BEAR APPLIANCE(002959)2024-10-31 07:09Investment Rating - The report maintains an "Outperform" investment rating for the company [9] Core Views - The company's Q3 performance was below expectations, with a revenue of 3.139 billion yuan for the first three quarters of 2024, a decrease of 5% year-on-year, and a net profit attributable to shareholders of 180 million yuan, down 43% year-on-year [6][9] - The overall market for kitchen small appliances remains sluggish, with a retail sales decline of 4.6% year-on-year in the first three quarters of 2024 [7] - The company is experiencing pressure on profitability, with a gross margin of 33.34% in Q3, down 7.48 percentage points year-on-year [8] Summary by Sections Market Data - Closing price as of October 30, 2024: 44.34 yuan - Market capitalization: 6,837 million yuan - Price-to-book ratio: 2.6 - Dividend yield: 2.71% [3] Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 31.39 billion yuan, a decrease of 5% year-on-year, and a net profit of 1.80 billion yuan, down 43% year-on-year [6] - Q3 revenue was 10.08 billion yuan, a 3% increase year-on-year, but net profit dropped 76% year-on-year [6] Industry Analysis - The kitchen small appliance market is facing a downturn, with the company’s online sales declining by 13% year-on-year in Q3 [7] - The company’s performance in various product categories has declined, with significant drops in revenue for several segments [7] Profitability Metrics - The company’s net profit margin for Q3 was 2.57%, down 5.50 percentage points year-on-year [8] - The report projects a decrease in net profit for 2024, with estimates of 274 million yuan, down 38.4% year-on-year [9]