BEAR APPLIANCE(SZ:002959) Tianfeng Securities·2025-04-30 09:45Investment Rating - The investment rating for the company is "Accumulate" [3][2]. Core Views - The company has shown good performance in domestic sales, with a year-on-year revenue increase of 10.58% in Q1 2025, reaching 1.32 billion yuan. However, the net profit attributable to the parent company decreased by 13.96% year-on-year to 130 million yuan [1]. - The company is focusing on expanding its long-tail product categories and overseas markets while improving operational efficiency through cost reduction [2]. - The profit forecast for the company remains unchanged, with expected net profits of 350 million, 420 million, and 490 million yuan for the years 2025 to 2027, corresponding to P/E ratios of 20.6x, 16.9x, and 14.4x respectively [2]. Financial Performance - In Q1 2025, the company's gross margin was 36.81%, a decrease of 1.7 percentage points year-on-year, while the net margin was 10.28%, down 2.36 percentage points year-on-year but improved by 3.18 percentage points quarter-on-quarter [1]. - The company's total revenue for 2025 is projected to be 5.41 billion yuan, with a growth rate of 13.62% [8]. - The company’s total assets are expected to reach 7.44 billion yuan by 2025, with a debt-to-asset ratio of 37.64% [10]. Market Position - The company operates in the home appliance and small appliance industry, with a current stock price of 45.3 yuan and a target price yet to be specified [3]. - The company has a total market capitalization of approximately 7.11 billion yuan [4]. Key Financial Metrics - The company’s earnings per share (EPS) for 2025 is projected to be 2.20 yuan, with a P/E ratio of 20.59 [8]. - The company’s return on equity (ROE) is expected to be 11.36% in 2025 [10].