证券代码：002959 证券简称：小熊电器 公告编号：2024-031 小熊电器股份有限公司 关于举办 2023 年度网上业绩说明会的公告 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。 小熊电器股份有限公司（以下简称"公司"）定于 2024 年 5 月 6 日（星期一） 15:00—17:00 在全景网举办 2023 年度业绩说明会，本次年度业绩说明会将采用 网 络 远 程 的 方 式 举 行 ， 投 资 者 可 登 陆 全 景 网 " 投 资 者 关 系 互 动 平 台 " （http://ir.p5w.net）参与本次年度业绩说明会。 特此公告。 小熊电器股份有限公司 董 事 会 2024 年 4 月 27 日 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 4 月 30 日 15:00 前访问 http://ir.p5w.net/zj/，或扫描下方二维码，进入问题 征集专题页面。公司将在 2023 年度业绩说明会上，对投资者普遍关注的问题进 行回答。 ...

证券代码：002959 证券简称：小熊电器 公告编号：2024-030 小熊电器股份有限公司 关于 2023 年度股东大会增加临时提案暨股东大会补充通知的公告 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。 小熊电器股份有限公司（以下简称"公司"）于 2024 年 4 月 7 日召开第三届 董事会第七次会议，审议通过了《关于召开 2023 年度股东大会的议案》，决定于 2024 年 5 月 10 日（星期五）召开 2023 年度股东大会，具体内容详见公司于 2024 年 4 月 9 日在《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）上披露 的《关于召开 2023 年度股东大会的通知》（公告编号：2024-024）。 2024 年 4 月 26 日，公司召开第三届董事会第八次会议，审议了《关于修订 <董事、监事、高级管理人员薪酬管理制度>的议案》，该议案需提交公司股东大 会审议。同日，公司董事会收到控股股东佛山市兆峰投资有限公司（以下简称"兆 峰投资"）《关于提议增加 2023 年度股东大会临时提案的函》，提议将前述议案以 临时提案 ...

小熊电器（002959）2023 年报点评 推荐（维持） 事项： 评论： | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------| | | 2023A | 2024E | 2025E | 2026E | | 营业总收入 ( 百万 ) | 4,712 | 5,279 | 5,799 | 6,236 | | 同比增速 (%) | 14.4% | 12.0% | 9.8% | 7.5% | | 归母净利润 ( 百万 ) | 445 | 508 | 568 | 622 | | 同比增速 (%) | 15.3% | 14.1% | 11.8% | 9.4% | | 每股盈利 ( 元 ) | 2.84 | 3.24 | 3.62 | 3.96 | | 市盈率 ( 倍 | ) 20 | 18 | 16 | 15 | | 市净率 ( 倍 ) | 3.3 | 2.8 | 2.4 | 2.0 | | | | | | | 小家电Ⅲ 2024 年 04 月 17 日 证券分析师：秦一超 联系人：杨家琛 邮箱：yang ...

小熊电器(002959) 目标价: 昨收盘:56.16 (40%) (24%) (8%) 8% 24% 40% 23/4/1223/6/2223/9/1 23/11/1124/1/2124/4/1 小熊电器 沪深300 总股本/流通(亿股) 1.57/1.57 总市值/流通(亿元) 88.09/88.09 12 个月内最高/最低价 (元) 97.7/44.21 2023Q4 盈利能力短期承压，费用端实现良好管控。1）毛利率：2023Q4 公司毛利率 31.83%，同比-5.86pct，或系低毛利地区及产品占比提升所 致；2）净利率：2023Q4 公司净利率 9.31%，同比-0.96pct，降幅小于毛 利率，系费用端实现良好管控；3）费用端：2023Q4 公司销售/管理/研发 /财务费用率分别为 15.91/2.59/2.65/-0.01%，分别同比-3.20/-1.08/- 0.35/-0.16pct，降本增效成果显现。 | --- | --- | --- | --- | --- | --- | |---------------------------------------|--------------- ...

[Table_Author] 陈亮 陈佳 SAC：S0490517070017 SAC：S0490513080003 SFC：BQT624 请阅读最后评级说明和重要声明 小熊电器（002959.SZ） cjzqdt11111 相关研究 [Table_Title2] 海外业务高增长，运营费用边际回落公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司披露年报：公司 2023 年实现营业收入 47.12 亿元，同比增长 14.43%，实现归母净利润 4.45 亿元，同比增长 15.24%，实现归母扣非净利润 3.82 亿元，同比增长 5.59%。公司 2023 年四季度实现营业收入 13.94 亿元，同比下降 1.79%，实现归母净利润 1.3 亿元，同比下降 11.12%，实现归母扣非净利润 1.13 亿元，同比下降 8.29%。公司拟向全体股东每 10 股派发 现金红利 12 元（含税），分红率 41.86%。 事件评论 海外业务高增长，线下发力提振，共同驱动公司年度营收实现较好增长。公司 2023 年实 现营业收入同比增长 14.43%，其中分区 ...

公 司 研 究 小熊电器（002959.SZ） 2024 年 04 月 12 日 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/4/11 | | 当前股价 ( 元 ) | 51.80 | | 一年最高最低 ( 元 ) | 97.70/44.21 | | 总市值 ( 亿元 ) | 81.25 | | 流通市值 ( 亿元 ) | 79.85 | | 总股本 ( 亿股 ) | 1.57 | | 流通股本 ( 亿股 ) | 1.54 | | 近 3 个月换手率 (%) | 76.59 | 股价走势图 -40% -20% 0% 20% 40% 2023-04 2023-08 2023-12 小熊电器 沪深300 数据来源：聚源 相关研究报告 《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 《2023Q2 收入延续高增，关注精品战 略驱动规模增长 —公司信息更新报 告》-2023.8.28 《2023Q2 收入延续亮眼表现，继续看 好精品战略驱动规模增长 —公 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance relative to market indices [9][17]. Core Insights - The company has shown steady revenue growth, with 2023 revenue reaching 47.12 billion yuan, a year-on-year increase of 14.4%. The net profit attributable to shareholders was 4.45 billion yuan, up 15.2% year-on-year [4][9]. - The company is adjusting its channel structure to optimize efficiency, which has helped mitigate the impact of declining gross margins due to lower product prices during promotional periods [1][4]. - The company is a leader in the small kitchen appliance sector, with significant growth in both domestic and overseas markets. Domestic revenue increased by 10.27% to 43.42 billion yuan, while overseas revenue surged by 105.66% to 3.70 billion yuan [14]. Financial Performance Summary - For 2023, the company reported a gross margin of 36.61%, slightly up by 0.16 percentage points year-on-year. However, the gross margin for Q4 2023 was 31.83%, down 5.86 percentage points year-on-year [4][9]. - The company’s earnings per share (EPS) for 2023 was 2.84 yuan, with forecasts for 2024, 2025, and 2026 at 3.26, 3.67, and 4.10 yuan respectively [3][9]. - The report projects a revenue growth rate of 12.3% for 2024, 11.3% for 2025, and 10.9% for 2026, indicating a gradual decline in growth rates over the next few years [3][4]. Product and Market Performance - In 2023, the kitchen small appliance segment generated 36.44 billion yuan in revenue, a year-on-year increase of 8.35%. Key product categories such as pots and kettles saw significant growth [14]. - Online sales accounted for 38.66 billion yuan, growing by 9.88%, while offline sales reached 8.46 billion yuan, up 41.18% year-on-year, reflecting a robust performance in both channels [14].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a total revenue of 4.712 billion yuan in 2023, representing a year-on-year increase of 14.43%, with a net profit attributable to shareholders of 445 million yuan, up 15.24% year-on-year [1][2] - The company is focused on cost reduction, efficiency improvement, and digital transformation, which are expected to enhance operational efficiency in the long term [2] - The company’s revenue growth is driven by essential product categories and rapid growth in emerging categories, with overseas sales doubling year-on-year [8] Financial Summary - Revenue for 2023 was 4,711.89 million yuan, with projected revenues of 5,297.53 million yuan, 5,921.20 million yuan, and 6,579.68 million yuan for 2024, 2025, and 2026 respectively [12] - The net profit attributable to shareholders for 2023 was 445.27 million yuan, with forecasts of 515.80 million yuan, 579.48 million yuan, and 647.89 million yuan for the following three years [12] - The company’s sales expense ratio, management expense ratio, financial expense ratio, and R&D expense ratio for 2023 were 18.76%, 7.06%, 0.11%, and 3.03% respectively [2] - The company’s overseas revenue reached 370 million yuan in 2023, marking a 105.66% increase year-on-year, while domestic revenue was 4.342 billion yuan, up 10.27% [8] Product and Market Performance - In terms of product categories, the company reported revenues of 713 million yuan from electric appliances, 309 million yuan from electric heating appliances, 1.204 billion yuan from cooking pots, 849 million yuan from kettles, 568 million yuan from Western-style appliances, 485 million yuan from small household appliances, and 546 million yuan from other small appliances, with notable growth in cooking pots and kettles [8] - The company’s emerging product categories, particularly small household appliances, showed significant growth, contributing to overall revenue increases [8]

数据来源：Wind，西南证券 关键假设： | --- | --- | --- | --- | --- | --- | |----------|---------------------------|------------------|------------------|------------------|----------------| | | 单位：百万元 \n营业收入 | 2023A \n4711.9 | 2024E \n5330.9 | 2025E \n5879.3 | 2026E \n6436.1 | | | 增速 | 14.4% | 13.1% | 10.3% | 9.5% | | 合计 | 营业成本 | 2986.7 | 3367.8 | 3703.9 | 4033.6 | | | 毛利率 | 36.6% | 36.8% | 37.0% | 37.3% | | | 营业收入 | 4342.3 | 4776.6 | 5158.7 | 5571.4 | | | 增速 | 10.3% | 10.0% | 8.0% | 8.0% | | 国内销售 | 营业成本 | 2729.9 | 2985.4 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 78.00 CNY, maintaining the rating from the previous assessment [31][53]. Core Views - The company has achieved significant growth in overseas revenue and a substantial increase in offline channel contributions, indicating a positive outlook for revenue recovery [31][54]. - Despite the competitive industry landscape, the company has successfully optimized its product structure and pricing strategy, which is expected to continue driving revenue growth [21][40]. - The report highlights the company's strong cash flow position and healthy financial metrics, suggesting resilience in its operations [24][42]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 4.712 billion CNY, a year-on-year increase of 14.43%, and a net profit of 445 million CNY, up 15.26% [20][38]. - The fourth quarter of 2023 saw a slight decline in revenue to 1.394 billion CNY, down 1.79% year-on-year, with a net profit of 130 million CNY, down 11.08% [20][38]. Revenue Breakdown - Domestic sales in 2023 amounted to 4.34 billion CNY, a 10% increase, while international sales reached 370 million CNY, a remarkable 106% increase [6][19]. - The company’s online sales contributed 3.87 billion CNY, a 10% increase, while offline sales grew by 41% to 850 million CNY [22][54]. Profitability Metrics - The gross profit margin for 2023 was 36.61%, with a net profit margin of 9.45% [41][60]. - The report notes a decline in gross sales difference, attributed to increased competition and pricing pressures [23][57]. Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 685 million CNY in 2023, reflecting a year-on-year increase [59]. - Cash and cash equivalents at the end of 2023 totaled 3.021 billion CNY, indicating a stable liquidity position [42][60]. Future Outlook - The company is expected to continue its growth trajectory, with projected EPS for 2024-2026 at 3.25, 3.70, and 4.08 CNY respectively, reflecting a growth rate of 14% for 2024 and 2025 [53][54]. - The ongoing expansion into overseas markets and enhancement of product offerings are anticipated to support sustained revenue growth [39][40].