% year-on-year [1]. - The gross profit margin for Q3 2024 was 20.87%, down 2.23 percentage points year-on-year, while the net profit margin was 7.11%, down 0.94 percentage points year-on-year [3]. Cost and Expenses - The sales, management, R&D, and financial expense ratios for the first three quarters of 2024 were 3.4%, 5.16%, 3.54%, and -0.08%, respectively, with year-on-year changes of -0.22, -0.27, -0.29, and +0.92 percentage points [4]. - The financial expense ratio increased year-on-year due to reduced interest income and exchange gains [4]. Future Outlook - The report suggests that the increase in external orders will drive overall revenue growth, and while domestic sales are underperforming, there is potential for gradual recovery from a low base [4]. - The forecast for net profit attributable to the parent company for 2024-2026 is 1.04 billion, 1.20 billion, and 1.35 billion yuan, respectively, with corresponding P/E ratios of 12.5x, 10.8x, and 9.6x [4].

新宝股份（ [Table_StockNameRptType] 002705） 公司点评 外销延续高增 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|--------------------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | [Table_Rank] 投资评级：买入（维持） | | | 主要观点： | | 报告日期： ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a total revenue of 12.69 billion yuan for the first three quarters of 2024, representing an 18.0% year-on-year increase. The net profit attributable to shareholders was 780 million yuan, up 6.7% year-on-year, while the non-recurring net profit was 800 million yuan, down 0.6% year-on-year. In Q3 2024, the company achieved a single-quarter revenue of 4.97 billion yuan, a 12.9% increase year-on-year, with a net profit of 340 million yuan, up 0.5% year-on-year [1]. - The company experienced strong growth in exports, with a year-on-year increase of 24.2% for the first three quarters, while domestic sales saw a decline of 1.25%. In Q3 2024, domestic sales dropped by 29.2%, while exports surged by 47.4% [1]. - The gross margin for the first three quarters of 2024 was 21.4%, down 1.1 percentage points year-on-year, and for Q3 2024, it was 20.9%, down 2.2 percentage points year-on-year. The overall profitability showed a slight decline [2]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 1.03 billion yuan, 1.15 billion yuan, and 1.27 billion yuan, respectively, with year-on-year growth rates of 5.4%, 11.2%, and 10.8% [2][3]. - The earnings per share (EPS) for 2024 is expected to be 1.27 yuan, with a price-to-earnings (P/E) ratio of 11.7 [3][11]. - The company’s total revenue is projected to reach 17.04 billion yuan in 2024, reflecting a growth rate of 16.4% year-on-year [3][11]. Stock Information - The company operates in the small home appliance industry and had a closing price of 14.87 yuan on October 28, 2024, with a total market capitalization of approximately 12.07 billion yuan [4].

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of 19.19 CNY for the next six months [5][6]. Core Views - The company has shown strong growth in overseas sales, with a year-on-year increase of 20.3% in Q3, driven by high demand for small home appliances [3][4]. - Domestic sales have faced challenges, declining by 15.3% year-on-year in Q3, attributed to a sluggish consumer market [3]. - The company is expected to benefit from government policies promoting the replacement of old appliances, which may improve domestic sales in the future [3][5]. - The company's profitability has been impacted by currency fluctuations and rising raw material costs, leading to a decrease in gross margin by 2.2 percentage points year-on-year in Q3 [4]. - Despite the challenges, the company is focusing on enhancing operational efficiency and cost control, which may lead to improved profitability as domestic market conditions recover [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 12.69 billion CNY, a year-on-year increase of 18.0%, and a net profit of 780 million CNY, up 6.7% year-on-year [2]. - In Q3 alone, the company achieved revenues of 4.97 billion CNY, representing a 12.9% year-on-year growth, with a net profit of 340 million CNY, a slight increase of 0.5% year-on-year [2]. - The company's earnings per share (EPS) are projected to be 1.28 CNY, 1.48 CNY, and 1.73 CNY for the years 2024, 2025, and 2026, respectively [5][8]. - The company’s gross profit margin for Q3 was reported at 6.9%, down 0.8 percentage points year-on-year [4]. Market Position and Outlook - The company is recognized as a leading exporter of Western-style small home appliances in China, with significant growth potential in both domestic and international markets [5]. - The ongoing demand for small home appliances in overseas markets is expected to continue supporting the company's revenue growth [5]. - The company is actively expanding its product lines and channels, particularly in the domestic market, which may enhance its competitive position [5].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥4,966,819,150.73, an increase of 12.88% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥342,919,793.18, reflecting a slight increase of 0.53% year-on-year[2] - The basic earnings per share for Q3 2024 was ¥0.4204, a 1.42% increase from the same period last year[2] - For the first three quarters of 2024, the total revenue was ¥12,689,602,216.55, up 17.99% year-on-year, with overseas sales increasing by 24.15%[5] - The net profit attributable to shareholders for 2022 was CNY 961.39 million, and the first unlock period performance target was achieved with a calculated net profit of CNY 979.44 million, exceeding the target of CNY 871 million[16] - The net profit attributable to shareholders for 2023 was CNY 977.14 million, and the second unlock period performance target was achieved with a calculated net profit of CNY 1992.22 million, exceeding the target of CNY 1.829 billion[17] - Net profit attributable to shareholders of the parent company was ¥784,937,444.25, representing a growth of 6.7% from ¥735,934,987.91 in the previous period[31] Cash Flow - The cash flow from operating activities for Q3 2024 was ¥612,414,102.90, showing a significant decrease of 38.95% compared to the previous year[2] - The net cash flow from operating activities decreased by 38.95% to ¥612,414,102.90 compared to the previous period, primarily due to an increase in cash payments for goods purchased and services received[8] - The net cash flow from investing activities improved by 47.54% to -¥1,013,514,890.36, mainly due to a decrease in cash payments for the acquisition of fixed assets, intangible assets, and other long-term assets[8] - The net cash flow from financing activities worsened by 69.66% to -¥439,952,479.03, primarily due to increased cash payments for debt repayment and other financing-related cash outflows[8] - The ending balance of cash and cash equivalents was 2,687,944,455.53, down from 3,098,318,320.71 in the previous year[34] - Cash and cash equivalents decreased by 774,239,801.07 during the quarter, compared to a decrease of 1,136,045,220.90 in the same period last year[34] Assets and Liabilities - The total assets as of September 30, 2024, amounted to ¥15,354,433,787.17, representing a 6.40% increase from the end of the previous year[2] - The company's total liabilities reached CNY 7,238,588,318.00, up from CNY 6,699,669,847.05, reflecting an increase of approximately 8.0%[28] - Total current liabilities rose to CNY 6,881,440,174.25, compared to CNY 6,520,405,374.75 at the start of the year, indicating an increase of about 5.5%[28] - The company's total equity attributable to shareholders reached CNY 7,994,271,634.38, up from CNY 7,588,321,495.42, reflecting a growth of approximately 5.3%[29] - The company's short-term borrowings increased by 67.79% to ¥534,100,906.16, primarily to supplement working capital[7] - The long-term borrowings increased to CNY 278,551,013.34 from CNY 108,508,604.16, indicating a significant rise of about 157.5%[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 25,653, with the largest shareholder, Guangdong Dongling Kaichin Group Co., Ltd., holding 43.23% of the shares[9] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder holding 350,934,879 shares[9] - The company has implemented an employee stock ownership plan, with 7.66 million shares transferred to the plan, representing 0.93% of the total share capital[14] - The employee stock ownership plan holds 3.83 million shares, which will be unlocked after the second lock-up period ends on July 15, 2024[18] - The company approved the cancellation of 3,734,800 shares, reducing the total share capital from 821,880,580 shares to 818,145,780 shares, which is a decrease of 0.45%[21] - The company plans to repurchase between CNY 50 million and CNY 80 million of public shares, with an estimated repurchase quantity of 227,272 to 363,636 shares, representing approximately 0.2778% to 0.4445% of the total issued shares[23] - As of August 28, 2024, the company repurchased a total of 6,270,000 shares at an average price of CNY 12.75 per share, totaling CNY 79.94 million, which is 0.77% of the total share capital[24] Research and Development - Research and development expenses for the first three quarters of 2024 were ¥44,949.40 million, an increase of 8.94% year-on-year[6] - Research and development expenses increased to ¥449,494,041.19, up from ¥412,613,043.61 in the previous period, indicating a focus on innovation[30] - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[11] Other Financial Metrics - The company reported a significant increase of 1225.27% in trading financial assets, totaling ¥194,203,532.81, due to increased investments in structured deposits[7] - The company reported a significant increase of 234.73% in credit impairment losses, amounting to -¥24,530,922.66, mainly due to increased credit impairment losses on accounts receivable[8] - The company experienced a 103.33% decrease in asset disposal gains, reporting -¥366,219.42, primarily due to reduced gains from fixed asset disposals[8] - The company recorded a foreign exchange gain of ¥23,024,604.63, a significant recovery from a loss of ¥55,910,250.00 in the previous period[31] - Total comprehensive income for the period was ¥834,990,538.87, compared to ¥777,762,084.26 in the previous period, showing overall growth[31] - Other comprehensive income after tax amounted to ¥9,184,641.75, compared to ¥2,925,122.41 in the previous period, reflecting improved financial performance[31]

证券代码：002705 证券简称：新宝股份 公告编码：（2024）068 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。 特别风险提示： 本次增资系基于公司境外制造基地建设的正常资金需求，因涉及资金出境， 尚需中国境内及印度尼西亚当地相关主管部门的审批，审批结果存在一定程度的 不确定性。 境外的法律法规、商业及文化环境等与中国境内存在差异，印尼东菱科技有 限公司（PT Donlim Technology Indonesia）（以下简称"印尼东菱科技"）在实 际经营过程中可能面临国际政治经济环境变化、市场需求变化、运营管理等风险。 公司将会根据外部环境变化调整经营策略，同时不断完善内部控制体系，健全风 险防范运行机制，提升对外投资、运营管理的监督与控制，降低投资风险。 公司第七届董事会第五次临时会议审议通过了《关于对公司境外全资子公司 增资的议案》，同意公司及全资子公司龙图企业有限公司(Dragon Will Enterprise Limited) （以下简称"龙图企 ...

关于减少公司注册资本并修订《公司章程》的公告 公司于 2024 年 7 月 29 日至 2024 年 8 月 28 日，通过股票回购专用证券账 户以集中竞价交易方式累计回购公司股份 6,270,000 股，占注销前公司总股本的 0.77%，支付的回购总金额为 79,942,855.00 元（不含交易费用），至此，公司本 次回购股份已实施完毕。公司已于 2024 年 9 月 5 日在中国证券登记结算有限责 任公司深圳分公司办理完毕上述 6,270,000 股回购股份注销手续，公司总股本由 818,145,780 股变更为 811,875,780 股，注册资本由 818,145,780 元变更为 811,875,780 元。 二、《公司章程》拟修订情况 公司董事会根据上述回购注销情况及《公司法》的相关要求，结合公司实际 证券代码：002705 证券简称：新宝股份 公告编码：（2024）066 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（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。 公司于 2024 年 10 ...

东莞证券股份有限公司 关于广东新宝电器股份有限公司部分募集资金投资项目结 项及节余募集资金使用计划的核查意见 东莞证券股份有限公司（以下简称"东莞证券"或"保荐机构"）作为广东 新宝电器股份有限公司（以下简称"新宝股份"或"公司"）2017 年、2020 年 非公开发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所股票上市规则》（以下简称"股票上市规则"）、《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》（以下简称"规范运作 指引"）等相关法律法规、规范性文件及新宝股份《公司章程》《募集资金管理 办法》的规定，对公司部分募集资金投资项目结项及节余募集资金使用计划进行 了审慎核查，具体情况如下： 一、本次结项的募集资金基本情况 （一）2017 年度非公开发行股票 经中国证券监督管理委员会（证监许可[2017]54 号）《关于核准广东新宝电 器股份有限公司非公开发行股票的批复》的核准，公司于 2017 年 3 月 3 日非公 开发行人民币普通股(A 股)51,119,800 股，每股面值人民币 1.00 元，每股发行认 购价格为人民币 17.86 元，共计募集人民 ...

证券代码：002705 证券简称：新宝股份 公告编码：（2024）065 号 广东新宝电器股份有限公司 关于拟变更会计师事务所的公告 特别提示： 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 《关于变更 2024 年度会计师事务所的议案》，同意改聘天健会计师事务所为公司 一、 拟变更会计师事务所的基本情况 1 2024 年度财务审计及内部控制审计机构，聘任程序符合《国有企业、上市公司选 聘会计师事务所管理办法》等相关法律法规及《公司章程》、公司《会计师事务 所选聘制度》的相关规定。本事项尚需提交公司股东大会审议通过，现将具体情 况公告如下： 1、拟改聘的会计师事务所名称：天健会计师事务所（特殊普通合伙）（以下 简称"天健会计师事务所"）。 原聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙）（以下简 称"立信会计师事务所"）。 2、变更会计师事务所的原因：鉴于立信会计师事务所已连续 14 年为公司提 供审计服务，综合考虑公司发展需求、经营管理需要和审计工作需求等情况，为 进一步提升公司外部审计工作的独立性和客观性，公司内审部门提议通过更换审 计机构来强化公司治理。经 ...

监事会关于第七届监事会第五次临时会议相关事项的审核意见 根据《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》（以下简称"《规范运作指引》"）等相关法律、行政法规、部门规章、规范 性文件及《广东新宝电器股份有限公司章程》（以下简称"《公司章程》"）的 相关规定，广东新宝电器股份有限公司（以下简称"公司"）监事会在审阅了相 关会议资料并经讨论后，对相关事项发表如下审核意见： 一、 关于 2024 年第三季度报告的审核意见 经审核，监事会认为董事会编制和审核公司《2024 年第三季度报告》的程序 符合《中华人民共和国证券法》《中华人民共和国公司法》等法律、行政法规、 部门规章、规范性文件和《公司章程》的相关规定，报告内容真实、准确、完整 地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 二、 关于公司部分募集资金投资项目结项及节余募集资金使用计划的审 核意见 监事会认为公司将 2017 年非公开发行股票募集资金投资项目中的"自动化 升级改造项目"及 2020 年非公开发行股票募集资金投资项目中的"企业信息化 管理升级项目"结项并将节余的募集资金转出到公司自有资金账户，符 ...