证券代码：603868 证券简称：飞科电器 公告编号：2024-015 上海飞科电器股份有限公司 关于召开 2023 年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： 一、 业绩说明会类型 本次业绩说明会以视频结合网络互动召开，公司将针对 2023 年度经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、 业绩说明会召开的时间、地点 投资者可于 2024 年 6 月 11 日（星期二）至 6 月 17 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 3 月 12 日在上 海证券交易所网站（www.sse.com.cn）披露公司 2023 年年度报告，为便于广 大 ...

本次电话会议为闭门会议会经尖峰证券许可不得通过任何途径将会议录音或纪要等向第三方提供或传播尖峰证券对违反上述要求的行为主体保留追究其法律责任的权利 各位领导下午好欢迎大家来参加飞鸽的交流会然后我们今天也非常高兴的请到了龙木郭总然后还有杨总来为我们进行一个公司情况的分享郭总大家好郭总咱们是先简单的介绍一下近期的一个经营的情况然后再进行QA的环节您看这个可以吗 我简单总结一下吧我也不知道有多少朋友之前听过了一击爆过去也蛮久了那我就简单说一下情况吧一击冰有点下滑下滑的主要原因呢一个呢是这个情人节外因就是情人节被春节覆盖了内因呢就是我们这个一款原来规划中的新品掉线掉线也比较久 那么再加上还有一个原因就是从去年三季度开始的我们黑科这个品牌把低端产品全部彻底砍掉主动的去掉了一些原来低端的量在这个过程中博弈的承接速度是有限的它还没有完全接过来这个量三个原因叠加在一起导致了一季度的这样一个业绩再加上费用确实也比较高 这个费用主要也就是能量费没有什么特别的就是环境比较卷导致的平台的现在的平台之间的这种现状那么反过来讲呢其实当然我们主动的看低端这个是战略这个是必须执行的反过来讲呢如果不是情人节和这个新品一个外衣一个内衣叠加在一起 ...

本次电话会议为闭门会议会经尖峰证券许可不得通过任何途径将会议录音或纪要等向第三方提供或传播尖峰证券对违反上述要求的行为主体保留追究其法律责任的权利 各位领导下午好欢迎大家来参加飞鸽的交流会然后我们今天也非常高兴的请到了龙木郭总然后还有杨总来为我们进行一个公司情况的分享郭总大家好郭总咱们是先简单的介绍一下近期的一个经营的情况然后再进行QA的环节您看这个可以吗 我简单总结一下吧我也不知道有多少朋友已经听过了一击爆过去也蛮久了我就简单说一下情况吧一击冰有点下滑下滑的主要原因呢一个呢是这个情人节外因就是情人节被春节覆盖了内因呢就是我们这个一款原来规划中的新品掉线掉线也比较久 那么再加上呢还有一个原因呢就是从去年三季度开始的我们这个黑科这个品牌呢把低端产品全部彻底砍掉主动的去掉了一些原来低端的量那么在这个过程中呢博弈的承接速度是有限的它还没有完全接过来这个量三个原因叠加在一起啊导致了这个一季度的这样的一个业绩吧再加上费用确实也比较高 这个费用主要也就是能量费没有什么特别的就是环境比较卷导致的平台的现在的平台之间的这种现状那么反过来讲其实当然我们主动的看低端这个是战略这个是必须执行的反过来讲如果不是情人节和新品一个外衣一 ...

大家好 欢迎参加天峰家电飞鸽电器2024中期上市公司交流会目前所参会者正处在经营状态现在开始播报名单声明声明播完后主持人会直接开始发言本次电话会议为闭门会议会经天峰证券许可不得通过任何途径将会议录音或机要等向第三方提供或传播天峰证券对违反上述要求的行为主体保留追究其法律责任的权利 各位领导下午好欢迎大家来参加飞鸽的交流会然后我们今天也非常高兴的请到了罗密波总然后还有杨总来为我们进行一个公司情况的分享郭总大家好郭总咱们是先简单的介绍一下近期的一个经营的情况然后再进行QA的环节您看这个可以吗 我简单总结一下我也不知道有多少朋友之前听过了一级报告过去也蛮久了我就简单说一下情况一级军有点下滑下滑的主要原因一个是情人节外因就是情人节被春节覆盖了内因就是我们一款原来规划中的新品掉线掉线也比较久 那么再加上还有一个原因就是从去年三季度开始的我们黑科这个品牌把低端产品全部彻底砍掉主动的去掉了一些原来低端的量那么在这个过程中博弈的承接速度是有限的它还没有完全接过来这个量三个原因叠加在一起导致了一季度的这样一个业绩再加上费用确实也比较高 这个费用主要也就是流量费没有什么特别的就是环境比较卷导致的平台的现在的平台之间的这种现状那么 ...

Summary of Conference Call for Feike Electric Company Overview - **Company**: Feike Electric - **Industry**: Personal Care Appliances Key Points and Arguments Sales Performance - In Q1, total sales of shavers reached **10.5 million units**, with Feike brand selling **4.52 million units** and Borui brand selling **5.96 million units**. Borui's T72 model has surpassed Feike in sales [2][2] - The average price of shavers increased to **70 yuan** from **64 yuan** year-on-year, with Feike's average price rising from **96 yuan** to **121 yuan**, and Borui's minimum price increasing to **32 yuan** [2][2] - The **99 yuan portable shaver** sold **380,000 units** in Q1, with online and offline sales approximately equal [2][2] - The **199 yuan high-speed hair dryer** sold **66,000 units** in Q1, generating revenue of **140 million yuan** [3][3] Product Launches and Market Strategy - New products, including the **399 yuan portable shaver** and **199 yuan high-speed hair dryer**, are expected to drive significant sales growth in Q2, especially during holidays like **520** and **618** [2][2] - The **299 yuan high-speed hair dryer** sold **150,000 units** in April, contributing to a total of **280,000 units** sold for the month [4][4] - Feike is shifting its focus towards high-end offline channels, including experience stores and gift shops, while Borui will target the low-end market [2][2][2] Channel and Distribution Adjustments - Feike is adjusting its distribution channels, with a focus on enhancing the Borui brand's presence in the low-end market while transitioning Feike towards high-end retail [2][2] - The company is exploring O2O (online-to-offline) channels, which show potential for growth, particularly in lower-tier markets [9][9] Financial Outlook and Goals - The company does not set a specific sales target but aims to reclaim its position as a leader in high-speed electric appliances within two years [5][5] - There is uncertainty regarding the profitability of new offline stores, with expectations that profitability will depend on location, customer flow, and operational capabilities [6][6] Marketing and Sales Expenses - In Q1, sales expenses were primarily allocated to online traffic, with **Douyin** accounting for over **18%** of sales revenue [10][10] - The company is implementing a controlled strategy for Douyin to maintain a balance between sales expense growth and advertising gross profit [10][10] Future Prospects - The company is optimistic about recovering revenue growth, especially if sales during the holiday season can be maintained [10][10] - There is ongoing development in overseas markets, with a focus on establishing distribution partnerships [8][8] Additional Important Insights - The company is experiencing a cultural shift within its sales team, with a younger demographic increasingly involved in the distribution of both high-end and low-end products [8][8] - The performance of new products in experience stores has been promising, indicating a strong market fit [4][4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company experienced a slight operational pressure in the short term, but the "Bole" sub-brand continues to show high growth rates [1] - In Q1 2024, the company reported revenue of 1.2 billion yuan, a year-over-year decrease of 15%, and a net profit attributable to shareholders of 200 million yuan, down 44% year-over-year [8] - The report highlights the strong growth of the "Bole" brand, which has successfully captured part of the market for cost-effective products previously held by the main brand [9] Financial Performance Summary - Q1 2024 revenue breakdown: - Feike brand sales on Tmall, JD, and Douyin were 150 million, 130 million, and 170 million yuan respectively, showing declines of 32%, 35%, and 34% year-over-year due to holiday disruptions and lower-end product sales [9] - Bole brand sales on Tmall, JD, and Douyin were 20 million, 20 million, and 10 million yuan respectively, with year-over-year growth rates of 85%, 20%, and 75% [9] - The gross margin for Q1 2024 was 57.1%, an increase of 1.0 percentage points year-over-year, while the net profit margin was 15.3%, down 8.0 percentage points year-over-year [9] - The report projects a decrease in net profit forecasts for 2024-2026, with expected figures of 1.05 billion, 1.16 billion, and 1.32 billion yuan respectively, reflecting downward adjustments of 9%, 12%, and 13% [9][10] Valuation Metrics - The company is positioned as a leader in the small home appliance industry, with core competencies in "R&D innovation" and "brand operation" [9] - The projected P/E ratios for 2024, 2025, and 2026 are 19, 17, and 15 respectively [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Views - The company's performance in Q1 2024 is under pressure due to holiday sales timing and increased expenses, but the gross margin continues to show an upward trend [2][3][4]. - The company is focusing on structural upgrades and the contribution from the Borui brand for long-term growth [2]. Financial Performance Summary - In Q1 2024, the company reported a revenue decline of 43.78% year-on-year, with a net profit attributable to the parent company of 1.8 billion yuan, down 40.77% [2][3]. - The gross margin for Q1 2024 was 57.1%, an increase of 1.02 percentage points, attributed to the improvement in the Borui brand's gross margin and the upgrade of the Feike brand's product line [4]. - The company’s net profit margin for Q1 2024 was 15.33%, a decrease of 7.98 percentage points, while the net profit margin after deducting non-recurring items was 14.09%, down 6.25 percentage points [4]. Revenue and Profit Forecast - The company expects revenues to grow from 5,606 million yuan in 2024E to 7,215 million yuan in 2026E, reflecting a compound annual growth rate (CAGR) of approximately 13.9% [5]. - The net profit attributable to the parent company is projected to increase from 1,111 million yuan in 2024E to 1,404 million yuan in 2026E, with a CAGR of about 14.1% [5]. Valuation Metrics - The projected earnings per share (EPS) for 2024E is 2.55 yuan, increasing to 3.22 yuan by 2026E [5]. - The price-to-earnings (P/E) ratio is expected to decrease from 18.2 in 2024E to 14.4 in 2026E, indicating a more attractive valuation over time [5].

公司报告 | 季报点评 飞科电器（603868） 证券研究报告 2024年04月 30日 投资评级 收入增速承压，费用率显著提升 行业 家用电器/小家电 6个月评级 买入（维持评级） 当前价格 46.38元 事件：2024Q1 公司实现营业收入 11.74 亿元，同比-14.52%，归母净利润 1.8亿元，同比-43.78%。 目标价格 元 公司收入端增速承压，分品牌看，我们预计24Q1延续23年的趋势，子品 基本数据 牌博锐增速较快，飞科品牌增速有所下降。 A股总股本(百万股) 435.60 流通A股股本(百万股) 435.60 2024Q1公司毛利率为57.1%，同比+1.02pct，净利率为15.33%，同比-7.98pct。 A股总市值(百万元) 20,203.13 2024Q1公司季度销售、管理、研发、财务费用率分别为33.61%、3.65%、 流通A股市值(百万元) 20,203.13 1.55%、-0.23%，同比+8.85、+1.11、-0.14、-0.14pct。销售费用率显著提升。 由于公司持续强化的节假日情感营销策略，加大内容营销投入，满足消费 每股净资产(元) 8.62 者在“情人节” ...

Investment Rating - The investment rating for the company is "Outperform" [5]. Core Insights - The company's Q1 2024 revenue was CNY 1.174 billion, a year-on-year decrease of 15%, while the net profit attributable to shareholders was CNY 180 million, down 44% year-on-year. The revenue performance met market expectations, with the decline attributed to overlapping holiday sales periods [5][6]. - The product structure is further optimized, with the introduction of differentiated technology products leading to an increase in average selling prices. The Broi brand saw a significant revenue increase of 115.48% year-on-year, contributing to 17.17% of total sales [5][6]. - The gross margin improved to 57.10%, with a year-on-year increase of 1.01 percentage points, driven by the continued high-end product strategy. However, the sales expense ratio increased to 33.61%, reflecting higher marketing costs due to intensified competition [6]. Summary by Sections Financial Performance - Q1 2024 revenue was CNY 1.174 billion, down 15% year-on-year. The net profit attributable to shareholders was CNY 180 million, down 44% year-on-year. The gross margin was 57.10%, with a year-on-year increase of 1.01 percentage points [5][6][7]. - The company forecasts net profits of CNY 1.135 billion, CNY 1.304 billion, and CNY 1.515 billion for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 11.3%, 14.9%, and 16.2% [6][7]. Product Development - The company launched new products such as the "Galaxy Star Ring" hair dryer priced at CNY 239 and the "Mecha" portable shaver at CNY 399, which contributed to an increase in average selling prices despite a decline in sales volume [5][6]. - The Broi brand's online sales share in the shaver market increased to 1.6%, up 1 percentage point from the previous year, indicating successful market penetration [5]. Market Position - The company maintains a strong market position with a focus on high-end product offerings and continuous innovation, which is expected to drive future revenue and profit growth [5][6].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 30 日 飞 科电器(603868.SH) 证券研究报告 费用投放力度加大，短期业绩承压 小家电Ⅲ 投资评级 买入-A 事件：飞科电器公布 2024 年一季报。公司 2024 年一季度实现 维持评级 收入 11.7 亿元，YoY-14.5%；实现归母净利润 1.8 亿元，YoY- 43.8%；实现扣非归母净利润 1.7 亿元，YoY-40.8%。我们认为， 6个月目标价 58.32元 受个护市场景气波动影响，公司收入业绩承压，高速电吹风销量 股价 (2024-04-29) 47.30元 增长将带动公司收入与盈利能力持续提升。 交易数据 Q1 线上主品牌收入下降：根据久谦数据，飞科品牌天猫/京东/ 总市值(百万元) 20,603.88 抖音渠道 2024Q1销售额分别 YoY-31%/-31%/-12%，线上渠道整体 流通市值(百万元) 20,603.88 -26%，“飞科”主品牌线上收入承压。公司在推动“飞科”主品牌 总股本(百万股) 435.60 升级的同时，也对“博锐”品牌的定位进行提升。据久谦数据， 流通股本(百万股 ...