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飞科电器:整体收入增速承压,公司费用率同比提升

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [4][12]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 3.321 billion yuan, down 16.85% year-on-year, and net profit at 465 million yuan, down 43.82% [1]. - The revenue decline is attributed to a noticeable drop in the sales growth of razors, while the "POREE" brand is expected to perform better than the "Feike" brand due to its optimized cost-performance strategy [1][2]. - The company’s gross margin for the first three quarters of 2024 was 56%, a decrease of 1.71 percentage points year-on-year, and the net margin was 13.99%, down 6.72 percentage points year-on-year [1]. Financial Performance Summary - For the first three quarters of 2024, the company’s sales, management, R&D, and financial expense ratios were 35.06%, 3.98%, 1.87%, and -0.15%, respectively, showing increases in sales and management expense ratios compared to the previous year [2]. - The company expects a recovery in revenue performance with the launch of new products in the razor and hair dryer categories, despite a downward revision in the revenue growth forecast for razors [2]. - Projected net profits for 2024, 2025, and 2026 are 624.94 million yuan, 669.75 million yuan, and 735.73 million yuan, respectively, with corresponding dynamic P/E ratios of 26.3x, 24.5x, and 22.3x [2][3]. Market Position and Trends - The company operates in the home appliance and small appliance industry, with a focus on enhancing product structure and brand performance [4]. - The stock has experienced a significant decline, with a drop of 32% from October 2023 to February 2024 [5]. - The company’s total market capitalization is approximately 16.42 billion yuan, with a total share capital of 435.60 million shares [4].