小熊电器：销售情况环比改善，经营利润有所承压

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within six months [4]. Core Views - The company reported a revenue of 3.139 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.4%, and a net profit attributable to shareholders of 180 million yuan, down 42.91% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 1.008 billion yuan, showing a year-on-year increase of 3.17%, while the net profit attributable to shareholders was 19 million yuan, down 75.6% year-on-year [1]. - The company’s gross margin for the first three quarters of 2024 was 35.62%, a decrease of 3 percentage points year-on-year, and the net margin was 5.95%, down 3.56 percentage points year-on-year [1]. - The report anticipates that revenue growth may continue to improve in Q4 due to domestic promotions and the implementation of a replacement subsidy for kitchen appliances [1]. Financial Performance Summary - The company’s sales, management, R&D, and financial expense ratios for the first three quarters of 2024 were 19.21%, 5.4%, 4.83%, and 0.52%, respectively, with year-on-year changes of -0.74, +0.77, +1.64, and +0.36 percentage points [2]. - In Q3 2024, these ratios were 20.37%, 6.4%, 5.83%, and 1.14%, with year-on-year changes of -2.66, +0.75, +2.03, and +0.52 percentage points [2]. - The report indicates an increase in R&D expenses and a decrease in interest income, leading to a rise in the R&D expense ratio and financial expense ratio year-on-year [2]. - The company completed a 61.78% acquisition of Roman Smart in July, which contributed to an increase in minority shareholder profits in Q3 [2]. Earnings Forecast - The report adjusts the gross margin forecast downward and estimates the net profit attributable to shareholders for 2024, 2025, and 2026 to be 300 million, 340 million, and 400 million yuan, respectively, with corresponding P/E ratios of 23.6x, 21.1x, and 17.8x [2].