BEAR APPLIANCE(SZ:002959) Shenwan Hongyuan Securities·2025-04-09 05:44Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company reported a total revenue of 4.758 billion yuan for 2024, a year-on-year increase of 1%, while the net profit attributable to shareholders decreased by 35% to 288 million yuan [4][7] - The Q4 performance slightly exceeded expectations, with a revenue of 1.619 billion yuan, a year-on-year increase of 16%, and a net profit of 108 million yuan, a year-on-year decrease of 17% [7] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 155 million yuan, with a dividend payout ratio of 53.83% [7] Financial Data and Profit Forecast - The company is expected to achieve a net profit of 356 million yuan in 2025, representing a year-on-year growth of 23.8%, and 419 million yuan in 2026, with a growth of 17.5% [6][9] - The projected revenue for 2025 is 5.103 billion yuan, with a growth rate of 7.2% [6] - The gross profit margin for Q4 was 34.66%, an increase of 2.83 percentage points year-on-year, attributed to improved product pricing [7]