新宝股份：外销订单持续向好，公司利润平稳增长-20250228

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [3][14]. Core Views - The company reported a revenue of 16.82 billion yuan for 2024, representing a year-on-year increase of 14.84%. The net profit attributable to the parent company was 1.05 billion yuan, up 7.47% year-on-year. In Q4 2024, revenue reached 4.13 billion yuan, a 6.2% increase year-on-year, with a net profit of 270 million yuan, up 9.9% year-on-year [1]. - The company's foreign sales showed strong performance, with overseas revenue reaching 13.155 billion yuan, a year-on-year increase of 21.68%. Domestic revenue, however, faced pressure, declining by 4.42% to 3.666 billion yuan [1]. - The company continues to enhance its overall performance through cost reduction and efficiency improvement measures driven by technological innovation [1]. Financial Summary - Revenue growth rates for the years 2024E, 2025E, and 2026E are projected at 14.84%, 11.13%, and 8.42% respectively [7]. - The net profit attributable to the parent company is forecasted to be 1.05 billion yuan in 2024E, 1.23 billion yuan in 2025E, and 1.41 billion yuan in 2026E, with corresponding P/E ratios of 11.93x, 10.19x, and 8.88x [7]. - The company’s total assets are expected to reach 17.454 billion yuan in 2024E, with a debt-to-asset ratio of 49.24% [9].