Investment Rating - The report maintains a "Buy" rating for the company [4][15][16]. Core Views - The company achieved a revenue of 4.712 billion, a year-on-year increase of 14.43%, and a net profit attributable to shareholders of 445 million, up 15.24% year-on-year [2][3]. - The company is focusing on brand upgrades and international expansion as it celebrates its 18th anniversary, which is expected to drive future growth [4][14]. - Despite challenges in the domestic market, the company has shown resilience with double-digit growth in both revenue and profit for the year [14][15]. Financial Data and Valuation - Revenue (in million): 2022: 4,118; 2023: 4,712; 2024E: 5,300; 2025E: 5,995; 2026E: 6,821 [5]. - Growth Rate (%): 2022: 14.18%; 2023: 14.43%; 2024E: 12.47%; 2025E: 13.12%; 2026E: 13.78% [5]. - Net Profit (in million): 2022: 386; 2023: 445; 2024E: 497; 2025E: 564; 2026E: 643 [5]. - EPS (in yuan/share): 2022: 2.46; 2023: 2.84; 2024E: 3.17; 2025E: 3.60; 2026E: 4.10 [5]. - The target price is set at 66.58 yuan, with a PE ratio of 21 for 2024 [15][16]. Sales and Profitability - The company reported a Q4 revenue of 1.394 billion, a decrease of 1.79% year-on-year, and a net profit of 130 million, down 11.13% year-on-year [2][3]. - The overall gross margin for 2023 was 36.6%, with a slight year-on-year increase of 0.2% [18]. - The company has managed to control costs effectively, with sales and management expense ratios decreasing year-on-year [14][20]. Market Performance - The company has seen a significant increase in overseas sales, which grew by 106% year-on-year, contributing to 8% of total revenue [13][14]. - Domestic online sales faced challenges, primarily due to weak demand in the small appliance sector and increased competition [13][14].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected stock performance exceeding the market by more than 15% over the next 12 months [5][6]. Core Views - The company is experiencing weakened domestic demand, with revenue and profit growth slowing down, although slightly better than preliminary reports. The annual revenue increased by 15.2% year-on-year, with a gross margin increase of 0.1 percentage points [10][19]. - The report highlights that the company's net profit for the year was 1.3 billion yuan, reflecting a year-on-year decrease of 11.1%, with a net profit margin of 9.3%, down 3.2 percentage points year-on-year [19][20]. - Despite the challenges in domestic sales, the company has shown impressive growth in overseas markets, particularly in kitchen small appliances, with significant revenue increases in specific product categories [19][20]. Financial Summary - The company's total revenue for 2023 was 4.712 billion yuan, with a year-on-year growth rate of 14.4%. The projected revenue for 2024 is 5.202 billion yuan, indicating a growth rate of 10.4% [20]. - The report forecasts a net profit of 486 million yuan for 2024, with a year-on-year growth of 9.2%, and anticipates continued growth in subsequent years [20]. - Key financial ratios include a return on equity (ROE) of 16.3% for 2023, expected to decrease slightly to 15.1% in 2024 [20]. Product Performance - The report details revenue performance by product category, noting that kitchen small appliances generated 3.5 billion yuan in revenue, a year-on-year increase of 5.6%, while other categories showed varied performance [19][20]. - The company’s strategy of focusing on premium products is expected to yield positive results, with a projected reasonable value of 61.98 yuan per share based on a 20x price-to-earnings ratio for 2024 [19][20]. Market Outlook - The report expresses optimism about the company's long-term growth potential, particularly as it continues to lead in the small appliance sector, despite short-term pressures from competition and market conditions [19][20].

收益表现 % 1M 3M 1Y 相对 0.34 -5.65 -9.16 绝对 -1.14 1.75 -22.27 资料来源：Wind 买入（维持） 当前价：53.96 元 股价相对走势 相关研报 公司发布 2023 年年报：23 年实现营收 47 亿元(YoY+14%)；归母净利润/扣非归母 净利润 4.5/3.8 亿元，同比+15%/+6%；其中 23Q4 实现营收 14 亿元（YOY-2%）， 归母净利润/扣非归母净利润 1.3/1.1 亿元，同比-11%/-8%。2023 年度利润分配方 案为每 10 股派现 12 元（含税），现金分红比例达 42%。 2024 年 4 月 9 日 盈利能力稳健，积极布局海外渠道 ——小熊电器（002959.SZ）2023 年年报业绩点评 分析师：洪吉然 执业证书编号：S0930521070002 021- 52523793 hongjiran@ebscn.com 联系人：周方正 021- 52523855 zhoufangzheng@ebscn.com 市场数据 总股本(亿股) 1.57 总市值(亿元)： 84.64 一年最低/最高(元)： 44.21/97.70 近 ...

证 券 研 究 报 告 ——2023 年年报点评：收入增长跑赢行业，盈利环比持 续改善 2023 年收入、业绩符合预期。小熊电器 2023 年实现营收 47.12 亿元，同比增长 14%； 实现归母净利润 4.45 亿元，同比增长 15%；实现扣非归母净利润 3.82 亿元，同比增长 6%。其中，Q4 单季度实现营收 13.94 亿元，同比降低 2%；实现归母净利润 1.30 亿元， 同比降低 11%；实现扣非归母净利润 1.13 亿元，同比降低 8%。公司 2023 年收入、业绩 符合市场预期。 下调盈利预测，维持"买入"投资评级。我们下调对于公司 2024-2025 的盈利预测，预 计分别可实现归母净利润 5.04、5.73 亿元（前值为 5.41、6.63 亿元），新增 2026 年归 母净利润预测为 6.52 亿元，同比分别增长 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"的投资评级。 公 司 研 究 / 公 司 点 评 一年内股价与大盘对比走势： 04-1005-1006-1007-1008-1 ...

2024 年 04 月 09 日 线下渠道收入高增。分产品看，公司 2023 年电动类/锅煲类/壶类/西式电 器/其他小家电分别实现收入 7.13/12.04/8.49/5.68/5.46 亿元，同比 +18.24%/+19.84%/+12.85%/-16.99%/+67.54%，电动类、锅煲类及其 他小家电业务贡献主要营收增量，西式电器则受空气炸锅行业需求影响收 入有所承压。分国内外看，公司 2023 年国内/海外分别实现收入 43.42/3.70 亿元，同比+10.27%/+105.66%，海外收入增长较快系公司 国内优势拓展至海外及基数较低所致。分线上线下看，公司 2023 年线上 /线下分别实现收入 38.66/8.46 亿元，同比+9.88%/+41.18%，公司下沉 渠道拓展及布局 O2O 模式驱动线下渠道收入高增。 风险提示：原材料价格波动风险、渠道拓展不及预期、行业竞争加剧。 作者 2024 年 04 月 09 日 地址：南昌市红谷滩新区凤凰中大道 1115 号北京银行大厦 邮编：330038 传真：0791-86281485 邮箱：gsresearch@gszq.com 地址：上海市浦东新区 ...

图4: 公司单季归母净利润及增速 2 证券研究报告 小熊电器（002959.SZ） 买入 四季度经营略承压，盈利环比有所改善。公司 2023 年实现营收 47.1 亿 /+14.4%，归母净利润 4.5 亿/+15.2%，扣非归母净利润 3.8 亿/+5.6%。其中 Q4 收入 13.9 亿/-1.8%，归母净利润 1.3 亿/-11.1%，扣非归母净利润 1.1 亿 /-8.2%。业绩略好于此前业绩预告值。公司拟每 10 股派发现金股利 12 元， 现金分红率为 42%。受到国内消费环境的影响，厨房小家电行业需求偏弱， 公司 Q4 经营有所承压，但净利率环比+1.2pct 至 9.3%，盈利维持良好水平。 母婴个护及生活小电增长靓丽，品类扩充有序进行。公司 2023 年锅煲类厨 房小电收入增长 19.8%至 12.0 亿，H1/H2 分别+35.9%/+7.9%；壶类收入增长 12.9%至 8.5 亿，H1/H2 分别+34.6%/-3.7%；电动类收入增长 18.2%至 7.1 亿， H1/H2 分别+33.7%/+5.6%；西式类收入下滑 17.0%至 5.7 亿，H1/H2 分别 -13.4%/-20 ...

来源:公司年报、国金证券研究所 买入(维持评级) 公司点评 收入短期承压，盈利水平逐季修复 2024年4月8日公司披露 23年报业绩预告,23年收入实现 47.1 亿元,同比+14.4%;实现归母净利润 4.5 亿元,同比+15.2%;实 现扣非归母净利润 3.8 亿元,同比+5.6%。其中，Q4 实现营收 13.9 亿元,同比-1.8%;实现归母净利润 1.3 亿元,同比-11.1%;实现 扣非归母净利润 1.1 亿元，同比增长-8.2%。 经营分析 +18.2%/-2.8%/+19.8%/+12.9%/-17.0%/+22.8%/+67.5%, 其中电动 类、锅煲类、生活类、个护母婴类增长速度较快。分地区来看, 国内收入同比+10.3%;国外收入同比+105.7%，占比提升至 7.8%/+3.5pct。单Q4 收入下滑主因消费意愿降低,行业需求趋弱 以及公司收紧费用后,抖音等渠道增速放缓。 Q4 盈利水平环比提升。23 年公司毛利率为 36.6%/+0.2pct，销售 费用率/管理费用率/财务费用率/研发费用率分别为 18.8%/4.0%/0.1%/3.0%,同比 +1.0pct/+0.3pct/+0.2 ...

➢ 风险因素：原材料价格波动、海内外需求不及预期、新品研发不及预期、 单一品类收入依赖性较高、行业竞争加剧、汇率波动等。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|----------------|------------------|-----------------------|-------|--------|-------|----------------|----------------| | [ 资产负债表 Table_Finance] \n会计年度 | 2022A | 2023A | 2024E | 单位 : \n2025E | 百万元 \n2026E | 利润表 \n 会计年度 | 2022A | 2023A | 2024E | 单位 : \n2025E | 百万元 \ ...

Financial Performance - The total revenue for 2023 reached ¥4,711,887,394.90, representing a year-on-year increase of 14.43% compared to ¥4,117,698,932.81 in 2022[60]. - The company's operating revenue for 2023 reached ¥4,711,887,390, representing a 14.43% increase compared to ¥4,117,698,930 in 2022[22]. - Net profit attributable to shareholders for 2023 was ¥445,273,101, marking a 15.24% increase from ¥386,308,005 in 2022[22]. - The net cash flow from operating activities increased by 11.64% to ¥684,645,956 in 2023, up from ¥613,270,295 in 2022[22]. - Total assets grew by 10.48% to ¥5,386,286,200 in 2023, compared to ¥4,872,769,750 in 2022[23]. - Basic earnings per share increased by 14.88% to ¥2.8461 in 2023, compared to ¥2.4769 in 2022[22]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan in 2023, representing a year-over-year growth of 20%[149]. - The company reported a net profit margin of 12% for the fiscal year, consistent with industry standards[133]. - The gross margin improved to 35% in 2023, up from 30% in 2022, reflecting better cost management and pricing strategies[150]. Market Expansion and Product Development - The company plans to expand its market presence and enhance product development strategies, although specific figures were not disclosed in the content[4]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[31]. - The company aims to enhance its market share by expanding its product line, including a new pet feeding device and a smart water dispenser[71]. - The company plans to launch three new product lines in the next fiscal year, targeting a market expansion of 15%[133]. - The company is investing 200 million yuan in research and development for innovative technologies to improve product efficiency[190]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[190]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 500 million yuan for potential deals[180]. Innovation and R&D - The company emphasizes innovation in product design, continuously increasing R&D investment to enhance technical innovation capabilities and meet diverse consumer needs[48]. - The company completed several key R&D projects, including a micro-pressure rice cooker and a multifunctional steam cooker, aimed at enhancing user experience and market competitiveness[70]. - The number of R&D personnel increased to 389 in 2023, up 21.18% from 321 in 2022, with a proportion of 7.91% of total employees[72]. - R&D investment amounted to ¥142,764,362.80 in 2023, a 3.93% increase from ¥137,369,574.16 in 2022, representing 3.03% of operating revenue[72]. Corporate Governance and Compliance - The company emphasizes the commitment to accurate and complete financial reporting, ensuring transparency for investors[4]. - The company strictly adheres to the regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange for information disclosure, ensuring timely and accurate reporting[123]. - The company maintains complete independence from its controlling shareholders in terms of assets, personnel, finance, and operations, with no reliance on them for business activities[124]. - The company has established independent departments for R&D, production, procurement, and sales, ensuring a fully autonomous operational system[125]. - The company has established a comprehensive internal control system in accordance with regulatory requirements, ensuring the safety and integrity of company assets[165]. Shareholder Relations and Dividends - The company reported a cash dividend of 12.00 RMB per 10 shares (including tax) to all shareholders[4]. - The total distributable profit available for shareholders at the end of the reporting period is 1,341,021,935.85 CNY[156]. - The company has implemented a stock option and restricted stock incentive plan, with the first grant completed by the end of 2022[159]. - The company completed the cancellation of 27,000 stock options under the 2022 stock option and restricted stock incentive plan on November 2, 2023[161]. Challenges and Risks - The management highlighted the need for investors to be aware of risks associated with forward-looking statements regarding future strategies and plans[4]. - The company faces risks from external uncertainties, intensified competition in the small appliance sector, and disruptions in channel dynamics[118]. - The potential impact of the lawsuit on the company's future profits remains indeterminate[200]. Social Responsibility - The company reported a total of 429.36 million yuan in social welfare donations in 2023, supporting various educational and charitable initiatives[174]. - The company emphasizes the importance of maintaining stakeholder rights and promoting harmonious coexistence with society[173].

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [4]. Core Insights - The company achieved a revenue of 4.71 billion yuan in 2023, representing a year-on-year growth of 14.43%, and a net profit attributable to the parent company of 445.31 million yuan, up 15.26% year-on-year [12][13]. - Emerging product categories and channels significantly contributed to revenue growth, with notable increases in sales from electric kitchen appliances and other small electrical products [12][13]. - The company is actively pursuing cost reduction and efficiency improvements, leading to a sequential increase in profit margins [12][13]. Financial Data Summary - Revenue for 2023 is reported at 4,711.89 million yuan, with a growth rate of 14.43% [14]. - The net profit attributable to the parent company for 2023 is 445.27 million yuan, reflecting a growth rate of 15.26% [14]. - The company’s gross margin for 2023 is 36.61%, with a net margin of 9.45% [12][13]. - The earnings per share (EPS) for 2023 is 2.84 yuan, with a projected P/E ratio of 19.01 [14]. Revenue Breakdown - The company’s revenue from electric kitchen appliances grew by 18.2%, while other small electrical products saw a growth of 67.5% [12][13]. - Domestic sales increased by 10.3%, while export sales surged by 105.7% [12][13]. - Offline sales channels experienced a growth of 41.2%, indicating a shift in consumer purchasing behavior [12][13]. Profitability and Cost Management - The company’s operating expenses have been optimized, with sales, management, and R&D expense ratios showing improvements in Q4 2023 [12][13]. - The net profit margin improved sequentially from 8.07% in Q3 2023 to 9.31% in Q4 2023 [12][13]. Cash Flow and Balance Sheet - The net cash flow from operating activities for 2023 was 6.85 billion yuan, an increase of 11.64% year-on-year [12][13]. - The company’s total assets reached 5,386.29 million yuan in 2023, with a total liability of 2,649.85 million yuan [7][14].