新宝股份（002705）：外销维持较高增速，盈利水平提升

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a total revenue of 16.82 billion yuan for 2024, representing a year-over-year increase of 14.84%, with a net profit attributable to shareholders of 1.05 billion yuan, up 7.75% year-over-year [1][3] - The company has maintained a high growth rate in exports, while the decline in domestic sales has narrowed [2] - The profit margin improved in Q1 2025, with a gross profit margin of 22.42%, an increase of 0.50 percentage points year-over-year [2] Revenue Summary - For 2024, the total revenue was 16.82 billion yuan, with a year-over-year growth of 14.84% [1] - The revenue forecast for 2025 is adjusted to 18.06 billion yuan, reflecting a year-over-year increase of 7.35% [3] - The revenue projections for 2026 and 2027 are 19.24 billion yuan and 20.51 billion yuan, respectively, with growth rates of 6.57% and 6.58% [3] Profit Summary - The net profit attributable to shareholders for 2024 was 1.05 billion yuan, with a year-over-year increase of 7.75% [1] - The forecasted net profits for 2025, 2026, and 2027 are 1.18 billion yuan, 1.26 billion yuan, and 1.39 billion yuan, respectively, with growth rates of 12.06%, 6.40%, and 10.74% [3] - The earnings per share (EPS) for 2025 is projected to be 1.45 yuan, with corresponding price-to-earnings (PE) ratios of 8.95, 8.41, and 7.59 for 2025, 2026, and 2027 [3][9] Financial Metrics - The gross profit margin for 2024 was 20.91%, with a slight decrease of 1.82 percentage points year-over-year [2] - The net profit margin for 2024 was 6.26%, down 0.41 percentage points year-over-year [2] - The company’s operating expenses as a percentage of sales for Q1 2025 were 3.90% for sales, 5.80% for management, and 3.36% for R&D [2]