BEAR APPLIANCE(SZ:002959) Changjiang Securities·2025-11-12 23:31Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 3.691 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 17.59%. The net profit attributable to the parent company was 246 million yuan, up 36.49% year-on-year, while the net profit excluding non-recurring items reached 227 million yuan, marking a significant increase of 79.31% [2][5] - In the third quarter alone, the company achieved a revenue of 1.156 billion yuan, a year-on-year increase of 14.73%, with a net profit attributable to the parent company of 41 million yuan, reflecting a remarkable growth of 113.16% year-on-year. The net profit excluding non-recurring items surged by 1018.08% to 39 million yuan [2][5] - The company is focusing on enhancing offline channels and actively promoting brand expansion overseas, aiming to improve operational quality and efficiency through category focus and refined management [10] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 3.691 billion yuan, with quarterly revenues showing growth rates of +10.58%, +29.58%, and +14.73% respectively. The gross margin for the third quarter reached 37.10%, an increase of 3.76 percentage points year-on-year [10] - The company’s operating profit margin for the third quarter was 3.55%, with a net profit margin of 3.40%, both showing improvements compared to the previous year [10] Strategic Initiatives - The company is committed to product structure upgrades and operational efficiency improvements, focusing on R&D-driven product innovation and increasing R&D investment to enhance output efficiency [10] - The company is expanding its overseas market presence through cross-border e-commerce and brand establishment in Southeast Asia, particularly targeting the European and American markets [10] Future Outlook - The company is expected to maintain a strong growth trajectory in the creative small home appliance market, with projected net profits for 2025-2027 estimated at 389 million, 414 million, and 447 million yuan respectively, corresponding to P/E ratios of 19.63, 18.40, and 17.06 times [10]