公司 2023 年经营活动产生的现金流量净额为 1.47 亿元，同比-0.07 亿元， 其中销售商品及提供劳务现金流入 7.12 亿元，同比-1.24 亿元；其中 2023Q4 经营活动产生的现金流量净额为 0.69 亿元，同比-0.37 亿元，其 中销售商品及提供劳务现金流入 2.25 亿元，同比-0.48 亿元。 展望 2024 年，预计随着公司线下门店结构优化、经销门店数量增加， 配合新品推出，公司内销收入有望收获增量。此外，预计随着海外渠 道调整，各环节运营效率及海外业务盈利能力有望得到改善 请务必阅读正文之后的免责条款部分 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|--------------------|------------|---------------------------------------|-------------------------------------------- ...

[Table_Summary 事件：公司发布] 2023年年报，2023年公司实现营收 6.7亿元，同比降低 17.3%， 主要系公司自主品牌"北鼎 BUYDEEM"营收有所下滑，尤其是该品牌海外市 场渠道及运营模式等方面调整，对收入产生结构性影响；实现归母净利润 0.7 亿元，同比增长 51.9%；实现扣非净利润 0.6 亿元，同比增长 59.2%。单季度 来看，Q4公司实现营收 1.9亿元，同比降低 28.4％；实现归母净利润 0.2亿元， 同比降低 6.2%；实现扣非后归母净利润 0.2亿，同比降低 5.4%。2023年公司 现金分红 6526.8万元，业绩分红率达到 91.5%。 精进内功降费提效，渠道改革效果有待释放。公司于 2022年底在海外市场进行 了自主品牌"从直营到经销"的渠道变革，其影响致使公司 2023年海外市场有 所承压，国内市场也面临消费需求收缩的影响。但公司通过产品升级、效率提 升实现了盈利能力的明显改善，2024年公司前期改革成效有望得以进一步释放， 实现营收的高弹性恢复和盈利能力的进一步改善。 | --- | --- | --- | --- | --- | |--------- ...

证券代码：300824 证券简称：北鼎股份 公告编号：2024-023 深圳市北鼎晶辉科技股份有限公司 关于首次回购公司股份的公告 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。 深圳市北鼎晶辉科技股份有限公司（以下简称"公司"）于 2024 年 3 月 14 日召开第四届董事会第十二次会议、第四届监事会第十二次会议审议通过了《关 于回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购 公司部分已发行的人民币普通股（A 股）用于实施股权激励或员工持股计划，若 公司未能在股份回购完成后的 36 个月内用于上述用途，未使用部分将予以注销。 本次回购的资金总额不低于人民币 1,500.00 万元且不超过人民币 3,000.00 万 元（含）；回购价格不超过人民币 10.00 元/股（含），具体回购股份的数量以 回购结束时实际回购的股份数量为准。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，上市公司应当在首次回购股份事实发生的次一 交易日予以公告。现将公司首次回购股份的情况公告如下： 一、首次回购 ...

证 券 研 究 报 告 北鼎股份（300824）2023 年报点评 推荐（维持） 营收规模承压，Q4 毛利率改善 目标价：10 元 当前价：7.80 元 事项： 公司发布 2023 年报，23 年公司实现营业总收入 6.7 亿元，同比-17.3%；实现 归母净利润 0.7 亿元，同比+51.9%。其中 23Q4 实现营收 1.9 亿元，同比-28.4%； 实现归母净利润 0.2 亿元，同比-6.2%。 评论： 23 年营收规模暂时承压，抖音渠道增长亮眼。23 年公司实现营业总收入 6.7 亿元，同比-17.3%，受国内小家电市场需求疲弱影响、23 年公司整体营收规模 短暂承压。内销市场，公司营收规模同比下滑 15.5%，主要系线上天猫、京东 等传统渠道下滑影响，23 年天猫、京东同比分别下滑 30.2%、27.8%，新兴渠 道中抖音渠道表现亮眼，23 年营收同比+32.3%，占国内收入比例达到 6.9%。 外销方面，自主品牌海外业务受经营策略转变暂时承压，23 年营收同比下滑 64.7%。代工业务 23 年营收规模同比+9.2%，占公司整体收入比例为 20.6%。 海外渠道调整及资源整合虽带来短期收入端压力， ...

证券代码：300824 证券简称：北鼎股份 公告编号：2024-021 深圳市北鼎晶辉科技股份有限公司 关于回购公司股份的进展公告 特此公告。 一、回购公司股份的进展情况 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关 规定，回购期间，公司应当在每个月的前三个交易日内披露截至上月末的回购进 展情况。现将公司截至上月末的回购股份的进展情况公告如下： 截至 2024 年 3 月 31 日，公司回购专用证券账户尚未实施与本次回购股份相 关的操作。 二、其他说明 公司将严格按照《深圳证券交易所上市公司自律监管指引第 9 号——回购股 份》等有关规定及公司回购股份方案，在回购期限内根据市场情况择机实施回购 股份，并根据相关法律、法规和规范性文件的规定及时履行信息披露义务，敬请 广大投资者注意投资风险。 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。 深圳市北鼎晶辉科技股份有限公司（以下简称"公司"）于 2024 年 3 月 14 日召开第四届董事会第十二次会议、第四届监事会第十二次会议审议通过了《关 于回购公司股份方案的议案》，同意公司使用自有资 ...

增加临时议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。 深圳市北鼎晶辉科技股份有限公司（以下简称"公司"）于 2024 年 3 月 29 日披露了《关于召开 2023 年年度股东大会的通知》，本次会议定于 2024 年 4 月 19 日召开。 证券代码：300824 证券简称：北鼎股份 公告编号：2024-022 深圳市北鼎晶辉科技股份有限公司 关于 2023 年年度股东大会 2024 年 4 月 1 日，公司董事会收到公司控股股东晶辉电器集团有限公司的 《关于提请增加 2023 年年度股东大会临时议案的函》，提请股东大会授权董事 会决定公司以简易程序向特定对象发行融资总额不超过人民币 3 亿元且不超过 最近一年末净资产 20%的股票，授权期限为 2023 年年度股东大会审议通过之日 起至 2024 年年度股东大会召开之日止。 本次授权事宜包括以下内容： （1）发行证券的种类和数量 向特定对象发行融资总额不超过人民币三亿元且不超过最近一年末净资产 百分之二十的中国境内上市的人民币普通股（A 股）。 （2）发行方式、发行对象及向原股 ...

餐饮具表现较好，利润水平有所修复 北鼎股份（300824） 证券研究报告 事件：公司 2023 年实现营业收入 6.65 亿元，同比-17.33%，归母净利润 0.71 亿元，同比+51.92%；其中 2023Q4 实现营业收入 1.93 亿元，同比-28.44%， 归母净利润 0.19 亿元，同比-6.22%。每 10 股派发现金红利 2.00 元（含税）， 分红比例 91%。 自有品牌收入承压，代工收入有所修复。分地区看，23 年公司自有品牌增 速承压，其中内/外销收入同比-15.5%/-64.8%；其中 23Q4 自有品牌收入增 速进一步承压，内/外销收入同比分别为-25.5%/-81.5%，外销下滑明显，主 要由于海外业务渠道及运营模式等方面调整对北鼎海外业务收入产生了结 构性影响。23 年 OEM/ODM 业务收入同比+8.9%，其中 23Q4 收入同比 +35.3%，代工业务收入随各主要代工客户库存水平恢复出现小幅回升。 餐具及饮具表现较好。分品类看，23 年电器类/用品及食材类收入同比分 别-26.9%/-9.5%，其中占比相对较大的蒸炖锅收入同比-9.7%，其余各品类 下滑幅度更显著；用品及食 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 7.95 CNY [2][20][30] Core Views - The company is expected to achieve a net profit attributable to shareholders of 0.80 billion CNY in 2024, 0.91 billion CNY in 2025, and 1.02 billion CNY in 2026, with corresponding EPS of 0.24 CNY, 0.28 CNY, and 0.31 CNY respectively [20][30] - The company is positioned as a high-end kitchen lifestyle brand, leveraging industrial design capabilities and a high-quality supply chain to enhance product strength [20] - The report highlights the company's ongoing efforts to improve profitability through cost reduction and efficiency enhancement, with a gross margin of 54.5% in Q4 2023, an increase of approximately 3 percentage points year-on-year [38] Financial Summary - Revenue for 2022 was 805 million CNY, with a decline of 5.0% year-on-year, while 2023 revenue is projected at 665 million CNY, a decrease of 17.3% [8][12] - Operating profit for 2022 was 50 million CNY, with a significant decline of 58.5%, while 2023 operating profit is expected to rise to 79 million CNY, reflecting a growth of 58.8% [8][12] - The net profit attributable to the parent company for 2022 was 47 million CNY, down 56.7%, with a forecasted increase to 71 million CNY in 2023, representing a growth of 51.9% [8][12] - The company’s gross margin is projected to be 51.4% in 2024, with a net margin of 11.2% [8][12] Market Performance - The company's stock price performance shows a relative decline of 15.45% in March 2024 and a year-to-date performance of -23.55% [2][19] - The stock's 52-week high and low are 11.19 CNY and 5.5 CNY respectively, indicating significant volatility [2]

识别风险，发现价值 请务必阅读末页的免责声明 4 / 4 至 12 月 31 日 2022A 2023A 2024E 2025E 2026E 至 12 月 31 日 2022A 2023A 2024E 2025E 2026E 流动资产 873 841 950 1,049 1,160 经营活动现金流 154 147 113 171 169 货币资金 568 336 299 292 278 净利润 47 71 85 99 112 应收及预付 52 33 47 49 53 折旧摊销 67 60 61 71 66 存货 130 107 141 140 159 营运资金变动 43 26 -32 1 -6 其他流动资产 123 365 463 568 670 其它 -4 -10 -1 0 -2 非流动资产 166 129 124 122 121 投资活动现金流 -54 -245 -155 -168 -163 长期股权投资 0 0 0 0 0 资本支出 -12 -11 -55 -68 -64 固定资产 54 52 47 45 44 投资变动 -45 -241 -100 -100 -100 在建工程 10 5 6 7 8 其 ...

Financial Performance - The company's operating revenue for 2023 was ¥665.28 million, a decrease of 17.33% compared to ¥804.74 million in 2022[25]. - Net profit attributable to shareholders for 2023 was ¥71.36 million, an increase of 51.92% from ¥46.97 million in 2022[25]. - The net profit after deducting non-recurring gains and losses was ¥64.03 million, up 59.20% from ¥40.22 million in 2022[25]. - The total assets at the end of 2023 were ¥969.48 million, down 6.70% from ¥1.04 billion at the end of 2022[25]. - The company's weighted average return on equity increased to 9.82%, up 3.18 percentage points from 6.64% in 2022[25]. - The total revenue for the reporting period was CNY 66,528.38 million, a decrease of 17.33% compared to CNY 80,474.31 million in the same period last year[71]. - The revenue from the "BUYDEEM" brand was CNY 52,836.74 million, accounting for 79.42% of total revenue, down 22.23% from CNY 67,939.22 million[71]. - The OEM/ODM business revenue increased by 9.23% to CNY 13,691.64 million, up from CNY 12,535.09 million[71]. - The revenue from electrical appliances was ¥498,838,454.12, accounting for 74.98% of total revenue, down 19.72% from ¥621,393,269.65 in 2022[92]. - The company sold 1,042,851 units in 2023, a decline of 15.28% from 1,230,869 units in 2022[94]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares to all shareholders, based on a total of 326,341,682 shares[5]. - The company reported a cash dividend of 2.00 yuan per 10 shares, totaling 65,268,336.40 yuan, which represents 100% of the total profit distribution[188]. - The company has a clear and compliant cash dividend policy that aligns with its articles of association and shareholder return plans[187]. Research and Development - The company invested CNY 40.04 million in R&D, accounting for 7.58% of the revenue from its own brand during the reporting period[64]. - R&D investment amounted to ¥40,040,459.50 in 2023, representing 6.02% of total revenue, an increase from 4.31% in 2022[105]. - The number of R&D personnel increased by 6.10% to 87 in 2023, with a slight increase in the proportion of R&D staff to total employees[104]. - The company has launched various products targeting different dietary scenarios, including health pots and water dispensers[37][40]. - The company is exploring coffee-related products, including electronic temperature-controlled coffee makers[42]. - The company launched multiple new products, including the "Air Fryer" and "Multi-functional Beverage Machine," to meet diverse consumer needs[104]. Operational Efficiency and Management - The company has established a strict quality control system certified by ISO9001:2015 and implements 6Sigma quality management principles[65]. - The overall inventory turnover rate for the company was 2.76 times per year, indicating efficient inventory management[89]. - The company maintains a production model that prioritizes quality and efficiency, utilizing an "order + safety stock" approach[50]. - The company has a diversified sales model, utilizing both online and offline channels, including Tmall, JD.com, and its own experience stores[53][54]. - The company has transitioned its overseas business model to focus more on distribution channels, optimizing overall expense levels despite structural revenue impacts[68]. - The company is committed to optimizing its operational efficiency by enhancing supply chain flexibility and digital management practices[134]. Corporate Governance - The company's financial report has been confirmed as true, accurate, and complete by its management team[4]. - The company's board of directors has fully attended the meeting to review the annual report, reflecting strong governance practices[5]. - The board of directors consists of 7 members, including 3 independent directors, complying with legal and regulatory requirements[148]. - The company has established a fair and transparent performance evaluation and incentive mechanism for senior management[151]. - The audit committee supervises the implementation of internal audit systems and reviews financial information[155]. - The company ensures the authenticity, accuracy, completeness, and timeliness of disclosed information[152]. Environmental Compliance - The company adheres to multiple environmental protection laws and standards, ensuring compliance with regulatory requirements[196]. - Environmental impact assessments are conducted for construction projects, and the company has obtained necessary environmental permits[196]. - The company has established wastewater treatment facilities in accordance with environmental protection requirements, ensuring stable compliance with discharge standards and no exceedance of limits[198]. - The company implements a hazardous waste classification collection system and entrusts qualified units for disposal, with no illegal disposal incidents occurring[199]. - The company has developed and strictly follows an emergency response plan for environmental incidents, which has been filed with local environmental protection authorities[200]. Market Expansion and Brand Strategy - The company plans to continue expanding its global business for its "BUYDEEM" brand, focusing on high-quality appliances and services[35]. - The company has expanded its overseas market since 2017, covering regions such as North America, Europe, Japan, and Southeast Asia through platforms like Amazon[56]. - The company aims to leverage its understanding of overseas user demands to further promote its brand "BUYDEEM" globally, targeting a broader market[132]. - The company has established several new subsidiaries, including BUYDEEM Germany GmbH and BUYDEEM KOREA CO.LTD., to support its market expansion efforts[129]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and potential operational risks[5]. - The company faces risks related to raw material price fluctuations, which could impact cost control and overall profitability[135]. - The company is also exposed to exchange rate fluctuations, particularly as its overseas sales are primarily settled in USD[137]. - The company emphasizes the importance of product quality and has implemented strict quality control measures to mitigate risks associated with product defects[139]. Employee Relations - The total number of employees at the end of the reporting period was 994, with 445 in production, 198 in sales, and 215 in technical roles[183]. - The company has a comprehensive salary management policy, with performance bonuses linked to operational goals and individual performance[184]. - The company has a structured training program for new employees to enhance their understanding of the company and its culture[185]. - The company has implemented a long-term employee incentive mechanism, including stock option plans for core management and key personnel[66].