小熊电器（002959）：营收稳健增长，经营质量持续提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 1.32 billion yuan in Q1 2025, representing a year-on-year growth of 10.58%. However, the net profit attributable to shareholders decreased by 13.96% to 130 million yuan, while the net profit excluding non-recurring items increased by 8.24% to 124 million yuan [2][5]. Summary by Sections Revenue Growth - In Q1 2025, the company reported a revenue of 1.32 billion yuan, a 10.58% increase year-on-year. This growth occurred despite a general industry downturn, attributed to strategic adjustments, deep channel integration, and increased overseas market investments [11]. Profitability and Cost Management - The gross margin for Q1 2025 was 36.81%, down by 1.70 percentage points year-on-year. The selling expense ratio decreased by 2.55 percentage points to 15.30%, while the management expense ratio increased by 0.42 percentage points to 4.35%. The operating profit for the quarter was 151 million yuan, reflecting a 2.78% increase year-on-year, with an operating profit margin of 11.44% [11]. Future Outlook - The company is expected to maintain a strong brand recognition and an efficient mechanism for launching innovative products, which will help capture consumer demand changes. The projected net profits for 2025, 2026, and 2027 are 341 million, 382 million, and 425 million yuan, respectively, with corresponding price-to-earnings ratios of 20.86, 18.60, and 16.75 [11].