Group 1 - The core business of the company is the research, production, and sales of small home appliances, indicating a strong competitive position in the market [1] - The company recognizes that smart products are a key direction for industry development and has established an electrical research institute to support future product innovations [1]

证券日报网讯2月2日，新宝股份（002705）在互动平台回答投资者提问时表示，截至2026年1月30日收 市后，公司股东总户数(未合并融资融券信用账户)28587户，其中机构户数是3393户。 ...

Core Views - The report maintains an "Outperform" rating for the home appliance industry, indicating a positive outlook despite recent challenges [5][3] - Rising raw material prices, particularly copper and aluminum, are expected to have a limited impact on the profitability of leading white goods manufacturers, as historical data shows diminishing effects over time [1][17] - The report anticipates that the overall gross margin decline for white goods companies will be less than 2 percentage points due to price adjustments and cost-saving measures [1][17] Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, reflecting a year-on-year decline of 22.1%, but the rate of decline is improving compared to previous months [2][24] - The cumulative production decline for January and February is estimated at 5%, showing signs of recovery driven by government subsidy policies [2][24] - The report highlights that the demand for white goods is expected to stabilize and recover as the effects of national subsidy policies continue to manifest [2][24] Retail Market Performance - The retail scale of China's home appliance market is projected to decline by 4.3% in 2025, with small appliances showing relatively better performance [2][31] - Specific categories such as air conditioners and refrigerators are experiencing significant declines in retail sales, while kitchen small appliances are expected to see growth [2][31] Key Investment Recommendations - The report recommends several companies for investment, including Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector, and Stone Technology and Bear Electric in the small appliances sector [3][12] - The report emphasizes the importance of companies with strong overseas growth potential and solid domestic performance, particularly those benefiting from cost reduction and efficiency improvements [12][14] Company Profitability Forecasts - The report provides profitability forecasts for key companies, indicating expected earnings per share (EPS) growth for Midea Group, Haier Smart Home, and TCL Smart Home, among others [4][50] - The projected price-to-earnings (PE) ratios for these companies suggest favorable valuations compared to historical averages, supporting the investment thesis [4][50]

Core Views - The report maintains an "Outperform" rating for the home appliance industry, indicating a positive outlook despite challenges from rising raw material prices and market competition [1][5][11]. Raw Material Price Impact - Recent increases in copper and aluminum prices have raised concerns about the profitability of leading white goods manufacturers. However, historical analysis shows that the negative impact of raw material cost increases on gross margins has diminished over time. For instance, during previous cycles from 2008 to 2022, the maximum quarterly gross margin decline for leading white goods companies was 5-7 percentage points in 2009-2011, around 5 percentage points in 2016-2017, and only about 2 percentage points in 2020-2022. The current price increases are expected to have a lesser impact, with an anticipated gross margin decline of less than 2 percentage points [1][17][18]. Production and Demand Trends - In January and February 2026, the total production of white goods in China was 23.79 million units, reflecting a year-on-year decline of 22.1%. However, the cumulative production decline for the first two months is expected to be around 5%. The production performance has shown signs of recovery compared to a more than 10% decline in Q4 2025. The demand is expected to stabilize due to the effects of national subsidy policies [2][24]. Retail Market Performance - The retail market for home appliances in China is projected to decline by 4.3% in 2025, with a total retail scale of 893.1 billion yuan. Specific categories such as air conditioners and refrigerators are expected to see declines of 0.4% and 11.5%, respectively, while small kitchen appliances are expected to grow by 3.8% [2][31]. Investment Recommendations - The report recommends several companies for investment based on their performance and market position. For white goods, companies like Midea Group, Haier Smart Home, TCL Home, and Hisense Home Appliances are highlighted. In the small appliance sector, Stone Technology, Bear Electric, and New Treasure are recommended. For black goods, TCL Electronics and Hisense Visual are suggested [3][12][50]. Company Earnings Forecasts - The report provides earnings forecasts for key companies, indicating that Midea Group is expected to have an EPS of 5.84 yuan in 2025 and 6.43 yuan in 2026, with a PE ratio of 13 for 2025. Haier Smart Home is projected to have an EPS of 2.27 yuan in 2025 and 2.53 yuan in 2026, with a PE ratio of 11 for 2025 [4][50].

格隆汇2月2日丨新宝股份(002705.SZ)在投资者互动平台表示，公司目前的主营业务是小家电研发、生 产、销售，综合竞争力较强，智能化产品是行业发展的方向之一，公司已成立电器研究院，将为公司未 来产品提供更多的基础技术支撑。 ...

（文章来源：证券日报） 证券日报网讯 1月30日，新宝股份在互动平台回答投资者提问时表示，"股息率"与公司股价及分红相 关，股价是波动的，公司历年分红情况请查阅相关公告。 ...

证券日报网讯1月30日，新宝股份（002705）在互动平台回答投资者提问时表示，"股息率"与公司股价 及分红相关，股价是波动的，公司历年分红情况请查阅相关公告。 ...

格隆汇1月30日丨新宝股份(002705.SZ)在投资者互动平台表示，商用电器是公司未来业务拓展的方向之 一，目前以商用咖啡机为主，销售规模占比还很小。 ...

格隆汇1月30日丨新宝股份(002705.SZ)在投资者互动平台表示，公司出口业务以ODM/OEM订单为主。 ...

证券日报网讯 1月23日，新宝股份在互动平台回答投资者提问时表示，公司印尼制造基地二期仍在建设 中，现已形成一定规模的产能。公司会根据外部环境变化、相关关税政策的稳定、客户需求及印尼制造 基地的运营情况及盈利质量等因素进行综合考量布局、调整规模。 （编辑 袁冠琳） ...