当前，国内小家电市场的竞争愈发激烈，价格战此起彼伏。近日，小熊电器披露了2024年财报，其中显 示，小熊电器2024年实现营收47.58亿元，同比增0.98%；但归母净利润仅有2.88亿元，跌至2021年水 平，同比大幅下降35.37%，创下了近九年来的最大跌幅。 作为一家以创意小家电研发、设计、生产和销售为主的企业，小熊电器的市场表现一直备受关注。 以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 本文转载自侃见财经 值班编辑 | 江江 视觉 | 诺言 潮水退去，谁在裸泳？ 截至4月11日收盘，小熊电器股价报42.87元，年内累计跌幅为10.52%，在此之前年K线已录得四连跌， 相较于2023年6月高点，累计跌幅超55%，总市值为67.32亿元。 从股价表现来看，市场对小熊电器的未来预期较为悲观。从财报表现来看，小熊电器的业绩仍处于下行 周期，拐点仍未到来。 为何"增收不增利" 据介绍，小熊电器是一家以自主品牌"小熊"为核心，运用互联网大数据进行创意小家电研发、设计、生 产和销售，并在产品销售渠道与互联网深度融合的"创意小家电+互联网"企业，不断向消费者推出创新 多元、精致时尚、小巧 ...

Investment Rating - The report initiates an "Outperform" rating for Lowe's [1][5][81] Core Insights - Lowe's is the world's second-largest home improvement retailer, with over 1,900 stores in the U.S. and Canada, offering a wide range of products to meet DIY and professional customer needs [6][13] - The U.S. home improvement market reached $1 trillion in 2022, with long-term growth potential driven by factors such as housing prices, housing age, and per capita disposable income [23][27] - The company has a strong competitive position in home appliances and outdoor categories, supported by a differentiated brand strategy and a robust supply chain [11][38][65] Financial Summary - Revenue projections for 2024-2026 are $83.3 billion, $84.3 billion, and $87.4 billion, with year-on-year changes of -3.5%, 1.2%, and 3.6% respectively [3][81] - Net income estimates for the same period are $6.8 billion, $6.9 billion, and $7.5 billion, with year-on-year changes of -11.4%, 1.0%, and 8.0% respectively [3][81] - The gross margin is expected to remain stable around 33.4% over the forecast period [9][82] Market Position and Strategy - Lowe's has a significant opportunity for store expansion, particularly in regions where it has fewer locations compared to competitors like Home Depot [54][59] - The company employs a long-tail strategy with a large number of SKUs, enhancing customer acquisition and sales per store [59][65] - Lowe's aims to increase its PRO customer segment, which currently represents a smaller portion of its revenue compared to competitors [41][47] Competitive Landscape - The home improvement market is highly fragmented, with significant growth potential for Lowe's as it enhances its online presence and installation services [27][34] - Lowe's has established a unique supply chain strategy that allows for rapid delivery of large appliances, setting it apart from competitors [65][66] Historical Performance - From 2019 to 2023, Lowe's revenue grew from $71.3 billion to $97 billion, with a CAGR of 3.90% [70] - The company has maintained a stable gross margin, with net profit increasing significantly during the same period [70][71]