新宝股份：Q3外销快速增长，期待内销改善

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of 19.19 CNY for the next six months [5][6]. Core Views - The company has shown strong growth in overseas sales, with a year-on-year increase of 20.3% in Q3, driven by high demand for small home appliances [3][4]. - Domestic sales have faced challenges, declining by 15.3% year-on-year in Q3, attributed to a sluggish consumer market [3]. - The company is expected to benefit from government policies promoting the replacement of old appliances, which may improve domestic sales in the future [3][5]. - The company's profitability has been impacted by currency fluctuations and rising raw material costs, leading to a decrease in gross margin by 2.2 percentage points year-on-year in Q3 [4]. - Despite the challenges, the company is focusing on enhancing operational efficiency and cost control, which may lead to improved profitability as domestic market conditions recover [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 12.69 billion CNY, a year-on-year increase of 18.0%, and a net profit of 780 million CNY, up 6.7% year-on-year [2]. - In Q3 alone, the company achieved revenues of 4.97 billion CNY, representing a 12.9% year-on-year growth, with a net profit of 340 million CNY, a slight increase of 0.5% year-on-year [2]. - The company's earnings per share (EPS) are projected to be 1.28 CNY, 1.48 CNY, and 1.73 CNY for the years 2024, 2025, and 2026, respectively [5][8]. - The company’s gross profit margin for Q3 was reported at 6.9%, down 0.8 percentage points year-on-year [4]. Market Position and Outlook - The company is recognized as a leading exporter of Western-style small home appliances in China, with significant growth potential in both domestic and international markets [5]. - The ongoing demand for small home appliances in overseas markets is expected to continue supporting the company's revenue growth [5]. - The company is actively expanding its product lines and channels, particularly in the domestic market, which may enhance its competitive position [5].