新宝股份（ [Table_StockNameRptType] 002705） 公司点评 外销高增带动收入超预期 ——新宝股份 2024Q2 点评 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------|----------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected profit growth leading to a price-to-earnings (PE) ratio of 9.2x for 2024, 8.3x for 2025, and 7.6x for 2026 [4][6]. Core Insights - The company achieved a revenue of 7.723 billion yuan in H1 2024, representing a year-on-year increase of 21.53%, with a net profit of 442 million yuan, up 11.95% year-on-year [1]. - The growth in revenue is driven by a strong performance in overseas sales, which saw a year-on-year increase of 27.1% in H1 2024, while domestic sales grew steadily by 6.3% [2]. - The company's gross margin for H1 2024 was 21.76%, a slight decrease of 0.32 percentage points year-on-year, attributed to weaker performance in its higher-margin proprietary brand [2]. - Financial expenses showed significant fluctuations due to reduced interest income and foreign exchange gains, impacting the overall financial performance [3]. - The net cash flow from operating activities decreased by 86.18% year-on-year to 54 million yuan in H1 2024, primarily due to increased cash payments for goods and services [4]. Financial Data Summary - The company reported a revenue of 16.54 billion yuan for 2024E, with a projected growth rate of 12.91% [5]. - The net profit attributable to the parent company is expected to reach 1.13 billion yuan in 2024E, reflecting a growth rate of 15.35% [5]. - The earnings per share (EPS) is projected to be 1.38 yuan for 2024E, with a PE ratio of 9.15 [5][11]. - The company’s total assets are estimated to be 16.70 billion yuan in 2024E, with a debt-to-asset ratio of 47.38% [9][10].

F熄证券 家用电器/小家电 公 司 研 究 新宝股份（002705.SZ） 2024 年 08 月 28 日 2024Q2 外销延续较高景气，内销平稳增长 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | | | | 日期 | 2024/8/28 | | 当前股价 ( 元 ) | 12.60 | | 一年最高最低 ( 元 ) | 19.19/10.80 | | 总市值 ( 亿元 ) | 103.09 | | 流通市值 ( 亿元 ) | 102.61 | | 总股本 ( 亿股 ) | 8.18 | | 流通股本 ( 亿股 ) | 8.14 | | 近 3 个月换手率 (%) | 37.02 | 股价走势图 -40% -20% 0% 20% 2023-08 2023-12 2024-04 2024-08 新宝股份 沪深300 数据来源：聚源 相关研究报告 《2024Q1 外销延续亮眼表现，内销增 速有所改善 —公司信息更新报告》 -2024.4.28 《推新节奏加快或带动内销改善，外 销短期仍有支撑—公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company has shown rapid growth in exports while domestic sales remain stable, leading to overall revenue growth. However, profitability has slightly come under pressure [6]. - The company is expected to achieve revenues of 16.8 billion, 18.2 billion, and 19.7 billion for the years 2024, 2025, and 2026, respectively, representing year-on-year growth of 15%, 8%, and 8%. The net profit attributable to the parent company is projected to be 1.13 billion, 1.21 billion, and 1.31 billion for the same years, also reflecting year-on-year growth of 15%, 8%, and 8% [2][6]. - The company is a leading player in the small home appliance OEM sector, with significant advantages and currently low valuation [2][6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 7.723 billion, a year-on-year increase of 21.53%, and a net profit of 442 million, up 11.95% year-on-year. The second quarter saw revenue of 4.249 billion, a 20.51% increase year-on-year, with net profit of 269 million, a 5.06% increase year-on-year [6]. - The gross margin for the first half and second quarter decreased by 0.3 and 0.6 percentage points year-on-year, respectively. The gross margin for domestic sales fell by 0.9 percentage points, while that for exports improved slightly by 0.2 percentage points [6][12]. Market Dynamics - The export business has shown strong growth, with a year-on-year increase of 27% in the first half of 2024. The growth is driven by recovering overseas demand and customer inventory replenishment [6]. - Domestic sales grew by 6% year-on-year in the first half, with expectations of stable growth in the ODM business. However, the overall performance of the company's own brands is under pressure due to weak consumer demand [6]. Future Outlook - The company is expected to maintain its growth trajectory, with revenue projections for 2024-2026 indicating a steady increase. The current valuation is considered low relative to future growth prospects [2][6].

证券代码：002705 证券简称：新宝股份 公告编码：（2024）055 号 广东新宝电器股份有限公司 第七届监事会第四次会议决议公告 广东新宝电器股份有限公司（简称"新宝股份"、"公司"或"本公司" ）及监 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第七届监事会第四次会议于 2024 年 8 月 27 日 在公司四楼会议室召开。本次会议的召开于 2024 年 8 月 16 日通过书面通知、电 子邮件或电话等方式通知全体监事。应出席本次会议表决的监事为 3 人，实际出 席本次会议的监事为 3 人。会议由监事会主席康杏庄女士召集并主持。会议的召 开符合《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 《广东新宝电器股份有限公司章程》的规定。本次会议采用现场表决的方式，审 议并通过如下议案： 内容详见公司于巨潮资讯网（http://www.cninfo.com.cn）及公司指定信息披 露报刊同日披露的《关于新增为子公司提供担保的公告》。 备查文件： 一、 《2024 年半年度报告及其摘要》 表决结果：3 票同意、0 票反对、0 ...

证券代码：002705 证券简称：新宝股份 公告编码：（2024）057 号 广东新宝电器股份有限公司 董事会关于公司 2024 年半年度募集资金 存放与实际使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》和《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"《上市公司规范运作指引》"）及 相关格式指引等规定，现将本公司募集资金 2024 年半年度存放与使用情况专项 说明如下： 一、 募集资金基本情况 （一）实际募集资金金额和资金到账时间 1、公司 2017 年非公开发行股票募集资金 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 ...

证券代码：002705 证券简称：新宝股份 一、 关于公司 2024 年半年度报告及其摘要的审核意见 经审核，监事会认为董事会编制和审核公司 2024 年半年度报告及其摘要的 程序符合《中华人民共和国证券法》《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。 广东新宝电器股份有限公司 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》《广东新宝电器股份有限公司章程》（以下简称"《公司章程》"）等相关 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： 二、 关于公司与关联方资金往来和对外担保情况的专项说明和审核意见 监事会对报告期内公司与控股股东及其他关联方资金往来及对外担保情况 进行了认真的核查，发表如下专项说明和审核意见： （一）2024 年上半年，公司没有与控股股东及其他关联方发生非经营性资 金往来，不存在控股股东及其他关联方非经营性占用公司资金的情况，也不存在 以前年度发生并累计至 202 ...

广东新宝电器股份有限公司 2024 年半年度 非经营性资金占用及其他关联资金往来情况汇总表 编制单位：广东新宝电器股份有限公司 单位：元 | | | | | | 年半年度 2024 | 年半年 2024 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2024 年初占用 | 占用累计发生 | 度占用资金 | 2024 年半年度偿 | 2024 年半年度 | 占用形成原因 | 占用性质 | | 金占用 | | 司的关联关系 | 的会计科目 | 资金余额 | 金额（不含利 | 的利息（如 | 还累计发生金额 | 末占用资金余额 | | | | | | | | | 息） | 有） | | | | | | 控股股东、实 | | | | | | | | | | | | 际控制人及 | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥7,722,783,065.82, representing a 21.53% increase compared to ¥6,354,714,425.56 in the same period last year[12]. - Net profit attributable to shareholders was ¥442,017,651.07, up 11.95% from ¥394,821,435.78 year-on-year[12]. - The net profit after deducting non-recurring gains and losses was ¥491,531,786.13, reflecting a 9.84% increase from ¥447,496,413.40 in the previous year[12]. - Basic earnings per share increased by 12.63% to ¥0.5403 from ¥0.4797 in the previous year[12]. - Total profit for the period was CNY 60,304.51 million, up 13.25% from the previous year[25]. - The total operating revenue for the first half of 2024 reached ¥7,722,783,065.82, an increase of 21.5% compared to ¥6,354,714,425.56 in the same period of 2023[132]. - Net profit for the first half of 2024 was ¥472,809,897.22, representing a 12.5% increase from ¥420,627,599.77 in the previous year[133]. Revenue Breakdown - The overseas revenue amounted to CNY 592,259.66 million, reflecting a growth of 27.05% compared to the same period in 2023[25]. - Domestic revenue was CNY 180,018.65 million, showing a growth of 6.34% year-on-year[25]. - Revenue from the small home appliance sector was ¥7,609,727,450.32, accounting for 98.54% of total revenue, with a year-on-year growth of 22.19%[28]. - Kitchen appliances generated ¥5,352,757,719.33 in revenue, which is 69.31% of total revenue, reflecting a 20.12% increase from the previous year[28]. - International sales amounted to ¥5,922,596,606.66, making up 76.69% of total revenue, with a year-on-year growth of 27.05%[28]. Cash Flow and Assets - The net cash flow from operating activities decreased significantly by 86.18%, amounting to ¥54,424,131.23 compared to ¥393,933,913.34 in the same period last year[12]. - Cash and cash equivalents at the end of the period were ¥3,271,509,870.73, representing 21.99% of total assets, down 3.64% from the previous year[31]. - Accounts receivable increased by 45.34% to ¥2,303,985,820.70, indicating a significant rise in sales[31]. - Total assets at the end of the reporting period were ¥14,877,747,901.13, a 3.09% increase from ¥14,431,416,425.13 at the end of the previous year[12]. - The company's cash and cash equivalents as of June 30, 2024, were approximately ¥3.27 billion, a decrease from ¥3.70 billion at the beginning of the year[125]. Investment and R&D - Research and development expenses increased by 10.07% to CNY 288,220.46 million[26]. - The company plans to continue investing in the information management upgrade project while optimizing the use of remaining raised funds[45]. - The company has invested RMB 3,022.17 million from the 2017 fundraising in the reporting period[42]. - The company has invested RMB 5,533.67 million from the 2020 fundraising in the reporting period[43]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares for this period[3]. - The employee stock ownership plan holds a total of 3,830,000 shares, representing 0.93% of the company's total equity[64]. - Key executives maintained their shareholdings during the reporting period, with the largest holding being 630,000 shares by the president, representing 0.08% of the total equity[65]. - The company completed 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%[109]. Environmental and Social Responsibility - The company has invested over 5 million CNY in environmental governance and protection in the first half of 2024, focusing on hazardous waste disposal and emissions monitoring[75]. - The company has established emergency response plans for environmental incidents, which have been filed with local environmental authorities[74]. - The company has sponsored over 34 million yuan in community cultural, sports, and charitable activities since its listing, including educational support and poverty alleviation efforts[85]. - The company was recognized as a "Waste-Free Factory" in March 2024, reflecting its commitment to environmental responsibility[81]. Compliance and Governance - The company has established an "Audit Supervision Legal Affairs Center" to enhance compliance and anti-fraud measures[84]. - The company has committed to not reducing its shareholdings within two years after the lock-up period ends, ensuring stability for investors[86]. - The company will stop paying salaries or allowances to individuals who violate commitments related to related party transactions[88]. - The company has committed to normal performance of all promises made during its initial public offering and refinancing[88]. Market and Competitive Landscape - The company faces risks from declining international market demand, with a notable reliance on stable large clients in the Americas and Europe[53]. - The domestic small appliance market is experiencing intensified competition, prompting the company to enhance its R&D and brand management capabilities[54]. - The company is actively monitoring market changes to adjust its fundraising investment strategies accordingly[6]. Financial Reporting and Audit - The semi-annual financial report has not been audited[93]. - The company received standard unqualified opinions in its 2022 and 2023 annual audit reports[66]. - The company has not reported any significant contracts during the reporting period[104].

证券代码：002705 证券简称：新宝股份 公告编码：（2024）058 号 广东新宝电器股份有限公司 关于新增为子公司提供担保的公告 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。 为满足公司全资子公司印尼东菱科技有限公司（PT Donlim Technology Indonesia）（以下简称"印尼东菱科技"）日常经营业务的融资需求及日常购销业 务的顺利开展，公司拟对印尼东菱科技的融资业务及其他日常经营业务需要提供 相应担保，于 2024 年 8 月 27 日召开第七届董事会第四次会议，审议通过了《关 于新增为子公司提供担保的议案》，现将相关情况公告如下： 一、 担保情况概述 公司拟对子公司印尼东菱科技的银行融资业务（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、 外汇期权等业务）及其他日常经营业务需要（包括但不限于向供应商申请赊销额 度、履约担保、产品质量担保、及其他日常经营业务相关的担保等）提供担保， 具体情况如下表： 单位：万元 | 担 ...