新宝股份：营收增长较好，盈利能力阶段回落

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company achieved a revenue of 7.723 billion yuan in H1 2024, representing a year-on-year growth of 21.53%. The net profit attributable to the parent company was 442 million yuan, up 11.95% year-on-year [2][4]. - The company is focusing on developing a diversified small home appliance technology service system to meet consumer demands for personalized quality living [5]. - The company is experiencing a decline in gross margin, with H1 2024 gross margins at 21.76%, down 0.32 percentage points year-on-year, primarily due to weaker domestic demand and a higher proportion of OEM business [4][5]. Summary by Sections Revenue and Profitability - In H1 2024, the company reported a revenue of 77.23 billion yuan, a 21.53% increase year-on-year. The net profit attributable to the parent company was 4.42 billion yuan, reflecting an 11.95% increase year-on-year. The adjusted net profit was 4.92 billion yuan, up 9.84% year-on-year [2][4]. - For Q2 2024, the revenue was 42.49 billion yuan, with a year-on-year growth of 20.51%. The net profit attributable to the parent company was 2.69 billion yuan, a 5.06% increase year-on-year [2][4]. Sales Performance - The company’s external sales showed strong performance, with a year-on-year growth of 27.05% in H1 2024. Domestic sales grew by 6.34% during the same period [4]. - The company is actively developing its domestic brand business and has seen positive results from its Morphy Richards brand, which is being extended to other brands [4]. Cost and Margin Analysis - The gross margin for H1 2024 was 21.76%, down 0.32 percentage points year-on-year, attributed to weaker domestic demand and a shift towards OEM business [4]. - The company’s operating expenses showed mixed results, with sales and management expenses decreasing, while financial expenses increased significantly due to reduced interest income and exchange gains [4]. Future Outlook - The company aims to enhance its competitive edge through technological innovation and efficiency improvements, with projected net profits for 2024, 2025, and 2026 at 1.09 billion, 1.26 billion, and 1.40 billion yuan, respectively [5].