Customer Distribution - The largest customer accounts for over 40% of sales, while the second largest customer accounts for 6%+ [1] - The third to fifth largest customers each account for 4-5% of sales [1] - 95% of sales are overseas, with Europe accounting for approximately 50%, North America 15%, Asia 12%, and other regions 4-6% [1] Production and Capacity - Initial costs in Thailand are higher compared to domestic production, but the industrial park is being developed with targeted suppliers for small appliance manufacturing [2] - Overseas production capacity is primarily for North American customers, while domestic facilities serve other regions [2] - Domestic market expansion is focused on air fryers, with many regional cities still untapped [2] Domestic Market Strategy - The domestic market is relatively sluggish, with efforts focused on expanding the coffee machine market through subsidiary Yuejue [2] - A 30% stake in the Zhuolang brand has shown promising results with rapid new product launches [2] - Despite domestic efforts, the majority of sales remain overseas, with North America representing a relatively low proportion and offering growth potential [2]

证券代码：603215 证券简称：比依股份 公告编号：2024-072 浙江比依电器股份有限公司 2024 年第二次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 11 月 11 日 (二)股东大会召开的地点：浙江省宁波市余姚市城区经济开发区城东新区俞赵江 路 88 号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 125 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 126,314,600 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 66.9925 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采用现场投票和网络投票相结合的方式，现场 会议由公司董事长闻继望先生主持，符合《公 ...

浙江阳明律师事务所 关于 浙江比依电器股份有限公司 2024 年第二次临时股东大会的 法律意见书 浙江阳明律师事务所 （ZHEJIANG YANGMING LAW FIRM） 浙江余姚市南雷南路 298 号合力大厦北楼 16 楼 315400 电话：0574-6272 4297 传真：0574-6271 9499 http://www. yangminglf.com 浙江阳明律师事务所 关 于 浙江比依电器股份有限公司 2024 年第二次临时股东大会的 法律意见书 根据会议通知，本次现场会议召开的时间为 2024 年 11 月 11 日下午 13 点 30 分，召开地点为浙江省余姚市城区经济开发区城东新区俞赵江路 88 号公司会 议室。 通过上海证券交易所股东大会网络投票系统进行网络投票的具体时间为 2024 年 11 月 11 日上午 9:15-9:25，9:30-11:30，13:00-15:00。通过互联网投票平 台的投票时间为 2024 年 11 月 11 日上午 9:15 至下午 15:00 的任意时间。 3、根据本所律师审查，本次股东大会召开的实际时间、地点与股东大会会 议通知中所告知的时间、地点 ...

Investment Rating - The report maintains a "Recommend" rating for Biyi Co Ltd (603215) with a target price of 19 yuan [1] Core Views - Biyi Co Ltd achieved a significant revenue growth of 51 6% YoY in Q3 2024 reaching 620 million yuan driven by strong air fryer OEM orders [1][2] - Despite revenue growth the company's net profit declined by 30 6% YoY to 30 million yuan in Q3 2024 due to a drop in gross margin to 15 3% [1][2] - The company is expanding its product portfolio with new offerings like coffee machines which are expected to become a new growth driver [2] - Biyi Co Ltd has a stable partnership with major clients such as Philips and Newell with over a decade of collaboration with Newell [2] Financial Performance - Revenue for 2024E is projected at 1 854 million yuan with a YoY growth of 18 9% while net profit is expected to decline by 34 1% to 133 million yuan [3] - The company's gross margin is forecasted to recover from 16 3% in 2024E to 19 6% in 2026E as new products scale up [6] - EPS for 2024E is estimated at 0 71 yuan with a P/E ratio of 23x [3] Market Position and Growth Potential - Biyi Co Ltd is a leading OEM for air fryers with stable demand from overseas markets where penetration remains low indicating significant growth potential [2] - The company is leveraging its cost advantages in OEM manufacturing to expand its client base and sustain growth momentum [2] Valuation and Forecast - The target price of 19 yuan is based on a DCF valuation with a 2025E P/E of 17 3x [2] - Revenue is expected to grow to 2 430 million yuan by 2026E with a CAGR of 13 4% from 2024E to 2026E [3] - Net profit is projected to rebound to 242 million yuan by 2026E with a CAGR of 16 8% from 2025E to 2026E [3]

证券代码：603215 证券简称：比依股份 公告编号：2024-071 浙江比依电器股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 11 月 05 日(星期二) 至 11 月 11 日(星期一)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 bydmb@biyigroup.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 浙江比依电器股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 12 日下午 13:00-14:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2 ...

浙江比依电器股份有限公司 2024年第二次临时股东会会议资料 浙江比依电器股份有限公司 2024年第二次临时股东会会议资料 股票简称：比依股份 股票代码：603215 2024年11月 浙江比依电器股份有限公司 2024年第二次临时股东会会议资料 浙江比依电器股份有限公司 2024年第二次临时股东会 会议资料目录 | 一、2024 年第二次临时股东会须知 | 1 | | --- | --- | | 二、2024 年第二次临时股东会会议议程 | 3 | | 三、2024 年第二次临时股东会议案 | 4 | | （一）《关于修订<公司章程>并办理工商变更登记的议案》 | 4 | | （二）《关于修订公司若干治理制度的议案》 | 28 | | （三）《关于修订公司<监事会议事规则>的议案》 | 29 | 浙江比依电器股份有限公司 2024年第二次临时股东会会议资料 2024年第二次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会 议的顺利进行，根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 市公司股东大会规则》以及《浙江比依电器股份有限公司章程》等相关规定， 浙江 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within six months [6]. Core Views - The company has a strong order backlog, leading to significant revenue growth, with a reported revenue of 1.48 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.46% [1]. - However, net profit has decreased by 42.08% year-on-year to 102 million yuan, primarily due to increased labor costs and reduced foreign exchange gains [1][3]. - The company is actively expanding its overseas production capacity and diversifying its product range, which is expected to enhance revenue streams in the future [4]. Summary by Sections Revenue Performance - The company reported a revenue of 619 million yuan in Q3 2024, a year-on-year increase of 51.6%, driven by a robust order book and full production capacity [1][2]. - The average monthly production of air fryers has maintained at 1.1 million units since Q3, with coffee machines and new environmental appliances also contributing to sales [2]. Profitability Analysis - The gross margin for the first three quarters of 2024 was 16.17%, down 5.56 percentage points year-on-year, while the net margin was 6.64%, down 7.3 percentage points [3]. - In Q3 2024, the gross margin was 15.25%, a decline of 6.69 percentage points year-on-year, and the net margin was 5.18%, down 6.7 percentage points [3]. Cash Flow Situation - The company experienced negative net cash flow from operating activities of 35 million yuan for the first three quarters of 2024, compared to a positive 223 million yuan in the previous year [4]. - The increase in cash payments for goods and services, which rose by 21.65% year-on-year to 989 million yuan, contributed to the cash flow pressure [4]. Financial Forecast - The company is projected to achieve net profits of 140 million yuan, 170 million yuan, and 220 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding dynamic P/E ratios of 21.4x, 16.8x, and 13.6x [4][5].

公 司 研 究 ◼ 走势比较 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 ◼ 股票数据 总股本/流通(亿股) 1.89/0.71 总市值/流通(亿元) 29.28/11.03 12 个月内最高/最低价 (元) 20.01/11.45 相关研究报告 <<比依股份：2024Q2 业绩环比明显改 善，收入双位数增长向好>>--2024- 08-11 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1190124030010 | --- | |-------| | | | | 比依股份(603215) 目标价: 昨收盘:15.53 比依股份：2024Q3 收入端收获高增，业绩改善具备空间 (30%) (18%) (6%) 6% 18% 30% 23/10/2524/1/624/3/1924/5/3124/8/1224/10/2 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a significant increase in revenue for Q3 2024, with a year-on-year growth of 51.60%, reaching 619 million yuan. However, the net profit for the same quarter decreased by 30.61% to 34 million yuan, indicating pressure on profitability despite revenue growth [1]. - The overall revenue for the first three quarters of 2024 was 1.48 billion yuan, up 17.46% year-on-year, while the net profit dropped by 42.08% to 102 million yuan [1]. - The report highlights that the air fryer industry in China has faced challenges, with online sales down 30.07% in revenue and 20.81% in volume from January to September 2024, reflecting a competitive and soft market demand [1]. - The gross margin has been under pressure, decreasing by 5.56 percentage points year-on-year to 16.17% for the first three quarters of 2024, and further down to 15.25% in Q3 [1]. - The report projects that the company's net profit for 2024-2026 will be 135 million, 173 million, and 199 million yuan respectively, with a forecasted decline of 33.3% in 2024, followed by growth of 28.3% and 15.2% in the subsequent years [2]. Financial Summary - For 2024, the company is expected to achieve a revenue of 1.827 billion yuan, reflecting a growth rate of 17.1% year-on-year. The net profit is projected to be 135 million yuan, down 33.3% from the previous year [2]. - The earnings per share (EPS) for 2024 is estimated at 0.71 yuan, with a price-to-earnings (P/E) ratio of 21.8 [2]. - The return on equity (ROE) is expected to decrease to 11.0% in 2024, before recovering to 12.9% and 13.6% in 2025 and 2026 respectively [2].

上 市 公 司 证 券 研 究 报 告 家用电器 2024 年 10 月 24 日 比依股份 (603215) ——2024 年三季报点评：24Q3 收入超预期，新品类上 线影响毛利率 报告原因：有业绩公布需要点评 增持（维持）事件：2024 年 10 月 24 日，公司发布 2024 年三季报，2024Q1-3 实现营业收入 14.80 亿元， 同比增长 17%；实现归母净利润 1.02 亿元，同比下降 42%；实现扣非归母净利润 0.99 亿元， 同比下降 40%。 投资要点： ⚫ 24Q3 收入超预期。比依股份 2024Q1-3 实现营业收入 14.80 亿元，同比增长 17%；实 现归母净利润 1.02 亿元，同比下降 42%；实现扣非归母净利润 0.99 亿元，同比下降 40%。 其中，Q3 单季度公司实现营业收入 6.19 亿元，同比增长 52%；实现归母净利润 0.34 亿 元，同比下降 31%；实现扣非归母净利润 0.33 亿元，同比下降 36%。24Q3 公司收入超 预期，预计主要得益于订单同比高增长，以及产能爬坡。利润端低于预期，预计主要系原 有客户新订单、以及新品类的生产尚处于起步阶段， ...