小熊电器（002959）：收入表现稳步向好，盈利水平持续提升

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown steady revenue growth with a 17.6% year-on-year increase in revenue for the first three quarters of 2025, reaching 3.69 billion yuan. The net profit attributable to shareholders increased by 36.5% year-on-year to 250 million yuan, while the net profit excluding non-recurring items surged by 79.3% to 230 million yuan [1] - In Q3 2025, the company reported a revenue of 1.16 billion yuan, a 14.7% year-on-year increase, and a net profit of 40 million yuan, reflecting a significant 113.2% year-on-year growth [1] - The gross margin improved, with Q1-3 2025 and Q3 2025 gross margins increasing by 1.5 percentage points and 3.8 percentage points year-on-year, reaching 37.2% and 37.1% respectively [2] - The company has successfully reduced its expense ratios across sales, management, R&D, and financial costs, contributing to improved profitability [2] - The net profit margin for Q1-3 2025 and Q3 2025 increased by 1.3 percentage points and 1.7 percentage points year-on-year, reaching 7.3% and 4.3% respectively [2] - The forecast for net profit attributable to shareholders for 2025-2027 is set at 380 million, 430 million, and 470 million yuan, representing year-on-year growth rates of 31.8%, 12.4%, and 11.3% respectively [2] Financial Summary - For the fiscal year 2023, the company reported a revenue of 4.712 billion yuan, with a year-on-year growth rate of 14.4%. The net profit attributable to shareholders was 445 million yuan, reflecting a growth rate of 15.2% [3] - The projected revenue for 2025 is 5.487 billion yuan, with an expected growth rate of 15.3%. The net profit is forecasted to be 379 million yuan, with a growth rate of 31.8% [3] - The latest diluted EPS is projected to be 2.41 yuan per share for 2025, with a P/E ratio of 20.1 times [3] - The company’s total market capitalization is approximately 7.625 billion yuan, with a closing price of 48.48 yuan as of October 30 [4]