BEAR APPLIANCE(SZ:002959) Huachuang Securities·2025-09-11 03:44Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 69.5 yuan [2][8]. Core Insights - The company reported a revenue of 2.54 billion yuan for H1 2025, representing a year-over-year increase of 18.9%. The net profit attributable to shareholders was 210 million yuan, up 27.3% year-over-year. For Q2 2025, the revenue was 1.21 billion yuan, showing a significant year-over-year growth of 29.6%, while the net profit reached 75 million yuan, a remarkable increase of 641.5% [2][8]. - The revenue growth is attributed to both organic growth and the consolidation of Roman Smart, driven by government subsidy policies, effective new channel strategies, and successful new product categories [8]. - The company's gross margin improved to 37.2% in H1 2025, up 0.5 percentage points year-over-year, with Q2 2025 gross margin at 37.6%, an increase of 3.2 percentage points year-over-year [8]. - The net profit margin for H1 2025 was 8.1%, reflecting a year-over-year increase of 0.5 percentage points, with Q2 2025 net profit margin at 6.2%, up 5.1 percentage points year-over-year [8]. - The report forecasts net profits for 2025, 2026, and 2027 to be 380 million yuan, 440 million yuan, and 460 million yuan respectively, with corresponding P/E ratios of 23, 20, and 19 [8]. Financial Summary - For 2025, the company is projected to achieve total revenue of 5.43 billion yuan, a growth rate of 14.2% compared to 2024. The net profit is expected to be 376 million yuan, reflecting a growth rate of 30.8% [4][9]. - The company’s total assets are estimated to reach 6.51 billion yuan by 2025, with a debt-to-equity ratio of 21.9% [9]. - The report indicates a significant reduction in financial expenses due to increased interest income, contributing positively to profits [8].