BEAR APPLIANCE(SZ:002959) KAIYUAN SECURITIES·2025-04-10 06:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][15] Core Views - The company's performance in Q4 2024 showed significant improvement, with a revenue of 16.19 billion yuan, representing a year-on-year increase of 16.18%. The net profit attributable to the parent company was 1.08 billion yuan, a decrease of 17.03% year-on-year [5][6] - The company is expected to benefit from the long-term empowerment of Romon Smart, focusing on both domestic and foreign sales growth. The revenue for 2024 was 47.58 billion yuan, a slight increase of 0.98% year-on-year, while the net profit attributable to the parent company decreased by 35.37% to 2.88 billion yuan [5][6] - The forecast for net profit attributable to the parent company for 2025-2027 is set at 3.70 billion yuan, 4.08 billion yuan, and 4.47 billion yuan respectively, with corresponding EPS of 2.36 yuan, 2.60 yuan, and 2.85 yuan [5][6] Financial Summary - In 2024, the company's revenue was 47.58 billion yuan, with a year-on-year growth of 0.98%. The net profit attributable to the parent company was 2.88 billion yuan, down 35.37% year-on-year [5][9] - The gross margin for 2024 was 35.29%, a decrease of 1.32 percentage points, while the net margin was 6.05%, down 3.4 percentage points [7][9] - The company’s revenue for 2025 is projected to be 51.45 billion yuan, with a year-on-year growth of 8.1% [9][11] Business Segmentation - In 2024, the revenue from kitchen appliances, lifestyle products, personal care, and maternal and infant small appliances was 32.8 billion yuan, 5.6 billion yuan, 3.6 billion yuan, and 2.5 billion yuan respectively, with year-on-year changes of -10.1%, +15.3%, +174.3%, and +31.8% [6][9] - Domestic sales decreased by 5.8% year-on-year, while foreign sales increased by 80.8%, primarily due to the growth in overseas OEM business after the consolidation of Romon Smart [6][9]