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].

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].

Investment Rating - The report maintains an "Outperform" investment rating for the company [5][7]. Core Views - The company's Q2 performance was below expectations, primarily due to high sales expenses, leading to a significant decline in both revenue and net profit [6][7]. - The brand structure is being optimized, with the introduction of new products and a focus on high-end design, which has resulted in a 4% increase in online sales for the main brand [6]. - The company is facing pressure on profitability due to increased sales expenses and a decline in gross margin, with a net profit margin of 11.83%, down 10.33 percentage points year-on-year [6]. Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 2.319 billion yuan, a 13% decrease year-on-year, and a net profit of 315 million yuan, down 48% [5][6]. - In Q2 2024, revenue was 1.144 billion yuan, a 12% decline year-on-year, with a net profit of 135 million yuan, down 53% [6]. Brand and Market Position - The company has launched nine new product series in H1 2024, focusing on innovation and design [6]. - The sub-brand BoRui achieved a revenue increase of 35.92% in H1 2024, capturing a larger market share in the online shaving market [6]. Profitability and Cost Structure - The gross margin for Q2 2024 was 54.07%, a decrease of 5.75 percentage points year-on-year, attributed to lower-margin products gaining market share [6]. - The sales expense ratio increased to 35.52%, reflecting higher advertising and promotional costs due to intensified competition [6]. Future Earnings Forecast - The earnings forecast for 2024-2026 has been revised downwards, with expected net profits of 855 million, 1.043 billion, and 1.255 billion yuan respectively [7]. - The company is projected to have a PE ratio of 18 for 2024, indicating a potential upside of 19.2% based on comparable companies [7].

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 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,318,829,527.40, a decrease of 13.27% compared to ¥2,673,567,928.92 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2024 was ¥315,492,754.96, down 48.13% from ¥608,275,844.69 in the previous year[16]. - The net cash flow from operating activities was ¥300,648,572.55, a decline of 66.17% compared to ¥888,704,643.68 in the same period last year[17]. - The total assets at the end of the reporting period were ¥3,785,149,860.95, a decrease of 15.12% from ¥4,459,200,718.23 at the end of the previous year[17]. - The net assets attributable to shareholders decreased by 19.20%, from ¥3,576,345,741.08 at the end of the previous year to ¥2,889,693,738.72 at the end of the reporting period[17]. - Basic earnings per share for the first half of 2024 were ¥0.72, down 48.57% from ¥1.40 in the same period last year[18]. - The weighted average return on net assets decreased by 7.68 percentage points, from 9.28% to 1.60%[18]. - The company reported a net profit excluding non-recurring gains and losses of ¥274,835,101.59, a decrease of 45.70% from ¥506,138,258.61 in the previous year[17]. Market Overview - In the first half of 2024, the domestic home appliance market's total retail sales reached RMB 415.6 billion, a year-on-year decline of 3.6%[20]. - The online retail sales of personal care small appliances showed differentiation, with electric shaver sales at RMB 4.45 billion, down 5.2%, and electric toothbrush sales at RMB 2.69 billion, down 5.3%[20]. - The online retail sales of hair dryers increased by 24% to RMB 4.86 billion, driven by the rapid adoption of high-speed hair dryers[20]. - The online retail market in China grew by 9.8% year-on-year, reaching RMB 7.1 trillion in the first half of 2024[20]. Product Development and Innovation - The company launched 9 new product series, including shavers and high-speed hair dryers, and obtained 63 new patent applications, totaling 713 patents by the end of the period[33]. - The company has established multiple R&D institutions focusing on personal care, household, and kitchen appliances, enhancing R&D efficiency and product innovation[28]. - The company aims to strengthen brand image and user engagement while maintaining strong gross margins to ensure competitive advantage[20]. - The company is committed to becoming a globally recognized smart fashion appliance brand, focusing on R&D innovation and brand operation[26]. Operational Strategy - The company's product outsourcing production accounted for 38.32% of total output in the first half of 2024, an increase of 6.44 percentage points year-on-year[24]. - The company has 449 distributors as of June 30, 2024, reflecting a comprehensive market coverage strategy[25]. - The company is focusing on high-end market segments through its dual-brand strategy, with FLYCO targeting premium consumers and POREE optimizing its cost-effective operations[32]. - The company has implemented a flat and grid-based management approach across 12 major regions to improve channel coverage and data management capabilities[36]. - The company is actively developing new retail models by integrating online and offline sales channels, leveraging platforms like Douyin and Meituan for customer engagement[36]. Financial Management - Operating costs decreased by 9.44% to ¥1,029,387,098.10 from ¥1,136,693,883.28[42]. - Sales expenses increased by 11.17% to ¥801,224,346.51, attributed to higher advertising, promotion, and promotional costs[42]. - The company's financial expenses decreased by 39.04%, resulting in a net financial expense of -¥5,145,231.21[42]. - Research and development expenses decreased by 20.40% to ¥41,010,686.13 from ¥51,522,406.15[42]. - The company reported investment income of CNY 353,660,258.55 for the first half of 2024, significantly up from CNY 16,670,207.83 in the previous year[89]. Environmental and Social Responsibility - The company established a rooftop photovoltaic power station with a capacity of 5.866MW, generating 1.4573 million kWh and saving 582.92 tons of standard coal, resulting in a reduction of 692.22 tons of CO2 emissions in the first half of 2024[61]. - The company has implemented measures to reduce energy consumption, including the use of energy-saving equipment such as variable frequency air conditioners and air energy water heaters[60]. - The company has complied with environmental regulations, conducting third-party assessments of waste emissions and ensuring compliance with legal standards[58]. - The company has committed to environmental protection through production process improvements and material recycling, effectively reducing waste generation[59]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 11,545[71]. - The largest shareholder, Shanghai Feike Investment Co., Ltd., holds 352,800,000 shares, accounting for 80.99% of the total shares[73]. - The second largest shareholder, Li Gaiteng, holds 39,200,000 shares, representing 9.00% of the total shares[73]. - The company did not distribute dividends or increase capital reserves for the fiscal year 2023, with no shares or cash distributed per 10 shares[54]. Compliance and Governance - The company has not experienced any changes in its board of directors, supervisors, or senior management during the reporting period[53]. - The company has not faced any administrative penalties related to environmental issues[57]. - The company has not engaged in any significant related party transactions during the reporting period[69]. - The company has not received any non-standard audit opinions in the previous annual report[67]. Asset and Liability Management - The company's total liabilities as of June 30, 2024, were approximately CNY 895.46 million, compared to CNY 882.85 million at the end of 2023, indicating a slight increase of about 1.4%[82]. - The company's cash and cash equivalents decreased to approximately CNY 460.04 million from CNY 524.76 million, reflecting a decline of about 12.3%[80]. - Accounts receivable increased to approximately CNY 310.47 million, up from CNY 242.35 million, marking an increase of about 28.2%[80]. - Inventory as of June 30, 2024, was approximately CNY 467.79 million, slightly down from CNY 472.91 million, a decrease of about 1.4%[80]. Credit and Receivables Management - The bad debt provision for accounts receivable is 54,856,975.72 RMB, which includes 51,709,766.35 RMB for individually assessed provisions, accounting for 14.15% of the total accounts receivable[180]. - The provision for bad debts for accounts receivable classified by aging shows that 1 year or less accounts for 86.15% of the total balance[179]. - The company has not reported any significant changes in contract assets during the reporting period[186]. - The total amount of bad debt recovery or reversal during the period is 465,544.22 RMB, with no significant write-offs reported[183].