公司报告 | 季报点评 整体收入增速承压，公司费用率同比提升 事件：公司 2024 年前三季度实现营业收入 33.21 亿元，同比-16.85%，归 母净利润 4.65 亿元，同比-43.82%；其中 2024Q3 实现营业收入 10.02 亿元， 同比-24.1%，归母净利润 1.49 亿元，同比-31.84%。 收入端，公司增速承压。参考 24H1 的趋势，我们预计 Q3 剃须刀收入增 速同比下滑较为明显。分品牌看，公司对"POREE 博锐"品牌极致性价比 运营模式进行优化，更精准对接高性价比消费人群，提升博锐品牌市场份 额，收入同比增速我们预计延续 24H1，表现好于飞科品牌。 2024 年前三季度公司毛利率为 56%，同比-1.71pct，净利率为 13.99%，同 比-6.72pct；其中2024Q3 毛利率为56.92%，同比-0.41pct，净利率为14.88%， 同比-1.69pct。参考 24H1 的情况，我们预计主要是由于吹风机毛利率同比 下降所致。 公司 2024 年前三季度销售、管理、研发、财务费用率分别为 35.06%、3.98%、 1.87%、-0.15%，同比+6.54、+1.1 ...

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].

关于联营企业回购公司所持部分股权暨对联营企业减资 事项完成的公告 证券代码：603868 证券简称：飞科电器 公告编号：2024-025 上海飞科电器股份有限公司 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。 一、回购暨减资事项概述 上海飞科电器股份有限公司（以下简称"飞科电器"或"公司"）与纯米科 技（上海）股份有限公司（以下简称"纯米科技"）及其股东于 2024 年 6 月 24 日签署了《纯米科技（上海）股份有限公司之股份回购暨减资协议》（以下简称 "协议"）。纯米科技以人民币 3,000 万元回购飞科电器所持其注册资本人民币 90.0090 万元（对应本次减资前纯米科技 1.4927%的股权）。 具体内容详见公司分别于 2024 年 6 月 24 日、2024 年 7 月 2 日、2024 年 7 月 15 日、2024 年 7 月 24 日、2024 年 8 月 27 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于联营企业回购公司所持部分股权暨对联营企 业减资的公告》（公告编号 2024 ...

证券代码：603868 证券简称：飞科电器 上海飞科电器股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |--------------------|-------------------------------------|------------------------------------------------------------------------------|----------------------------|----------------------| | | | | 编号： | 2024 -003 | | | | | | | | 投资者关系活动类别 | 特定对象调研 | 分析师会议 | | | | | 媒体采访 | 业绩说明会 | | | | | 新闻发布会 | 路演活动 | | | | | 现场参观 | | | | | | 其他（请文字说明其他活动内容） | | | | | 参与单位名称 | 参与上海飞科电器股份有限公司 | 2024 | 年半年度业绩说明会的投资者 | | | 时间 | 2024 年 10 月 11 | 日 ...

证券代码：603868 证券简称：飞科电器 公告编号：2024-024 上海飞科电器股份有限公司 关于召开 2024 年半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： 投资者可于 2024 年 9 月 27 日（星期五）至 10 月 10 日（星期四）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。 三、 参加人员 公司董事长兼总裁李丐腾先生、独立董事张兰丁先生、财务总监胡莹女 士、董事会秘书郭加广先生。（参会人员有可能因特殊情况进行调整。） 四、 投资者参加方式 上海飞科电器股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日在 上海证券交易所网站（www.sse.com.cn）披露公司 2024 年半年度报告，为便 于广大投资者更全面深入地了解公司 2024 年上半年度经营成果、财 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 43 yuan, while the current price is 35.39 yuan [1]. Core Views - The company is experiencing short-term pressure on scale and profitability due to a transition in its dual-brand strategy and consumer spending pressures. The revenue for the first half of 2024 is 2.32 billion yuan, down 13.3% year-on-year, with a net profit of 320 million yuan, down 48.1% year-on-year [1][2]. - The dual-brand strategy is clearly defined, with Feike focusing on high-end products and Borui targeting high-quality cost-effective products. Despite short-term challenges, the company expects recovery in scale in the future [2]. - The company is actively expanding its offline retail presence and has made significant progress in overseas market planning, particularly in Southeast Asia [2]. Financial Summary - For the first half of 2024, Borui achieved revenue of 501 million yuan, a year-on-year increase of 35.9%, while Feike's revenue was 902 million yuan, down 19.0% year-on-year [2]. - The gross profit margin for Q2 2024 was 54.1%, a decrease of 5.7 percentage points year-on-year, primarily due to Borui's lower margin compared to Feike [2]. - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to 710 million yuan, 890 million yuan, and 1 billion yuan respectively, with corresponding P/E ratios of 22, 17, and 15 times [2][3].

家用电器 证 券 研 究 报 告 2024 年 08 月 28 日 飞科电器 (603868) —— 2024 年中报点评：高销售费用投放，Q2 公司业绩 承压 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 34.95 | | 一年内最高/最低（元） | 70.99/33.88 | | 市净率 | 4.1 | | 息率（分红/股价） | 6.58 | | | | | 流通 A 股市值（百万元） | 15,224 | | 上证指数 / 深证成指 | 2,848.73/8,103.76 | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 6.63 | | 资产负债率 % | 23.66 | | 总股本/流通 A 股（百万） | 436 ...

2024 年 08 月 28 日 飞科电器(603868.SH) 整体业绩承压，博锐维持较快增长 | --- | |------------------------------------------------------------------------------------------------| | 事件：飞科电器公布 2024 年半年报。公司 2024H1 实现收入 | | 亿元，YoY-13.3%；实现归母净利润 3.2 亿元，YoY-48.1% | | 扣非归母净利润 2.7 亿元，YoY-45.7%。折算 2024Q2 | | 收入 11.4 亿元，YoY-11.9%；实现归母净利润 1.4 YoY53.0%；实现扣非归母净利润 1.1 亿元，YoY-51.8% | | 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 | | 增长将带动公司收入与盈利能力改善。 | | --- | |----------------------------------------------------------| | 抖音渠道与博锐品牌延续较快增长：根据久谦数据，飞科主品 | | 牌天猫/京 ...

吹风机销售表现良好，公司大力投入宣传费用 | --- | --- | --- | --- | --- | --- | |--------------------------|----------|----------|----------|----------|----------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 4,627.13 | 5,059.68 | 4,863.12 | 5,119.54 | 5,612.03 | | 增长率(%) | 15.53 | 9.35 | (3.88) | 5.27 | 9.62 | | EBITDA(百万元) | 1,255.07 | 1,318.36 | 914.05 | 991.49 | 1,114.86 | | 归属母公司净利润(百万元) | 822.98 | 1,019.64 | 746.82 | 810.52 | 914.46 | | 增长率(%) | 28.45 | 23.90 | (26.76) | 8.53 | 12.82 | | EPS(元/股) | 1.89 ...

2024 年半年度报告 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 2024 年半年度报告 1 / 130 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李丐腾、主管会计工作负责人胡莹及会计机构负责人（会计主管人员）陆佩娟声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告如有涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺， 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 详见"第三节管理层讨论与分析"中"五、其他披露 ...