新宝股份：外销增速表现亮眼，内销呈现稳步增长

Investment Rating - The report maintains a "Buy" rating for the company, with an expected profit growth leading to a price-to-earnings (PE) ratio of 9.2x for 2024, 8.3x for 2025, and 7.6x for 2026 [4][6]. Core Insights - The company achieved a revenue of 7.723 billion yuan in H1 2024, representing a year-on-year increase of 21.53%, with a net profit of 442 million yuan, up 11.95% year-on-year [1]. - The growth in revenue is driven by a strong performance in overseas sales, which saw a year-on-year increase of 27.1% in H1 2024, while domestic sales grew steadily by 6.3% [2]. - The company's gross margin for H1 2024 was 21.76%, a slight decrease of 0.32 percentage points year-on-year, attributed to weaker performance in its higher-margin proprietary brand [2]. - Financial expenses showed significant fluctuations due to reduced interest income and foreign exchange gains, impacting the overall financial performance [3]. - The net cash flow from operating activities decreased by 86.18% year-on-year to 54 million yuan in H1 2024, primarily due to increased cash payments for goods and services [4]. Financial Data Summary - The company reported a revenue of 16.54 billion yuan for 2024E, with a projected growth rate of 12.91% [5]. - The net profit attributable to the parent company is expected to reach 1.13 billion yuan in 2024E, reflecting a growth rate of 15.35% [5]. - The earnings per share (EPS) is projected to be 1.38 yuan for 2024E, with a PE ratio of 9.15 [5][11]. - The company’s total assets are estimated to be 16.70 billion yuan in 2024E, with a debt-to-asset ratio of 47.38% [9][10].