小熊电器（002959）：2025Q2业绩超预期，母婴小家电、罗曼智能带来增量

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's Q2 2025 performance exceeded market expectations, with H1 2025 revenue of 2.535 billion yuan, a year-on-year increase of 19%, and a net profit attributable to the parent company of 205 million yuan, up 27% [4][7] - The kitchen small appliance market is recovering due to national subsidies, and the consolidation of Roman Smart is contributing to revenue growth [7] - The company's profitability has improved year-on-year, with a gross margin of 37.60% in Q2 2025, an increase of 3.21 percentage points [7] - The profit forecast for 2025-2027 has been raised, with expected net profits of 401 million, 448 million, and 505 million yuan respectively, corresponding to current P/E ratios of 21, 19, and 17 [7] Financial Data and Profit Forecast - For H1 2025, the company achieved a revenue of 2.535 billion yuan, with a net profit of 205 million yuan and a non-recurring net profit of 187 million yuan, showing significant growth rates of 19%, 27%, and 52% respectively [4][7] - The projected total revenue for 2025 is 5.332 billion yuan, with a year-on-year growth rate of 12.1% [6] - The expected gross margin for 2025 is 35.7%, with a return on equity (ROE) of 13.4% [6]