Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 38.62 CNY, up from the previous target of 30.70 CNY [2][24][25]. Core Insights - The company has shown operational improvement and has turned a profit in Q1 2024, with expectations for continued earnings growth [2][24]. - The 2023 revenue reached 1.275 billion CNY, a year-on-year increase of 42.3%, while the net profit attributable to shareholders improved to -51 million CNY, a significant increase from -124 million CNY in 2022 [14][24]. - The company has adjusted its earnings forecasts for 2024-2026, projecting EPS of 1.10, 1.42, and 1.67 CNY respectively, reflecting increases of 286%, 29%, and 17% year-on-year [24][25]. Revenue Performance - The company experienced explosive growth in shoulder massage products, particularly the N5 Mini, which contributed to a revenue increase of 438.85% in this category [14][15]. - Online sales through platforms like Douyin accounted for 68.9% of total revenue in 2023, with a year-on-year growth of 46.7% [15][16]. - Domestic revenue grew significantly, reaching 1.2 billion CNY, while overseas revenue declined by 6.61% due to a strategic shift away from ODM sales [16]. Profitability - The gross margin improved to 59.29% in 2023, up 9.5 percentage points year-on-year, with a net margin of -3.94% [17][24]. - In Q1 2024, the gross margin further increased to 62.78%, indicating a positive trend in profitability [17][24]. Cash Flow and Efficiency - The company reported a net cash flow from operating activities of 82 million CNY in 2023, a significant improvement from the previous year [22]. - Inventory turnover days decreased, indicating enhanced operational efficiency [21]. Investment Recommendations - The report suggests that the company's operational improvements and profitability recovery warrant an "Accumulate" rating, with a revised target price reflecting these positive developments [24][25].

Investment Rating - The report maintains a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market over the next six months [16][35]. Core Insights - The company has shown significant improvement in profitability, achieving a turnaround to profitability in Q1 2024. The revenue from new products accounted for 58.9% of total revenue in 2023, contributing to a notable increase in net profit margin [35][38]. - The company is projected to have earnings per share (EPS) of 0.99 yuan, 1.44 yuan, and 1.85 yuan for the years 2024, 2025, and 2026, respectively [35][38]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.2748 billion yuan, a year-on-year increase of 42.3%. The net profit attributable to the parent company was -50.87 million yuan, showing a 59% year-on-year improvement [38]. - For Q1 2024, the company achieved a revenue of 290 million yuan, a 28.6% increase year-on-year, and a net profit of 20 million yuan, marking a 956.1% increase year-on-year, thus completing its turnaround to profitability [38]. Revenue Breakdown - The company’s product sales in 2023 included 602,000 units of eye massagers, 281,000 units of neck massagers, and 1,373,000 units of head and shoulder massagers, with respective revenues of 190 million yuan, 170 million yuan, and 480 million yuan [38]. - Revenue from online direct sales reached 590 million yuan, reflecting a year-on-year growth of 67.5%, while offline direct sales generated 260 million yuan, up 32% year-on-year [38]. Profitability Metrics - The gross margin for 2023 improved by 9.5 percentage points to 59.3%. The gross margins for various product lines ranged from 39.2% to 67.1% [38]. - The net profit margin for Q1 2024 was 5.3%, an increase of 6.1 percentage points compared to the previous year, indicating continued improvement in profitability [38]. Future Projections - The company expects to maintain a growth trajectory with projected revenues of 1.5633 billion yuan, 1.8369 billion yuan, and 2.1501 billion yuan for 2024, 2025, and 2026, respectively [17][38]. - The report highlights a focus on cost control and efficiency improvements, which are expected to support ongoing profitability enhancements [35][38].

北京国枫律师事务所 关于深圳市倍轻松科技股份有限公司 控股股东增持公司股份的 法律意见书 国枫律证字[2024]AN045-1 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编: 100005 电话(Tel): 010-88004488/66090088 传真(Fax): 010-66090016 北京国枫律师事务所 关于深圳市倍轻松科技股份有限公司 控股股东增持公司股份的 法律意见书 国枫律证字[2024] AN045-1 号 致:深圳市倍轻松科技股份有限公司 北京国枫律师事务所(以下简称"本所")接受深圳市倍轻松科技股份有限 公司(以下简称"公司")的委托,就公司控股股东马学军增持公司股份的相关 事宜（以下简称"本次增持"）出具本法律意见书。 为表述方便,本法律意见书中马学军与大唐英加红马七十二号私募证券投资 基金(以下简称"红马七十二号"）、英加芳华一号私募证券投资基金（以下简 称"芳华一号")合称"增持人",红马七十二号、芳华一号合称"增持基金"。 对本法律意见书的出具,本所律师特作如下声明: 1. 本所及本所 ...

司股份计划实施完毕暨增持结果的公告 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 重要内容提示： 增持计划主要内容：深圳市倍轻松科技股份有限公司（以下简称"倍轻松" 或"公司"）控股股东、实际控制人、董事长兼总经理马学军先生自 2023 年 11 月 01 日起 6 个月内，通过上海证券交易所交易系统允许的方式（包括但不限于 集中竞价、大宗交易等）增持公司股份，合计增持金额不低于人民币 1,000 万元 且不超过人民币 2,000 万元。 增持计划的实施结果：截止至 2024 年 4 月 29 日，公司控股股东、实际控制 人、董事长兼总经理马学军先生通过其持有的大唐英加红马七十二号私募证券投 资基金（以下简称"红马七十二号"）、英加芳华一号私募证券投资基金（以下 简称"芳华一号"）在上海证券交易所交易系统以集中竞价方式累计增持公司股 份 279,141股，占公司总股本的 0.32%，合计增持金额为人民币 1,001.91万元（不 含交易费用），本次增持计划已实施完毕。 证券代码：688793 证券简称：倍轻松 公告编号： ...

证券代码：688793 证券简称：倍轻松 公告编号：2024-026 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/1/31，由公司董事长、控股股东、实际控制 人提议 | | --- | --- | | 回购方案实施期限 | 自公司董事会审议通过本次回购方案之日起 6 个 | | | 月内 | | 预计回购金额 | 2,500 万元~5,000 万元 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 万股 113.532 | | 累计已回购股数占总股本比例 | 1.32% | | 累计已回购金额 | 万元 2,794.37 | | 实际回购价格区间 | 21.51 元/股~28.93 元/股 | 深圳市倍轻松科技股份有限公司 一、 回购股份的基本情况 关于以集中竞价交易方式回购公司股份的进展公告 公司于 2024 年 01 月 29 日召开第六届董事会第三次会议，审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》。同意公司使用自有资金 ...

家用电器·小家电 资料来源：公司公告、Wind、国信证券经济研究所整理 财务预测与估值 请务必阅读正文之后的免责声明及其项下所有内容 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|------------------------------------------|-----------|---------|-------|-----------|-------|-----------------------------|----------------------|---------| | | 图1: 公司营业收入及增速 \n■ 营收（亿元） | 一收入YOY | | | | | 图2: 公司单季营业收入及增速 | ■ 营收（亿元） - YOY | | | 14 | | | 50% | | 4, 0 | | | | 100% | | 12 | | | 40% | | 3, 5 | | | | 80% | | 10 | | | 30% | | 3.0 2. 5 | | | | 60% 40% | | 8 | | | ...

Financial Performance - The company's operating revenue for 2023 was ¥1,274,798,202.55, representing a 42.30% increase from ¥895,858,907.00 in 2022[10] - The net profit attributable to shareholders for 2023 was -¥50,865,435.56, with a 100% ratio to the consolidated net profit attributable to shareholders[10] - The basic and diluted earnings per share for 2023 were both -¥0.60, an improvement from -¥1.44 in 2022[11] - The company reported a weighted average return on equity of -11.75% for 2023, an improvement from -21.84% in 2022[11] Assets and Cash Flow - Total assets for 2023 amounted to ¥748,586,451.43, a decrease of 6.35% compared to ¥799,317,049.28 in 2022[10] - The net cash flow from operating activities for 2023 was ¥81,688,122.87, compared to -¥2,231,589.28 in 2022[10] Dividends and Profit Distribution - The company will not distribute profits for the 2023 fiscal year, with no cash dividends or stock bonuses planned, and remaining undistributed profits will be carried forward to the next year[1] Research and Development - Research and development expenses accounted for 4.59% of operating revenue in 2023, a decrease from 6.40% in 2022[11] Information Disclosure - The company will enhance its information disclosure preparation and review processes to improve the quality of disclosures[12]

证券代码：688793 证券简称：倍轻松 公告编号：2024-024 深圳市倍轻松科技股份有限公司 关于控股股东、实际控制人、董事长兼总经理增持公 司股份计划增加增持主体的公告 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 深圳市倍轻松科技股份有限公司（以下简称"倍轻松"或"公司"）于2023 年 10 月 27 日披露了《关于控股股东、实际控制人、董事长兼总经理增持公司股 份的公告》（公告编号：2023-053），基于对公司未来发展的信心以及对公司长 期投资价值的认可，马学军先生拟自 2023 年 11 月 01 日起 6 个月内，通过上海 证券交易所交易系统允许的方式（包括但不限于集中竞价、大宗交易等）增持公 司股份，合计增持金额不低于人民币 1,000 万元且不超过人民币 2,000 万元；公 司于 2023 年 12 月 4 日披露了《深圳市倍轻松科技股份有限公司关于控股股东、 实际控制人、董事长兼总经理增持公司股份的进展公告》（公告编号：2023- 070），马学军先生通过其持有的大唐英加红马七十二号私募证券投 ...

倍轻松（688793.SH） 盈利能力提升，肩部业务收入高增 事件：公司发布 2023 年年报及 2024 年一季报。公司 2023 年实现营业 收入 12.75 亿元，同比增长 42.30%；实现归母净利润-0.51 亿元。其中， 公司 2023Q4 实现营业收入 3.33 亿元，同比增长 34.93%；实现归母净利 润-0.35 亿元，同比增长 48.02%。公司 2024Q1 实现营业收入 2.93 亿元， 同比增长 28.59%；实现归母净利润 0.16 亿元。 肩部业务收入高增。分产品看，肩部按摩仪收入高增，公司 2023 年眼部 / 颈 部 / 头 皮 & 头 部 / 肩 部 / 腰背部 / 其 他 分 别 实 现 收 入 1.92/1.75/1.66/4.83/1.09/1.49 亿 元 ， 同 比 -0.04%/- 26.88%/+49.30%/+438.85%/30.95%/-17.00%，我们判断肩部收入高 增系 Neck N5 Mini 肩颈按摩仪等新品销售较好，2023 年公司新品收入占 比高达 58.9%。分国内外看，国内收入高增。2023 年公司国内/国外分别 实现收入 12.00 ...

[Table_Title] 倍轻松（688793.SH） ⚫ 分产品看，肩部、腰背、头部类目增长亮眼。2023 年公司眼部、颈部、 头部、肩部、腰背、其他产品收入分别同比-0%、-27%、+49%、+439%、 +31%、-17%，全年新品收入占营业收入的比例达 59%。 [Table_Contacts] [Table_Summary] 核心观点： ⚫ 分渠道看，线上放量、线下恢复性增长。2023 年公司线上渠道收入同 比+69%，其中直销、经销、电商平台入仓收入分别同比+68%、+19%、 +16%，预计主要由爆品销售带动；线下渠道收入同比+41%，其中直 销、经销收入分别同比+32%、+69%；ODM 业务收入同比-26%。截至 2023 年底，公司线下直营门店数量 143 家（同比减少 20 家），线下经 销门店数量 44 家（同比增加 14 家）。 ⚫ 公司披露 2024 年一季报。24Q1 实现营收 2.9 亿元（YoY+28.6%）， 归母净利润 0.2 亿元，毛利率 62.8%（YoY+3.7pct），归母净利率 5.3% （YoY+6.1pct），根据财报披露，公司线下直营门店费率逐月降低、盈 ...