新宝股份：季报点评：外销增长亮眼，内销有所承压

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a total revenue of 12.69 billion yuan for the first three quarters of 2024, representing an 18.0% year-on-year increase. The net profit attributable to shareholders was 780 million yuan, up 6.7% year-on-year, while the non-recurring net profit was 800 million yuan, down 0.6% year-on-year. In Q3 2024, the company achieved a single-quarter revenue of 4.97 billion yuan, a 12.9% increase year-on-year, with a net profit of 340 million yuan, up 0.5% year-on-year [1]. - The company experienced strong growth in exports, with a year-on-year increase of 24.2% for the first three quarters, while domestic sales saw a decline of 1.25%. In Q3 2024, domestic sales dropped by 29.2%, while exports surged by 47.4% [1]. - The gross margin for the first three quarters of 2024 was 21.4%, down 1.1 percentage points year-on-year, and for Q3 2024, it was 20.9%, down 2.2 percentage points year-on-year. The overall profitability showed a slight decline [2]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 1.03 billion yuan, 1.15 billion yuan, and 1.27 billion yuan, respectively, with year-on-year growth rates of 5.4%, 11.2%, and 10.8% [2][3]. - The earnings per share (EPS) for 2024 is expected to be 1.27 yuan, with a price-to-earnings (P/E) ratio of 11.7 [3][11]. - The company’s total revenue is projected to reach 17.04 billion yuan in 2024, reflecting a growth rate of 16.4% year-on-year [3][11]. Stock Information - The company operates in the small home appliance industry and had a closing price of 14.87 yuan on October 28, 2024, with a total market capitalization of approximately 12.07 billion yuan [4].