新宝股份（002705）：核心业务强韧性，盈利能力表现良好

Investment Rating - The report maintains a "Recommendation" rating for Xinbao Co., Ltd. with a target price of 17.60 yuan [2][8]. Core Insights - Xinbao Co., Ltd. reported a revenue of 7.8 billion yuan for H1 2025, reflecting a year-on-year increase of 1.0%. The net profit attributable to the parent company was 540 million yuan, up 22.8% year-on-year [2][8]. - The company's core business shows resilience, with kitchen and home appliance revenues of 5.28 billion yuan and 1.47 billion yuan, respectively. The overseas market revenue was 6.07 billion yuan, up 2.5% year-on-year, while domestic revenue was 1.73 billion yuan, down 3.8% year-on-year [8]. - The gross margin for H1 2025 was 22.1%, an increase of 0.3 percentage points year-on-year, indicating stable performance due to cost reduction and efficiency improvement measures [8]. - The net profit margin reached 7.5% in Q2 2025, with a significant improvement in investment income, reducing losses from foreign exchange options [8]. Financial Summary - Total revenue projections for Xinbao Co., Ltd. are estimated at 16.82 billion yuan for 2024, increasing to 20.61 billion yuan by 2027, with corresponding year-on-year growth rates of 14.8%, 5.8%, 8.6%, and 6.6% [4][9]. - The net profit attributable to the parent company is projected to grow from 1.05 billion yuan in 2024 to 1.39 billion yuan in 2027, with growth rates of 7.7%, 6.6%, 14.1%, and 8.5% respectively [4][9]. - Earnings per share (EPS) are expected to rise from 1.30 yuan in 2024 to 1.71 yuan in 2027, with a price-to-earnings (P/E) ratio decreasing from 13 to 10 over the same period [4][9].