证券代码：002705 证券简称：新宝股份 公告编码：（2024）032 号 广东新宝电器股份有限公司 关于变更持续督导保荐代表人的公告 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。 公司 2020 年 9 月 25 日与东莞证券股份有限公司（以下简称"东莞证券"） 签订了《广东新宝电器股份有限公司（作为发行人）与东莞证券股份有限公司（作 为保荐人）关于向特定投资者非公开发行不超过 24,044.18 万股每股面值 1 元的 人民币普通股（A 股）之保荐协议》，聘任东莞证券担任公司 2020 年度非公开 发行股票项目的保荐机构。 新宝股份 2020 年度非公开发行股票项目经中国证券监督管理委员会（证监 许可[2020]2837 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。2021 年 1 月 12 日，新宝股份 2020 年度非公开发行股票在深圳证 券交易所上市。 2024 年 5 月 16 日 附件： 朱则亮先生个人简历 本次保荐代表人变更后，公司 2017 年度 ...

[Table_QuoteInfo] -30.97% -21.97% -12.97% -3.97% 5.03% 14.03% 2023/5 2023/8 2023/11 2024/2 新宝股份 海通综指 请务必阅读正文之后的信息披露和法律声明 [Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 新宝股份（002705）公司年报点评 2024 年 05 月 13 日 外销景气度延续，内销改善趋势渐显 公司发布 23&24Q1 财报。2023 年公司实现收入 146.47 亿元，同比 6.94%， 归母净利润 9.77 亿元，同比 1.64%。其中 23Q4 实现收入 38.92 亿元，同比 30.66%，实现归母净利润 2.41 亿元，同比 105.07%，24Q1 实现收入 34.74 亿元，同比 22.79%，归母净利润 1.73 亿元，同比 24.74%。公司每 10 股分 红 4 元，分红率为 33.49%。 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.44 CNY based on a 17x P/E ratio for 2024 [15][19][21]. Core Insights - The company reported a revenue of 14.647 billion CNY in 2023, a year-on-year increase of 6.94%, and a net profit attributable to shareholders of 977 million CNY, up 1.64% [14]. - In Q1 2024, the company achieved a revenue of 3.474 billion CNY, representing a 22.79% year-on-year growth, with a net profit of 173 million CNY, up 24.74% [14]. - The company's revenue from global ODM and OEM/self-owned brand businesses in 2023 was 11.942 billion CNY and 2.705 billion CNY, respectively, showing a 10% increase in ODM and a 6% decrease in OEM/self-owned brands [14]. - The gross margin for 2023 was 22.74%, an increase of approximately 1.6 percentage points year-on-year, while the net profit margin was 6.67%, a decrease of about 0.3 percentage points [14]. - The company aims to enhance production efficiency by investing in automation and new product categories, targeting a 20% efficiency improvement within three years [14]. Financial Forecast and Investment Recommendations - The company is expected to have net profits of 1.082 billion CNY, 1.236 billion CNY, and 1.361 billion CNY for 2024, 2025, and 2026, respectively [15][19]. - The report adjusts the internal sales revenue assumptions and provides a detailed financial outlook, including projected earnings per share (EPS) of 1.32 CNY, 1.50 CNY, and 1.66 CNY for the next three years [15][19].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's domestic sales are stabilizing while external sales continue to show strong performance [7] - The company achieved a revenue of 14.6 billion yuan in 2023, representing a year-on-year increase of 7%, with a net profit of 1 billion yuan, up 2% year-on-year [6][9] - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares to all shareholders [6] Revenue Performance - In 2023, the company's domestic and foreign sales were 3.8 billion yuan and 10.8 billion yuan respectively, with year-on-year changes of -3% and +11% [7] - In Q4 2023, the company reported a revenue of 3.9 billion yuan, a year-on-year increase of 31%, and a net profit of 200 million yuan, up 105% year-on-year [6][9] - For Q1 2024, the company achieved a revenue of 3.5 billion yuan, a year-on-year increase of 23%, with a net profit of 200 million yuan, up 25% year-on-year [6][9] Profitability and Cost Management - The company's gross margin for 2023 was 22.7%, an increase of 1.6 percentage points year-on-year, attributed to lower raw material costs and ongoing cost reduction measures [8] - The overall expense ratio for 2023 increased by 2.2 percentage points year-on-year, while in Q1 2024, it decreased by 3.4 percentage points [8] - The net profit margin for 2023 was 6.7%, slightly down by 0.4 percentage points year-on-year, indicating stable profitability [8] Forecast and Valuation - The company is positioned as a leading player in the small home appliance ODM sector, with an upward revision of net profit forecasts for 2024-2026 to 1.14 billion, 1.28 billion, and 1.45 billion yuan respectively [9] - The current stock price corresponds to a price-to-earnings ratio of 12, 11, and 9 times for the years 2024, 2025, and 2026 respectively [9]

证券分析师：陈伟奇 证券分析师：王兆康 0755-81982606 0755-81983063 chenweiqi@guosen.com.cn wangzk@guosen.com.cn S0980520110004 S0980520120004 证券分析师：邹会阳 联系人：李晶 0755-81981518 zouhuiyang@guosen.com.cnlijing29@guosen.com.cn S0980523020001 请务必阅读正文之后的免责声明及其项下所有内容 2023 年报&2024 年一季报点评： 外销反弹内销恢复，一季度扣非盈利明显改善 | --- | --- | --- | --- | --- | --- | |----------------------------------------|--------|--------|--------|----------------------------------|--------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 13,696 | 14,6 ...

厨房电器稳定发展，家居电器快速放量 厨房电器维持稳定，家居电器快速放量。分产品来看，公司 2023 年厨房电器/ 家居电器/其他产品分别实现营收 99 亿元/24.9 亿元/19.4 亿元，分别同比 +4.1%/+20.4%/+3.1%；分地区来看，内外销分别实现营收 38.4 亿元/108.1 亿 元，分别同比-3.2%/+11.1%；分销售模式来看，ODM（OEM）/自主品牌分别 实现营收 119.4亿元/27.1 亿元，分别同比+10.4%/-6.1%。 24Q1盈利能力保持稳定。公司 2024年 Q1毛利率为 21.9%，同比持平。费用 率方面，2023年公司销售/管理/财务/研发费用率分别为 4%/5.5%/-0.9%/3.8%， 分别同比-0.3pp/-0.8pp/-2pp/-0.3pp，财务费用率下降主要来自于汇兑收益比去 年同期增加 7886 万元。净利率来看，2024 年 Q1 公司净利率同比提升 0.1pp 至 5.5%。 | --- | --- | --- | --- | --- | |----------------------------------|----------|----- ...

[ T able_StockInfo] 2024 年 05 月 04 日 证券研究报告•23 年年报及 24 年一季报点评 买入 （维持） 当前价：16.62 元 新宝股份（002705）家用电器 目标价：——元（6 个月） 厨房电器稳定发展，家居电器快速放量 [Table_Summary 事件：公司发布] 2023 年年报及 2024 年一季报，2023 年公司实现营收 146.5 亿元，同比增长 6.9%；实现归母净利润 9.8亿元，同比增长 1.6%；实现扣非净 利润 10 亿元，同比减少 0.5%。单季度来看，Q4 公司实现营收 38.9 亿元，同 比增长 30.7％；实现归母净利润 2.4亿元，同比增长 105.1%；实现扣非后归母 净利润 1.9亿，同比增长 180.7%。2023年公司现金分红 4.1亿元，业绩分红率 达 41.7%。2024 年 Q1公司实现营收 34.7亿元，同比增长 22.8%；实现归母净 利润 1.7亿元，同比增长 24.7%；实现扣非净利润 2.1亿元，同比增长 131.8%。 厨房电器维持稳定，家居电器快速放量。分产品来看，公司 2023 年厨房电器/ 家居电器/其他 ...

本报告由国信证券股份有限公司（已具备中国证监会许可的证券投资咨询业务资格）制作；报告版权归 国信证券股份有限公司（以下简称"我公司"）所有。本报告仅供我公司客户使用，本公司不会因接收人 收到本报告而视其为客户。未经书面许可，任何机构和个人不得以任何形式使用、复制或传播。任何有 关本报告的摘要或节选都不代表本报告正式完整的观点，一切须以我公司向客户发布的本报告完整版本 为准。 本报告基于已公开的资料或信息撰写，但我公司不保证该资料及信息的完整性、准确性。本报告所载的 信息、资料、建议及推测仅反映我公司于本报告公开发布当日的判断，在不同时期，我公司可能撰写并 发布与本报告所载资料、建议及推测不一致的报告。我公司不保证本报告所含信息及资料处于最新状态； 我公司可能随时补充、更新和修订有关信息及资料，投资者应当自行关注相关更新和修订内容。我公司 或关联机构可能会持有本报告中所提到的公司所发行的证券并进行交易，还可能为这些公司提供或争取 提供投资银行、财务顾问或金融产品等相关服务。本公司的资产管理部门、自营部门以及其他投资业务 部门可能独立做出与本报告中意见或建议不一致的投资决策。 本报告仅供参考之用，不构成出售或购买 ...

| --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 29 日 | | 收盘价（元） | 16.53 | | 一年内最高/最低（元） | 19.29/10.8 | | 市净率 | 1.8 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） | 13524 | | 上证指数/深证成指 | 3113.04/9673.76 | 相关研究 2024 年 04 月 30 日 新宝股份 (002705) 上 市 公 司 公司点评 法律声明 本报告仅供上海申银万国证券研究所有限公司（以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为客户。 客户应当认识到有关本报告的短信提示、电话推荐等只是研究观点的简要沟通，需以本公司 http://www.swsresearch.com 网站 刊载的完整报告为准，本公司并接受客户的后续问询。本报告首页列示的联系人，除非另有说明，仅作为本公司就本报告与客户的 联络人，承担联络工作，不从事任何证券投资咨询服务业务。 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 22.00, up from the previous target of 19.00 [34][45]. Core Insights - The report highlights a recovery in domestic sales margins and sustained high growth in exports. The company is expected to continue benefiting from order replenishment in exports while domestic brand initiatives are anticipated to drive further recovery in domestic sales [34][45]. - The earnings forecast for 2024-2026 has been raised, with expected EPS of 1.43, 1.59, and 1.73 respectively, reflecting year-on-year growth of 20%, 12%, and 9% [34][45]. Financial Performance Summary - In 2023, the company achieved a revenue of 146.47 billion, a year-on-year increase of 7%, with a net profit of 9.77 billion, up 1.64% [34][45]. - For Q1 2024, the company reported a revenue of 34.74 billion, a year-on-year increase of 22.79%, and a net profit of 1.73 billion, up 24.74% [34][45]. - The gross profit margin for 2023 was 22.74%, with a net profit margin of 7.15% [50][51]. Sales and Market Trends - Export sales continued to show strong growth, with a 30% year-on-year increase in Q1 2024. Domestic sales also improved, with a 7% increase in the same period [19][47]. - The company plans to expand its product lines into home appliances, baby electronics, personal care, and refrigeration sectors while enhancing its domestic brand business [49]. Cost and Profitability Analysis - The report indicates an increase in gross margins due to favorable currency exchange rates, with domestic gross margins at 27.74% and export margins at 20.96% for 2023 [23][50]. - The company’s operating expenses have been managed effectively, with a decrease in the expense ratios for sales, management, and R&D in recent quarters [24][52]. Cash Flow and Financial Health - The company reported a healthy cash flow position, with a net cash flow from operating activities of 19.09 billion in 2023, reflecting a year-on-year increase [55][54]. - As of Q1 2024, the company had cash and cash equivalents plus trading financial assets totaling 34.72 billion, indicating a slight decrease from the previous year [28][54].