新宝股份：2024Q3业绩点评：外销延续高增，业绩稳健

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price raised to 19.35 CNY from the previous 16.00 CNY [4][14]. Core Insights - The company has shown stable domestic sales performance while experiencing high growth in export orders. The flexible production capabilities are expected to enhance market share in the export sector, leading to stable revenue growth [3][14]. - The company’s revenue for the first three quarters of 2024 reached 12.69 billion CNY, a year-on-year increase of 17.99%, with a net profit of 785 million CNY, up 6.66% year-on-year [16]. - The report anticipates a slight decline in domestic sales due to a slow recovery in the small home appliance sector, while export revenue is expected to remain robust [17][18]. Summary by Sections 1. Investment Recommendation - The company is rated "Accumulate" with a target price of 19.35 CNY, reflecting a 15x PE for 2024 [4][14]. 2. Performance Overview - For Q1-Q3 2024, the company achieved a revenue of 12.69 billion CNY, with Q3 revenue at 4.967 billion CNY, showing a year-on-year increase of 12.88% [16]. 3. Export Growth and Domestic Sales - Export revenue for the first three quarters increased by 24.15% year-on-year, while domestic sales saw a decline of 1.25%. In Q3, export revenue grew by 20%, accounting for 84% of total revenue [17]. 4. Changes in Revenue Structure Affecting Profit Margins - The gross margin for Q1-Q3 2024 was 21.41%, down 1.09 percentage points year-on-year, with Q3 gross margin at 20.87%, down 2.23 percentage points year-on-year. The decline is attributed to a higher proportion of lower-margin export business and the appreciation of the RMB [18]. 5. Healthy Cash Flow and Financial Position - As of Q3 2024, the company had cash and cash equivalents totaling 3.215 billion CNY, with inventory at 1.843 billion CNY. The net cash flow from operating activities for Q1-Q3 was 612 million CNY [19][20].