新宝股份：2024年三季报点评：Q3外销较快增长，汇率变化致公司业绩承压

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a revenue of 4.97 billion yuan in Q3 2024, representing a year-on-year increase of 12.9%. The net profit attributable to shareholders was 340 million yuan, a slight increase of 0.5% year-on-year, while the net profit after deducting non-recurring items was 310 million yuan, reflecting a year-on-year decrease of 13.7% [1][2] Financial Summary - In Q3, the company's revenue growth was driven by a significant increase in external sales, which reached 4.19 billion yuan, up 20.3% year-on-year. However, internal sales were under pressure, declining by 15.3% to 780 million yuan due to weak domestic demand [2] - The company's net profit margin for Q3 was 6.9%, down 0.8 percentage points year-on-year, and the gross profit margin was 20.9%, down 2.2 percentage points year-on-year. This decline was primarily attributed to the appreciation of the RMB and an increase in the proportion of low-margin external sales [4] - The company maintained excellent cost control, benefiting from the scale effect of external sales, with sales, management, and R&D expense ratios decreasing by 0.2, 0.3, and 0.3 percentage points year-on-year, respectively [4] Profit Forecast and Valuation - The company is expected to maintain rapid growth in external sales, with internal sales gradually recovering. The projected net profits for 2024, 2025, and 2026 are 1.05 billion yuan, 1.19 billion yuan, and 1.32 billion yuan, respectively. The corresponding price-to-earnings ratios at the current stock price are 12X, 10X, and 9X [5]