Summary of the Small Home Appliance Industry Conference Call Industry Overview - The small home appliance industry is experiencing a recovery driven by national subsidy policies, with kitchen small appliances sales expected to grow by 5.8% year-on-year in Q4 2024, despite a 0.8% decline in total sales for the year. [1][2] - Online sales in Q1 2025 showed a significant improvement, with a year-on-year increase of 23.4%, indicating a market rebound influenced by a low base effect. [1][2] Key Insights - The kitchen small appliance market is anticipated to enter a replacement cycle, with essential products like rice cookers and air fryers seeing a resurgence in growth. New categories such as health-oriented products and Western-style cooking appliances are also growing rapidly. [1][4] - The personal care small appliance market is stabilizing, with Feike maintaining its market share while competitors like Philips are losing ground. This presents a potential opportunity for Feike to benefit from a more favorable competitive landscape. [1][5] - The competitive environment for small home appliances is improving, aided by platform optimization measures that reduce operational costs for merchants, thereby enhancing profit margins. [1][6] Financial Performance - In Q4 2024, the small home appliance sector saw a general improvement in performance due to enhanced demand, product upgrades, and better channel management. [3][9] - The first quarter of 2025 is expected to show continued revenue improvement, with profits projected to grow significantly due to low base effects in the first three quarters. [10][11] Investment Recommendations - The investment outlook for the small home appliance industry is positive, with expectations of continued demand improvement driven by policy support and a replacement cycle. [11] - Recommended companies include Supor, which has a strong fundamental outlook, and potential turnaround candidates like Bear Electric, Feike, and Beiding. [2][11] Additional Considerations - The average lifespan of kitchen small appliances is 3-5 years, suggesting a concentrated replacement cycle during the subsidy period. [4] - The introduction of new subsidy categories for small appliances is expected to further stimulate demand in retail stores. [4] - The trend towards differentiated consumption scenarios and new consumer groups is likely to drive innovation and price recovery in the personal care segment. [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 16.54 billion yuan in 2024, representing a year-on-year increase of 6.7%. The net profit attributable to shareholders was 0.81 billion yuan, up 31.7% year-on-year [5] - The company is expected to benefit from the domestic subsidy and successful expansion in the European market, leading to an upward revision of profit forecasts for 2025-2027 [5] - The company’s gross margin has been recovering, with a gross margin of 49.7% in Q1 2025, an increase of 2.5 percentage points year-on-year [7] Financial Summary - The total market capitalization of the company is 30.594 billion yuan, with a circulating market capitalization of 30.270 billion yuan [1] - The company’s revenue is projected to grow from 18.455 billion yuan in 2025 to 22.028 billion yuan in 2027, with corresponding net profits increasing from 1.386 billion yuan to 1.959 billion yuan [8] - The earnings per share (EPS) are expected to rise from 2.41 yuan in 2025 to 3.41 yuan in 2027, with the price-to-earnings (P/E) ratio decreasing from 22.1 to 15.6 over the same period [8] Market Performance - The company’s stock price has fluctuated between 36.25 yuan and 68.39 yuan over the past year, with a current price of 53.18 yuan [1] - The company has a high turnover rate of 85.02% over the last three months, indicating strong trading activity [1] - The company’s domestic sales benefited from government subsidies, while international sales, particularly in Europe, showed significant growth [6]

Group 1 - The company reported a significant increase in revenue for Q1 2025, achieving 681 million yuan, a year-on-year growth of 60.07%, primarily driven by new business segments [1] - The net profit attributable to shareholders reached 53.19 million yuan, reflecting a year-on-year increase of 7.92% [1] - The company specializes in the research, design, production, and sales of smart cleaning appliances and brushless motors, with key products including wireless lithium battery vacuum cleaners and smart robotic vacuums [1] Group 2 - The company is one of the top ten vacuum cleaner exporters in China, with a strong reputation for product development and quality management, serving well-known brands like Shark and Electrolux [1] - In response to global trade challenges, the company has established a local supply chain in Vietnam to mitigate tariff risks and reduce production costs, supporting its international expansion [2] - The company is actively exploring the robotics sector, including partnerships for the development of special robots and the establishment of a joint laboratory with Fudan University [2] Group 3 - The company plans to invest between 15 million to 30 million yuan in a share buyback program, demonstrating confidence in its high-quality development [2]

Core Viewpoint - The financial performance of Bear Electric (002959.SZ) in 2024 shows a slight increase in revenue but a significant decline in net profit, indicating challenges in the small home appliance market due to fierce competition and price drops [1][2]. Financial Performance - In 2024, Bear Electric achieved operating revenue of 4.758 billion yuan, a year-on-year increase of 0.98% - The net profit attributable to shareholders was 288 million yuan, down 35.37% year-on-year - The net profit after deducting non-recurring items was 246 million yuan, down 35.51% year-on-year - The gross profit margin decreased by 1.06 percentage points, with a net profit margin of 6.43%, the lowest since its listing [1][2]. Product Performance - Revenue from kitchen appliances, which constitutes 70.54% of total revenue, fell by 10.1% to 3.28 billion yuan - Personal care products saw a remarkable growth of 174.3%, generating 360 million yuan - Mother and baby products also grew by 31.8%, reaching 250 million yuan - Overall, the small home appliance industry is facing weak demand, with kitchen appliance retail sales declining by 0.8% to 60.9 billion yuan in 2024 [2][3]. Market Challenges - The small home appliance market is experiencing dual challenges: intensified price wars due to e-commerce platform rule changes and severe product homogeneity in the kitchen appliance sector - The market is shifting towards integrated appliances, which are replacing single-function small appliances [2][3]. Strategic Moves - Bear Electric is focusing on overseas markets to counteract domestic demand weakness, with overseas sales reaching 668 million yuan, an increase of 80.8% - The gross profit margin for overseas sales was 31.5%, up by 1.2 percentage points - The company is enhancing its overseas product development and channel expansion, including OEM and self-owned brand initiatives [3][5]. Acquisition and Growth - In 2024, Bear Electric acquired a 61.78% stake in Guangdong Roman Intelligent Co., Ltd. for 154 million yuan, aiming to strengthen its overseas presence - Roman Intelligent, which specializes in oral and hair care appliances, reported a net profit of 68.83 million yuan in 2024, exceeding its target [4][5]. Competitive Landscape - Bear Electric's international expansion efforts are lagging behind competitors like Supor and Xinbao, which have established significant overseas market shares - The company plans to firmly establish its brand in Southeast Asia and enhance its overseas product development by 2025 [5].

Core Viewpoint - Supor (002032.SZ) reported mixed results in its Q1 earnings, with revenue and net profit growth but a significant decline in operating cash flow by 44%, raising concerns among investors [1][2]. Financial Performance - In Q1 2025, Supor achieved total revenue of 5.79 billion yuan, a year-on-year increase of 7.59%. The net profit attributable to shareholders was 496.85 million yuan, up 5.82%, while the net profit excluding non-recurring items was 484.66 million yuan, growing by 4.98% [2][4]. - The net cash flow from operating activities was 583.80 million yuan, a decrease of 44.03% compared to the previous year, attributed to a reduction in cash received from sales of goods and services [2][4]. - The cash received from sales in Q1 was 4.89 billion yuan, down approximately 7% from 5.26 billion yuan in Q1 2024 [2]. Management Actions - Three key executives, including the CFO and board secretary, plan to continue reducing their holdings in the company, which has raised investor concerns due to their history of significant sell-offs, particularly at high stock price points [1][5]. - In 2024, these executives also engaged in substantial stock sales, with specific figures indicating a pattern of ongoing divestment [5]. Industry Outlook - The domestic kitchenware and small appliance industry faces both challenges and opportunities in 2025, transitioning from a pure growth phase to one where both growth and market saturation coexist [3]. - Supor aims to upgrade its product structure and explore new categories and scenarios for growth, supported by government policies promoting appliance upgrades [3]. - The company is expected to maintain steady growth in its export business, collaborating with foreign trade clients to enhance product development and competitiveness [3]. Production and Supply Chain - Supor operates seven manufacturing bases in China and Vietnam, focusing on cost reduction through automation and supply chain optimization [7]. - Future growth in the export business will depend on the organic growth of key foreign clients, with the company leveraging its manufacturing scale and responsiveness to provide competitively priced products [7].

西南证券股份有限公司龚梦泓近期对德尔玛（301332）进行研究并发布了研究报告《水健康增长良好，降 本增效成果明显》，给予德尔玛增持评级。 风险提示：原材料价格反弹、海外需求不及预期、汇率波动等风险。 证券之星数据中心根据近三年发布的研报数据计算，东北证券赵哲研究员团队对该股研究较为深入，近三 年预测准确度均值为56.05%，其预测2025年度归属净利润为盈利2.02亿，根据现价换算的预测PE为 22.75。 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 沂一年山德 | 研报数 覆盖时长 | | 2025 预测 | 2026 页测 | 2027 面测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | 净利润(元) | 净利润(元) | 净利润(元) | (70) | | 2025-04-25 | 华泰证券 | 樊俊豪 | - | -- | 1 | 1.65亿 | 1.77亿 | 1.87 Z | 11.16 | | 2025-04-25 | 申万宏源 | 刘正 ...

Core Viewpoint - The kitchen small appliance industry is experiencing significant performance differentiation among companies, driven by varying progress in diversification and internationalization [1] Market Trends - The "stay-at-home economy" boosted kitchen small appliance sales in 2020-2021, but demand has since slowed, leading to a decline in sales in 2022 [2] - In 2023, some brands like Bear Electric and Supor saw sales recover due to new live-streaming e-commerce channels, but others continued to experience declines [2] - The overall retail sales of kitchen small appliances reached 60.9 billion yuan last year, a year-on-year decrease of 0.8% [2] - There is a notable price decline in the small appliance sector, attributed to weakened market demand and intense price competition [2][3] International Expansion - To overcome growth challenges, small appliance companies are increasingly looking to international markets, with exports showing positive trends [4] - In the past year, kitchen small appliance exports reached 19.9 billion USD, a year-on-year increase of 9.1% [4] - Supor's domestic revenue fell by 1.21% to 14.925 billion yuan, while foreign trade revenue grew by 21.07% to 7.502 billion yuan [4] - New Treasure and Bear Electric also reported declines in domestic revenue but increases in foreign revenue [4] Competitive Landscape - The small appliance industry is characterized by intense competition, with companies needing to innovate and adapt to survive [5] - Analysts note that the domestic market is largely saturated, prompting companies to seek growth in overseas markets [5] Product Innovation - Companies are focusing on rapid product iteration to meet changing consumer demands, with some launching over 80 new products annually [6] - The unique attributes of small appliances require manufacturers to quickly adapt to consumer preferences and trends [7] - There is a shift from single-function products to multi-functional product development to enhance value and growth potential [7][8] Consumer Preferences - Consumers are increasingly willing to pay for smart appliances with practical functions, indicating a trend towards mid-to-high-end products [8]

Core Viewpoint - The company reported steady growth in both domestic and international sales for Q1 2025, maintaining stable profitability and a "buy" rating. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 5.786 billion yuan, representing a year-on-year increase of 7.59% [1] - The net profit attributable to shareholders was 497 million yuan, up 5.82% year-on-year, while the net profit excluding non-recurring items was 484 million yuan, an increase of 4.98% [1] - The company forecasts net profits for 2025-2027 to be 2.443 billion, 2.599 billion, and 2.769 billion yuan, respectively, with corresponding EPS of 3.05, 3.24, and 3.46 yuan [1] Group 2: Sales Growth - Domestic sales are expected to benefit from national subsidies, while international sales are minimally impacted by tariffs [2] - The company's international sales growth is supported by stable demand from major clients, despite some customers stockpiling due to tariff policies [2] - For Q1 2025, the company's consumer business revenue growth rates were +2.8% in comparison to previous quarters, with EMEA and Americas regions showing varied performance [2] Group 3: Profitability and Cost Management - The gross margin for Q1 2025 was 23.91%, showing a slight year-on-year increase of 0.1 percentage points [3] - The company's total expense ratio for Q1 2025 was 13.31%, with effective control over sales expenses, which decreased by 0.29 percentage points [3] - The net profit margin for Q1 2025 was 8.59%, reflecting stable profitability despite a slight decrease of 0.07 percentage points [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.786 billion yuan in Q1 2025, representing a year-on-year increase of 7.59%. The net profit attributable to the parent company was 497 million yuan, up by 5.82%, and the non-recurring net profit was 484 million yuan, increasing by 4.98%. The company maintains stable profitability and growth in both domestic and international sales, leading to a maintained profit forecast for 2025-2027 [6][7] - The company is expected to benefit from policy-driven improvements in domestic demand in the short term, while long-term prospects remain positive due to steady revenue growth and stable profit margins, with a high dividend payout ratio [6] Financial Summary - The total market capitalization of the company is 44.435 billion yuan, with a circulating market capitalization of 44.382 billion yuan. The current stock price is 55.45 yuan, with a 52-week high of 64.30 yuan and a low of 45.70 yuan [1] - The company’s revenue projections for 2025-2027 are 24.43 billion yuan, 25.99 billion yuan, and 27.69 billion yuan, respectively, with corresponding EPS of 3.05 yuan, 3.24 yuan, and 3.46 yuan. The current price-to-earnings (P/E) ratios are projected to be 18.2, 17.1, and 16.0 times for the respective years [6][9] - The gross margin for Q1 2025 was 23.91%, maintaining stability compared to the previous year. The net profit margin was 8.59%, indicating stable profitability [8]

Group 1 - The company reported Q1 2025 revenue of 5.786 billion yuan, an 8% year-on-year increase, and a net profit attributable to shareholders of 497 million yuan, a 6% increase year-on-year [1] - The company benefited from the home appliance replacement policy, with core categories like rice cookers and microwaves included in the national subsidy program [1] - The external sales experienced rapid growth due to export demand influenced by U.S. tariff policies [1] Group 2 - In 2024, the cookware business generated revenue of 6.836 billion yuan, a 12.88% increase year-on-year, while the electrical appliances business achieved revenue of 15.3 billion yuan, a 2.25% increase year-on-year [2] - The company focused on product innovation in key categories, such as non-stick technology for iron pans and launched popular multifunctional products [2] - Domestic sales revenue was 14.757 billion yuan, a 1.20% decrease year-on-year, while external sales reached 7.411 billion yuan, a 21.28% increase year-on-year [2] Group 3 - The company is accelerating the integration of online and offline channels, maintaining growth in online sales despite intensified competition [3] - Collaborations with platforms like Meituan and JD Daojia are enhancing the offline store ecosystem [3] - The company expects a total amount of related transactions for 2025 to be 7.46 billion yuan, a 5% increase year-on-year, benefiting from the recovery in overseas demand [3] Group 4 - The profit forecast for 2025-2027 is set at 2.38 billion, 2.48 billion, and 2.61 billion yuan, representing year-on-year growth of 6.0%, 4.2%, and 5.4% respectively [4] - The company maintains a "buy" rating due to its strong market position in traditional small appliances and successful online channel transformation [4]