BEAR APPLIANCE(SZ:002959) Shenwan Hongyuan Securities·2025-04-30 05:10Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company's Q1 2025 performance exceeded expectations, with revenue of 1.32 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 130 million yuan, a year-on-year decrease of 14% [4][7] - The kitchen small appliance market is recovering due to government subsidies, with the overall retail sales increasing by 2.5% year-on-year in Q1 2025 [7] - The company has maintained its profit forecast for 2025-2027, expecting net profits of 356 million, 419 million, and 468 million yuan respectively, with corresponding year-on-year growth rates of 23.8%, 17.5%, and 11.8% [7] Financial Data and Profit Forecast - Total revenue for Q1 2025 was 1.32 billion yuan, with a gross margin of 36.81%, a decrease of 1.70 percentage points year-on-year but an increase of 2.15 percentage points from Q4 2024 [6][7] - The company’s net profit margin for Q1 2025 was 10.28%, down 2.35 percentage points year-on-year but up 2.92 percentage points from Q4 2024 [7] - The projected earnings per share for 2025 is 2.27 yuan, with a price-to-earnings ratio of 20 [6][7]