证券代码：002959 证券简称：小熊电器 公告编号：2024-091 小熊电器股份有限公司 关于 2022 年股票期权与限制性股票激励计划首次授予股票期权 第二个行权期行权结果暨股份上市的公告 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。 特别提示： 1、本次实际行权的激励对象共27人，行权股票的上市流通数量为20.61万股， 占公司总股本的0.13%，行权价格为35.75元/份； 2、本次行权的股票期权简称：小熊JLC2； 3、本次行权的股票期权代码：037294； 4、本次股票期权行权模式为集中行权； 5、本次可行权股票来源：公司向激励对象定向发行公司A股普通股，行权后 公司总股本增加无限售流通股20.61万股。 6、本次股票上市流通时间：2024年11月8日。 小熊电器股份有限公司（以下简称"公司"）于2024年8月27日召开了第三 届董事会第十二次会议，审议通过了《关于2022年股票期权与限制性股票激励计 划首次授予股票期权第二个行权期及预留授予股票期权第一个行权期行权条件 成就的议案》。根据《2022年股票期权与限制性股票激励计划（草案）》（以下 ...

证券简称：小熊电器 证券代码：002959 债券简称：小熊转债 债券代码：127069 东莞证券股份有限公司 关于小熊电器股份有限公司 可转换公司债券转股价格调整的 临时受托管理事务报告 债券受托管理人 （住所：东莞市莞城区可园南路一号） 二〇二四年十一月 1 重要声明 3 在本报告中，除非文义另有所指，下列词语具有如下含义： 发行人、公司、小熊电器 指 小熊电器股份有限公司 证监会、中国证监会 指 中国证券监督管理委员会 保荐机构、主承销商、受托 管理人 指 东莞证券股份有限公司 中证鹏元 指 中证鹏元资信评估股份有限公司 募集说明书 指 小熊电器股份有限公司向不特定对象发行可转换公司 债券募集说明书 本期债券、本次可转债 指 小熊电器股份有限公司 2022 年向不特定对象发行后在 深圳证券交易所上市的可转换公司债券 《债券持有人会议规则》 指 《小熊电器股份有限公司可转换公司债券持有人会议 规则》 元、万元 指 人民币元、人民币万元 一、本次债券核准情况 公司本次向不特定对象发行可转债相关事项已经 2021 年 7 月 30 日召开的第 二届董事会第七次会议和第二届监事会第七次会议审议通过，并经 2021 ...

| 证券代码：002959 | 证券简称：小熊电器 | 公告编号：2024-092 | | --- | --- | --- | | 债券代码：127069 | 债券简称：小熊转债 | | 小熊电器股份有限公司 关于"小熊转债"调整转股价格的公告 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。 特别提示： 债券代码：127069 债券简称：小熊转债 调整前转股价格：53.22 元/股 调整后转股价格：53.20 元/股 转股价格调整生效日期：2024 年 11 月 8 日 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会《关于核准小熊电器股份有限公司公开发行可转换 公司债券的批复》（证监许可〔2022〕1099 号）核准，小熊电器股份有限公司向社会 公开发行了 5,360,000 张可转换公司债券，每张面值 100 元，期限 6 年，募集资金总 额为 53,600.00 万元，扣除各项发行费用 865.92 万元（不含税），实际募集资金净额 为 52,734.08 万元。前述募集资金到位情况经信永中和会计师事务所（特殊普通合 伙）审验，并出 ...

小熊电器（ [Table_StockNameRptType] 002959） 公司点评 罗曼并表+外销高增贡献收入增量 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|-------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 51.00 CNY, reflecting a 25x PE for 2024 [1][12]. Core Views - The current industry demand is weak, and the competitive landscape is still in the process of clearing out. However, it is expected that as tail-end brands exit the market, the industry structure will improve, leading to a potential recovery in the company's revenue growth [2][12]. Summary by Sections 1. Investment Recommendation - The company is rated as "Buy" with a target price of 51.00 CNY, based on a revised EPS forecast of 2.02/2.28/2.49 CNY for 2024-2026, reflecting a downward adjustment of approximately 20% [1][12]. 2. Performance Overview - For the first three quarters of 2024, the company reported a revenue of 3.139 billion CNY, a year-on-year decrease of 5.4%, and a net profit of 180 million CNY, down 42.91% year-on-year. In Q3 2024, revenue was 1.008 billion CNY, up 3.17% year-on-year, while net profit was 19 million CNY, down 75.6% year-on-year [13][12]. 3. Export Performance vs. Domestic Sales - The company’s export performance has outpaced domestic sales, with Q3 exports expected to grow by 40% year-on-year due to previous overseas expansion efforts. In contrast, domestic sales are projected to decline by double digits due to a slow recovery in overall industry demand [14][12]. 4. Short-term Decline in Net Profit Margin - The gross margin for Q1-Q3 2024 was 35.62%, down 3 percentage points year-on-year, and the net margin was 5.95%, down 3.56 percentage points year-on-year. The decline in gross margin in Q3 2024 to 33.34% is attributed to the consolidation of Roman, alongside intensified competition leading to price reductions [15][12]. 5. Adequate Cash Reserves but Declining Operating Cash Flow - As of Q3 2024, the company had cash and cash equivalents plus trading financial assets totaling 2.477 billion CNY, a decrease of 280 million CNY year-on-year. The net cash flow from operating activities was 4 million CNY, down 230 million CNY year-on-year [16][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue recovery in Q3 2024 is attributed to the consolidation of Roman Smart, although profitability remains under pressure from domestic competition [2][3] - The company has adjusted its profit forecasts for 2024-2026 due to ongoing competitive pressures, with expected net profits of 273 million, 317 million, and 348 million yuan respectively [2][3] - The report emphasizes the importance of product category expansion and improved cost efficiency for future performance recovery [2][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 3.139 billion yuan (down 5.4% year-on-year), with a net profit of 180 million yuan (down 42.9%) and a non-recurring net profit of 126 million yuan (down 53.0%) [2][3] - Q3 2024 revenue was 1.007 billion yuan (up 3.17% year-on-year), but net profit fell to 19 million yuan (down 75.6%) and non-recurring net profit to 4 million yuan (down 94.39%) [2][3] - The gross margin for Q1, Q2, and Q3 2024 was 38.51%, 34.39%, and 33.34% respectively, reflecting a significant decline due to intense competition and high base effects [4] Market and Competitive Landscape - The domestic small home appliance market remains under pressure, with retail sales for kitchen appliances declining by 2.9%, 8.1%, and 2.7% year-on-year in Q1, Q2, and Q3 2024 respectively [3] - The company's online retail sales for Q3 2024 showed a decline of 13% year-on-year, with average prices down by 10% [3] - The report highlights the potential for growth through the acquisition of Roman Smart and the expansion of self-owned brands into international markets [3]

Investment Rating - The investment rating for the company is adjusted to "Accumulate" from "Buy" [4]. Core Views - The company's revenue for Q1-Q3 2024 is 3.139 billion yuan, a year-on-year decrease of 5.40%, with a net profit attributable to shareholders of 180 million yuan, down 42.91% year-on-year. The net profit excluding non-recurring items is 126 million yuan, a decline of 52.99% year-on-year [1]. - In Q3 2024, the company achieved revenue of 1.008 billion yuan, an increase of 3.17% year-on-year, but the net profit attributable to shareholders fell to 19 million yuan, down 75.60% year-on-year, and the net profit excluding non-recurring items was only 4 million yuan, down 94.39% year-on-year [1]. - The overall industry performance shows no significant recovery, with various product categories experiencing price declines, particularly air fryers, which saw a sales decline of 30.07% year-on-year [1]. Financial Performance Summary - The gross margin for Q1-Q3 2024 decreased by 3.00 percentage points to 35.62%, and for Q3 2024, it decreased by 7.49 percentage points to 33.34% [2]. - The net profit margin for Q1-Q3 2024 and Q3 2024 decreased by 3.56 percentage points and 5.50 percentage points, respectively, to 5.95% and 2.57% [2]. - The company’s projected net profits for 2024-2026 are 275 million, 311 million, and 346 million yuan, reflecting a year-on-year decrease of 38.2% in 2024, followed by increases of 13.0% and 11.3% in the subsequent years [2][3]. Industry Overview - The industry demand has not recovered, with intense competition and significant price pressure on brand manufacturers. For the first nine months of 2024, the online sales of various kitchen appliances showed mixed results, with some categories like health pots and rice cookers experiencing declines [1].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within six months [4]. Core Views - The company reported a revenue of 3.139 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.4%, and a net profit attributable to shareholders of 180 million yuan, down 42.91% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 1.008 billion yuan, showing a year-on-year increase of 3.17%, while the net profit attributable to shareholders was 19 million yuan, down 75.6% year-on-year [1]. - The company’s gross margin for the first three quarters of 2024 was 35.62%, a decrease of 3 percentage points year-on-year, and the net margin was 5.95%, down 3.56 percentage points year-on-year [1]. - The report anticipates that revenue growth may continue to improve in Q4 due to domestic promotions and the implementation of a replacement subsidy for kitchen appliances [1]. Financial Performance Summary - The company’s sales, management, R&D, and financial expense ratios for the first three quarters of 2024 were 19.21%, 5.4%, 4.83%, and 0.52%, respectively, with year-on-year changes of -0.74, +0.77, +1.64, and +0.36 percentage points [2]. - In Q3 2024, these ratios were 20.37%, 6.4%, 5.83%, and 1.14%, with year-on-year changes of -2.66, +0.75, +2.03, and +0.52 percentage points [2]. - The report indicates an increase in R&D expenses and a decrease in interest income, leading to a rise in the R&D expense ratio and financial expense ratio year-on-year [2]. - The company completed a 61.78% acquisition of Roman Smart in July, which contributed to an increase in minority shareholder profits in Q3 [2]. Earnings Forecast - The report adjusts the gross margin forecast downward and estimates the net profit attributable to shareholders for 2024, 2025, and 2026 to be 300 million, 340 million, and 400 million yuan, respectively, with corresponding P/E ratios of 23.6x, 21.1x, and 17.8x [2].

证券代码：002959 证券简称：小熊电器 小熊电器股份有限公司投资者关系活动记录表 编号：2024-005 | --- | --- | --- | --- | |-----------------------|---------------------------------------------------------------------------------------------------------|-----------------------------------------------|------------------------------------------------------------------| | 投资者关系 \n活动类别 | □特定对象调研 \n□媒体采访 □业绩说明会 \n□新闻发布会 \n□现场参观 \n 其他（请文字说明其他活动内容） | 分析师会议 \n 路演活动 \n | 电话会议 | | 参与单位名 称及人员 | 接入电话会议 | | 国投证券、国泰君安证券、国信证券、富国基金、华宝基金等 57 方 | | 时间 | 2024 年 10 月 ...

Investment Rating - The report maintains an "Outperform" investment rating for the company [9] Core Views - The company's Q3 performance was below expectations, with a revenue of 3.139 billion yuan for the first three quarters of 2024, a decrease of 5% year-on-year, and a net profit attributable to shareholders of 180 million yuan, down 43% year-on-year [6][9] - The overall market for kitchen small appliances remains sluggish, with a retail sales decline of 4.6% year-on-year in the first three quarters of 2024 [7] - The company is experiencing pressure on profitability, with a gross margin of 33.34% in Q3, down 7.48 percentage points year-on-year [8] Summary by Sections Market Data - Closing price as of October 30, 2024: 44.34 yuan - Market capitalization: 6,837 million yuan - Price-to-book ratio: 2.6 - Dividend yield: 2.71% [3] Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 31.39 billion yuan, a decrease of 5% year-on-year, and a net profit of 1.80 billion yuan, down 43% year-on-year [6] - Q3 revenue was 10.08 billion yuan, a 3% increase year-on-year, but net profit dropped 76% year-on-year [6] Industry Analysis - The kitchen small appliance market is facing a downturn, with the company’s online sales declining by 13% year-on-year in Q3 [7] - The company’s performance in various product categories has declined, with significant drops in revenue for several segments [7] Profitability Metrics - The company’s net profit margin for Q3 was 2.57%, down 5.50 percentage points year-on-year [8] - The report projects a decrease in net profit for 2024, with estimates of 274 million yuan, down 38.4% year-on-year [9]