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）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 ...

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 ...

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].

证券代码：002705 证券简称：新宝股份 广东新宝电器股份有限公司投资者关系活动记录表 编号：2024-007 | --- | --- | --- | |-----------------|--------------------------|-------------------------------------------------------------------------------------------------------------------------------| | | √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 | | | | | 国泰君安证券、开源证券、国联证券、长江证券、国投证券、西南证券、 | | | | 浙商证券、广发证券、中金公司、中信证券、华福证券、天风证券、华 | | | | 安证券、华泰证券、瑞银证券、万和证券、招商证券、国金证券、太平 | | | | 洋证券、国信证券、华西证券、东方 ...

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： ...

[Table_Finance1] 公司快报 2024 年 10 月 29 日 新宝股份(002705.SZ) Q3 外销快速增长，期待内销改善 事件：新宝股份公布 2024 年三季报。公司 2024 年前三季度实 现收入 126.9 亿元，YoY+18.0%，实现归母净利润 7.8 亿元， YoY+6.7%，实现扣非归母净利润 8.0 亿元，YoY-0.6%；经折算， Q3 单季度实现收入 49.7 亿元，YoY+12.9%，实现归母净利润 3.4 亿元，YoY+0.5%，实现扣非归母净利润 3.1 亿元，YoY-13.7%。我 们认为，Q3 海外小家电需求延续高景气，新宝外销同比快速增长， 盈利能力受汇率波动影响。 Q3 外销延续快增，内销有所承压：分区域来看：1）Q3 新宝外 销收入 YoY+20.3%。海外小家电需求仍较旺盛，且新宝积极拓展 家居电器、婴儿电器、个护美容电器、制冷电器等新领域，Q3 公 司外销收入延续快速增长态势。2）Q3 新宝内销收入 YoY-15.3%。 国内小家电消费景气较低迷，新宝内销短期承压。据久谦数据显 示，Q3 摩飞、东菱、百胜图线上（天猫+京东+抖音）销售额 YoY42. ...