新宝股份：2024年三季报点评：外销订单增长延续，自主品牌蓄力

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue met expectations, but the net profit attributable to the parent company fell short of expectations. For the first three quarters of 2024, the company achieved revenue of 12.69 billion yuan, a year-on-year increase of 18%. The net profit attributable to the parent company was 785 million yuan, a year-on-year increase of 7%, while the net profit after deducting non-recurring gains and losses decreased by 1% [4][5] - The company continues to see growth in overseas sales, with a notable increase in external orders. The home appliance category is experiencing rapid growth due to the company's expansion into new categories and large customer orders. The overseas production capacity is expected to be released by the end of the year, which will help meet orders from the US market [5] - The gross margin has decreased, while the expense ratio remains stable. The gross margin fell from 23.1% in Q3 2023 to 20.87% in Q3 2024, influenced by product mix adjustments. The company’s three major expense ratios remained stable, with a slight decrease [6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a total revenue of 12.69 billion yuan, with a year-on-year growth rate of 18%. The net profit attributable to the parent company was 785 million yuan, reflecting a year-on-year increase of 6.7% [7] - The company forecasts net profits of 1.068 billion yuan, 1.169 billion yuan, and 1.258 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 9.3%, 9.4%, and 7.6% [6][7] - The earnings per share are projected to be 1.32 yuan, 1.44 yuan, and 1.55 yuan for 2024, 2025, and 2026 respectively [7] Market Position - The company is positioned as a leading player in the Western small home appliance market, with significant recovery in export business and gradual ramp-up of new business lines. The profitability is expected to gradually recover [6]