BEAR APPLIANCE(SZ:002959) Shenwan Hongyuan Securities·2025-10-31 07:12Investment Rating - The investment rating for the company is "Outperform" (maintained) [6] Core Insights - The company reported a revenue of 3.691 billion yuan for the first three quarters of 2025, representing an 18% year-on-year increase. The net profit attributable to shareholders was 246 million yuan, up 36% year-on-year, while the net profit excluding non-recurring items reached 227 million yuan, marking a 79% increase [3][6] - The performance in Q3 2025 was below market expectations, primarily due to reduced financial income and government subsidies. However, the kitchen small appliance market showed signs of recovery, with the integration of Roman Smart contributing to revenue growth [6] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 349 million, 390 million, and 441 million yuan respectively, with year-on-year growth rates of 21.1%, 11.8%, and 13.1% [6] Financial Data and Profit Forecast - For 2025, the total revenue is projected to be 5.274 billion yuan, with a year-on-year growth rate of 10.8%. The net profit is expected to be 349 million yuan, reflecting a 21.1% increase [5] - The gross margin for Q3 2025 improved to 37.10%, an increase of 3.76 percentage points year-on-year. The net profit margin for Q3 was recorded at 4.32%, up 1.75 percentage points year-on-year [6] - The company’s earnings per share for 2025 is estimated at 2.22 yuan, with a projected price-to-earnings ratio of 22 times [5][6]