Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 4.8 billion yuan in 2024, a year-on-year increase of 1%. The net profit attributable to shareholders was 290 million yuan, a decrease of 35% year-on-year [4][5] - The company is actively expanding into emerging categories and enhancing its presence in both offline and overseas channels, with domestic and international revenues of 4.1 billion yuan and 700 million yuan respectively, reflecting a year-on-year change of -6% and +81% [5] - The company’s gross margin for 2024 was 35.3%, down 1.3 percentage points year-on-year, while the net margin was 6.4%, down 3.0 percentage points year-on-year [6] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.6 billion yuan, a year-on-year increase of 16%, with a net profit of 110 million yuan, down 17% year-on-year [4][5] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, resulting in a cash dividend ratio of 54% [4] Revenue Breakdown - Revenue from kitchen appliances was 3.3 billion yuan, down 10% year-on-year, while personal care and maternal and infant small appliances saw significant growth, with increases of 174% and 32% respectively [5] - Online and offline channel revenues were 3.6 billion yuan and 1.1 billion yuan, reflecting year-on-year changes of -7% and +35% [5] Profitability and Cost Structure - The company’s operating expenses for 2024 included a sales expense ratio of 18.2%, a management expense ratio of 5.0%, and a research and development expense ratio of 4.1% [6][20] - The company’s operating cash flow for 2024 was 230 million yuan, a decrease of 67% year-on-year [6] Future Outlook - The company is expected to benefit from ongoing consumer upgrades and industry expansion, with revised net profit forecasts for 2025 and 2026 at 360 million yuan and 412 million yuan, respectively [7][8] - The current price corresponds to a price-to-earnings ratio of 19, 16, and 15 for the years 2025, 2026, and 2027 [7]

Core Viewpoint - In 2024, Xiaoxiong Electric's performance shows signs of fatigue amid fierce competition in the small home appliance market, with revenue slightly increasing by 0.98% to 4.758 billion yuan, but net profit plummeting by 35.37%, indicating a clear "revenue growth without profit growth" trend [2][3]. Financial Performance - Xiaoxiong Electric reported a revenue of 4.758 billion yuan in 2024, a year-on-year increase of 0.98% [3]. - The net profit attributable to shareholders was 288 million yuan, a decrease of 35.37% year-on-year [3]. - The net profit after deducting non-recurring gains and losses was 246 million yuan, down 35.51% year-on-year [3]. - Revenue from various product categories showed mixed results, with kitchen appliances declining by 10.1% and "other small appliances" down by 8.85% [3]. Cost and Expense Analysis - Management expenses increased by 24.25% to 236 million yuan, financial expenses surged by 171.74% to 14.377 million yuan, and R&D expenses rose by 36.48% to 195 million yuan [4]. - Overall revenue cost for Xiaoxiong Electric increased by 1.67% year-on-year, exceeding the revenue growth rate of 0.98%, further compressing profit margins [4]. - The gross profit margin for small home appliances was 35.29%, down 1.06% year-on-year, influenced by changes in revenue structure [4]. Market Environment - The domestic small home appliance market continues to face a saturated competition landscape, with varying performance across different categories [6]. - Kitchen small appliances saw a retail value of 60.9 billion yuan in 2024, a slight decline of 0.8% year-on-year [6]. - The export value of kitchen small appliances reached 19.9 billion USD, up 9.1% year-on-year, while personal care small appliances saw an export value of 5.7 billion USD, increasing by 16.9% [7]. Strategic Initiatives - Xiaoxiong Electric has expanded its product range to over 90 categories and more than 1,000 models, aiming to enhance market resilience [8]. - The company plans to focus on brand expansion overseas and increase R&D for new markets, despite uncertainties from changing tariff policies [7][8]. - Industry experts suggest that Xiaoxiong Electric should concentrate resources on developing new blockbuster products rather than spreading too thin across many categories [10].

证券研究报告 | 2025年04月10日 小熊电器（002959.SZ） 优于大市 2024 年报点评：四季度业绩环比明显改善，经营拐点显现 营收回暖，盈利企稳。公司 2024 年实现营收 47.6 亿/+1.0%，归母净利润 2.9 亿/-35.4%，扣非归母净利润 2.5 亿/-35.5%。其中 Q4 收入 16.2 亿/+16.2%， 归母净利润 1.1 亿/-17.0%，扣非归母净利润 1.2 亿/+6.0%。公司拟每 10 股 分红 10 元，对应 4 月 8 日收盘价股息率为 2.6%，现金分红率达到 53.8%。 Q4 公司增速环比明显提升，归母利润降幅环比大幅收窄，经营拐点已现。 厨小电下半年增速改善，个护品类顺利整合。2024 年公司厨房小家电收入 -10.1%至 32.8 亿，其中 H1/H2 同比分别-13.5%/-6.6%；生活小电收入+15.3% 至 5.6 亿，个护小电收入+174.3%至 3.6 亿，母婴小家电收入+31.8%至 2.5 亿，其他小家电收入-8.9%至 2.0 亿。公司 Q3 并表罗曼智能（持股 61.8%）， 并取得积极成效。2024 年罗曼智能收入 6.1 亿 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][15] Core Views - The company's performance in Q4 2024 showed significant improvement, with a revenue of 16.19 billion yuan, representing a year-on-year increase of 16.18%. The net profit for the same period was 1.08 billion yuan, a decrease of 17.03% year-on-year. The overall revenue for 2024 was 47.58 billion yuan, a slight increase of 0.98% year-on-year, while the net profit decreased by 35.37% to 2.88 billion yuan [5][6][9] - The report highlights the positive impact of the integration of Roman Smart, which has led to a recovery in revenue and a focus on high-quality OEM business. The company expects to see continued growth in both domestic and international sales driven by government subsidies and product expansion [5][6][7] Financial Summary - In 2024, the company's revenue was 47.58 billion yuan, with a net profit of 2.88 billion yuan and a non-recurring net profit of 2.46 billion yuan. The projected net profits for 2025, 2026, and 2027 are 3.70 billion yuan, 4.08 billion yuan, and 4.47 billion yuan respectively, with corresponding EPS of 2.36, 2.60, and 2.85 yuan [5][9][11] - The gross margin for 2024 was 35.29%, with a slight decrease of 1.32 percentage points year-on-year. However, Q4 2024 saw a gross margin improvement to 34.66%, an increase of 2.83 percentage points [7][9][12] - The company's operating expenses remained stable, with sales and R&D expense ratios showing minor fluctuations. The net profit margin for 2024 was 6.05%, down 3.4 percentage points year-on-year, while Q4 2024's net profit margin was 6.65%, a decrease of 2.66 percentage points [7][9][12] Business Segmentation - In terms of business segments, the revenue from kitchen appliances, lifestyle products, personal care, and maternal and infant small appliances in 2024 was 32.8 billion yuan, 5.6 billion yuan, 3.6 billion yuan, and 2.5 billion yuan respectively. The year-on-year growth rates were -10.1%, +15.3%, +174.3%, and +31.8% respectively [6][9] - The domestic and international sales for 2024 showed a year-on-year change of -5.8% and +80.8%, respectively, indicating strong growth in international sales primarily due to the integration of Roman Smart [6][9]

家用电器/小家电 小熊电器（002959.SZ） 2024Q4 业绩显著改善，罗曼智能或赋能内外销增长 2025 年 04 月 10 日 投资评级：买入（维持） | 日期 | 2025/4/9 | | --- | --- | | 当前股价(元) | 41.85 | | 一年最高最低(元) | 69.00/34.80 | | 总市值(亿元) | 65.72 | | 流通市值(亿元) | 64.61 | | 总股本(亿股) | 1.57 | | 流通股本(亿股) | 1.54 | | 近 3 个月换手率(%) | 75.61 | 股价走势图 2024Q4 业绩显著改善，关注罗曼智能长期赋能内外销，维持"买入"评级 2024 年营收 47.58 亿元（同比+0.98%，下同），归母净利润 2.88 亿元（-35.37%）， 扣非净利润 2.46 亿元（-35.51%）。2024Q4 营收 16.19 亿元（+16.18%），归母净 利润 1.08 亿元（-17.03%），扣非净利润 1.2 亿元（+6.01%）。考虑到内需国补刺 激以及长期聚焦优质代工业务，我们上调 2025~2026 年并新增 2027 年盈利预 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19]. Core Views - The company's revenue has shown signs of recovery with a 1.0% increase in 2024, reaching 4.76 billion, while the net profit attributable to shareholders decreased by 35.4% to 290 million [1][4]. - The fourth quarter of 2024 saw a significant improvement in performance, with revenue increasing by 16.2% to 1.62 billion and a net profit of 110 million, indicating a potential operational turning point [1][3]. - The company is expanding its overseas market presence, with international sales growing by 80.8% to 670 million in 2023, contributing to overall growth despite a domestic revenue decline of 5.8% [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 47.6 billion, with a net profit of 2.9 billion and a non-recurring net profit of 2.5 billion, reflecting a decline of 35.4% and 35.5% respectively [1][4]. - The gross margin for 2024 was 35.3%, a decrease of 1.1 percentage points year-on-year, while the net profit margin for Q4 reached 6.6%, an increase of 4.7 percentage points from the previous quarter [3][4]. Product Segments - The kitchen small appliances segment saw a revenue decline of 10.1% to 3.28 billion, while personal care products experienced a significant growth of 174.3% to 360 million [2][3]. - The integration of Roman Smart, in which the company holds a 61.8% stake, has yielded positive results, with Roman's revenue growing by 21.5% to 610 million in 2024 [2][3]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 370 million, 420 million, and 480 million respectively, reflecting growth rates of 28%, 16%, and 12% [3][4]. - The ongoing expansion into essential product categories and the growth of emerging segments like personal care and maternal and infant products are expected to drive future growth [3][4].

个护小家电领域表现尤为亮眼，2024年收入同比增长174.31%，凸显了小熊电器在该领域的强大产品创 新力和精准的市场拓展策略，公司成功抓住了消费者对个人护理品质生活追求不断提升的市场机遇。从 精致小巧的电动牙刷到功能多样的美容仪，小熊电器个护小家电产品凭借其创新设计、卓越性能以及亲 民价格，迅速赢得了广大消费者的青睐，市场份额持续攀升。 母婴小家电方面，公司2024年收入同比增长31.83%。生活小家电领域也保持着稳健的增长势头，2024 年同比增长15.33%。小熊电器生活小家电产品以满足消费者多样化居家生活需求为导向，不断推陈出 新，优化产品性能与用户体验，使得该品类在市场中始终保持较高的竞争力，为公司整体营收贡献了重 要力量。 研发投入加码，筑牢创新根基 2024年，小熊电器在研发方面的投入力度显著增强，研发费用高达1.95亿元，同比增长36.48%，占营业 收入的4.09%。这一数据背后，是公司对技术创新的高度重视以及对未来产品竞争力的长远布局。 小熊电器始终坚持"以市场需求为导向"的研发理念，紧密围绕消费者在不同生活场景、工作场景以及不 同年龄阶段对小家电的多样化使用需求展开研发工作。公司充分利用 ...

公司报告 | 年报点评报告 小熊电器（002959） 证券研究报告 内外销修复性增长，电器品类表现较好 事件：公司 2024 年实现营业收入 47.58 亿元，同比+0.98%，归母净利润 2.88 亿元，同比-35.37%；其中 2024Q4 实现营业收入 16.19 亿元，同比 +16.18%，归母净利润 1.08 亿元，同比-17.03%。向全体股东每 10 股派发 现金红利 10.00 元（含税），分红比例 54%。 个护母婴品类表现亮眼，公司发力海外业务 投资建议：品类方面，公司新兴品类增速较好；渠道端，公司努力拓展海 外市场。利润方面，公司通过降本增效提高经营质量。根据公司的年报， 我们适当提升了生活小家电和其他小家电的收入增速，预计 25-27 年归母 净利润分别为 3.5/4.2/4.9 亿元（前值 25-26 年 3.4/4.0 亿元），对应 PE 分 别为 19x/15.6x/13.3x，维持"增持"评级。 风险提示：原材料价格波动风险；市场竞争风险；替代产品风险；汇率风 险；新品销售和推出不及预期等。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2 ...

上 市 公 司 家用电器 2025 年 04 月 09 日 小熊电器 (002959) ——2024 年年报点评：24Q4 业绩略超预期，净利率环 比大幅改善 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 08 日 | | --- | --- | | 收盘价（元） | 39.09 | | 一年内最高/最低（元） | 69.00/34.80 | | 市净率 | 2.3 | | 股息率%（分红/股价） | 3.07 | | 流通 A 股市值（百万元） | 6,035 | | 上证指数/深证成指 | 3,145.55/9,424.68 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 17.48 | | 资产负债率% | 52.70 | | 总股本/流通 A 股（百万） | 157/154 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-08 05-08 06-08 07-08 08-08 09-08 10-08 11 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported better-than-expected revenue and profit improvements for 2024 [6] - The integration of Roman's financials contributed more than anticipated to revenue [7] - Profitability has been recovering quarter by quarter since Q2 [8] - The company is expected to benefit from national subsidies in 2025 and the expansion of its own brand overseas, which is likely to contribute to revenue growth, with profitability improving due to lower base effects and cost control [9] Revenue and Profit Analysis - Q4 revenue reached 1.62 billion yuan, a year-on-year increase of 16.2%, while net profit attributable to the parent company was 110 million yuan, down 17.0% year-on-year [12] - For the full year 2024, revenue was 4.76 billion yuan, a 1.0% increase year-on-year, with net profit attributable to the parent company at 290 million yuan, down 35.4% year-on-year [12] - Roman achieved revenue of 610 million yuan in 2024, a year-on-year increase of 22%, exceeding performance commitments [12] Future Financial Projections - Revenue projections for 2025-2027 are 5.244 billion yuan, 5.671 billion yuan, and 6.061 billion yuan, representing year-on-year growth of 10.2%, 8.2%, and 6.9% respectively [10] - Net profit attributable to the parent company is projected to be 382 million yuan, 453 million yuan, and 513 million yuan for the same period, with year-on-year growth of 32.8%, 18.6%, and 13.3% respectively [10] - The company maintains a price-to-earnings ratio (P/E) of 16, 14, and 12 for the years 2025, 2026, and 2027 respectively [10] Key Financial Metrics - The gross profit margin for Q4 and the full year was 35.3% and 35.6% respectively, with expectations for stabilization in Q4 due to national subsidies [12] - The return on equity (ROE) is projected to be 10.2%, 11.9%, 12.4%, and 12.3% for 2024, 2025, 2026, and 2027 respectively [13] - Earnings per share (EPS) is expected to be 1.86 yuan, 2.43 yuan, 2.89 yuan, and 3.27 yuan for the years 2024 to 2027 [13]