新宝股份（002705）：Q2营收小幅回落，利润率稳步提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In the first half of 2025, the company achieved operating revenue of 7.802 billion yuan, a year-on-year increase of 1.03%, and a net profit attributable to shareholders of 543 million yuan, a year-on-year increase of 22.79% [2][5]. - The company plans to distribute a cash dividend of 1.50 yuan (including tax) for every 10 shares to all shareholders [2][5]. - The company continues to innovate technologically, which has led to improved profitability, with a gross margin of 22.08% in the first half of 2025, an increase of 0.32 percentage points year-on-year [11]. Summary by Sections Financial Performance - For Q2 2025, the company reported operating revenue of 3.968 billion yuan, a year-on-year decline of 6.60%, while the net profit attributable to shareholders was 296 million yuan, a year-on-year increase of 9.84% [2][5]. - The gross margin for Q2 was 21.75%, reflecting a year-on-year increase of 0.12 percentage points [11]. Revenue Breakdown - In the first half of 2025, domestic and foreign sales accounted for 22.20% and 77.80% of revenue, respectively, with domestic sales declining by 3.77% and foreign sales increasing by 2.49% [11]. - The product breakdown shows that kitchen appliances, home appliances, and other products accounted for 67.69%, 18.78%, and 11.47% of revenue, respectively [11]. Profitability and Cost Management - The company’s net profit margin reached 6.96% in the first half of 2025, an increase of 1.23 percentage points year-on-year [11]. - The company is focused on establishing a diversified small home appliance technology service system to enhance customer satisfaction and improve product profitability through cost reduction and efficiency enhancement measures [11]. Future Outlook - The company expects net profits attributable to shareholders to be 1.115 billion yuan, 1.227 billion yuan, and 1.350 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 11.41, 10.37, and 9.43 [11].