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小熊电器:收购罗曼智能控股权,强化个护小家电产品布局

Investment Rating - The report maintains an "Outperform" rating for the company [3][10][16] Core Views - The company plans to acquire a 61.78% stake in Guangdong Roman Intelligent Technology for RMB 154 million, which will strengthen its position in the personal care small appliance sector [3] - Roman Intelligent specializes in the R&D, production, and sales of personal care small appliances, with a strong focus on ODM/OEM business [3][4] - Roman Intelligent has committed to achieving net profits of RMB 15 million, RMB 25 million, and RMB 40 million for 2024-2026, respectively, with a cumulative net profit of at least RMB 80 million over the three years [3] - The acquisition is expected to enhance the company's product portfolio and expand its overseas market presence, particularly through Roman Intelligent's established relationships with global brands like Philips and Yaman [6][7][16] - The company is transitioning from niche small appliances to essential and personal care appliances, with the acquisition expected to accelerate its growth in the personal care sector [10][16] Company and Industry Analysis - Roman Intelligent has a strong R&D team of over 120 members, with more than 900 authorized patents, including over 20 invention patents, and has achieved self-developed and self-produced high-speed brushless motors [4][17] - Roman Intelligent's main products include electric toothbrushes, hair dryers, and straighteners, which account for a significant portion of its revenue [4][17] - The company's acquisition of Roman Intelligent is expected to create significant synergies, particularly in expanding its overseas market share and enhancing its product offerings in the personal care sector [6][16][18] - In Q2 2024, domestic demand for small appliances was under pressure, while exports showed strong growth, with small appliance exports increasing by 11.2% and 21.5% in April and May, respectively [7][16] - The company's revenue and net profit are forecasted to grow steadily, with projected net profits of RMB 490 million, RMB 540 million, and RMB 598 million for 2024-2026, representing year-on-year growth of 10%, 10%, and 11%, respectively [10][16] Financial Projections - The company's revenue is expected to increase from RMB 4.7 billion in 2023 to RMB 6.3 billion in 2026, with a steady growth rate [30] - Net profit attributable to the parent company is projected to grow from RMB 445 million in 2023 to RMB 598 million in 2026 [30] - The company's ROE is expected to remain stable at around 16%-17% from 2024 to 2026 [30]