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]

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 attributable to the parent company was 1.08 billion yuan, a decrease of 17.03% year-on-year [5][6] - The company is expected to benefit from the long-term empowerment of Romon Smart, focusing on both domestic and foreign sales growth. The revenue for 2024 was 47.58 billion yuan, a slight increase of 0.98% year-on-year, while the net profit attributable to the parent company decreased by 35.37% to 2.88 billion yuan [5][6] - The forecast for net profit attributable to the parent company for 2025-2027 is set at 3.70 billion yuan, 4.08 billion yuan, and 4.47 billion yuan respectively, with corresponding EPS of 2.36 yuan, 2.60 yuan, and 2.85 yuan [5][6] Financial Summary - In 2024, the company's revenue was 47.58 billion yuan, with a year-on-year growth of 0.98%. The net profit attributable to the parent company was 2.88 billion yuan, down 35.37% year-on-year [5][9] - The gross margin for 2024 was 35.29%, a decrease of 1.32 percentage points, while the net margin was 6.05%, down 3.4 percentage points [7][9] - The company’s revenue for 2025 is projected to be 51.45 billion yuan, with a year-on-year growth of 8.1% [9][11] Business Segmentation - In 2024, the revenue from kitchen appliances, lifestyle products, personal care, and maternal and infant small appliances was 32.8 billion yuan, 5.6 billion yuan, 3.6 billion yuan, and 2.5 billion yuan respectively, with year-on-year changes of -10.1%, +15.3%, +174.3%, and +31.8% [6][9] - Domestic sales decreased by 5.8% year-on-year, while foreign sales increased by 80.8%, primarily due to the growth in overseas OEM business after the consolidation of Romon Smart [6][9]

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 ...

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company reported a total revenue of 4.758 billion yuan for 2024, a year-on-year increase of 1%, while the net profit attributable to shareholders decreased by 35% to 288 million yuan [4][7] - The Q4 performance slightly exceeded expectations, with a revenue of 1.619 billion yuan, a year-on-year increase of 16%, and a net profit of 108 million yuan, a year-on-year decrease of 17% [7] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 155 million yuan, with a dividend payout ratio of 53.83% [7] Financial Data and Profit Forecast - The company is expected to achieve a net profit of 356 million yuan in 2025, representing a year-on-year growth of 23.8%, and 419 million yuan in 2026, with a growth of 17.5% [6][9] - The projected revenue for 2025 is 5.103 billion yuan, with a growth rate of 7.2% [6] - The gross profit margin for Q4 was 34.66%, an increase of 2.83 percentage points year-on-year, attributed to improved product pricing [7]

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]

小熊电器（ [Table_StockNameRptType] 002959） 公司点评 收入利润超预期改善 ——小熊电器 2024 年报点评 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-04-09 | | [Table_BaseData] 收盘价（元） | 39.09 | | --- | --- | | 近 12 个月最高/最低（元） | 69.00/34.80 | | 总股本（百万股） | 157 | | 流通股本（百万股） | 154 | | 流通股比例（%） | 98.31 | | 总市值（亿元） | 61 | | 流通市值（亿元） | 60 | [公司价格与沪深 Table_Chart] 300 走势比较 -44% -25% -6% 14% 33% 4/24 7/24 10/24 1/25 小熊电器 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：成浅之 执业证书号：S0010524100003 邮箱：chengqianzhi@hazq.com 主要 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 47.41 yuan for the next six months [5]. Core Insights - The company reported a revenue of 4.76 billion yuan for 2024, reflecting a year-over-year increase of 1.0%, while the net profit attributable to shareholders was 290 million yuan, down 35.4% year-over-year [2]. - In Q4 2024, the company achieved a revenue of 1.62 billion yuan, marking a year-over-year growth of 16.2%, and a net profit of 110 million yuan, which is a decrease of 17.0% year-over-year [2][3]. - The growth in Q4 revenue was driven by domestic appliance replacement policies that boosted demand in the kitchen small appliance sector, with online sales increasing by 9% year-over-year [2]. - The company is actively expanding its product categories and enhancing its overseas market presence, which is expected to sustain revenue growth [2]. Financial Summary - The company's revenue is projected to grow from 4.76 billion yuan in 2024 to 5.15 billion yuan in 2025, with a compound annual growth rate (CAGR) of 8.2% [4][13]. - Net profit is expected to recover slightly to 320 million yuan in 2025, with an estimated earnings per share (EPS) of 2.06 yuan [4][13]. - The net profit margin is projected to improve from 6.0% in 2024 to 6.3% in 2025 [4][13]. - The company’s return on equity (ROE) is expected to increase from 10.2% in 2024 to 10.9% in 2025 [4][13].

| | 和 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601228 | 广州港 | 0.1280 | 96443.07 | -10.63 | 1407293.13 | 6.66 | | 301488 | 豪恩汽 | 1.1000 | 10091.18 | -11.15 | 140893.71 | 17.25 | | | 电 | | | | | | | 001324 | 长青科 | 0.4361 | 6018.00 | -16.41 | 46042.71 | -13.16 | | | 技 | | | | | | | 002535 | 林州重 | 0.1189 | 9534.40 | -18.47 | 168353.14 | -8.38 | | | 机 | | | | | | | 002075 | 沙钢股 | 0.0700 | 16258.29 | -27.75 | 1441626.09 | -7.69 | | | 份 | | | | | | | 002860 | 星帅尔 | 0.4700 | 14369.40 | -29.03 | 207 ...