Workflow
新宝股份(002705):2025 年中报点评:业绩超过预期,外销订单延续增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance exceeded expectations despite revenue falling short, with a 1% year-on-year increase in revenue for H1 2025, reaching 78.02 billion yuan, and a 23% increase in net profit attributable to shareholders, totaling 5.43 billion yuan [7] - The company continues to see growth in overseas orders, with a 2% year-on-year increase in external sales, amounting to 60.7 billion yuan, while domestic sales decreased by 4% to 17.3 billion yuan [7] - The company has established an appliance research institute to expand into new product categories, including commercial machines and personal care products, which is expected to drive future growth [7] - The gross margin remained stable at 21.49% for H1 2025, with financial expenses impacted by exchange rate fluctuations [7] - The profit forecast for 2025-2027 has been slightly adjusted downwards, with expected net profits of 11.46 billion yuan, 12.30 billion yuan, and 13.25 billion yuan, reflecting year-on-year growth rates of 8.8%, 7.4%, and 7.7% respectively [7] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 17,851 million yuan, with a year-on-year growth rate of 6.1% [6] - The net profit attributable to shareholders for 2025 is projected to be 1,146 million yuan, representing an 8.8% increase [6] - Earnings per share for 2025 is expected to be 1.41 yuan [6] - The company's return on equity (ROE) for 2025 is forecasted at 12.7% [6]