BEAR APPLIANCE(SZ:002959) Guolian Minsheng Securities·2026-03-12 04:10Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company achieved a revenue of 5.235 billion yuan in 2025, representing a year-on-year growth of 10.02%. The net profit attributable to shareholders reached 401 million yuan, up 39.17% year-on-year [7]. - The fourth quarter saw a slight decline in revenue to 1.544 billion yuan, down 4.65% year-on-year, but net profit increased by 43.66% to 155 million yuan [7]. - The company is expected to continue its double-digit revenue growth in 2025, driven by strong domestic sales and the integration of the Romon acquisition, which is anticipated to enhance synergies [7]. - Profitability improved significantly, with a net profit margin of 7.65% for the year, up 1.60 percentage points year-on-year, and a fourth-quarter net profit margin of 10.01%, up 3.37 percentage points [7]. - The company is focusing on optimizing its product structure and controlling costs, which has led to improved profitability and is expected to be sustained in the future [7]. Financial Projections - Revenue projections for 2024, 2025, 2026, and 2027 are 4.758 billion yuan, 5.235 billion yuan, 5.514 billion yuan, and 5.808 billion yuan, respectively, with growth rates of 1.0%, 10.0%, 5.3%, and 5.3% [2]. - The net profit attributable to shareholders is projected to be 288 million yuan in 2024, 401 million yuan in 2025, 448 million yuan in 2026, and 499 million yuan in 2027, with growth rates of -35.4%, 39.2%, 11.9%, and 11.2% [2]. - Earnings per share are expected to increase from 1.85 yuan in 2024 to 3.20 yuan in 2027, with corresponding price-to-earnings ratios decreasing from 23 to 13 [2].