BEAR APPLIANCE(SZ:002959) 光大证券研究·2025-04-13 13:50Core Viewpoint - The company reported a revenue of 4.8 billion yuan for 2024, with a year-on-year growth of 1%, but a significant decline in net profit by 35% to 290 million yuan [2][3]. Group 1: Financial Performance - The company achieved a revenue of 1.6 billion yuan in Q4 2024, representing a year-on-year increase of 16%, while net profit for the same period was 110 million yuan, showing a decline of 17% [2][3]. - The profit distribution plan for 2024 includes a cash dividend of 10 yuan per 10 shares, resulting in a cash dividend ratio of 54% [2]. Group 2: Revenue Breakdown - Domestic and international revenues for 2024 were 4.1 billion yuan and 700 million yuan, respectively, with year-on-year changes of -6% and +81%, indicating a growing international presence [3]. - Revenue from kitchen, lifestyle, personal care, and maternal and infant small appliances for 2024 was 3.3 billion, 600 million, 400 million, and 300 million yuan, respectively, with notable growth in personal care (+174%) and maternal and infant appliances (+32%) [3]. Group 3: Profitability and Costs - The company's gross margin for 2024 was 35.3%, a decrease of 1.3 percentage points year-on-year, while Q4 gross margin improved to 34.7%, up by 2.8 percentage points [4]. - The net profit margin for 2024 was 6.4%, down by 3.0 percentage points year-on-year, with Q4 net profit margin at 7.4%, a decline of 2.0 percentage points [4]. - The company reported a significant decrease in operating cash flow, with a net amount of 230 million yuan for 2024, down by 67% year-on-year [4].