Investment Rating - The investment rating for the company is "Buy" (maintained) [29] Core Insights - The company achieved a revenue of 14.647 billion yuan in 2023, representing a year-on-year increase of 6.94%. The net profit attributable to the parent company was 977 million yuan, up 1.64%, while the net profit excluding non-recurring items was 996 million yuan, down 0.51% [27][31] - In Q4 2023, the company reported a revenue of 3.892 billion yuan, a significant increase of 30.66%, and a net profit of 241 million yuan, up 105.07%. For Q1 2024, the revenue was 3.474 billion yuan, up 22.79%, with a net profit of 173 million yuan, an increase of 24.74% [27][31] - The gross margin for 2023 was 22.74%, an increase of 1.62 percentage points, while the net profit margin attributable to the parent company was 6.67%, a decrease of 0.35 percentage points [39][31] Summary by Sections 1. Sales Performance - In 2023, domestic and international revenues were 3.836 billion yuan and 10.811 billion yuan, respectively, with year-on-year changes of -6.11% and +10.42%. In Q4 2023, domestic and international revenues grew by 1% and 52%, respectively. For Q1 2024, domestic revenue increased by 7% and international revenue by 30% [57][62] 2. Profitability - The gross margin for 2023 was 22.74%, with domestic and international margins at 27.74% and 20.96%, respectively. The gross margin for Q4 2023 was 23.39%, while for Q1 2024, it was 21.92% [39][31] - The net profit margin for 2023 was 6.67%, with a decrease of 0.35 percentage points. In Q4 2023, the net profit margin was 6.2%, an increase of 2.25 percentage points, and for Q1 2024, it was 4.97%, an increase of 0.08 percentage points [6][31] 3. Expense Management - The company's expense ratio for 2023 was 13.04%, an increase of 2.15 percentage points. In Q4 2023 and Q1 2024, the expense ratios were 16.22% and 12.33%, respectively [7][31] - The sales, management, R&D, and financial expense ratios for 2023 increased by 0.46, 0.15, 0.29, and 1.26 percentage points, respectively. In Q4 2023, these ratios improved, while the financial expense ratio decreased mainly due to increased exchange gains [7][31] 4. Cash Flow and Efficiency - The company maintained a healthy cash flow, with a net operating cash flow of 1.909 billion yuan in 2023, an increase of 34.15%. The net investment cash flow was -2.179 billion yuan, primarily due to increased cash payments for fixed assets and other long-term assets [68] - As of the end of 2023, the company's inventory turnover days were 56 days, a decrease of 16 days from 2022, indicating improved inventory turnover efficiency [43][31]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock to outperform the market by more than 10% over the next 12 months [5][26]. Core Insights - The company's 2023 annual report aligns with preliminary performance, reporting revenue of 14.65 billion yuan (YoY +6.9%) and a net profit attributable to shareholders of 980 million yuan (YoY +1.6%). The gross margin was 22.7% (YoY +1.6 percentage points) and the net profit margin was 6.7% (YoY -0.3 percentage points) [22]. - In Q4 2023, revenue reached 3.89 billion yuan (YoY +30.7%) with a net profit of 240 million yuan (YoY +105.1%). The gross margin was 23.4% (YoY -0.5 percentage points) and the net profit margin was 6.2% (YoY +2.2 percentage points) [22]. - For Q1 2024, the company reported revenue of 3.47 billion yuan (YoY +22.8%) and a net profit of 170 million yuan (YoY +24.7%). The gross margin was 21.9% (YoY unchanged) and the net profit margin was 5.0% (YoY +0.1 percentage points) [23]. Financial Summary - The company forecasts a net profit growth of 15.3%, 10.5%, and 10.1% for the years 2024, 2025, and 2026 respectively. The report assigns a 15x price-to-earnings ratio for 2024, leading to a target price of 20.57 yuan per share [24]. - The financial projections include: - Revenue (million yuan): 2022A 13,696, 2023A 14,647, 2024E 16,361, 2025E 17,870, 2026E 19,398 [25]. - Net profit (million yuan): 2022A 961, 2023A 977, 2024E 1,127, 2025E 1,245, 2026E 1,371 [25]. - Earnings per share (yuan/share): 2022A 1.16, 2023A 1.19, 2024E 1.37, 2025E 1.52, 2026E 1.67 [25].

邮箱：gsresearch@gszq.com P.3 请仔细阅读本报告末页声明 邮箱：gsresearch@gszq.com 邮编：200120 地址：深圳市福田区福华三路 100 号鼎和大厦 24 楼 邮编：518033 2024 年 04 月 27 日 事件：公司发布 2023 年年报及 2024 年一季报。公司 2023 年实现营业 收入 146.47 亿元，同比增长 6.94%；实现归母净利润 9.77 亿元，同比增 长 1.64%。其中，公司 2023Q4 实现营业收入 38.92 亿元，同比增长 30.66%；实现归母净利润 2.41 亿元，同比增长 105.07%。公司 2024Q1 实现营业收入 34.74 亿元，同比增长 22.79%；实现归母净利润 1.73 亿 元，同比增长 24.74%。 品类扩张打开新成长曲线。报告期内，公司业务进一步从厨房小电拓展至 清洁电器，新推出的泳池清洁机器人可通过手机 APP 实时联网自动清洁 泳池墙面及地面，目前已在欧美地区销售。此外，公司 2024 年 4 月通过 参展广交会，成功吸引法国、西班牙、美国、澳大利亚等多国家采购商并 获得订单意向。 | -- ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 外销延续快增，内销逐步改善：分区域来看：1）2023Q4、2024Q1 新宝外销收入分别同比增长约 51.6%、30.0%。受益于上年同期低 基数和海外小家电需求景气回升，且新宝积极拓展家居电器、婴 儿电器、个护美容电器、制冷电器等领域，公司外销收入延续快 速增长态势。2）2023Q4、2024Q1 新宝内销收入分别同比增长约 0.5%、7.0%。新宝大力发展国内自主品牌业务，内销收入增速逐 季回升。考虑到国内小家电消费景气和各品牌基数情况，我们推 断 Q1 摩飞收入表现平稳，东菱、百胜图收入同比有所增长。据久 谦数据，Q1 摩飞、东菱、百胜图线上销售额 YoY-25.8%、+14.9%、 +8.5%。展望后续，新宝国内自主品牌持续拓展新品、新渠道，内 销收入增速有望回升；海外需求持续改善，新宝外销收入有望持 续增长。 | --- | --- | |--------------------------|-------------------------| | | 公司快报 \n证券研究报告 | | | 小家电Ⅲ | | 投资评级 | 买入-A 维持评级 | ...

证券代码：002705 证券简称：新宝股份 公告编码：（2024）030 号 并征集相关问题的公告 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。 一、说明会召开方式及时间 广东新宝电器股份有限公司 2023 年年度报告于 2024 年 4 月 27 日在巨潮资 讯网（http://www.cninfo.com.cn）披露。为了让广大投资者进一步了解公司 2023 年年度报告和经营情况，公司将于 2024 年 5 月 7 日下午 15:00 至 17:00 在全景 网举行 2023 年年度网上业绩说明会。本次网上业绩说明会将采用网络远程的方 式举行，投资者可登录"全景·路演天下" http://rs.p5w.net 参与本次业绩说明会。 广东新宝电器股份有限公司 关于举行 2023 年年度网上业绩说明会 二、公司参会人员 出席本次业绩说明会的人员有：公司董事长郭建刚先生，董事兼总裁曾展晖 先生，财务总监蒋演彪先生，董事会秘书陈景山先生，独立董事谭有超先生。 三、投资者互动 特此公告！ 广东新宝电 ...

2023年，公司经营活动产生的现金流量净额190,877.61万元，较2022年同期 增长34.15%，主要是本期销售商品、提供劳务收到的现金增加及购买商品、接受 劳务支付的现金减少。 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 2023 年度总经理工作报告 一、2023 年公司总体经营情况 1、概述 2023年，广东新宝电器股份有限公司（以下简称"公司"）积极开拓市 场，总体收入实现了稳定的增长；营业总收入实现1,464,675.27万元，较2022年 同期增长6.94%；其中，国外营业收入实现1,081,112.66万元，较2022年同期增 长11.08%，2023年海外小家电总体需求逐步修复；国内营业收入实现383,562.61 万元，较2022年同期下降3.22%。 2023年公司实现利润总额130,728.94万元，较2022年同期增长4.04%；实现归 属于上市公司股东的净利润97,714.03万元，较2022年同期增长1.64%。扣除非经 常性损益后的归属于上市公司股东的净利润99,648.06万元，较2022年同期减少 0.51%；基本每股收益为1.1876元/股，较 ...

广东新宝电器股份有限公司 审计报告及财务报表 二○二三年度 广东新宝电器股份有限公司 审计报告及财务报表 （2023 年 01 月 01 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-4 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-160 | 三、 事务所及注册会计师执业资质证明 审计报告 信会师报字[2024]第 ZC10339 号 广东新宝电器股份有限公司全体股东： 一、 审计意见 我们审计了广东新宝电器股份有限公司（以下简称新宝股份）财 务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重 ...

证券代码：002705 证券简称：新宝股份 公告编码：（2024）012 号 广东新宝电器股份有限公司 第七届董事会第二次会议决议公告 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。 内容详见巨潮资讯网（http://www.cninfo.com.cn）。 二、 《2023 年度董事会工作报告》 表决结果：9 票同意、0 票反对、0 票弃权审议通过。 董事会依据独立董事出具的《独立董事独立性自查报告》，编写了《董事会 对独立董事保持独立性情况的专项意见》。 公司独立董事宋铁波先生、曹晓东先生、谭有超先生向董事会提交了《2023 年度独立董事述职报告》，并将在公司 2023 年年度股东大会上述职。 本议案需提交公司股东大会审议。 《2023 年度董事会工作报告》《董事会对独立董事保持独立性情况的专项意 见》及 《 2023 年 度 独 立 董 事 述 职 报 告 》 内 容 详 见 巨 潮 资 讯 网 （http://www.cninfo.com.cn）。 三、 《2023 年年度报告及其摘要》 ...

Financial Performance - The company's operating revenue for 2023 reached approximately ¥14.65 billion, representing a 6.94% increase compared to ¥13.70 billion in 2022[20] - The net profit attributable to shareholders for 2023 was approximately ¥977.14 million, reflecting a 1.64% increase from ¥961.39 million in the previous year[20] - The net cash flow from operating activities increased by 34.15% to approximately ¥1.91 billion, up from ¥1.42 billion in 2022[20] - Basic earnings per share for 2023 were ¥1.1876, a 1.12% increase from ¥1.1745 in 2022[20] - The net profit after deducting non-recurring gains and losses was approximately ¥996.48 million, a slight decrease of 0.51% compared to ¥1.00 billion in 2022[20] - Total assets increased by 12.10% to CNY 14,431,416,425.13 compared to the previous year[21] - Net assets attributable to shareholders rose by 8.76% to CNY 7,588,321,495.42[21] - The total revenue for 2023 reached CNY 1,464,675.27 million, representing a 6.94% increase compared to 2022[46] - The net profit attributable to shareholders was CNY 97,714.03 million, a 1.64% increase from the previous year, with a basic earnings per share of CNY 1.1876, up 1.12%[47] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of ¥4 per 10 shares, totaling approximately ¥327.26 million based on the adjusted share capital[4] - The total cash dividend, including share buybacks, is expected to reach 407,247,958.17 CNY, representing 41.68% of the net profit attributable to shareholders for the year[181] - The company has not proposed any stock dividends for the year 2023, opting instead for cash distribution[180] - The minimum cash dividend ratio is set at 20% of the distributable profits, provided certain conditions are met[169] - The company’s distributable profits as of December 31, 2023, amount to 3,436,285,501.40 CNY[180] Operational Strategies and Market Expansion - The company continues to expand its product range, including new categories such as water treatment equipment and home care devices[19] - The company is focusing on expanding its domestic brand business to match its overseas sales efforts[39] - The company plans to expand into home appliances, baby appliances, personal care beauty appliances, and refrigeration appliances while enhancing its domestic brand business[45] - The company aims to leverage its technology service platform to enhance market share through innovation in products, channels, and marketing strategies[45] - The company is actively engaging in product development and sales strategies, with a focus on new product launches and market expansion[124] Research and Development - Research and development expenses increased by 15.69% to ¥554,690,497.38 compared to the previous year[59] - The number of R&D personnel rose by 5.89% to 2,841, while the proportion of R&D personnel to total employees decreased to 8.67%[61] - Total R&D investment was ¥558,964,082.13, which is 3.82% of operating revenue, up from 3.50% in the previous year[61] - The company intends to enhance its product innovation ratio and maintain a high success rate for new product categories[107] Financial Management and Governance - The company has maintained its commitment to transparency and accuracy in financial reporting, with all board members present for the annual report review[4] - The company adheres to relevant laws and regulations, ensuring a transparent governance structure and protecting investor interests[130] - The company has established a complete and independent financial accounting system, with no shared bank accounts with controlling shareholders[135] - The company has a well-defined organizational structure that operates independently from its controlling shareholders[136] Environmental and Social Responsibility - The company holds valid national pollutant discharge permits for its facilities, with the A plant's permit valid until December 12, 2028[198] - The company is classified as a key pollutant discharge unit by environmental protection authorities[198] - The company has implemented various environmental protection standards and policies to manage its emissions[198] - Overall, the company remains committed to sustainable practices, with a goal to reduce carbon emissions by 20% by 2025[146] Challenges and Risks - The company faces risks from increasing competition in the domestic small appliance market, necessitating enhanced product development and brand management[115] - The company recognizes the challenge of rising labor costs and plans to improve production efficiency through automation and process optimization[120] - The company is monitoring the impact of U.S. tariffs on its performance and has implemented measures to mitigate these effects[125] Employee Management - The total number of employees at the end of the reporting period is 32,780, with 21,060 in the parent company and 11,720 in major subsidiaries[163] - The company has implemented a comprehensive salary management system to enhance employee motivation and corporate competitiveness[164] - The company collaborates with vocational schools and universities to develop management training programs for its staff[165] Future Outlook - The company anticipates a gradual recovery in domestic small home appliance demand as the economy stabilizes, despite external uncertainties[103] - Future outlook indicates a projected revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[146] - The company plans to continue expanding its market presence and developing new products and technologies[152]

证券代码：002705 证券简称：新宝股份 公告编码：（2024）021 号 广东新宝电器股份有限公司 关于 2023 年度公司盈余公积的提取及利润分配预案的公告 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。 广东新宝电器股份有限公司于 2024 年 4 月 26 日召开的第七届董事会第二 会议及第七届监事会第二次会议分别审议通过了《关于 2023 年度公司盈余公积 的提取及利润分配预案》，本预案尚需提交公司股东大会审议，现将具体情况公 告如下： 该预案尚需提交公司 2023 年年度股东大会审议通过。 一、 2023 年度盈余公积的提取及利润分配预案基本情况 1、 盈余公积的提取 根据《中华人民共和国公司法》（以下简称"《公司法》"）第一百六十六 条规定，公司分配当年税后利润时，应当提取利润的百分之十列入公司法定公 积金。公司法定公积金累计额为公司注册资本的百分之五十以上的，可以不再 提取。公司的法定盈余公积已超过公司总股本的 50%，公司 2023 年度不计提盈 余公积，以后根据具体情况再 ...