BEAR APPLIANCE(SZ:002959) Guolian Securities·2024-07-05 08:00Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The acquisition of a controlling stake in Roman Intelligent is expected to accelerate the company's entry into the personal care sector, which has significant market size and growth potential [2] - The personal care market in China shows promising growth, with online retail sales for hair dryers and electric toothbrushes reaching CNY 9.06 billion and CNY 5.58 billion in 2023, respectively, reflecting year-on-year growth of 29.9% and 4.2% [2] - Roman Intelligent has strong technological advantages, including over 900 authorized patents and the ability to self-develop key components like high-speed brushless motors, which will complement the company's existing brand and channel advantages [2] - The acquisition price for Roman Intelligent is considered reasonable, and the company has committed to achieving net profits of no less than CNY 15 million, CNY 25 million, and CNY 40 million for the years 2024 to 2026 [2] - The report forecasts revenue growth for the company of 7.8%, 12.7%, and 13.3% for 2024 to 2026, with net profit growth of 11.7%, 12.8%, and 13.4% for the same period [2] Financial Data Summary - Roman Intelligent's revenue for 2022 and 2023 was CNY 503 million and CNY 505 million, with net profits of CNY 17.5 million and a loss of CNY 3.72 million, respectively [10] - The company's total assets are projected to grow from CNY 4.873 billion in 2022 to CNY 6.731 billion by 2026 [15] - The report estimates that the company will achieve EBITDA of CNY 912 million, CNY 1.026 billion, and CNY 1.126 billion for 2024 to 2026 [11]