Investment Rating - The investment rating for the company is "Accumulate" [3][2]. Core Views - The company has shown good performance in domestic sales, with a year-on-year revenue increase of 10.58% in Q1 2025, reaching 1.32 billion yuan. However, the net profit attributable to the parent company decreased by 13.96% year-on-year to 130 million yuan [1]. - The company is focusing on expanding its long-tail product categories and overseas markets while improving operational efficiency through cost reduction [2]. - The profit forecast for the company remains unchanged, with expected net profits of 350 million, 420 million, and 490 million yuan for the years 2025 to 2027, corresponding to P/E ratios of 20.6x, 16.9x, and 14.4x respectively [2]. Financial Performance - In Q1 2025, the company's gross margin was 36.81%, a decrease of 1.7 percentage points year-on-year, while the net margin was 10.28%, down 2.36 percentage points year-on-year but improved by 3.18 percentage points quarter-on-quarter [1]. - The company's total revenue for 2025 is projected to be 5.41 billion yuan, with a growth rate of 13.62% [8]. - The company’s total assets are expected to reach 7.44 billion yuan by 2025, with a debt-to-asset ratio of 37.64% [10]. Market Position - The company operates in the home appliance and small appliance industry, with a current stock price of 45.3 yuan and a target price yet to be specified [3]. - The company has a total market capitalization of approximately 7.11 billion yuan [4]. Key Financial Metrics - The company’s earnings per share (EPS) for 2025 is projected to be 2.20 yuan, with a P/E ratio of 20.59 [8]. - The company’s return on equity (ROE) is expected to be 11.36% in 2025 [10].

Investment Rating - The investment rating for the company is "Accumulate" [4][7]. Core Views - The company reported better-than-expected earnings recovery in Q1 2025, with total revenue of 1.32 billion yuan, a year-over-year increase of 10.58%, and a net profit of 130 million yuan, down 13.96% year-over-year [1]. - The acquisition of Roman Smart in 2024 contributed significantly to the growth of personal and small home appliances, with notable revenue increases in emerging categories such as personal care and maternal and infant appliances [2]. - The company adjusted its revenue forecasts for 2025-2027 to 5.28 billion, 5.81 billion, and 6.39 billion yuan, reflecting year-over-year growth rates of 10.97%, 10.03%, and 9.99% respectively [4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 4.758 billion yuan, a slight increase of 1.0% year-over-year, with a net profit of 288 million yuan, down 35.4% year-over-year [9]. - The gross profit margin for 2024 was 35.3%, a decrease of 1.06 percentage points year-over-year [2]. - For Q1 2025, the gross profit margin was 36.81%, with a net profit margin of 9.83% [3]. Revenue Breakdown - In 2024, the revenue from kitchen small appliances was 3.276 billion yuan, a decrease of 10% year-over-year, while emerging categories saw significant growth: personal care (560 million yuan, +15%), maternal and infant (250 million yuan, +32%) [2]. - The overseas market revenue reached 670 million yuan, an increase of 81% year-over-year, accounting for 14% of total revenue [2]. Profitability Metrics - The company reported a net profit margin of 6.05% for 2024, down 3.40 percentage points year-over-year [2]. - The selling, general, and administrative expenses as a percentage of revenue were 18.17%, 4.95%, and 4.09% respectively for 2024 [2]. Future Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.56 yuan, 2.89 yuan, and 3.20 yuan respectively, with corresponding net profits of 402 million, 454 million, and 502 million yuan [4][9]. - The company expects to maintain a gross profit margin of around 36.6% from 2025 to 2027 [9].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 54.63 CNY for the next 6 months [4]. Core Views - The company reported a revenue of 1.32 billion CNY in Q1 2025, representing a year-over-year increase of 10.6%, while the net profit attributable to shareholders was 130 million CNY, down 14.0% year-over-year. The outlook remains positive as the company continues to expand its product categories and overseas markets, which are expected to drive revenue growth [1][2]. - The demand for kitchen small appliances has been boosted by the domestic appliance replacement policy, with online sales increasing by 22% year-over-year in Q1. Key product categories such as coffee machines, soybean milk machines, and blenders have seen rapid sales growth [1][2]. - The company is enhancing its overseas product development and marketing capabilities, actively expanding its international channels, which is expected to contribute to growth. Additionally, the consolidation of Roman Smart in July 2024 is anticipated to provide incremental revenue [1]. Financial Summary - In Q1 2025, the company's gross profit margin increased by 0.9 percentage points year-over-year, but the net profit margin decreased by 2.8 percentage points due to increased R&D and management expenses, as well as a reduction in tax benefits [2]. - The operating cash flow for Q1 2025 increased by 170 million CNY year-over-year, primarily due to revenue growth, with cash received from sales increasing by 200 million CNY [2]. - The company is positioned as a leading online small appliance company, capturing significant market share in the long-tail small appliance market. It is actively moving towards product refinement and enhancing brand strength, with expectations of improved profitability as consumer demand in the small appliance sector recovers [2][4]. Financial Projections - The projected earnings per share (EPS) for the company from 2025 to 2027 are 1.95 CNY, 2.14 CNY, and 2.37 CNY, respectively. The estimated price-to-earnings (P/E) ratio for 2025 is 28 times [2][9]. - The company's revenue is expected to grow from 52.3 billion CNY in 2025 to 60.7 billion CNY in 2027, with net profit projected to increase from 3.1 billion CNY to 3.7 billion CNY over the same period [9][14].

证券研究报告 小熊电器 (002959 CH) 25Q1 毛利率明显波动 公司 2025Q1 毛利率为 36.81%，同比-1.7pct。我们预计，并表罗曼智能 （ODM 占比较高，毛利率低于公司品牌业务）对毛利率有所影响。 25Q1 费用率表现分化，政府补贴减少、经营质量提升 2025Q1 公司期间费用率同比-1.66pct。各项费用表现差异较大，销售费用 率同比-2.55pct（收入规模提升、增效优化）；管理费用率同比+0.42pct（或 主要为并表影响）。研发费用率同比+0.68pct（品类拓展，研发投入持续加 码）；财务费用率同比-0.2pct（利息收入增长）。25Q1 公司扣非净利润实现 同比增长，剔除政府补贴扰动后经营质量改善（24Q1 补贴 2000 万，25Q1 仅 100 万）。 继续看好 25 年公司国内业务恢复 25Q1 线上放量，费用率优化 | 华泰研究 | | 季报点评 | | --- | --- | --- | | 2025 年 4 月 | 30 日│中国内地 | 小家电 | 公司公布 2025Q1 业绩：实现营收 13.2 亿元（同比+10.58%），归母净利 1.3 亿元（同比 ...

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company's Q1 2025 performance exceeded expectations, with revenue of 1.32 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 130 million yuan, a year-on-year decrease of 14% [4][7] - The kitchen small appliance market is recovering due to government subsidies, with the overall retail sales increasing by 2.5% year-on-year in Q1 2025 [7] - The company has maintained its profit forecast for 2025-2027, expecting net profits of 356 million, 419 million, and 468 million yuan respectively, with corresponding year-on-year growth rates of 23.8%, 17.5%, and 11.8% [7] Financial Data and Profit Forecast - Total revenue for Q1 2025 was 1.32 billion yuan, with a gross margin of 36.81%, a decrease of 1.70 percentage points year-on-year but an increase of 2.15 percentage points from Q4 2024 [6][7] - The company’s net profit margin for Q1 2025 was 10.28%, down 2.35 percentage points year-on-year but up 2.92 percentage points from Q4 2024 [7] - The projected earnings per share for 2025 is 2.27 yuan, with a price-to-earnings ratio of 20 [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.32 billion yuan in Q1 2025, representing a year-on-year increase of 10.6%. However, the net profit attributable to the parent company decreased by 14.0% year-on-year to 130 million yuan [1] - The gross margin for Q1 2025 was 36.8%, down 1.7 percentage points year-on-year. The net profit margin was 10.3%, down 2.4 percentage points year-on-year but up 2.9 percentage points quarter-on-quarter [2] - The company expects a continuous revenue growth, with projected net profits for 2025, 2026, and 2027 at 370 million, 416 million, and 466 million yuan respectively, indicating year-on-year growth rates of 28.7%, 12.4%, and 11.9% [2] Financial Summary - The company’s revenue for 2023 is projected at 4.712 billion yuan, with a year-on-year growth rate of 14.4%. The revenue is expected to reach 5.214 billion yuan in 2025, reflecting a growth rate of 9.6% [4] - The diluted EPS for 2025 is estimated to be 2.36 yuan per share, with a projected P/E ratio of 19.3 times [4] - The net asset return rate is expected to be 12.3% in 2025, increasing to 13.6% by 2027 [4]

Core Insights - The trend of quality living is shifting from a niche demand to a common pursuit among the general public, as highlighted in the "2024 China Consumption Trend Report" by Zhimeng Consulting [1] - Companies must meet users' quality living needs to create user value, enhance innovation value, and achieve strategic value [1] User Demand and Product Innovation - The segmentation in the market is not about product categories but rather about understanding user needs, as emphasized by Japanese lifestyle expert Matsuura Yataro [3] - Small Bear Electric has demonstrated this philosophy by addressing deeper user pain points, such as ease of cleaning and noise reduction in their products [3] - The introduction of the "Good Morning Blender" showcases how Small Bear Electric focuses on user-friendly features that enhance the overall experience [3] Kitchen Space Utilization - The limited kitchen space has led to new demands for efficient space utilization, prompting Small Bear Electric to launch a multifunctional stackable pot that integrates multiple cooking functions [5] - This innovation illustrates that quality upgrades are about precise insights into user needs rather than merely adding product features [5] Transition to Lifestyle Brand - Small Bear Electric is transitioning from a traditional home appliance company to a lifestyle brand, reflecting a comprehensive upgrade in its capabilities [10] - The core standard of a lifestyle brand is to provide suitable solutions for every living need, moving beyond just product experience [6] Comprehensive Product Matrix - Small Bear Electric has developed a rich product matrix with over 90 product categories and more than 1,000 product models to meet users' quality living aspirations [8] - The acquisition of the oral care brand Roman further expands its offerings in personalized health management [8] Continuous Evolution - The evolution from a home appliance brand to a lifestyle brand is a natural outcome of continuously addressing user needs [10] - Small Bear Electric's approach breaks traditional limitations by offering a comprehensive range of products that enhance quality living [10] R&D and Manufacturing Capabilities - Small Bear Electric invests heavily in R&D, with a reported 36.48% increase in R&D expenses for 2024, employing nearly 600 specialized R&D personnel [11] - The company has established five smart manufacturing bases to ensure high-quality production and innovation [11] Digital Transformation - The company is undergoing a digital transformation to enhance operational efficiency, launching the "321" digital system upgrade project [13] - This initiative aims to integrate digital technology into business operations and smart manufacturing, driving high-quality development [13] Conclusion - Small Bear Electric's practices provide a new interpretation of "quality living," focusing on comprehensive lifestyle experiences rather than just product functionality [13] - Companies that genuinely understand and respect user needs are likely to gain a competitive edge in the evolving landscape of quality consumption [13]

随着健康浪潮席卷生活，人们的洗衣需求也悄然变化。中国家用电器研究院发布的行业白皮书显示，现 代家庭洗护需求正从"洗干净衣服"向多功能化和个性化洗烘护转变。他们渴望的是一种更健康、更快 捷、更便捷的洗护新方式。 针对阴雨天晾晒难题，小熊电器滚筒智洗舱同样有办法。回南天里，贴身衣物越晒越有异味；梅雨季 中，运动内衣久晒不干……这些恼人场景终成过往。无论是棉质内裤还是运动内衣，小熊电器滚筒智洗 舱都将化身贴心管家，凭借智能运算立体柔烘技术，精准感知衣物湿度，烘干完成后自动停机。从此， 用户生活将不再受天气束缚，随时享受即洗即穿的从容与自在。 小熊电器滚筒智洗舱的贴心不仅体现在它洗得净、烘得快，更在于它对健康细节的关注，为用户品质生 活再添一层保障。养宠人群、敏感人群，常担心衣物洗不干净，有细菌残留。小熊电器滚筒智洗舱则通 过30度温水清洗和75度高温煮洗，做到除菌除螨更健康。30度温水能温和溶解各种污渍，深度去渍；高 温则能除螨除菌，对大肠杆菌等常见细菌及HPV16病毒的除菌率高达99.99%，让每一次清洗都变成对 健康的守护。 不止是一台内衣洗衣机，更是私人衣物管家 心系用户需求的小熊电器，敏锐捕捉这一趋势变化。 ...

证券代码：002959 证券简称：小熊电器 公告编号：2025-030 小熊电器股份有限公司 联系电话：0757-29390865 传真：0757-23663298 邮箱：xxdq01@bears.com.cn 联系地址：广东省佛山市顺德区勒流街道富安工业区富兴路 3 号 关于聘任公司副总经理、董事会秘书的公告 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"）董事会近日收到公司副总经理、 董事会秘书刘奎先生提交的书面辞职报告。刘奎先生因工作变动原因申请辞去公 司董事会秘书职务。辞去前述职务后，刘奎先生仍担任公司副总经理职务。根据 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》和《公司章程》等相关规定，刘奎先生的书面辞 职报告自送达公司董事会之日起生效，其辞任公司董事会秘书不会影响公司正常 的生产经营。截至本公告披露日，刘奎先生持有公司股份 20,000 股，占公司总股 本的 0.01%，其中 6,000 股为股权激励限售股；持有公司股权激励股票期权 14,480 份 ...

证券代码：002959 证券简称：小熊电器 公告编号：2025-031 小熊电器股份有限公司 关于调整公司组织架构的公告 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 2025 年 4 月 29 日召开第三 届董事会第十八次会议，审议通过了《关于调整公司组织架构的议案》。为适应 公司发展需要，优化公司管理，提高运营效率，公司对组织架构进行调整，调整 后的组织架构详见附件。 特此公告。 小熊电器股份有限公司 2025 年 4 月 30 日 附件： 一、公司组织架构 董 事 会 ...