新宝股份：营收规模增速较高，盈利能力阶段回落

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company reported a revenue of 12.69 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 17.99%. The net profit attributable to the parent company was 785 million yuan, up 6.66% year-on-year, while the net profit after deducting non-recurring gains and losses decreased by 0.57% [2][4]. - The company experienced a decline in profitability due to a significant increase in raw material costs, which poses a risk to its profit margins [2][4]. Summary by Sections Revenue Growth - The company achieved a revenue growth of 17.99% in the first three quarters of 2024, with quarterly growth rates of 22.79%, 20.51%, and 12.88% for Q1, Q2, and Q3 respectively. The third quarter saw a slowdown in growth, with external sales increasing by approximately 20.27% year-on-year, while domestic sales declined by about 15.28% [4]. Profitability - The gross margin for Q3 2024 decreased by 2.23 percentage points, primarily due to an increase in the proportion of low-margin overseas sales. The operating profit for Q3 was 444 million yuan, down 1.98% year-on-year, with an operating profit margin of 8.93%, a decrease of 1.35 percentage points [4]. Future Profit Projections - The company aims to establish a diversified small home appliance technology service system and is expected to achieve net profits of 1.048 billion yuan, 1.311 billion yuan, and 1.521 billion yuan for the years 2024, 2025, and 2026 respectively, corresponding to PE ratios of 11.3, 9.1, and 7.8 times [5]. Business Strategy - The company is focused on balancing its export sales and domestic brand business, utilizing an OEM/ODM model for exports and implementing a strategy of "one platform, professional products, professional brands" for domestic operations. The company has developed several proprietary brands and is expanding its marketing strategies to enhance domestic sales [6].