国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.11.03 | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|--------------------|------------------------|--------------------------------|-------------------------|-------------------------------------------------| | | 业绩短期承压，期待竞争格局优化 | | \n—— 2024Q3 业绩点评 | [Table_Invest] 评级： | 小熊电器 \n家用电器业 / | (002959) \n[Table_Industry] 可选消费品 \n增持 | | | [table_Authors] 蔡雯娟 ( ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue recovery in Q3 2024 is attributed to the consolidation of Roman Smart, although profitability remains under pressure from domestic competition [2][3] - The company has adjusted its profit forecasts for 2024-2026 due to ongoing competitive pressures, with expected net profits of 273 million, 317 million, and 348 million yuan respectively [2][3] - The report emphasizes the importance of product category expansion and improved cost efficiency for future performance recovery [2][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 3.139 billion yuan (down 5.4% year-on-year), with a net profit of 180 million yuan (down 42.9%) and a non-recurring net profit of 126 million yuan (down 53.0%) [2][3] - Q3 2024 revenue was 1.007 billion yuan (up 3.17% year-on-year), but net profit fell to 19 million yuan (down 75.6%) and non-recurring net profit to 4 million yuan (down 94.39%) [2][3] - The gross margin for Q1, Q2, and Q3 2024 was 38.51%, 34.39%, and 33.34% respectively, reflecting a significant decline due to intense competition and high base effects [4] Market and Competitive Landscape - The domestic small home appliance market remains under pressure, with retail sales for kitchen appliances declining by 2.9%, 8.1%, and 2.7% year-on-year in Q1, Q2, and Q3 2024 respectively [3] - The company's online retail sales for Q3 2024 showed a decline of 13% year-on-year, with average prices down by 10% [3] - The report highlights the potential for growth through the acquisition of Roman Smart and the expansion of self-owned brands into international markets [3]

Investment Rating - The investment rating for the company is adjusted to "Accumulate" from "Buy" [4]. Core Views - The company's revenue for Q1-Q3 2024 is 3.139 billion yuan, a year-on-year decrease of 5.40%, with a net profit attributable to shareholders of 180 million yuan, down 42.91% year-on-year. The net profit excluding non-recurring items is 126 million yuan, a decline of 52.99% year-on-year [1]. - In Q3 2024, the company achieved revenue of 1.008 billion yuan, an increase of 3.17% year-on-year, but the net profit attributable to shareholders fell to 19 million yuan, down 75.60% year-on-year, and the net profit excluding non-recurring items was only 4 million yuan, down 94.39% year-on-year [1]. - The overall industry performance shows no significant recovery, with various product categories experiencing price declines, particularly air fryers, which saw a sales decline of 30.07% year-on-year [1]. Financial Performance Summary - The gross margin for Q1-Q3 2024 decreased by 3.00 percentage points to 35.62%, and for Q3 2024, it decreased by 7.49 percentage points to 33.34% [2]. - The net profit margin for Q1-Q3 2024 and Q3 2024 decreased by 3.56 percentage points and 5.50 percentage points, respectively, to 5.95% and 2.57% [2]. - The company’s projected net profits for 2024-2026 are 275 million, 311 million, and 346 million yuan, reflecting a year-on-year decrease of 38.2% in 2024, followed by increases of 13.0% and 11.3% in the subsequent years [2][3]. Industry Overview - The industry demand has not recovered, with intense competition and significant price pressure on brand manufacturers. For the first nine months of 2024, the online sales of various kitchen appliances showed mixed results, with some categories like health pots and rice cookers experiencing declines [1].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within six months [4]. Core Views - The company reported a revenue of 3.139 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.4%, and a net profit attributable to shareholders of 180 million yuan, down 42.91% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 1.008 billion yuan, showing a year-on-year increase of 3.17%, while the net profit attributable to shareholders was 19 million yuan, down 75.6% year-on-year [1]. - The company’s gross margin for the first three quarters of 2024 was 35.62%, a decrease of 3 percentage points year-on-year, and the net margin was 5.95%, down 3.56 percentage points year-on-year [1]. - The report anticipates that revenue growth may continue to improve in Q4 due to domestic promotions and the implementation of a replacement subsidy for kitchen appliances [1]. Financial Performance Summary - The company’s sales, management, R&D, and financial expense ratios for the first three quarters of 2024 were 19.21%, 5.4%, 4.83%, and 0.52%, respectively, with year-on-year changes of -0.74, +0.77, +1.64, and +0.36 percentage points [2]. - In Q3 2024, these ratios were 20.37%, 6.4%, 5.83%, and 1.14%, with year-on-year changes of -2.66, +0.75, +2.03, and +0.52 percentage points [2]. - The report indicates an increase in R&D expenses and a decrease in interest income, leading to a rise in the R&D expense ratio and financial expense ratio year-on-year [2]. - The company completed a 61.78% acquisition of Roman Smart in July, which contributed to an increase in minority shareholder profits in Q3 [2]. Earnings Forecast - The report adjusts the gross margin forecast downward and estimates the net profit attributable to shareholders for 2024, 2025, and 2026 to be 300 million, 340 million, and 400 million yuan, respectively, with corresponding P/E ratios of 23.6x, 21.1x, and 17.8x [2].

证券代码：002959 证券简称：小熊电器 小熊电器股份有限公司投资者关系活动记录表 编号：2024-005 | --- | --- | --- | --- | |-----------------------|---------------------------------------------------------------------------------------------------------|-----------------------------------------------|------------------------------------------------------------------| | 投资者关系 \n活动类别 | □特定对象调研 \n□媒体采访 □业绩说明会 \n□新闻发布会 \n□现场参观 \n 其他（请文字说明其他活动内容） | 分析师会议 \n 路演活动 \n | 电话会议 | | 参与单位名 称及人员 | 接入电话会议 | | 国投证券、国泰君安证券、国信证券、富国基金、华宝基金等 57 方 | | 时间 | 2024 年 10 月 ...

Investment Rating - The report maintains an "Outperform" investment rating for the company [9] Core Views - The company's Q3 performance was below expectations, with a revenue of 3.139 billion yuan for the first three quarters of 2024, a decrease of 5% year-on-year, and a net profit attributable to shareholders of 180 million yuan, down 43% year-on-year [6][9] - The overall market for kitchen small appliances remains sluggish, with a retail sales decline of 4.6% year-on-year in the first three quarters of 2024 [7] - The company is experiencing pressure on profitability, with a gross margin of 33.34% in Q3, down 7.48 percentage points year-on-year [8] Summary by Sections Market Data - Closing price as of October 30, 2024: 44.34 yuan - Market capitalization: 6,837 million yuan - Price-to-book ratio: 2.6 - Dividend yield: 2.71% [3] Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 31.39 billion yuan, a decrease of 5% year-on-year, and a net profit of 1.80 billion yuan, down 43% year-on-year [6] - Q3 revenue was 10.08 billion yuan, a 3% increase year-on-year, but net profit dropped 76% year-on-year [6] Industry Analysis - The kitchen small appliance market is facing a downturn, with the company’s online sales declining by 13% year-on-year in Q3 [7] - The company’s performance in various product categories has declined, with significant drops in revenue for several segments [7] Profitability Metrics - The company’s net profit margin for Q3 was 2.57%, down 5.50 percentage points year-on-year [8] - The report projects a decrease in net profit for 2024, with estimates of 274 million yuan, down 38.4% year-on-year [9]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 51.75 CNY for the next six months [4]. Core Views - The company has shown a recovery in revenue growth in Q3 2024, with a total revenue of 31.4 billion CNY for the first three quarters, although it represents a year-over-year decline of 5.4%. The net profit for the same period was 1.8 billion CNY, down 42.9% year-over-year [2][3]. - The company is actively expanding its product categories and focusing on overseas markets, which is expected to support revenue growth in the future [2]. - The domestic kitchen appliance market is currently in a recovery phase, and the company anticipates improvements in domestic sales following the implementation of a trade-in policy for old appliances [2]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 41.2 billion CNY in 2022 to 55.8 billion CNY by 2026 [13]. - Net profit is expected to fluctuate, with estimates of 3.9 billion CNY in 2022, dropping to 2.7 billion CNY in 2024, and then recovering to 3.3 billion CNY by 2026 [13]. - **Earnings Per Share (EPS)**: - EPS is forecasted to be 2.48 CNY in 2022, increasing to 2.08 CNY by 2026 [13]. - **Valuation Metrics**: - The price-to-earnings (P/E) ratio is expected to be 17.9 in 2022, decreasing to 21.4 by 2026 [13]. - The price-to-book (P/B) ratio is projected to decline from 2.9 in 2022 to 2.2 in 2026 [13]. - **Profitability Ratios**: - The net profit margin is expected to be 9.4% in 2022, decreasing to 5.8% by 2026 [13]. - Return on equity (ROE) is projected to decline from 16.3% in 2022 to 10.1% in 2026 [13]. - **Dividend Yield**: - The dividend yield is expected to increase from 1.8% in 2022 to 2.1% by 2026 [13].

Financial Performance - The company's revenue for Q3 2024 was ¥1,007,792,423.22, an increase of 3.17% year-over-year, but a decrease of 5.40% year-to-date [2]. - Net profit attributable to shareholders for Q3 2024 was ¥19,239,263.80, down 75.60% year-over-year, and down 42.91% year-to-date [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥3,516,116.68, a decrease of 94.39% year-over-year [2]. - Total operating revenue for Q3 2024 was CNY 3,138,995,765.60, a decrease of 5.4% compared to CNY 3,318,160,583.93 in the same period last year [14]. - Net profit for Q3 2024 was CNY 186,878,449.23, a decline of 40.7% from CNY 315,601,404.29 in Q3 2023 [15]. - The company reported a basic earnings per share of CNY 1.1497, down from CNY 2.0197 in the previous year [15]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥5,513,762,589.97, reflecting a 2.37% increase from the end of the previous year [2]. - Total assets as of the end of Q3 2024 were CNY 5,513,762,589.97, up from CNY 5,386,286,200.56 at the end of Q3 2023, indicating a growth of 2.4% [12]. - Total liabilities increased to CNY 2,728,748,230.64 from CNY 2,649,846,411.13, representing a rise of 3% year-over-year [12]. - The company’s total equity reached CNY 2,785,014,359.33, compared to CNY 2,736,439,789.43 in the previous year, marking a growth of 1.8% [12]. Cash Flow - The company reported a net cash flow from operating activities of -¥164,833,603.47, a decrease of 136.06% year-over-year [6]. - The total cash inflow from operating activities for the current period is ¥3,557,160,042.68, a decrease of 5.3% compared to ¥3,755,619,733.10 in the previous period [16]. - The cash outflow from operating activities increased to ¥3,721,993,646.15, up 12.8% from ¥3,298,463,173.44 in the previous period [16]. - The net cash flow from financing activities is -¥93,753,676.51, an improvement from -¥267,877,072.63 in the previous period [17]. - The ending balance of cash and cash equivalents is ¥1,153,287,330.75, down from ¥1,180,124,794.48 in the previous period [17]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 27,397 [7]. - The largest shareholder, Foshan Zhaofeng Investment Co., Ltd., holds 44.17% of shares, totaling 69,287,400 shares [8]. - The company repurchased 2,052,800 shares, accounting for 1.31% of the total share capital [8]. - The top ten shareholders include significant stakes from individuals and entities, with the top three holding a combined 58.27% [8]. Research and Development - Research and development expenses increased by 43.22% to ¥151,598,988.31 compared to the previous period [6]. - Research and development expenses increased to CNY 151,598,988.31, compared to CNY 105,848,495.91 in the same quarter last year, reflecting a growth of 42.9% [14]. Inventory and Receivables - Accounts receivable increased from ¥157,062,487.89 to ¥185,435,564.71, representing an increase of about 17.9% [10]. - Inventory rose from ¥619,739,410.25 to ¥801,294,778.30, marking an increase of approximately 29.3% [10]. - The total current assets decreased from ¥3,875,521,778.13 to ¥3,619,017,024.13, a decline of about 6.6% [10]. - The company's fixed assets increased from ¥768,421,120.76 to ¥1,255,786,081.27, reflecting a growth of approximately 63.5% [10].

小熊电器股份有限公司（以下简称"公司"）第三届董事会第十四次会议于 2024 年 10 月 29 日在公司会议室召开。本次董事会会议通知及会议材料于 2024 年 10 月 22 日以邮件等形式向公司全体董事发出。会议以现场和通讯相结合的方式召开，由 董事长李一峰先生主持。本次会议应出席董事 5 人，实际出席董事 5 人，公司全体 监事和高级管理人员列席本次会议。本次会议的召集、召开符合有关法律、行政法 规、部门规章、规范性文件和公司章程的规定。 本次会议以书面表决方式进行表决。经与会董事认真审议，本次会议审议并通 过了如下议案： 一、审议并通过《2024 年第三季度报告》 具 体 内 容 详 见 同 日 公 司 登 载 在 《 证 券 时 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《2024 年第三季度报告》。 该议案已经审计委员会以 3 票同意全票审议通过。 证券代码：002959 证券简称：小熊电器 公告编号：2024-089 小熊电器股份有限公司 第三届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误 ...

证券代码：002959 证券简称：小熊电器 公告编号：2024-088 小熊电器股份有限公司 关于回购公司股份实施结果暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 小熊电器股份有限公司（以下简称"公司"）于 2023 年 10 月 27 日召开第三 届董事会第五次会议审议通过了《关于回购部分社会公众股份方案的议案》，同 意公司使用自有资金人民币 3,000 万元-6,000 万元以集中竞价交易方式回购部分 公司股份，回购股份的种类为公司发行的 A 股股票，回购股份价格不超过 75.00 元/股（2023 年年度权益分派实施完成后，回购股份价格上限从 75.00 元/股调整 为 73.81 元/股）。回购期限为自董事会审议通过回购股份方案之日起 12 个月内。 本次回购的股份将用于实施公司股权激励计划及/或员工持股计划。具体内容详 见《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）的《关于回购部分社 会公众股份方案的公告》（公告编号：2023-082）、《回购报告书》（公告编号： 2023-085）和《关于权益分派 ...