新宝股份：2024年中报点评：家居电器开拓增量，外销延续高景气

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][11] Core Views - The company has shown a strong revenue growth of 21.5% year-on-year in H1 2024, with total revenue reaching 7.72 billion [1] - The net profit attributable to the parent company increased by 12.0% to 440 million, while the net profit excluding non-recurring items grew by 9.8% to 490 million [1] - The company’s overseas sales continue to perform well, with a 27.1% increase in H1 2024, amounting to 5.92 billion [1] - Domestic sales of self-owned brands are expected to face pressure due to macroeconomic conditions, with kitchen small appliances retail sales declining [1] - The company is expanding its product categories, particularly in home appliances, which has contributed to revenue growth [1] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 77.2 billion, a 21.5% increase year-on-year, and a net profit of 4.4 billion, up 12.0% [1] - Q2 2024 revenue was 42.5 billion, reflecting a 20.5% increase, while net profit was 2.7 billion, a 5.1% increase [1] - The gross margin for H1 2024 decreased by 0.3 percentage points to 21.8% [1] Sales Performance - The company’s overseas sales have shown resilience, with a projected 25.0% growth in Q2 2024 [1] - Domestic sales increased by 6.3% to 18.0 billion in H1 2024, with expectations of a 6.2% growth in Q2 [1] - Kitchen appliances revenue grew by 20.1% to 53.5 billion, while home appliances saw a 40.5% increase to 13.0 billion [1] Profitability and Cost Management - The increase in the proportion of OEM business has negatively impacted the gross margin [1] - Operating expenses have been optimized, with a slight decrease in sales and management expense ratios [1] - The company reported a foreign exchange loss of 864 million, which had a limited impact on overall profitability [1] Future Outlook - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 1.11 billion, 1.24 billion, and 1.36 billion respectively [1] - The company maintains a PE ratio of 10, 9, and 8 for the respective years [1]