Financial Performance - The company expects a net profit attributable to shareholders of the parent company for 2024 to be approximately 464.40 million yuan, a decrease of 555.23 million yuan or about 54.45% compared to the same period last year [4]. - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is approximately 364.99 million yuan, a decrease of 520.50 million yuan or about 58.81% year-on-year [4]. - The total profit for the previous year was 1,253.08 million yuan, with a net profit attributable to shareholders of the parent company of 1,019.64 million yuan [5]. - The earnings per share for the previous year was 2.34 yuan [6]. Strategic Adjustments - The company is undergoing a strategic adjustment of its dual-brand structure, which, along with changes in the consumer environment, has significantly impacted its operating conditions [7]. - The amount of government subsidies received by the company during the reporting period has decreased significantly compared to the previous year [7]. Performance Forecast - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants [8]. - There are no significant uncertainties affecting the accuracy of this performance forecast [8]. - The forecast data is preliminary and the specific accurate financial data will be disclosed in the company's officially audited 2024 annual report [9]. - Investors are advised to pay attention to investment risks related to this performance forecast [9].

买入/首次 飞科电器(603868) 目标价: 昨收盘:41.02 飞科电器：24Q3 盈利能力环比修复，期待博锐+微信小店赋能 2025 年 01 月 06 日 公司点评 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 24/1/8 24/3/20 24/5/31 24/8/11 24/10/22 25/1/2 ◼ 股票数据 总股本/流通(亿股) 4.36/4.36 总市值/流通(亿元) 178.68/178.68 12 个月内最高/最低价 (元) 54.88/32 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 事件：2024 年 10 月 30 日，飞科电器发布 2024 年三季报。2024 年 前三季度公司实现收入 33.21 亿元（-16.85%），归母净利润 4.65 亿元（- 4 ...

证券代码：603868 证券简称：飞科电器 公告编号：2024-027 上海飞科电器股份有限公司 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个别及连带责任。 重要内容提示： 投资者可于 2024 年 11 月 19 日（星期二）至 11 月 25 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 flyco@flyco.com 进行提问。公司将在业绩说明会上对投资者普遍关注的问题进 行回答。 上海飞科电器股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日披露公司 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 26 日上午 11:00-12:00 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、 业绩说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三季度经营 成果及财务指标的具体情况与投资 ...

证券代码：603868 证券简称：飞科电器 公告编号：2024-026 公司董事会、监事会延期换届不会影响公司的正常经营。公司将积极推进并 尽快完成董事会、监事会换届选举工作，并及时履行相应的信息披露义务。 特此公告。 上海飞科电器股份有限公司 上海飞科电器股份有限公司 关于董事会、监事会延期换届的公告 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个别及连带责任。 上海飞科电器股份有限公司（以下简称"本公司"或"公司"）第四届董事会、监 事会将于 2024 年 11 月 16 日任期届满。鉴于公司新一届董事会和监事会的候选 人提名工作尚未完成，为保证公司董事会、监事会相关工作的稳定性和连续性， 公司董事会、监事会换届选举将延期进行。同时，董事会各专门委员会、高级管 理人员的任期亦相应顺延。在董事会、监事会换届选举完成之前，公司第四届董 事会、监事会全体成员及高级管理人员将依照法律法规和《公司章程》等相关规 定，继续履行相应的职责和义务。 董 事 会 2024 年 11 月 14 日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 remains under pressure, with expectations for revenue recovery driven by new product launches [1][2] - The company has experienced a decline in revenue and net profit, with a year-on-year revenue drop of 16.9% and a net profit decrease of 43.8% for the first three quarters of 2024 [1] - The brand's product structure is continuously upgrading, with the Bole brand showing rapid growth, while the Feike brand faces challenges due to product line adjustments [2] Financial Performance Summary - For Q3 2024, the company's revenue was 10.0 billion yuan, down 24.1% year-on-year, with a net profit of 1.5 billion yuan, a decrease of 31.8% [1] - The gross margin for Q3 2024 improved slightly to 56.9%, compared to 54.1% in Q2 2024, indicating a narrowing decline [3] - The company’s operating income for 2024 is projected to be 44.82 billion yuan, reflecting a year-on-year decline of 11.4% [4] Product Performance - The Feike brand's online sales in Q3 2024 decreased by 16%, while the average price increased by 8% [2] - The Bole brand's online sales grew by 50% year-on-year, with significant increases in sales for blow dryers and shavers [2] Profitability Metrics - The company's net profit margin for Q3 2024 was 14.5%, down from 20.2% in the previous year [3] - The projected EPS for 2024 is 1.49 yuan, with a P/E ratio of 24.9 times [4]

飞科电器（ [Table_StockNameRptType] 603868） 公司点评 盈利能力环比修复 ——飞科电器 2024Q3 业绩点评 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is maintained at "Outperform" [3] Core Views - The company's Q3 2024 performance met expectations, with total revenue of 3.32 billion yuan, a year-on-year decline of 17%, and a net profit attributable to shareholders of 465 million yuan, down 44% year-on-year [1] - The brand structure is further optimized, with the introduction of new products and a focus on high-end design driving brand upgrades [2] - The company continues to invest heavily in sales expenses, resulting in improved profitability on a quarter-on-quarter basis [3] - The profit forecast for 2024-2026 has been revised downwards, with expected net profits of 644 million yuan, 753 million yuan, and 891 million yuan respectively [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 56.92%, a year-on-year decrease of 0.41 percentage points, with a net profit margin of 14.88%, down 1.69 percentage points year-on-year but up 3.05 percentage points from Q2 [3] - The company reported a total revenue of 3.32 billion yuan for the first three quarters of 2024, with a net profit of 465 million yuan [1] Brand Development - The company launched nine new product series in the first half of 2024, including shavers and high-speed hair dryers, to enhance its market position [2] - The BoRui brand saw a revenue increase of 35.92% in the first half of 2024, with a market share increase [2] Sales and Marketing - The sales expense ratio for Q3 2024 was 36.23%, an increase of 5.40 percentage points year-on-year, reflecting increased advertising and promotional expenditures due to intensified industry competition [3] Profit Forecast - The revised profit forecasts for 2024, 2025, and 2026 indicate a significant decline in 2024, followed by growth in subsequent years, with expected year-on-year changes of -36.8%, +16.9%, and +18.4% respectively [3]

Investment Rating - The report assigns a "Cautious Accumulate" rating to the company, down from a previous "Accumulate" rating [5][17]. Core Views - The company's Q3 performance is under pressure, but the national subsidy for trade-in programs is expected to boost sales in Q4 2024 [2][17]. - The overall shaving business is facing short-term challenges, and sales expenses are rising quickly, leading to a decline in gross profit margin [3][17]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 3.321 billion yuan, a year-on-year decrease of 16.85%, and a net profit attributable to shareholders of 466 million yuan, down 43.82% [11]. - Q3 2024 revenue was 1.002 billion yuan, a decline of 24.1% year-on-year, with a net profit of 149 million yuan, down 31.84% [11][12]. Revenue Analysis - The shaving product revenue is expected to decline by 15% year-on-year in Q3, with the main brand experiencing a 30% drop due to price reductions and weak demand [12][13]. - The high-speed hair dryer segment is projected to contribute approximately 120 to 150 million yuan in revenue, with a slight decline in overall hair dryer revenue due to competitive pricing strategies [13]. Profitability Insights - The gross profit margin for the first three quarters of 2024 was 56%, a decrease of 1.71 percentage points year-on-year, while the net profit margin was 13.99%, down 6.72 percentage points [14]. - The sales expense ratio is at a historical high, expected to remain above 35% for the year, impacting the efficiency of expense conversion [15][17]. Cash Flow and Financial Position - As of Q3 2024, the company had cash and cash equivalents plus trading financial assets totaling 1.618 billion yuan, a year-on-year decrease of 11.65% [16]. - The net cash flow from operating activities for Q3 2024 was 19 million yuan, a significant decline of 94.51% year-on-year, primarily due to reduced sales collections [16]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 are revised to 1.44, 1.77, and 1.93 yuan, reflecting a downward adjustment of 9%, 1%, and 4% respectively [3][17].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [4][12]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 3.321 billion yuan, down 16.85% year-on-year, and net profit at 465 million yuan, down 43.82% [1]. - The revenue decline is attributed to a noticeable drop in the sales growth of razors, while the "POREE" brand is expected to perform better than the "Feike" brand due to its optimized cost-performance strategy [1][2]. - The company’s gross margin for the first three quarters of 2024 was 56%, a decrease of 1.71 percentage points year-on-year, and the net margin was 13.99%, down 6.72 percentage points year-on-year [1]. Financial Performance Summary - For the first three quarters of 2024, the company’s sales, management, R&D, and financial expense ratios were 35.06%, 3.98%, 1.87%, and -0.15%, respectively, showing increases in sales and management expense ratios compared to the previous year [2]. - The company expects a recovery in revenue performance with the launch of new products in the razor and hair dryer categories, despite a downward revision in the revenue growth forecast for razors [2]. - Projected net profits for 2024, 2025, and 2026 are 624.94 million yuan, 669.75 million yuan, and 735.73 million yuan, respectively, with corresponding dynamic P/E ratios of 26.3x, 24.5x, and 22.3x [2][3]. Market Position and Trends - The company operates in the home appliance and small appliance industry, with a focus on enhancing product structure and brand performance [4]. - The stock has experienced a significant decline, with a drop of 32% from October 2023 to February 2024 [5]. - The company’s total market capitalization is approximately 16.42 billion yuan, with a total share capital of 435.60 million shares [4].

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,002,179,051.53, representing a decrease of 24.10% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥149,104,216.62, down 31.84% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥101,991,781.18, a decline of 50.95% compared to the same period last year[2]. - Basic earnings per share for Q3 2024 were ¥0.34, down 32.00% compared to the same period last year[4]. - The total operating revenue for the first three quarters of 2024 was RMB 3,321,008,578.93, a decrease of 16.9% compared to RMB 3,994,025,242.18 in the same period of 2023[14]. - The total operating revenue for Q3 2024 was approximately CNY 3.32 billion, a decrease from CNY 3.99 billion in Q3 2023, representing a decline of about 16.9%[15]. - The total profit for Q3 2024 was approximately CNY 563.24 million, compared to CNY 1.08 billion in Q3 2023, a decrease of about 47.9%[15]. - The net profit for Q3 2024 was approximately CNY 464.60 million, compared to CNY 827.03 million in Q3 2023, indicating a decline of about 43.8%[15]. - The total comprehensive income for Q3 2024 was approximately CNY 464.57 million, down from CNY 827.03 million in Q3 2023, reflecting a decline of about 43.8%[16]. Cash Flow - The net cash flow from operating activities for Q3 2024 was ¥18,910,394.90, a significant decrease of 94.51% year-on-year[2]. - The company reported a significant decline in cash flow from operating activities due to reduced sales receipts, with a year-to-date decrease of 74.08%[7]. - The net cash flow from operating activities was CNY 319,558,967.45, a decrease of 74.1% compared to CNY 1,233,078,201.10 in the previous year[17]. - The total cash outflow from operating activities was CNY 3,388,129,515.77, slightly up from CNY 3,321,003,230.23[17]. - The cash received from tax refunds was CNY 256,025.62, compared to CNY 450,078.09 in the previous year[17]. - The cash paid to employees increased to CNY 427,048,785.85 from CNY 365,859,901.89, reflecting a rise of 16.7%[17]. - The cash paid for other operating activities was CNY 1,083,646,589.70, up from CNY 927,110,471.26, indicating a growth of 16.9%[17]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,227,648,229.00, a decrease of 5.19% from the end of the previous year[4]. - Total assets decreased to RMB 4,227,648,229.00 as of September 30, 2024, from RMB 4,459,200,718.23 at the end of 2023, a reduction of 5.2%[12]. - Total current liabilities increased to RMB 1,087,528,107.08 as of September 30, 2024, compared to RMB 771,132,792.73 at the end of 2023, an increase of 41.0%[12]. - The company's total liabilities as of September 30, 2024, were RMB 1,188,850,273.66, compared to RMB 882,854,977.15 at the end of 2023, an increase of 34.6%[13]. - The company's long-term equity investments decreased to RMB 194,310,612.76 from RMB 219,945,092.40, a decline of 11.7%[12]. - Cash and cash equivalents as of September 30, 2024, were RMB 228,954,653.46, down from RMB 524,762,662.66 at the end of 2023, representing a decline of 56.4%[11]. Operational Efficiency - The company is focusing on improving operational efficiency and exploring new market opportunities to counteract the revenue decline[14]. - The total operating costs for Q3 2024 were approximately CNY 2.85 billion, down from CNY 3.06 billion in Q3 2023, reflecting a decrease of about 6.7%[15]. - Research and development expenses for Q3 2024 were approximately CNY 62.17 million, down from CNY 77.49 million in Q3 2023, a decrease of about 19.7%[15]. - The operating profit for Q3 2024 was approximately CNY 492.15 million, down from CNY 972.36 million in Q3 2023, indicating a decline of about 49.3%[15]. - The income tax expense for Q3 2024 was approximately CNY 98.65 million, down from CNY 257.05 million in Q3 2023, a decrease of about 61.6%[15]. Non-Recurring Gains and Losses - Non-recurring gains and losses for the current period totaled ¥47,112,435.44, with government subsidies contributing ¥49,459,859.11[5]. - The company's net profit for the first three quarters of 2024 is not explicitly stated but is implied to be lower than the previous year due to the decrease in total operating revenue[14].