新宝股份（002705）：产能领先布局下关税影响或有限，盈利能力持续优化

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company reported a revenue of 7.8 billion yuan in H1 2025, a year-on-year increase of 1.0%, and a net profit attributable to shareholders of 540 million yuan, up 22.8% [1] - The company is expected to improve its performance in the second half of the year due to its leading capacity layout and limited impact from tariffs on exports [2] - The company is expanding its product matrix to include commercial machines, personal care products, and smart gardening tools to meet diverse market demands [2] Financial Performance - In H1 2025, the gross margin was 22.1%, an increase of 0.3 percentage points year-on-year, with the gross margins for kitchen appliances, home appliances, and other products at 22.83%, 20.12%, and 15.82% respectively [3] - The net profit margin for H1 2025 was 7.0%, up 1.2 percentage points year-on-year, while the net profit margin excluding non-recurring items was 6.8%, an increase of 0.5 percentage points [3] Revenue Breakdown - In H1 2025, the revenue from kitchen appliances was 5.281 billion yuan, a decrease of 1.34%, while home appliances saw an increase of 12.69% to 1.465 billion yuan [2] - The company's foreign sales revenue reached 6.070 billion yuan, an increase of 2.49%, while domestic sales revenue was 1.732 billion yuan, down 3.77% [2] Future Projections - The projected net profit for the company for 2025, 2026, and 2027 is 1.174 billion yuan, 1.313 billion yuan, and 1.450 billion yuan respectively, with corresponding dynamic PE ratios of 11.3x, 10.1x, and 9.2x [4]