同比增长是14.43归属双十公司股东的净利润是4.45亿元同比增长15.24%那么4月26日我们披露了2024年的一季报那么第一季度是实证行业收入11.94亿元那么同比是有4.58的下降 归属以上的公司股东的净利润是1.51亿元同比下降是8.53那么从报纸的情况来看在平台和品牌方的竞争加剧吧需求成压的这么一个情况之下那么23年的整体的经营情况就呈现了前高后低的这么一个走势 公司从二三年的三季度下半年开始了加大费用管控和交本增效提升运营质量来实现公司业绩的稳定那么今年一季度收入和净利率确实略有下滑那么一个原因是二三年一季度的基数较高并且二三年的四季度的竞争的态势延续到今年的一季度 所以今年一季度的业绩是有一定的成员具体的情况等一下我们可以大家可以跟我们董事长我们财务总监冯总做交流那么接下来的话我们就把时间就进入一个交流的环节郭老师好的好的谢谢谢谢罗总麻烦这个会助理我们提示一个提问方式谢谢 大家好 如需提问 电话端的参会者请将话机上的信号键再按式子一网络端的参会者也可以在直播间互动区域内文字提问或点击旁边的举手按钮申请语音提问 谢谢 大家好 如新提问 电话端的参会者请先按话机上的信号键再按数字1网络端的参会者 您 ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company experienced a slight revenue decline of 4.58% year-on-year in Q1 2024, attributed to high base effects from the previous year and subdued domestic demand in the small appliance sector [2][3]. - Despite short-term pressures on profitability due to competitive market conditions and declining average selling prices, the company is expected to benefit from innovation and brand strength, leading to potential market share gains in the long term [4][5]. Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 1.194 billion, a decrease of 4.58% year-on-year, and a net profit of 151 million, down 8.53% year-on-year [1]. - The gross margin decreased by 1.2 percentage points year-on-year, while the sales expense ratio increased by 2.3 percentage points [3]. - The company’s net profit margin fell by 0.5 percentage points year-on-year, with a significant drop in non-recurring profit contributions [3]. Market Dynamics - The small appliance industry is transitioning into a phase of stock competition, with increased challenges for smaller brands due to a shift from e-commerce growth to traffic competition [4]. - The report anticipates a recovery in domestic e-commerce sales, with a narrowing decline in traditional e-commerce channels expected in Q4 2023 [2]. Future Projections - Revenue forecasts for 2024 and 2025 are set at 5.334 billion and 6.022 billion respectively, with year-on-year growth rates of 13.20% and 12.89% [5][6]. - The projected net profit for 2024 and 2025 is 517 million and 585 million respectively, with growth rates of 16.20% and 13.09% [5][6]. Valuation - The target price for the company is set at 66.00, based on a 20x PE ratio for 2024 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [12]. Core Views - The company is recognized as a leader in the small kitchen appliance sector, with ongoing diversification into new product categories. Despite a weak domestic consumption environment and high base effects leading to slight performance pressure, channel restructuring is expected to enhance efficiency and cost control, awaiting subsequent profit improvements [12]. - The earnings per share (EPS) forecasts for 2024-2026 are projected at 3.15, 3.50, and 3.88 yuan respectively, with corresponding price-to-earnings (PE) ratios of 17.5, 15.7, and 14.2 based on the closing price on April 26 [12]. Financial Summary - For Q1 2024, the company reported revenue of 1.194 billion yuan, a year-on-year decrease of 4.58%. The net profit attributable to the parent company was 151 million yuan, down 8.53% year-on-year, while the net profit excluding non-recurring items was 115 million yuan, a decline of 24.26% [13]. - The gross margin for Q1 2024 was 38.51%, reflecting a decrease of 1.25 percentage points year-on-year, and the net profit margin was 12.63%, down 0.54 percentage points year-on-year [13]. - The company’s revenue for 2023 was 4.712 billion yuan, with a projected growth of 14.4%. The net profit for the same year was 445 million yuan, with a year-on-year growth of 15.2% [7][12]. Market Data - As of April 26, 2024, the closing price of the company's stock was 54.97 yuan, with a total share capital of 156.85 million shares and a net asset value of 5.37082 billion yuan [6]. - The company’s total assets amounted to 2.88422 billion yuan, with a net asset per share of 18.39 yuan [6]. Future Projections - The company is expected to see revenue growth of 10.2% in 2024, 9.1% in 2025, and 8.7% in 2026, with net profit growth projected at 10.9% for 2024 and 11.0% for both 2025 and 2026 [7][12]. - The gross margin is anticipated to improve gradually, reaching 37.5% by 2026 [7]. Conclusion - The report highlights the company's strategic adjustments and market positioning, suggesting a potential recovery in profitability as the high base effects diminish and operational efficiencies are realized [12][13].

上 市 公 司 家用电器 ——2024 年一季报点评：业绩符合预期，盈利能力环比 改善 投资要点： 行业景气度低迷，3 月天猫渠道现拐点。据奥维云网 2023 年全渠道推总数据显示，厨房 小家电整体零售额为 549.3 亿元，同比下降 9.6%，零售量 26543 万台，同比下降 1.8%。 其中，线上零售额 422 亿元，同比下降 10.7%；线下零售额 127 亿元，同比下降 6.0%。 在前一年高基数影响下，厨房小家电行业表现仍有所承压。公司层面，根据久谦数据显示， 公司在天猫渠道销售额率先迎来回暖，3 月销售额同比+37%，与 1 月、2 月同比+3%、 -7%的表现相比已有大幅改善，预计主要系天猫电商策略调整影响，公司在天猫渠道收入 占比较高，且盈利能力较好，有望深度受益于天猫渠道复苏。 维持盈利预测，及"买入"投资评级。我们维持对于公司 2024-2026 的盈利预测，预计 分别可实现归母净利润 5.04、5.73、6.52 亿元，同比分别+13.3%、+13.5%、+13.8%， 公司产品品类持续拓展，精品化战略持续推进，高端"逐光"系列产品有望近期推出，带 动盈利能力持续提升，维持"买入"的投 ...

小熊电器（002959.SZ） 2024 年 04 月 28 日 -64% -48% -32% -16% 0% 16% 2023-04 2023-08 2023-12 小熊电器 沪深300 《2023Q4 业绩阶段承压，静待新品周 期+费用投放效率提升改善业绩—公 司信息更新报告》-2024.4.12 《2023Q3 收入稳健，毛利率延续提升 趋 势 — 公司信息更新报告》 -2023.11.14 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 开源证券 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/4/26 | | 当前股价 ( 元 ) | 54.97 | | 一年最高最低 ( 元 ) | 97.70/44.21 | | 总市值 ( 亿元 ) | 86.22 | | 流通市值 ( 亿元 ) | 84.74 | | 总股本 ( 亿股 ) | 1.57 | | 流通股本 ( 亿股 ) | 1.54 | | 近 3 个月换手率 (%) | 93.14 | 数据来源：聚源 《2023Q2 收入 ...

盈利预测： 利润下滑 [Table_Summary] 核心观点： 高基数之下，24Q1 收入小幅下滑。公司披露 2024 年一季报，2024Q1 单季实现营业收入 11.9 亿元（YoY-4.6%)，归母净利润 1.5 亿元（YoY- 8.5%），扣非后归母净利 1.1 亿元（YoY-24.3%），毛利率 38.5%（YoY- 1.2pct），归母净利率 12.6%（YoY-0.5pct）。24Q1 收入同比下滑 4.6%， 主要原因：（1）去年同期收入基数较高；（2）公司对抖音收紧费用后， 抖音渠道增速放缓。扣非后归母净利下滑幅度大于收入，原因：（1）行 业竞争激烈，导致均价下降，24Q1 毛利率下降 1.2pct；（2）费用率方 面，销售/管理/财务/研发费用率分别为 17.9%/3.9%/0.2%/3.1%，同比 分别为+2.3pct/+0.2pct/+0.2pct/+0.6pct；（3） 同期归母净利率基数较 高。24Q1 归母净利增速快于扣非口径，主要由于：（1）商标侵权赔偿， 带来营业外收入同比增加 764 万元；（2）政府补助同比增加 1543 万。 小家电长尾市场空间较大，看好公司长期发展。在 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company reported a revenue of 1.194 billion yuan in Q1 2024, a year-on-year decline of 4.58%, and a net profit attributable to shareholders of 151 million yuan, down 8.53% year-on-year [2] - The small home appliance industry is under pressure, with online sales of key products such as health pots and air fryers showing significant declines [2] - The company's market share remains stable despite the overall industry challenges, with slight changes in market share percentages for various product categories [2] - Profitability has decreased, with gross margin dropping by 1.25 percentage points to 38.51% due to intensified competition and changes in raw material prices [3] - The company has implemented marketing strategies to enhance brand image, including collaborations with influencers and product launches [3] Financial Summary - The company expects net profits attributable to shareholders for 2024-2026 to be 474 million, 547 million, and 631 million yuan, representing year-on-year growth rates of 6.5%, 15.4%, and 15.2% respectively [4] - Revenue projections for 2024-2026 are 5.19 billion, 5.97 billion, and 6.875 billion yuan, with growth rates of 10.2%, 15.1%, and 15.1% respectively [6] - The latest diluted EPS is projected to be 3.02 yuan for 2024, increasing to 4.02 yuan by 2026 [6]

2024 年 04 月 26 日 小熊电器(002959.SZ) 事件：小熊电器公布 2024 年一季报。公司 Q1 实现收入 11.9 亿 元，YoY-4.6%；实现归母净利润 1.5 亿元，YoY-8.5%。展望后续， 随着公司不断拓展新品类，持续发力海外市场，收入有望恢复快 速增长。 Q1 盈利能力同比下降：2024Q1 公司毛利率同比-1.2pct，主要 原因为小家电行业价格竞争背景下，公司销售均价有所承压。Q1 公司归母净利率同比-0.5pct，净利率降幅小于毛利率降幅主要因 为：1）公司享受增值税加计抵减政策，Q1 其他收益同比+1543 万 元；2）公司计提的存货跌价准备减少，Q1 资产减值损失同比-991 万元。 投资建议：小熊是业内领先的线上小家电公司，在众多长尾小 家电市场占据头部份额。小熊具备快速捕捉市场需求的能力，目 前正积极向产品精品化发展，提升品牌力。随着小家电行业消费 需求复苏，原材料成本下行，公司盈利能力持续改善。预计公司 2024 年~2026 年的 EPS 分别为 3.12/3.45/3.82 元，维持买入-A 的投资评级，给予 2024 年 21 倍的市盈率，相当于 6 ...

Revenue and Profit - Revenue for the first quarter of 2024 was 1.193 billion yuan, a decrease of 4.58% compared to the same period last year[5] - Net profit attributable to shareholders of the listed company was 150.8 million yuan, a decrease of 8.53% year-on-year[5] - Total revenue for Q1 2024 was 1,193,849,343.62 RMB, a decrease from 1,251,206,993.96 RMB in the same period last year[19] - Net profit for Q1 2024 was 150,796,555.64 RMB, down from 164,901,160.83 RMB in the previous year[20] - Operating profit for Q1 2024 was 178,783,188.73 RMB, compared to 201,663,033.26 RMB in Q1 2023[20] - Comprehensive income for the first quarter of 2024 totaled 150,796,555.64 RMB, with 164,901,160.83 RMB attributable to the parent company[21] Cash Flow - Operating cash flow decreased by 38.57% to 129.23 million yuan compared to the same period last year[5] - Investment cash flow improved by 52.00%, with net cash outflow decreasing to 175.46 million yuan[9] - Net cash flow from financing activities increased by 357.12% to 35.94 million yuan, mainly due to the return of bank acceptance guarantee deposits[9] - Cash received from sales of goods and services in the first quarter of 2024 was 1,312,991,165.77 RMB, a decrease from 1,400,897,539.20 RMB in the same period last year[22] - Net cash flow from operating activities in the first quarter of 2024 was 129,231,046.94 RMB, down from 210,362,639.09 RMB in the same period last year[22] - Cash received from investments in the first quarter of 2024 was 394,543,592.10 RMB, an increase from 281,256,240.69 RMB in the same period last year[24] - Net cash flow from investing activities in the first quarter of 2024 was -175,463,659.72 RMB, an improvement from -365,549,575.32 RMB in the same period last year[24] - Net cash flow from financing activities in the first quarter of 2024 was 35,943,734.26 RMB, compared to -13,979,412.33 RMB in the same period last year[24] - The company's cash and cash equivalents at the end of the first quarter of 2024 were 1,227,864,268.94 RMB, a decrease from 1,237,601,052.85 RMB at the beginning of the quarter[24] Assets and Liabilities - Total assets at the end of the reporting period were 5.371 billion yuan, a slight decrease of 0.29% compared to the end of the previous year[5] - Other non-current assets increased by 108.05% to 19.62 million yuan, mainly due to an increase in prepayments for long-term assets[9] - The company's monetary funds at the end of the period were 1,503,615,018.39 yuan, a decrease from the initial balance of 1,527,537,260.32 yuan[15] - Trading financial assets increased to 1,616,910,007.87 yuan from 1,493,066,288.97 yuan at the beginning of the period[15] - Accounts receivable decreased to 110,783,509.71 yuan from 157,062,487.89 yuan[15] - Prepayments decreased to 24,145,257.40 yuan from 26,188,026.69 yuan[15] - Inventory decreased to 534,473,778.32 yuan from 619,739,410.25 yuan[15] - Other current assets increased to 53,028,861.13 yuan from 42,359,046.58 yuan[15] - Total current assets at the end of the period were 3,852,370,689.80 yuan, slightly lower than the initial balance of 3,875,521,778.13 yuan[15] - Total assets as of Q1 2024 were 5,370,818,065.91 RMB, slightly down from 5,386,286,200.56 RMB at the end of the previous quarter[16] - Fixed assets increased to 747,417,928.49 RMB from 768,421,120.76 RMB in the previous quarter[16] - Construction in progress rose to 302,794,140.09 RMB from 273,033,788.03 RMB in the previous quarter[16] - Total liabilities for Q1 2024 were 2,486,594,810.61 RMB, down from 2,649,846,411.13 RMB in the previous quarter[17] - Total equity attributable to the parent company was 2,884,223,255.30 RMB, up from 2,736,439,789.43 RMB in the previous quarter[17] Expenses and Income - Financial expenses increased by 570.02% to 2.34 million yuan, primarily due to a decrease in interest income[9] - Other income increased by 341.53% to 19.95 million yuan, mainly due to the VAT deduction policy[9] - Research and development expenses increased to 37,347,901.49 RMB from 31,463,920.36 RMB in the same period last year[19] - Sales expenses rose to 213,145,725.53 RMB from 194,737,332.72 RMB in Q1 2023[19] Earnings Per Share - Basic earnings per share decreased by 9.01% to 0.9615 yuan per share[5] - Basic earnings per share for the first quarter of 2024 were 0.9615 RMB, with diluted earnings per share at 0.9476 RMB[21] Shareholder Information - The company's repurchase account holds 1,541,400 shares, accounting for 0.98% of the total shares, and is not included in the top 10 shareholders[12] - The top 10 shareholders hold a significant portion of the company's shares, with the largest shareholder holding 8.47% of the shares[12] Legal and Compliance - The company disclosed a litigation progress announcement on March 5, 2024, on the website of CNINFO[13] Audit Information - The first quarter report of 2024 was not audited[25]

小熊电器股份有限公司 董事、监事及高级管理人员薪酬管理制度 中国·佛山 二〇二四年四月 1 小熊电器股份有限公司 董事、监事及高级管理人员薪酬管理制度 第一章 总则 第一条 为健全小熊电器股份有限公司（以下简称"公司"）薪酬管理体系， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》 《深圳证券交易所股票上市规则》等相关法律、法规、规范性文件和《小熊电器股份 有限公司章程》（以下简称"《公司章程》"）的规定，结合公司实际情况，制定本 制度。 第二条 本制度适用于公司董事、监事及总经理、副总经理、董事会秘书、 财务总监等经董事会审议通过的高级管理人员。 第三条 公司薪酬管理制度遵循以下原则： （一）遵循公平、竞争的原则，以市场为导向，体现薪酬与公司规模和业绩 目标关联的原则； （二）遵循责、权、利统一原则，体现薪酬与岗位价值、履行责任义务相符； （三）遵循公司长远发展目标，体现薪酬与公司持续健康发展的目标相符。 （四）遵循激励与约束并重的原则，体现薪酬发放与考核、奖惩、激励机制 挂钩。 第二章 薪酬管理制度制定及实施程序 第四条 公司董事会薪酬与考核委员会在董事会授权下，负责制定公司董事 ...