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].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Insights - The company reported a total revenue of 1.48 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.46%, while the net profit attributable to shareholders decreased by 42.08% to 102 million yuan [2]. - In Q3 2024, the company achieved a revenue of 619 million yuan, a significant increase of 51.60%, driven by improved production efficiency and the gradual ramp-up of new products [2]. - The gross margin for Q3 2024 was 15.25%, down by 6.69 percentage points, attributed to lower profit margins on basic orders from major clients and initial low margins on new products [2]. - The report anticipates improvements in profitability due to the expected scaling of new products and an increase in the proportion of high-margin products [2]. Financial Summary - The company is projected to achieve revenues of 1.95 billion yuan in 2024, with a growth rate of 25.32%, followed by 2.27 billion yuan in 2025 and 2.60 billion yuan in 2026 [3]. - The net profit for 2024 is expected to be 184 million yuan, with a slight decline of 8.57%, followed by increases to 214 million yuan in 2025 and 266 million yuan in 2026 [3]. - The earnings per share (EPS) are projected to be 0.98 yuan in 2024, increasing to 1.14 yuan in 2025 and 1.41 yuan in 2026 [3]. Industry Outlook - The report highlights the potential for growth in the air frying industry driven by smart upgrades, and the coffee machine segment is identified as a promising area for future expansion [2]. - The company is expected to enhance its product competitiveness through the development of its AI smart platform and the acquisition of the Zhuolang brand to expand its beverage product offerings [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].

Investment Rating - The investment rating for the company is "Outperform" [2] Core Views - The company's Q3 revenue exceeded expectations, driven by high order growth and capacity ramp-up, although net profit declined due to low margins from new product categories [2][3] - The company is expanding its product categories and customer base, with ongoing overseas capacity construction to enhance growth potential [2][3] - A slight downward adjustment in profit forecasts has been made, with expected net profits for 2024-2026 being 182 million, 212 million, and 246 million respectively, reflecting a year-on-year decrease of 10% in 2024 [2][3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 1.48 billion, a year-on-year increase of 17%, while net profit was 102 million, a decrease of 42% [2][3] - In Q3 alone, revenue reached 619 million, up 52% year-on-year, but net profit fell by 31% to 34 million [2][3] - The gross margin for Q3 was 15.25%, down 6.69 percentage points, primarily due to low margins from new product launches [2][3] Product and Market Development - The company is actively expanding its air fryer segment and has launched new products such as coffee machines and ice makers to meet diverse market demands [2][3] - Collaborations with major clients like Versuni (Philips) and other global brands have been established, leading to orderly deliveries [2][3] Profit Forecasts - The profit forecasts for 2024-2026 have been slightly reduced, with expected net profits of 182 million, 212 million, and 246 million, corresponding to a price-to-earnings ratio of 16x, 14x, and 12x respectively [2][3]

第一条 为进一步规范浙江比依电器股份有限公司（以下简称"公司"）股东、 实际控制人行为，完善公司治理结构，保证公司规范、健康发展，根据《公司法》 等法律、法规、规范性文件及《公司章程》的相关规定，结合公司实际情况，制 定本规范。 第二条 本规范所称"控股股东"及"实际控制人"的含义根据有关法律法规、交 易所相关规则和《公司章程》确定。下列主体的行为视同控股股东、实际控制人 行为，适用本规范的相关规定： (一) 控股股东、实际控制人直接或间接控制的法人、非法人组织； (二) 控股股东、实际控制人为自然人的，其配偶、未成年子女； (三) 证券交易所认定的其他主体。 控股股东、实际控制人其他关联人与公司的相关行为，参照本规范相关规定 执行。 浙江比依电器股份有限公司 控股股东、实际控制人行为规范 第一章 总则 第三条 公司股东和实际控制人应当积极配合公司履行信息披露义务。 公司股票及其衍生品种交易出现异常波动，或者公共传媒上出现与公司股东 或者实际控制人有关的、对公司股票及其衍生品种交易价格可能产生较大影响的 报道或者传闻时，相关股东或者实际控制人应当积极配合证券交易所和公司的调 查、询问，及时就有关报道或者传闻所 ...

第二章 募集资金专户存储 第四条 公司应当审慎选择商业银行并开设募集资金专项账户，公司募集资 金应当存放于董事会决定的专项账户（以下简称"专户"）集中管理，专户不得存 放非募集资金或用作其他用途。实际募集资金净额超过计划募集资金金额（以下 简称"超募资金"）也应当存放于募集资金专户管理。 公司存在两次以上融资的，应当分别设置募集资金专户。 第五条 公司应当在募集资金到账后一个月以内与保荐机构、存放募集资金 的商业银行（以下简称"商业银行"）签订三方监管协议（以下简称"协议"）。协 议内容按上海证券交易所的相关规定执行。 浙江比依电器股份有限公司 募集资金管理办法 第一章 总则 第一条 为了加强、规范浙江比依电器股份有限公司（以下简称"公司"）发 行股票募集资金的管理，提高其使用效率和效益，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上海证券交易所主板股票上市规则》《上海证券交易所主板上市公司规范运作 指引》等法律、法规、规范性文件及《公司章程》的相关规定，制定本办法。 第二条 本办法所指的"募集资金"，是指公司通过公开发行证券（包括首次 公 ...

浙江比依电器股份有限公司 对外投资管理办法 第一章 总则 第一条 为规范浙江比依电器股份有限公司（以下简称"公司"）的对外 投资行为，提高资金运作效率，保护公司和股东的利益，建立规范、有效、科 学的投资决策体系和机制，避免投资决策失误，化解投资风险，提高投资经济 效益，实现公司资产的保值增值，根据《公司法》等法律、法规、规范性文件 及《公司章程》的相关规定，制定本办法。 第二条 本办法所称对外投资系指公司以货币资金以及实物资产、无形 资产作价出资，取得或处置相应的股权或权益的投资活动，以及购买、处置或 终止委托理财、委托贷款、交易性金融资产、可供出售金融资产、持有至到期 金融资产等活动。 公司及公司合并报表范围内的控股子公司的一切对外投资决策受本办法 规制。 《公司章程》规定的购买及出售资产不受本办法约束。 (一) 对外投资涉及的资产总额（同时存在账面值和评估值的，以较高者 作为计算数据）占公司最近一期经审计总资产的 50%以上； (二) 投资标的在最近一个会计年度相关的营业收入占公司最近一个会 计年度经审计营业收入的 50%以上，且绝对金额超过 5,000 万元； (三) 投资标的在最近一个会计年度相关的净 ...

浙江比依电器股份有限公司 公开征集股东权利实施细则 第一章 总则 第三条 下列主体可以作为征集人，自行或者委托证券公司、证券服务机构， 公开征集公司股东权利： （一） 公司董事会； （二） 公司独立董事； （三） 持有公司百分之一以上有表决权股份的股东； （四） 符合《证券法》规定的投资者保护机构。 公司独立董事、持有公司百分之一以上有表决权股份的股东有下列情形之一 的，不得公开征集公司股东权利： （一） 被中国证监会采取证券市场禁入措施尚在禁入期的； 第一条 为了规范公开征集公司股东权利的行为，提升公司治理水平，保护投 资者合法权益，根据《证券法》《公司法》及其他相关法律、行政法规、部门规 章和《公司章程》的规定，制定本细则。 第二条 本细则所称公开征集公司股东权利，是指符合条件的主体，自行或者 委托证券公司、证券服务机构，公开请求公司股东委托其代为出席股东会，并代 为行使提案权、表决权等股东权利的行为。 采用非公开方式获得公司股东委托或在未主动征集情况下受到公司股东委 托的，不属于本细则所称公开征集公司股东权利的行为。 第二章 公开征集的主体 禁止以有偿或者变相有偿的方式公开征集股东权利。 （二） 最近三 ...

浙江比依电器股份有限公司 外汇衍生品交易业务管理制度 2024 年 10 月 浙江比依电器股份有限公司 外汇衍生品交易业务管理制度 会审批通过的业务额度。 第七条 公司必须以其自身名义或子公司名义设立外汇交易及外汇衍生品业 务交易账户，不得使用他人账户从事外汇衍生品交易业务。 第八条 公司须具有与从事外汇衍生品交易业务相匹配的自有资金，不得使 用募集资金直接或间接进行外汇衍生品交易业务，且严格控制外汇衍生品交易业 务的资金规模，不得影响公司正常经营。 第一章 总则 第一条 为规范浙江比依电器股份有限公司（以下简称"公司"）的外汇衍生 品交易业务，加强对外汇衍生品交易业务的管理，防范投资风险，健全和完善公 司外汇衍生品交易业务管理机制，确保公司资产安全，根据《中华人民共和国证 券法》《中华人民共和国公司法》《上海证券交易所股票上市规则》《上海证券交 易所上市公司自律监管指引第 5 号——交易与关联交易》等法律、法规、规范 性文件以及《公司章程》等公司内部规章制度的规定，结合公司的实际情况，特 制定本制度。 第二条 本制度所称外汇衍生品交易业务是指为防范和降低汇率和利率风险， 以满足正常生产经营需要而在银行办理的 ...

浙江比依电器股份有限公司 监事会议事规则 第一条 为进一步规范浙江比依电器股份有限公司（以下简称"公司"）监事 会的议事方式和表决程序，促使监事和监事会有效地履行监督职责，完善公司法 人治理结构，根据《公司法》等法律、法规、规范性文件及《公司章程》的相关 规定，制定本规则。 第二条 监事会主席保管监事会印章。监事会主席可以要求董事会秘书或者 其他人员协助其处理监事会日常事务。 第三条 在发出召开监事会定期会议的通知之前，监事会主席应当向全体监 事征集会议提案。在征集提案时，监事会主席应当说明监事会重在对公司规范运 作和董事、高级管理人员职务行为的监督而非公司经营管理的决策。 第四条 监事会定期会议应当至少每 6 个月召开一次。当出现下列情况之一 的，监事会可以在十日内召开临时会议： （一）任何监事提议召开时； （二）股东会、董事会会议通过了违反法律、法规、规章、监管部门的各种 规定和要求、公司章程、公司股东会决议和其他有关规定的决议时； （三）董事和高级管理人员的不当行为可能给公司造成重大损害或者在市场 中造成恶劣影响时； （四）公司、董事、监事、高级管理人员被股东提起诉讼时； （五）公司、董事、监事、高级管 ...