Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook based on expected growth in its core business and new energy storage initiatives [5]. Core Viewpoints - The company is a well-known ODM manufacturer of cleaning appliances, primarily focusing on vacuum cleaners and related components, with a significant presence in both international and domestic markets [2][12]. - The company has experienced rapid growth in recent years, with a CAGR of 18.49% in revenue and 14.69% in net profit from 2018 to 2023, although there was a decline in 2023 [15][28]. - The outlook for the cleaning appliance sector remains optimistic, driven by the potential for increased sales in the Asia-Pacific region and the expansion of its major client, SharkNinja, into new markets [3][22][28]. - The company is strategically entering the energy storage market, which is expected to provide new growth opportunities, particularly in the commercial sector [4][34]. Summary by Sections 1. Company Overview - The company was established in August 2002 and specializes in the R&D, design, production, and sales of smart cleaning appliances and brushless motors [2][12]. - It has become a leading ODM supplier in the cleaning appliance sector and ranks among the top ten vacuum cleaner exporters in China [2][12]. 2. Cleaning Appliance Market Outlook - The global vacuum cleaner market has shown steady growth, with a compound annual growth rate (CAGR) of 3.1% from 2009 to 2023 [22]. - The company’s sales to SharkNinja have increased significantly, with sales rising from 980 million yuan in 2019 to 2.256 billion yuan in 2022, although there was a slight decline in 2023 [3][28]. - The company is also expanding its product line to include new cleaning devices such as floor cleaning machines and fabric cleaning machines, which are expected to contribute to future revenue [3][32]. 3. Energy Storage Business Development - The company has made strategic investments in the energy storage sector, acquiring a 51% stake in Ningbo Yongneng New Energy Technology Co., Ltd. and establishing a partnership for investment in energy-related projects [4][34]. - The energy storage market in China is rapidly growing, with a projected compound annual growth rate of 73% from 2024 to 2025 [4][34]. - In 2023, the company’s energy storage business accounted for 10.8% of its total revenue, indicating a significant contribution to overall performance [33]. 4. Financial Projections and Investment Recommendations - Revenue projections for 2024-2026 are estimated at 2.921 billion yuan, 3.156 billion yuan, and 3.387 billion yuan, respectively, with corresponding net profits of 264 million yuan, 294 million yuan, and 319 million yuan [5][6]. - The expected earnings per share (EPS) for 2024-2026 are projected to be 0.47 yuan, 0.52 yuan, and 0.57 yuan, with price-to-earnings (PE) ratios of 28, 25, and 23 times, respectively [5][6].

会议召开时间：2024 年 11 月 18 日(星期一)下午 13:00-14:00 会议召开地点：价值在线（www.ir-online.cn） 证券代码：603219 证券简称：富佳股份 公告编号：2024-051 宁波富佳实业股份有限公司 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： 会议召开方式：网络互动方式 投资者可于 2024 年 11 月 18 日前访问网址 https://eseb.cn/1j9uJllGs3S 或使 用微信扫描下方小程序码进行会前提问。公司将通过本次业绩说明会，在 信息披露允许范围内就投资者普遍关注的问题进行回答。 宁波富佳实业股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 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 18 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 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has experienced a decline in revenue and net profit in the first three quarters of 2024, with revenue at 1.858 billion yuan, down 2.23% year-on-year, and net profit at 145 million yuan, down 25.62% year-on-year [1] - The company is actively expanding its overseas production capacity and investing in new products and categories to ensure business sustainability and mitigate market uncertainties [2] - Profitability has been pressured due to rising costs and expenses, with a gross margin of 17.06% and a net margin of 7.66% for the first three quarters of 2024, both showing year-on-year declines [3] Financial Performance Summary - For Q3 2024, the company reported revenue of 840 million yuan, a decrease of 9.14% year-on-year, and a net profit of 38 million yuan, down 56.83% year-on-year [1] - The gross margin for Q3 2024 was 13.8%, down 5.52 percentage points year-on-year, while the net margin was 4.33%, down 5.41 percentage points year-on-year [3] - The company’s operating expenses have increased, with sales, management, R&D, and financial expense ratios rising compared to the previous year [3] Future Outlook - The company’s clean appliance OEM business remains stable, and the gradual development of new business lines such as cleaning machines and commercial beauty devices is diversifying its revenue structure [3] - If the energy storage business can scale up, it is expected to contribute positively to revenue growth in the future [3] - The forecast for net profit for 2024-2026 has been adjusted to 220 million, 260 million, and 310 million yuan respectively, with corresponding P/E ratios of 32.6x, 28.0x, and 23.6x [3]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a decline in revenue and profit levels in Q3 2024, with a total revenue of 1.858 billion yuan, down 2.23% year-on-year, and a net profit attributable to shareholders of 145 million yuan, down 25.62% year-on-year [1] - The decrease in revenue is attributed to a slowdown in the growth of domestic vacuum cleaner exports, which saw a year-on-year increase of 11.65% from January to September 2024, but only 4.18% from July to September [1] - The company's gross margin and net margin have declined, with gross margins at 17.06% for Q1-Q3 2024 and 13.80% for Q3 2024, down 1.76 percentage points and 5.52 percentage points year-on-year, respectively [1] - The company is expected to face increased cost pressures, with projected net profits for 2024-2026 at 219 million, 252 million, and 291 million yuan, reflecting a year-on-year decrease of 16.2% in 2024, followed by increases of 15.2% and 15.6% in the subsequent years [1] Financial Summary - For the fiscal year 2024E, the company is projected to achieve a revenue of 2.789 billion yuan, with a year-on-year growth rate of 3.6% [2] - The net profit for 2024E is estimated at 219 million yuan, representing a year-on-year decline of 16.2% [2] - The latest diluted EPS is projected to be 0.39 yuan per share for 2024E [2] - The company's P/E ratio is expected to be 33.0 for 2024E, while the P/B ratio is projected at 4.2 [2] Stock Information - The company operates in the small home appliance industry [3] - The closing price on October 25, 2023, was 12.87 yuan, with a total market capitalization of approximately 7.225 billion yuan [3] - The free float shares account for 27.66% of the total shares [3]

Financial Performance - Revenue for the third quarter was RMB 839.76 million, a decrease of 9.14% year-over-year[3] - Net profit attributable to shareholders of the listed company was RMB 37.64 million, a decrease of 56.83% year-over-year[3] - Basic earnings per share (EPS) for the quarter was RMB 0.07, a decrease of 56.25% year-over-year[3] - Operating revenue for the first nine months of 2024 was 1,858,473,291.71 RMB, slightly down from 1,900,802,429.71 RMB in the same period last year[16] - Net profit for the first nine months of 2024 was 142,372,219.83 RMB, a 28% decrease from 198,267,896.91 RMB in the same period last year[18] - The company's comprehensive income totaled RMB 151,078,447.69, compared to RMB 201,174,265.00 in the same period last year[19] - Basic earnings per share (EPS) were RMB 0.26, down from RMB 0.35 in the previous year[19] Profitability and Costs - The decrease in net profit was mainly due to increased logistics costs from overseas production, higher R&D expenses, and increased exchange losses[8] - The company's overseas production base contributed to increased costs, impacting overall profitability[8] - R&D expenses increased to 76,724,970.82 RMB, up 16% from 65,878,644.42 RMB in the previous year[18] - Sales expenses increased to 11,641,156.56 RMB, up 25% from 9,314,614.20 RMB[18] - Financial income improved to -16,522,591.84 RMB, compared to -30,250,864.75 RMB in the previous year[18] Assets and Liabilities - Total assets at the end of the reporting period were RMB 2.96 billion, an increase of 9.99% compared to the end of the previous year[5] - Total assets increased to 2,961,594,590.38 RMB, up 10% from 2,692,600,103.32 RMB in the previous period[15] - Total liabilities rose to 1,382,677,099.94 RMB, a 30% increase from 1,064,555,544.74 RMB[16] - Short-term borrowings surged to 254,967,332.09 RMB, a 193% increase from 86,839,051.61 RMB[15] - Contract liabilities grew significantly to 67,588,960.77 RMB, up 887% from 6,850,426.42 RMB[15] - Total equity decreased to 1,578,917,490.44 RMB, down 3% from 1,628,044,558.58 RMB[16] - Equity attributable to shareholders of the listed company was RMB 1.55 billion, a decrease of 2.84% compared to the end of the previous year[5] Cash Flow - Cash flow from operating activities for the first nine months was RMB 152.02 million, a slight increase of 0.44% year-over-year[3] - Net cash flow from operating activities increased to RMB 152,019,778.41, up from RMB 151,348,795.03 in the same period last year[20] - Cash received from tax refunds amounted to RMB 113,110,070.32, up from RMB 88,802,082.29 in the same period last year[20] - Cash paid for employee compensation and benefits increased to RMB 205,951,623.17, compared to RMB 167,735,834.99 in the previous year[20] - Net cash flow from investing activities was negative at RMB -421,302,039.22, a significant decrease from RMB 15,552,596.83 in the same period last year[21] - Cash received from other investing activities surged to RMB 948,869,206.21, up from RMB 194,292,626.94 in the previous year[20] - Net cash flow from financing activities was negative at RMB -41,366,984.79, an improvement from RMB -126,155,801.20 in the same period last year[21] - The company's cash and cash equivalents at the end of the period stood at RMB 365,049,867.40, down from RMB 619,013,192.21 at the beginning of the period[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 10,778[10] - Ningbo Fujia Holding Co., Ltd. holds 241,766,802 shares, accounting for 43.06% of the total shares[10] - Wang Yuedan holds 149,081,867 shares, accounting for 26.56% of the total shares[10] - Yu Shiguo holds 48,222,529 shares, accounting for 8.59% of the total shares[10] - Lang Yiding holds 15,611,034 shares, accounting for 2.78% of the total shares[10] - Wang Yiming holds 11,686,956 shares, accounting for 2.08% of the total shares[10] - Li Xiaoju holds 3,675,499 shares, accounting for 0.65% of the total shares[10] - Liu Zihui holds 2,202,140 shares, accounting for 0.39% of the total shares[10] - Hong Kong Securities Clearing Company Ltd. holds 1,562,568 shares, accounting for 0.28% of the total shares[10] Non-Recurring Items - Non-recurring gains and losses for the quarter amounted to RMB 2.52 million, primarily from government subsidies and gains on financial assets[6][7] Return on Equity - Weighted average return on equity (ROE) for the quarter was 2.53%, a decrease of 3.25 percentage points year-over-year[5] Monetary Funds - The company's monetary funds as of September 30, 2024, amounted to 487,559,344.85 yuan, a decrease from 791,827,614.01 yuan at the end of 2023[14] Sales Revenue - Sales revenue from goods and services reached RMB 1,961,819,617.83, a significant increase from RMB 1,594,380,747.05 in the previous year[20]

证券代码：603219 证券简称：富佳股份 公告编号：2024-050 截至本公告披露日，宁波富佳实业股份有限公司（以下简称"公司"或"富 佳股份"）股东俞世国、涂自群、骆俊彬等 29 位股东合计持有公司股份 60,199,952 股，占公司总股本的 10.7232%。其中股东俞世国持有公司无限售流通股股份 48,222,529 股，包括首次公开发行前取得的股份及因资本公积金转增股本取得 的 43,562,355 股和上海古韵琳企业管理有限公司（以下简称"上海古韵琳"）解 散清算后通过中国证券登记结算有限责任公司上海分公司办理非交易过户取得 4,660,174 股，这两部分股份分别存放于股东俞世国两个不同的证券账户；涂自 群、骆俊彬等 28 位股东全部或部分股份来源于上海古韵琳解散清算后，将其名 下持有的公司股份通过非交易过户的方式登记至各股东名下。 公司股东郎一丁、周洋、王裕挺等 29 位股东合计持有公司股份 18,605,818 股，占公司总股本的 3.3142%。其中股东郎一丁持有公司股份 15,611,034 股， 包括首次公开发行前取得的股份及因资本公积金转增股本取得的 12,616,252 股 （ ...

证券代码：603219 证券简称：富佳股份 公告编号：2024-048 宁波富佳实业股份有限公司 关于股东收到行政监管措施决定书暨完成回购股份 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。 宁波富佳实业股份有限公司（以下简称"公司"）股东黄小平于近日收到 中国证券监督管理委员会宁波监管局出具的行政监管措施决定书《关于对黄小 平采取责令购回违规减持股份并向上市公司上缴价差措施的决定》([2024]38号） （以下简称"决定书"），现将有关情况公告如下： 一、决定书主要内容 黄小平： 经查，你作为宁波富佳实业股份有限公司(以下简称公司) 股东，曾在重庆 复晖企业管理合伙企业(有限合伙)清算注销时承诺减持股份将履行大股东通过 集中竞价交易减持的预披露义务。但2024年7月29日至7月31日期间，你通过集 中竞价交易减持公司股份130,100股，减持金额1,936,688元，减持前，你未按照 上述承诺履行减持的预披露义务，违反了《上市公司股东减持股份管理暂行办 法》第四条第二款和第九条第一款的相关规定。 根据《上市公司股东减 ...

Investment Rating - Investment rating: Buy (maintained) as of August 28, 2024 [1] Core Views - The company continues to experience high growth in overseas sales, while exchange rate fluctuations have impacted performance. The report maintains a "Buy" rating due to the positive outlook on the energy storage business gradually entering a harvest period [1][2] Financial Performance Summary - In H1 2024, the company achieved revenue of 1.02 billion (10.2 hundred million) yuan, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 110 million yuan, a decrease of 0.4% [1] - The company’s revenue for Q2 2024 was 590 million yuan, reflecting a year-on-year increase of 6.1%, while the net profit attributable to shareholders was 60 million yuan, down 29.6% [1] - The gross margin for H1 2024 was 19.8%, an increase of 1.4 percentage points year-on-year [2] - The company’s overseas revenue reached 800 million yuan in H1 2024, up 12.7%, while domestic market revenue was 210 million yuan, down 18.5% [2] Segment Performance - Wireless vacuum cleaner revenue was 550 million yuan (+6.0%), wired vacuum cleaner revenue was 310 million yuan (+24.6%), and accessories and other revenue was 100 million yuan (+34.8%). However, smart robotic vacuum revenue decreased significantly by 53.6% to 20 million yuan, and energy storage product revenue fell by 71.2% to 20 million yuan [2] Future Earnings Forecast - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 298 million, 347 million, and 389 million yuan respectively, with corresponding EPS of 0.53, 0.62, and 0.69 yuan [1][3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 14.69 CNY per share, indicating a potential upside based on expected performance over the next six months [4]. Core Views - The company has shown stable growth in its core clean appliance business, with a revenue increase of 7.6% year-on-year, accounting for 87.2% of total revenue. The newly developed carpet cleaning machine is expected to be a new growth driver [1][2]. - The energy storage business has faced a significant decline in revenue, down 71.17% year-on-year, attributed to seasonal fluctuations in project order releases. However, other income sources, including commercial beauty devices, have seen an 18.61% increase, indicating diversification in revenue streams [1][2]. - The gross margin slightly increased to 19.75%, while the net margin decreased to 10.40%. The gross margin for the clean appliance segment was 16.36%, reflecting a minor decline due to fluctuations in raw material prices [1][2]. Financial Summary - For H1 2024, the company reported a revenue of 1.019 billion CNY, a year-on-year increase of 4.32%, and a net profit of 107 million CNY, a slight decrease of 0.35%. In Q2 2024, revenue reached 593 million CNY, up 6.12%, but net profit fell by 29.57% to 58 million CNY [1]. - The company’s revenue projections for 2024-2026 are estimated at 3.182 billion CNY, 3.659 billion CNY, and 4.118 billion CNY, respectively, with growth rates of 18.15%, 15.01%, and 12.53% [3][7]. - The projected net profit for 2024-2026 is 302 million CNY, 349 million CNY, and 393 million CNY, with corresponding P/E ratios of 27.29x, 23.65x, and 21.01x [3][7]. Business Segments - The clean appliance segment is expected to continue its growth trajectory, supported by the resolution of overseas inventory issues and the introduction of new products like the cleaning machine and commercial beauty devices [2][4]. - The energy storage segment is anticipated to ramp up gradually, although current performance has been impacted by order release timing [2][4]. Market Position - The company holds a strong position in the clean appliance market, with a focus on quality and innovation, which is expected to enhance its competitive edge as it diversifies its product offerings [2][4].

Business Performance - The company's revenue and net profit for the first half of 2024 remained stable compared to the same period last year [4] - Key initiatives include digital management, green manufacturing, and enhancing overseas production capabilities [4][5] Strategic Responses - The company has expanded overseas production capacity to mitigate risks from potential US-China trade tensions [5] - Increased R&D investment in new products and categories to ensure sustainable business growth [5][6] Production and Supply Chain - The company plans to adjust production and export strategies based on market conditions and customer demands [6] - High localization ratio in the supply chain, with ongoing efforts to reduce reliance on foreign suppliers [7] Market Positioning - The company does not perceive significant competition between robotic vacuums and traditional vacuum cleaners in the US market [8]