新宝股份（002705）：利润超过预期，新设电器研究院蓄力新品类

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's profit exceeded expectations, with 2024 revenue reaching 16.82 billion yuan, a year-on-year increase of 15%, and net profit attributable to shareholders at 1.05 billion yuan, up 8% year-on-year. The first quarter of 2025 saw revenue of 3.83 billion yuan, a 10% increase year-on-year, and net profit of 247 million yuan, a significant 43% increase year-on-year [6] - The company has established a new appliance research institute to develop emerging product categories, with overseas revenue showing strong growth, particularly in small home appliances, while domestic sales faced challenges due to a sluggish market [6] - The gross profit margin decreased to 20.9% in 2024, down 1.8 percentage points year-on-year, primarily due to product mix adjustments, while expense ratios remained stable [6] - The company is expected to see continued growth in profitability, with forecasts for net profit of 1.17 billion yuan in 2025, 1.26 billion yuan in 2026, and 1.37 billion yuan in 2027, reflecting year-on-year growth rates of 11.0%, 7.6%, and 8.6% respectively [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 16.82 billion yuan, with a year-on-year growth rate of 14.8%. For 2025, revenue is expected to reach 18.33 billion yuan, reflecting an 8.9% increase [2] - The net profit attributable to shareholders for 2024 is estimated at 1.05 billion yuan, with a growth rate of 7.8%. The forecast for 2025 is 1.17 billion yuan, indicating an 11.0% increase [2] - Earnings per share for 2024 is projected at 1.29 yuan, increasing to 1.44 yuan in 2025 [2] - The company's return on equity (ROE) is expected to be 12.9% in 2025, with a price-to-earnings (P/E) ratio of 9 [2] Market Data - As of April 28, 2025, the closing price of the company's stock is 13.00 yuan, with a market capitalization of 10.51 billion yuan [3] - The company has a price-to-book ratio of 1.3 and a dividend yield of 3.08% [3]