新宝股份：外销订单持续向好，公司利润平稳增长-20250301

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%, and a net profit attributable to the parent company of 1.05 billion yuan, up 7.47% year-on-year [1]. - The company's foreign sales have shown strong performance, with overseas revenue reaching 13.155 billion yuan, a year-on-year increase of 21.68%, while domestic sales decreased by 4.42% to 3.666 billion yuan [1]. - The company is expected to gradually recover its domestic sales due to a low base effect, despite current pressures [1]. Financial Summary - Revenue growth rates are projected at 14.84% for 2024, 11.13% for 2025, and 8.42% for 2026 [7]. - The estimated net profit for 2024, 2025, and 2026 is 1.05 billion yuan, 1.23 billion yuan, and 1.41 billion yuan respectively, with corresponding P/E ratios of 11.9x, 10.2x, and 8.9x [1][7]. - The company’s total assets are projected to reach 17.454 billion yuan in 2024, with a debt-to-asset ratio of 49.24% [9]. Market Performance - The company's stock price is currently at 15.43 yuan, with a historical high of 19.19 yuan and a low of 11.96 yuan within the past year [4]. - The company has shown a consistent increase in its competitive capabilities through cost reduction and efficiency improvements [1]. Industry Context - The company operates within the home appliance and small appliance industry, which is experiencing robust demand in overseas markets [1][3]. - The overall market for small home appliances is expected to continue growing, driven by increasing consumer demand [1].