小熊电器（002959）：25Q1盈利修复超预期

Investment Rating - The investment rating for the company is "Accumulate" [4][7]. Core Views - The company reported better-than-expected earnings recovery in Q1 2025, with total revenue of 1.32 billion yuan, a year-over-year increase of 10.58%, and a net profit of 130 million yuan, down 13.96% year-over-year [1]. - The acquisition of Roman Smart in 2024 contributed significantly to the growth of personal and small home appliances, with notable revenue increases in emerging categories such as personal care and maternal and infant appliances [2]. - The company adjusted its revenue forecasts for 2025-2027 to 5.28 billion, 5.81 billion, and 6.39 billion yuan, reflecting year-over-year growth rates of 10.97%, 10.03%, and 9.99% respectively [4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 4.758 billion yuan, a slight increase of 1.0% year-over-year, with a net profit of 288 million yuan, down 35.4% year-over-year [9]. - The gross profit margin for 2024 was 35.3%, a decrease of 1.06 percentage points year-over-year [2]. - For Q1 2025, the gross profit margin was 36.81%, with a net profit margin of 9.83% [3]. Revenue Breakdown - In 2024, the revenue from kitchen small appliances was 3.276 billion yuan, a decrease of 10% year-over-year, while emerging categories saw significant growth: personal care (560 million yuan, +15%), maternal and infant (250 million yuan, +32%) [2]. - The overseas market revenue reached 670 million yuan, an increase of 81% year-over-year, accounting for 14% of total revenue [2]. Profitability Metrics - The company reported a net profit margin of 6.05% for 2024, down 3.40 percentage points year-over-year [2]. - The selling, general, and administrative expenses as a percentage of revenue were 18.17%, 4.95%, and 4.09% respectively for 2024 [2]. Future Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.56 yuan, 2.89 yuan, and 3.20 yuan respectively, with corresponding net profits of 402 million, 454 million, and 502 million yuan [4][9]. - The company expects to maintain a gross profit margin of around 36.6% from 2025 to 2027 [9].