Investment Rating - The report assigns an "Accumulate" rating for Huabao New Energy (301327.SZ) as a first-time coverage [6] Core Views - The company demonstrates significant advantages in channels and products, with cost reduction and efficiency improvements aiding in performance recovery [1] - The company has established a strong global presence with 23 brand websites and partnerships with major retailers, leading to substantial revenue growth in key markets [2] - Continuous innovation in product development and effective cost management have resulted in a notable increase in gross margin and profitability [3] Financial Performance Summary - Revenue for 2022 was 3,203 million, with a projected increase to 3,016 million in 2024 and 5,160 million by 2026, reflecting a growth rate of 30.4% in 2024 [1] - The net profit attributable to shareholders was 287 million in 2022, expected to recover to 194 million in 2024 and reach 387 million by 2026, with a growth rate of 211.9% in 2024 [1] - The company achieved a gross margin of 45.17% in the first three quarters of 2024, up 5.86 percentage points year-on-year [3] Market Position and Strategy - The company focuses on portable and DIY energy storage products, which are easy to use and cater to consumer needs, enhancing its market reach [2] - Strong partnerships with global retailers like Costco and Walmart have expanded the company's distribution channels, contributing to revenue growth of 41.12% and 72.69% in the US and Japan, respectively [2] - The company is committed to continuous product iteration and cost efficiency, which are expected to stabilize profitability and support revenue growth in the coming years [6]
华宝新能：渠道、产品优势尽显，降本增效助力业绩修复