BEAR APPLIANCE(SZ:002959) Guoxin Securities·2025-04-10 06:15Investment Rating - The investment rating for the company is "Outperform the Market" [5][19]. Core Views - The company's revenue has shown signs of recovery with a 1.0% increase in 2024, reaching 4.76 billion, while the net profit attributable to shareholders decreased by 35.4% to 290 million [1][4]. - The fourth quarter of 2024 saw a significant improvement in performance, with revenue increasing by 16.2% to 1.62 billion and a net profit of 110 million, indicating a potential operational turning point [1][3]. - The company is expanding its overseas market presence, with international sales growing by 80.8% to 670 million in 2023, contributing to overall growth despite a domestic revenue decline of 5.8% [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 47.6 billion, with a net profit of 2.9 billion and a non-recurring net profit of 2.5 billion, reflecting a decline of 35.4% and 35.5% respectively [1][4]. - The gross margin for 2024 was 35.3%, a decrease of 1.1 percentage points year-on-year, while the net profit margin for Q4 reached 6.6%, an increase of 4.7 percentage points from the previous quarter [3][4]. Product Segments - The kitchen small appliances segment saw a revenue decline of 10.1% to 3.28 billion, while personal care products experienced a significant growth of 174.3% to 360 million [2][3]. - The integration of Roman Smart, in which the company holds a 61.8% stake, has yielded positive results, with Roman's revenue growing by 21.5% to 610 million in 2024 [2][3]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 370 million, 420 million, and 480 million respectively, reflecting growth rates of 28%, 16%, and 12% [3][4]. - The ongoing expansion into essential product categories and the growth of emerging segments like personal care and maternal and infant products are expected to drive future growth [3][4].