小熊电器：2024年中报业绩点评：外销表现较好，内销短期承压

Investment Rating - The report assigns a "Buy" rating to the company with a target price of RMB 51, based on a 20x PE multiple for 2024 [12] Core Views - The kitchen appliance industry is facing weak short-term demand and intensified competition, putting pressure on the company's performance [1] - The company's revenue is expected to improve sequentially as industry tail brands exit, given its leading position [1] - The company's overseas sales performed well, while domestic sales were under short-term pressure [15] Financial Summary - Revenue for 2024E is projected at RMB 4,823 million, a 2.4% YoY increase [2] - Net profit attributable to the parent company for 2024E is expected to be RMB 399 million, a 10.4% YoY decline [2] - EPS for 2024E is forecasted at RMB 2.54, down 17% from the previous estimate [12] Performance Overview - In H1 2024, the company achieved revenue of RMB 2,131 million, down 8.97% YoY [14] - Net profit attributable to the parent company in H1 2024 was RMB 161 million, a 32.01% YoY decrease [14] - In Q2 2024, revenue was RMB 937 million, down 14.01% YoY, with net profit attributable to the parent company at RMB 10 million, an 85.89% YoY decline [14] Revenue Breakdown - Domestic sales in H1 2024 were RMB 1,958 million, down 11% YoY, accounting for 91.9% of total revenue [15] - Overseas sales in H1 2024 were RMB 172 million, up 27% YoY, accounting for 8% of total revenue [15] - Domestic demand for kitchen appliances remained weak in Q2 2024, with Tmall sales of stoves and cooking appliances down 15% and 9% YoY, respectively [15] Profitability and Cost Control - Gross margin in H1 2024 was 36.7%, down 1.01 ppts YoY, while net margin was 7.55%, down 2.56 ppts YoY [16] - In Q2 2024, gross margin was 34.39%, down 0.95 ppts YoY, and net margin was 1.08%, down 5.51 ppts YoY [16] - The company improved cost efficiency by controlling expenses, with sales expense ratio in Q2 2024 at 19.7%, down 2.55 ppts YoY [16] Financial Position - As of H1 2024, the company had cash and tradable financial assets of RMB 2,604 million, up RMB 77 million YoY [17] - Inventory turnover days in H1 2024 were 82 days, up 8 days YoY, while accounts receivable turnover days were 13 days, up 6 days YoY [17] - Operating cash flow in H1 2024 was negative RMB 168 million, down RMB 391 million YoY [17]