证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 个护小家电 ＃investSuggestion＃ ＃ ＃d飞yCo科mpa电ny＃器 （ 603868 ） investSug ＃title＃ 增持 ( 维ges持tionC）h 603868 产品升级品牌成长，收入业绩增速稳健 ange＃ ＃createTime1＃ 2024 年03 月13日 投资要点 ＃市m场a数rk据etData＃ ＃summary＃  公司发布2023年年报。2023年公司实现营收50.60亿元，同比+9.35%；归母 市场数据日期 2024-03-11 净利润10.20亿元，同比+23.90%；扣非归母净利润为8.86亿元，同比+14.88%； 收盘价（元） 48.60 毛利率为57.10%，同比+3.47pct：归母净利率为20.15%，同比+2.37pct。23Q4 总股本（百万股） 435.60 实现营收10.66亿元，同比+16.72%；归母净利润1.93亿元，同比+138.02%； 流通股本（百万股） 435.60 扣非归母净利润为1.72亿元，同比+138.61%；毛利率为54.80%，同比+1.08pc ...

家用电器/小家电 公 司 研 飞科电器（603868.SH） 2023Q4 业绩同环比改善，结构升级持续，博锐子品 究 2024年03月13日 牌高速增长 投资评级：买入（维持） ——公司信息更新报告 日期 2024/3/13 吕明（分析师） 周嘉乐（分析师） 林文隆（联系人） 当前股价(元) 49.68 lvming@kysec.cn zhoujiale@kysec.cn linwenlong@kysec.cn 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122070043 公 一年最高最低 (元) 85.88/40.65 司 信 总市值(亿元) 216.41  2023Q4业绩改善，长期结构升级及博锐增长有望持续，维持“买入”评级 2023 年公司实现营收 50.6 亿元（同比+9.35%，下同），归母净利润 10.2 亿元 息 流通市值(亿元) 216.41 更 （+23.9%），扣非归母净利润8.86亿元（+14.88%）。单季度上看2023Q4实现营 总股本(亿股) 4.36 新 收10.66亿元（+16.72%），归母净利润1.93亿元（ ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 12 日 飞 科电器(603868.SH) 证券研究报告 博锐高速增长，Q4 收入增速转正 小家电Ⅲ 投资评级 买入-A 事件：飞科电器公布2023年年报。公司2023 年实现收入 50.6 维持评级 亿元，YoY+9.4%；实现归母净利润 10.2 亿元，YoY+23.9%；实现 6个月目标价 57.96元 扣非归母净利润 8.9 亿元，YoY+14.9%。折算 2023Q4 单季度实现 股价 (2024-03-11) 48.60元 收入 10.7 亿元，YoY+16.8%；实现归母净利润 1.9 亿元， YoY+138.5%；实现扣非归母净利润 1.7 亿元，YoY+138.6%。我们 交易数据 认为，公司剃须刀及电吹风产品均价提升，将带动公司收入与盈 总市值(百万元) 21,170.16 利能力持续提升。 流通市值(百万元) 21,170.16 Q4 单季度收入加速增长：公司 2023Q4 单季度收入环比加速增 总股本(百万股) 435.60 长，我们认为主要是公司 2022 年受疫情影响，同期基数较低。根 流通股本 ...

公司报告 | 年报点评报告 飞科电器（603868） 证券研究报告 2024年03月12日 投资评级 产品结构显著提升，子品牌增速亮眼 行业 家用电器/小家电 6个月评级 买入（维持评级） 当前价格 50.78元 事件：公司2023年实现营业收入50.6亿元，同比+9.35%，归母净利润10.2 亿元，同比+23.9%；其中2023Q4实现营业收入10.66亿元，同比+16.72%， 目标价格 元 归母净利润1.93亿元，同比+138.02%。公司向全体股东每10股派发现金 红利23.00元（含税）。 基本数据 A股总股本(百万股) 435.60 个护品类稳步增长，子品牌增速亮眼。分品类看，23年个护电器收入47.7 流通A股股本(百万股) 435.60 亿元，同比+9.7%；生活电器收入 0.99 亿元，同比-24.3%；其他产品收入 A股总市值(百万元) 21,170.16 1.8亿元，同比+33.8%。其中营收占比较大的核心品类个护电器23H2营收 流通A股市值(百万元) 21,170.16 同比+1%，营收增速环比有所下降。分品牌看，子品牌增长较好。博锐2023 年度实现营业收入8.69亿元，同比增加 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][4]. Core Views - The company's 2023 revenue of 5.06 billion yuan grew by 9% year-on-year, with a net profit attributable to shareholders of 1.02 billion yuan, up 24% year-on-year [3][4]. - The product structure continues to optimize, with the sales proportion of mid-to-high-end products reaching 50.95%, an increase of 5.73 percentage points from the previous year [3]. - The company has adjusted its profit forecast for 2024-2025, expecting net profits of 1.135 billion yuan and 1.304 billion yuan, respectively, with a new estimate for 2026 at 1.515 billion yuan [4]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 1.066 billion yuan, a 17% increase year-on-year, and a net profit of 193 million yuan, up 138% year-on-year [3]. - The gross margin for Q4 2023 was 54.80%, an increase of 1.09 percentage points year-on-year [3]. - The company maintained a high sales expense ratio of 31.70% in Q4 2023, despite a slight decrease of 0.29 percentage points [3]. Revenue and Profit Forecast - The total revenue for 2023 was 5.06 billion yuan, with a projected growth rate of 15.4% for 2024 and 15.8% for 2025 [5]. - The expected earnings per share for 2024 is 2.60 yuan, increasing to 2.99 yuan in 2025 and 3.48 yuan in 2026 [5]. Market Position and Product Development - The company's mid-to-high-end product sales have increased, with the BoRui brand achieving a revenue of 869 million yuan in 2023, a 115.48% increase year-on-year [3]. - The average price of products has increased by 17% year-on-year, driven by the introduction of differentiated technology products [3].

Financial Performance - The company's operating revenue for 2023 reached ¥5,059,683,184.43, representing a year-on-year increase of 9.35% compared to ¥4,627,133,751.96 in 2022[16]. - The net profit attributable to shareholders of the listed company was ¥1,019,636,618.30, marking a significant increase of 23.90% from ¥822,977,243.54 in the previous year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥886,042,795.25, which is a 14.88% increase from ¥771,272,173.00 in 2022[16]. - The net cash flow from operating activities was ¥1,310,951,610.65, showing a substantial increase of 60.66% compared to ¥815,995,106.10 in the previous year[16]. - As of the end of 2023, the net assets attributable to shareholders of the listed company were ¥3,576,345,741.08, reflecting a growth of 4.32% from ¥3,428,138,937.72 at the end of 2022[16]. - The total assets of the company at the end of 2023 amounted to ¥4,459,200,718.23, which is a 2.59% increase from ¥4,346,536,456.22 in 2022[16]. - The basic earnings per share for 2023 was RMB 2.34, a 23.81% increase from RMB 1.89 in 2022[17]. - The weighted average return on equity rose to 29.73%, an increase of 4.00 percentage points from 25.73% in 2022[17]. - The total amount of non-recurring gains and losses for 2023 was RMB 133.59 million, significantly higher than RMB 51.71 million in 2022[20]. - The total comprehensive income for 2023 was ¥1,019,876,337.33, compared to ¥822,532,214.49 in 2022, showing a significant increase of about 24%[176]. Product and Market Development - The sales proportion of mid-to-high-end products reached 50.95%, an increase of 5.73 percentage points from the previous year[22]. - The sales proportion of the sub-brand Borui increased to 17.17%, up 8.44 percentage points year-on-year[22]. - The company focused on product innovation, launching differentiated products such as "smart sensing" shavers and portable "space flying saucer shavers"[22]. - The company launched a total of 9 new product series, including shavers and high-speed hair dryers, and obtained 149 new patent applications, bringing the total to 657 patents, an increase of 139 from the previous year[23]. - The brand "博锐" achieved a revenue of 869 million yuan in 2023, a year-on-year increase of 115.48%, significantly enhancing its market share[25]. - The domestic retail sales of electric shavers reached 9.37 billion yuan, an increase of 11.2% year-on-year, while hair dryers saw sales of 9.06 billion yuan, up 29.9% year-on-year[26]. - The company expanded its offline experiential retail stores, focusing on the Yangtze River Delta region, to enhance consumer engagement and brand image among younger consumers[24]. - The company is expanding its product line into new categories such as kitchen appliances, but faces uncertainties regarding consumer demand and market acceptance[79]. Marketing and Sales Strategies - The company enhanced its marketing strategies, emphasizing emotional marketing during key holidays to boost product sales[22]. - The company enhanced its online marketing strategies, optimizing product sales structure and improving consumer data analysis capabilities through partnerships with major e-commerce platforms[23]. - The company implemented a "direct supply" model for KA channels, converting original distributors into operational service providers to reduce operating costs[23]. - The company plans to continue enhancing its brand image and market presence through innovative marketing strategies, including social media and e-commerce platforms[32]. - The marketing strategy will continue to optimize sales channels, enhancing both online and offline operational efficiency[71]. Research and Development - The company invested ¥99,277,269.33 in R&D, an increase of 11.76% from ¥88,826,910.78 in the previous year[37]. - The company has a total of 169 R&D personnel, accounting for 3.90% of the total workforce[53]. - The company's R&D expenses increased to ¥99,277,269.33 in 2023 from ¥88,826,910.78 in 2022, representing a growth of approximately 15.5%[175]. - The company plans to focus on personal care appliances, enhancing R&D and product innovation, particularly in smart and fashionable upgrades for shavers and hair dryers[70]. Financial Management and Governance - The company has established a comprehensive internal control system to manage financial and operational risks effectively[114]. - The company has not reported any significant deficiencies in internal control during the reporting period[115]. - The company is committed to maintaining transparency and compliance with regulatory requirements[90]. - The management team emphasizes the importance of strategic planning for future growth and market expansion[89]. - The company’s financial decisions and remuneration policies are subject to approval by the board and shareholders, ensuring transparency and accountability[94]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of ¥23.00 per 10 shares, totaling ¥1,001,880,000.00, based on a total share capital of 435,600,000 shares as of December 31, 2023[4]. - The company has maintained a stable and proactive cash dividend policy since its listing, ensuring continuous cash returns to shareholders[108]. - The company declared a cash dividend of CNY 1,001,880,000, which accounts for 98.26% of the net profit attributable to ordinary shareholders in the consolidated financial statements[110]. Environmental and Social Responsibility - The company has invested CNY 503.76 million in environmental protection during the reporting period[116]. - The company has implemented measures to reduce carbon emissions through the use of low-carbon technologies in production processes[120]. - The company has actively promoted environmental protection and sustainability initiatives, including the use of 100% green batteries and biodegradable packaging[119]. - The company has contributed CNY 657.92 million to social responsibility projects, including CNY 645.01 million in cash donations[122]. Risks and Challenges - The company faces risks from macroeconomic fluctuations, which can impact demand for personal care and home appliances, as well as risks from high product concentration in electric shavers and hair dryers[77][78]. - Fluctuations in raw material prices directly affect product costs and profitability, prompting the company to leverage brand premium and procurement advantages to mitigate risks[80]. - Rising labor costs due to market fluctuations are a concern, but the company is taking measures to improve production efficiency and product value to offset these pressures[82]. Audit and Compliance - The audit report confirmed that the financial statements fairly reflect the financial position and operating results of Shanghai Feike Electric for the year ended December 31, 2023[158]. - The management is responsible for ensuring the financial statements are prepared in accordance with accounting standards and for maintaining effective internal controls[165]. - The audit procedures included testing the effectiveness of internal controls related to revenue recognition and analyzing the reasonableness of gross profit margins[161]. - The company did not have any pledged shares or significant shareholders with over 10% holdings that were applicable for disclosure[155].

证券代码：603868 证券简称：飞科电器 公告编号：2024-010 关于推动公司"提质增效重回报"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"公司"）为践行以"投资者为 本"的上市公司发展理念，持续强化企业价值创造能力，切实履行上市公 司的责任和义务，维护公司全体股东利益，基于对公司价值及未来发展 的信心，现将公司落实"提质增效重回报"工作相关主要举措公告如下： 一、进一步聚焦主营业务发展，持续推动研发创新和品牌升级 近年来，公司坚持以技术创新和高颜值设计驱动产品高端化，实现 品牌升级的发展战略，通过产品研发创新推动产品的智能化、时尚化、 年轻化升级，通过营销管理创新推动营销模式的 C 端化、直供化和内容 化升级，构建自身创新前沿的高质量发展路径。 2024 年，公司将进一步聚焦主营业务，深入挖掘主业的潜力，以更 大力度推动产品研发创新升级和产业的高端化、智能化、绿色化转型。 二、重视股东回报，保持分红的稳定性和连续性 公司始终坚持将投资者利益放在首要位置，以良好、持续 ...

上海飞科电器股份有限公司 内部控制审计报告 2023 年度 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mo.f.gov.cn）"进行整治 。 内部控制审计报告 信会师报字[2024]第 ZA10189 号 7信会计师事务所(特殊普通合伙 HINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS 内部控制具有固有局限性,存在不能防止和发现错报的可能性。 此外,由于情况的变化可能导致内部控制变得不恰当,或对控制政策 和程序遵循的程度降低,根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 内部控制审计报告 第1页 工信会计师事务所(特殊普通合伙) OO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANT 上海飞科电器股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了上海飞科电器股份有限公司(以下简称"飞科电 器")2023年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、 ...

上海飞科电器股份有限公司全体股东： 公司代码：603868 公司简称：飞科电器 上海飞科电器股份有限公司 2023 年度内部控制评价报告 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评 价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可 ...

董事会专门委员会实施细则 上海飞科电器股份有限公司 经 2024 年 3 月 11 日第四届董事会第八次会议审议通过并实施 | | | 董事会战略委员会实施细则 1 | | --- | --- | --- | | 第一章 | 总 | 则 1 | | 第二章 | | 人员组成 1 | | 第三章 | | 职责权限 1 | | 第四章 | | 工作程序 2 | | 第五章 | | 议事规则 2 | | 第六章 | 附 | 则 3 | | | | 董事会审计委员会实施细则 4 | | 第一章 | 总 | 则 4 | | 第二章 | | 人员组成 4 | | 第三章 | | 职责权限 5 | | 第四章 | | 工作程序 6 | | 第五章 | | 议事规则 6 | | 第六章 | 附 | 则 7 | | | | 董事会提名委员会实施细则 9 | | 第一章 | 总 | 则 9 | | 第二章 | | 人员组成 9 | | 第三章 | | 职责权限 9 | | 第四章 | | 工作程序 10 | | 第五章 | | 议事规则 11 | | 第六章 | 附 | 则 11 | | | | 董事会薪酬与考核委员会实施细则 ...