公司报告 | 年报点评报告 事件：公司 2023 年全年实现营业收入 146.47 亿元，同比+6.94%，归母净 利润 9.77 亿元，同比+1.64%；其中 2023Q4 实现营业收入 38.92 亿元，同 比+30.66%，归母净利润 2.41 亿元，同比+105.07%。公司 2024 年 Q1 全年 实现营业收入 34.74 亿元，同比+22.79%，归母净利润 1.73 亿元，同比 +24.74%。公司拟向全体股东每 10 股派发现金红利 4.00 元（含税），分红 率 33.5%。 公司 2023 年销售、管理、研发、财务费用率分别为 3.96%、5.87%、3.79%、 -0.58%，同比+0.46、+0.15、+0.29、+1.26pct；其中 23Q4 季度销售、管理、 研发、财务费用率分别为 4.86%、7.11%、3.65%、0.6%，同比-0.49、-0.43、 -1.03、-0.73pct。公司 2024 年 Q1 销售、管理、研发、财务费用率分别为 3.97%、5.49%、3.8%、-0.93%，同比-0.29、-0.78、-0.3、-2pct。受人民币 兑美元汇率波动影响，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：2024-003 √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 开源证券、国联证券、国泰君安证券、光大证券、天风证券、招商证券、 中金证券、中泰证券、长城证券、信达证券、广发证券、申万宏源证券、 财达证券、海通证券、华泰证券、东北证券、国金证券、长江证券、中 信证券、华创证券、国盛证券、广发基金、华安基金、泰康基金、中欧 基金、工银瑞信基金、光大保德信基金、东方阿尔法基金、合煦智远基 金、浙商基金、长盛基金、国泰基金、海富通基金、华富基金、华宝基 金、中庚基金、太平基金、嘉实基金、华夏基金、银河基金、建信基金、 参与单位名称 深圳中天汇富基金、国泰君安资产管理、华泰证券资产管理、中信建投 及人员姓名 资产管理、中意资产管理、华夏久盈资产管理、财通证券资产管理、施 罗德投资、中债信用增进投资、浙江国信投资、工银国际控股、上海合 远私募基金、北京京管泰富基金、广东天辰元信私募基金、沣京资本管 ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [4][15]. Core Views - The company's revenue growth is driven by an increase in export orders, while domestic sales are expected to gradually recover from a low base [15]. - The company reported a total revenue of 14.65 billion yuan in 2023, a year-on-year increase of 6.94%, and a net profit attributable to the parent company of 977.14 million yuan, up 1.64% year-on-year [1][3]. - For Q4 2023, the company achieved a revenue of 3.89 billion yuan, representing a significant year-on-year growth of 30.66%, and a net profit of 241 million yuan, which is a remarkable increase of 105.07% year-on-year [1]. Financial Performance Summary - The company's gross margin for 2023 was 22.74%, an increase of 1.62 percentage points year-on-year, while the net margin was 7.15%, a decrease of 0.37 percentage points year-on-year [5]. - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares, with a payout ratio of 33.5% [1]. - The financial data for 2024E shows projected revenue of 15.79 billion yuan, with a growth rate of 7.79% [3][19]. Expense Ratios - In 2023, the company's sales, management, R&D, and financial expense ratios were 3.96%, 5.87%, 3.79%, and -0.58%, respectively, with slight year-on-year increases [2]. - For Q4 2023, the sales, management, R&D, and financial expense ratios were 4.86%, 7.11%, 3.65%, and 0.6%, showing a decrease in most categories compared to the previous year [2]. Market Position - The company has a total market capitalization of approximately 13.59 billion yuan, with a circulating market value of about 13.52 billion yuan [4]. - The company's earnings per share (EPS) for 2023 was 1.19 yuan, with a projected EPS of 1.37 yuan for 2024 [3][19].

证券研究报告 新宝股份(002705) 2023A&2024Q1 业绩点评： 23 年毛销差提升 1.2pct，毛利率同比+1.6pct，其中外销随着规模恢复叠 加汇率助益，毛利率同比+2.4pct 至 21.0%，达到历史较高水平。23 年公司 拟锁定汇率影响，积极套保对冲波动，全年汇率对业绩绝对值的影响基本 正负相抵（①财务费用中汇兑收益 8554 万；②套保对冲，亏损 7947 万）， 但因为 22 年汇率对业绩正面贡献较大（汇兑收益 2.45 亿，套保损失 7462 万），所以 23 年汇率波动对整体净利率同比有所拖累。24Q1 毛销差同比 +0.3pct 且管理/研发费用率合计同比-1.1pct，经营性盈利表现较优；汇率 对业绩的影响基本相抵（汇兑收益同比+7886 万；套保损失同比+8041 万）。 | --- | --- | --- | --- | --- | --- | |----------------------------|--------|------------------------------|-----------------------------|------------- ...

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 | ...

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 ...

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 ...