新宝股份：2024年中报点评：营收表现超预期，盈利能力小幅承压

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company has shown rapid growth in exports while domestic sales remain stable, leading to overall revenue growth. However, profitability has slightly come under pressure [6]. - The company is expected to achieve revenues of 16.8 billion, 18.2 billion, and 19.7 billion for the years 2024, 2025, and 2026, respectively, representing year-on-year growth of 15%, 8%, and 8%. The net profit attributable to the parent company is projected to be 1.13 billion, 1.21 billion, and 1.31 billion for the same years, also reflecting year-on-year growth of 15%, 8%, and 8% [2][6]. - The company is a leading player in the small home appliance OEM sector, with significant advantages and currently low valuation [2][6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 7.723 billion, a year-on-year increase of 21.53%, and a net profit of 442 million, up 11.95% year-on-year. The second quarter saw revenue of 4.249 billion, a 20.51% increase year-on-year, with net profit of 269 million, a 5.06% increase year-on-year [6]. - The gross margin for the first half and second quarter decreased by 0.3 and 0.6 percentage points year-on-year, respectively. The gross margin for domestic sales fell by 0.9 percentage points, while that for exports improved slightly by 0.2 percentage points [6][12]. Market Dynamics - The export business has shown strong growth, with a year-on-year increase of 27% in the first half of 2024. The growth is driven by recovering overseas demand and customer inventory replenishment [6]. - Domestic sales grew by 6% year-on-year in the first half, with expectations of stable growth in the ODM business. However, the overall performance of the company's own brands is under pressure due to weak consumer demand [6]. Future Outlook - The company is expected to maintain its growth trajectory, with revenue projections for 2024-2026 indicating a steady increase. The current valuation is considered low relative to future growth prospects [2][6].