新宝股份(002705)：外销阶段性承压 毛利率费用率控制稳定

Core Insights - The company's revenue performance fell short of expectations, with a total revenue of 12.284 billion yuan in Q1-3 2025, a year-on-year decrease of 3% [1] - The net profit attributable to shareholders reached 841 million yuan, a year-on-year increase of 7%, while the net profit after deducting non-recurring items was 814 million yuan, up 2% year-on-year [1] - In Q3 alone, the company reported a revenue of 4.481 billion yuan, down 10% year-on-year, and a net profit of 298 million yuan, down 13% year-on-year [1] Revenue Breakdown - Domestic sales revenue for Q1-3 was 2.519 billion yuan, a decline of 2.18% year-on-year, while foreign sales revenue was 9.765 billion yuan, down 3.46% year-on-year [2] - The decline in domestic sales was less severe compared to the first half of the year, benefiting from government subsidies for replacing old appliances [2] - The company plans to expand its core research areas and product categories, including commercial machines, personal care products, pet appliances, and high-tech gardening tools [2] Profitability and Costs - The gross margin for Q3 2025 slightly decreased by 0.84 percentage points to 20.03%, indicating stability [2] - Financial expenses surged by 232.67% due to reduced exchange gains, while overall expense control was deemed satisfactory [2] Earnings Forecast and Investment Rating - The earnings forecast for 2025-2027 has been revised down to 1.105 billion, 1.206 billion, and 1.284 billion yuan, reflecting year-on-year growth rates of 5.0%, 9.1%, and 6.4% respectively [3] - The company is positioned as a leading player in the small home appliance sector, with potential recovery in profitability as new businesses ramp up and export conditions improve [3]