BEAR APPLIANCE(SZ:002959)2024-04-08 16:00Investment Rating - The report maintains a "Buy" investment rating for the company [3][16]. Core Insights - In 2023, the company achieved revenue of 4.712 billion yuan, a year-on-year increase of 14%, and a net profit attributable to shareholders of 445 million yuan, up 15% year-on-year [2][16]. - The company has adjusted its profit forecasts for 2024 and 2025, expecting net profits of 504 million yuan and 573 million yuan respectively, with a new forecast for 2026 at 652 million yuan, reflecting growth rates of 13.3%, 13.5%, and 13.8% [3][21]. - The company is expanding its product categories and continuing its premium strategy, with the high-end "Zhu Guang" series expected to launch soon, which is anticipated to enhance profitability [3]. Revenue and Profitability - The company reported a gross margin of 31.83% in Q4 2023, a decrease of 5.86 percentage points year-on-year, primarily due to intensified industry competition and increased product discounts [6]. - The sales expense ratio in Q4 2023 was 15.91%, showing a significant decrease of 3.20 percentage points year-on-year, indicating effective cost control measures [6]. - The company’s net profit margin in Q4 was 9.31%, down 0.96 percentage points year-on-year but up 1.24 percentage points from Q3 [6]. Sales Performance - Domestic sales revenue grew by 10.27% year-on-year to 4.342 billion yuan, significantly outperforming the industry, which saw a decline in overall retail sales [17]. - The company’s overseas revenue reached 370 million yuan in 2023, a substantial increase of 105.66% year-on-year, driven by brand and product strength in international markets [17]. Financial Projections - The company’s total revenue projections for 2024, 2025, and 2026 are 5.280 billion yuan, 5.978 billion yuan, and 6.778 billion yuan respectively, with year-on-year growth rates of 12.1%, 13.2%, and 13.4% [21]. - The projected earnings per share for 2024, 2025, and 2026 are 3.22 yuan, 3.65 yuan, and 4.16 yuan respectively [21]. Market Comparison - The company's stock price performance over the past year has been compared to the CSI 300 index, indicating a relative performance trend [5].