新宝股份：供应链国际化、品类扩张双轮驱动公司新成长-20250320

Investment Rating - The report assigns a positive investment rating to the company, indicating that the stock is currently undervalued and has potential for growth [6]. Core Insights - The company has experienced multiple growth phases since its listing in 2014, but has been in a dormant phase from 2021 to 2024 due to market fluctuations [8][10]. - The company is a leader in the small home appliance supply chain, with significant production capabilities and a strong focus on international expansion and product category diversification [32][41]. - The brand "Mofei" has seen rapid growth, with revenue increasing from 115 million yuan in 2017 to 1.243 billion yuan in 2021, showcasing the effectiveness of its marketing strategies [9]. - The company is expected to recover its revenue and profit levels by 2024, surpassing previous highs due to the end of the inventory clearance cycle in the small appliance market [12][24]. Summary by Sections Market Data - The company's stock code is 002705.SZ, with a closing price of 16.45 yuan and a market capitalization of 132.94 billion yuan [1]. Financial Performance Forecast - Projected revenue for 2023 is 14.647 billion yuan, with a growth rate of 6.9%. By 2026, revenue is expected to reach 21.765 billion yuan, with a growth rate of 14.5% [5]. - The net profit attributable to the parent company is forecasted to grow from 977 million yuan in 2023 to 1.471 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of 18.5% [5]. Supply Chain and Production - The company is recognized as a small appliance supply chain leader, with a production capacity of 130 million units in 2023, significantly higher than competitors [32]. - The company has established four major production bases in China and is expanding its capacity in Indonesia to mitigate tariff risks [50][51]. Brand Strategy and Market Position - The company has developed a brand matrix strategy, with the Mofei brand emerging as a key player in the small appliance market, leveraging content marketing and product innovation [9][32]. - The company has diversified its product offerings beyond kitchen appliances, expanding into personal care, cleaning, and commercial appliances [58][60]. International Trade and Tariff Risks - The report highlights the impact of U.S. tariff policies on the company's export strategies, with a shift towards Southeast Asia for production to mitigate risks associated with U.S. tariffs [64][68]. - The company has established long-term partnerships with major global brands, enhancing its market presence in developed regions [40][43].