Investment Rating - The investment rating for the company is "Accumulate" [3][2]. Core Views - The company has shown good performance in domestic sales, with a year-on-year revenue increase of 10.58% in Q1 2025, reaching 1.32 billion yuan. However, the net profit attributable to the parent company decreased by 13.96% year-on-year to 130 million yuan [1]. - The company is focusing on expanding its long-tail product categories and overseas markets while improving operational efficiency through cost reduction [2]. - The profit forecast for the company remains unchanged, with expected net profits of 350 million, 420 million, and 490 million yuan for the years 2025 to 2027, corresponding to P/E ratios of 20.6x, 16.9x, and 14.4x respectively [2]. Financial Performance - In Q1 2025, the company's gross margin was 36.81%, a decrease of 1.7 percentage points year-on-year, while the net margin was 10.28%, down 2.36 percentage points year-on-year but improved by 3.18 percentage points quarter-on-quarter [1]. - The company's total revenue for 2025 is projected to be 5.41 billion yuan, with a growth rate of 13.62% [8]. - The company’s total assets are expected to reach 7.44 billion yuan by 2025, with a debt-to-asset ratio of 37.64% [10]. Market Position - The company operates in the home appliance and small appliance industry, with a current stock price of 45.3 yuan and a target price yet to be specified [3]. - The company has a total market capitalization of approximately 7.11 billion yuan [4]. Key Financial Metrics - The company’s earnings per share (EPS) for 2025 is projected to be 2.20 yuan, with a P/E ratio of 20.59 [8]. - The company’s return on equity (ROE) is expected to be 11.36% in 2025 [10].

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 30 日 [Table_Title] 25Q1 盈利修复超预期 [Table_Title2] 小熊电器(002959) [Table_Summary] 事件概述 公司发布 24 年年报&25 年一季报： 24 年：营业总收入 47.58 亿元（YOY+0.98%），归母净利润 2.88 亿元（YOY-35.37%），扣非后归母净利润 2.46 亿元（YOY- 35.51%）。` 24Q4：营业总收入 16.19 亿元（YOY+16.18%），归母净利润 1.08 亿元（YOY-17.03%），扣非后归母 净利润 1.20 亿元 （YOY+6.01%）。 25Q1：营业总收入 13.20 亿元（YOY+10.58%），归母净利润 1.30 亿元（YOY-13.96%），扣非后归母 净利润 1.24 亿元 （YOY+8.24%）。 分析判断 收入端：24 年收购罗曼智能，个护小家电高速增长。24 年分 品类收入：厨房小家电收入 32.76 亿元（同比-10%）；新兴品类 生活/个护/母婴小家电分别实现收入 5.60/3.62/2.50 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 54.63 CNY for the next 6 months [4]. Core Views - The company reported a revenue of 1.32 billion CNY in Q1 2025, representing a year-over-year increase of 10.6%, while the net profit attributable to shareholders was 130 million CNY, down 14.0% year-over-year. The outlook remains positive as the company continues to expand its product categories and overseas markets, which are expected to drive revenue growth [1][2]. - The demand for kitchen small appliances has been boosted by the domestic appliance replacement policy, with online sales increasing by 22% year-over-year in Q1. Key product categories such as coffee machines, soybean milk machines, and blenders have seen rapid sales growth [1][2]. - The company is enhancing its overseas product development and marketing capabilities, actively expanding its international channels, which is expected to contribute to growth. Additionally, the consolidation of Roman Smart in July 2024 is anticipated to provide incremental revenue [1]. Financial Summary - In Q1 2025, the company's gross profit margin increased by 0.9 percentage points year-over-year, but the net profit margin decreased by 2.8 percentage points due to increased R&D and management expenses, as well as a reduction in tax benefits [2]. - The operating cash flow for Q1 2025 increased by 170 million CNY year-over-year, primarily due to revenue growth, with cash received from sales increasing by 200 million CNY [2]. - The company is positioned as a leading online small appliance company, capturing significant market share in the long-tail small appliance market. It is actively moving towards product refinement and enhancing brand strength, with expectations of improved profitability as consumer demand in the small appliance sector recovers [2][4]. Financial Projections - The projected earnings per share (EPS) for the company from 2025 to 2027 are 1.95 CNY, 2.14 CNY, and 2.37 CNY, respectively. The estimated price-to-earnings (P/E) ratio for 2025 is 28 times [2][9]. - The company's revenue is expected to grow from 52.3 billion CNY in 2025 to 60.7 billion CNY in 2027, with net profit projected to increase from 3.1 billion CNY to 3.7 billion CNY over the same period [9][14].

Investment Rating - The investment rating for the company is "Accumulate" [3][2] Core Views - The company's domestic sales in core categories have shown signs of recovery, and with the gradual improvement in domestic demand, the revenue performance is expected to improve [2] - The company reported a revenue of 2 billion yuan in Q1 2025, a year-on-year decrease of 3.17%, and a net profit attributable to the parent company of 1.01 billion yuan, down 21.91% year-on-year [1] - The gross margin for Q1 2025 was 26.33%, an increase of 0.32 percentage points year-on-year, while the net profit margin was 5.05%, a decrease of 1.27 percentage points year-on-year [1] Financial Performance Summary - In Q1 2025, domestic sales of key products such as soybean milk machines and health pots increased significantly, with online sales growing by 21% and 37% respectively, while offline sales grew by 73% and 30% respectively [1] - The company’s investment income decreased by 88% year-on-year, primarily due to reduced investment income from joint ventures [1] - The company’s total market capitalization is approximately 7.29 billion yuan, with a total share capital of 767.02 million shares [4] Financial Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 239.65 million yuan, 320.81 million yuan, and 405.43 million yuan respectively, with corresponding dynamic P/E ratios of 30.41x, 22.71x, and 17.97x [2][8] - The expected revenue growth rates for 2025-2027 are 4.93%, 4.64%, and 4.63% respectively [11]

证券研究报告 小熊电器 (002959 CH) 25Q1 毛利率明显波动 公司 2025Q1 毛利率为 36.81%，同比-1.7pct。我们预计，并表罗曼智能 （ODM 占比较高，毛利率低于公司品牌业务）对毛利率有所影响。 25Q1 费用率表现分化，政府补贴减少、经营质量提升 2025Q1 公司期间费用率同比-1.66pct。各项费用表现差异较大，销售费用 率同比-2.55pct（收入规模提升、增效优化）；管理费用率同比+0.42pct（或 主要为并表影响）。研发费用率同比+0.68pct（品类拓展，研发投入持续加 码）；财务费用率同比-0.2pct（利息收入增长）。25Q1 公司扣非净利润实现 同比增长，剔除政府补贴扰动后经营质量改善（24Q1 补贴 2000 万，25Q1 仅 100 万）。 继续看好 25 年公司国内业务恢复 25Q1 线上放量，费用率优化 | 华泰研究 | | 季报点评 | | --- | --- | --- | | 2025 年 4 月 | 30 日│中国内地 | 小家电 | 公司公布 2025Q1 业绩：实现营收 13.2 亿元（同比+10.58%），归母净利 1.3 亿元（同比 ...

2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 185.47 | | 一年最高最低(元) | 469.99/173.00 | | 总市值(亿元) | 342.61 | | 流通市值(亿元) | 342.61 | | 总股本(亿股) | 1.85 | | 流通股本(亿股) | 1.85 | | 近 3 个月换手率(%) | 106.6 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 石头科技 沪深300 家用电器/小家电 石头科技（688169.SH） 2025Q1 收入增长持续超预期，净利率有望见底 相关研究报告 《2024Q4 收入增长超预期，北美关税 预计影响有限—公司信息更新报告》 -2025.4.6 《石头洗地机份额快速提升，有望成 为第二增长曲线—公司深度报告》 -2025.3.30 《 更 积 极 的 产 品 和 营 销 策 略 下 ， 2024Q4 收入超预期—公司信息更新 报告》-2025.2.27 ——公司信息 ...

上 市 公 司 家用电器 2025 年 04 月 30 日 飞科电器 (603868) ——2024 年年报及 2025 年一季报点评：25Q1 净利率 环比显著修复，品牌出海蓄势待发 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： 2025 年 04 月 29 日 | | | --- | --- | | 收盘价（元） | 33.95 | | 一年内最高/最低（元） | 52.88/32.00 | | 市净率 | 4.9 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 14,789 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.38 | | 资产负债率% | 16.51 | | 总股本/流通 A 股（百万） | 436/436 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-2 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 短期毛利率下滑、盈利水平承压。1）毛利率：25Q1 公司毛利率 45.5%，同比-11.0pct。2）费率端：25Q1 销售/管理费/研发/财务 费率分别为 27.8%/2.6%/7.8%/-2.2%，同比变动+7.0pct/-0.1pct/- 2.8pct/-1.4pct。销售费用率提升较多主要系公司加强海内外拓展， 以及为了提升在市场导入期的新品类的市场占有率。3）净利率： 25Q1 净利率 7.8%，同比-13.9pct。 海外生产实力逐步增强，积极市场策略下销售结构、渠道布局有望 进一步优化。生产能力方面，公司采用自建工厂和国内外代工厂相 结合的方式，完善供应链布局，面对贸易摩擦，目前公司海外产能 布局可覆盖美国市场半数以上并在持续快速爬坡。未来公司将持续 丰富产品矩阵及价格矩阵，推进产品结构升级，同时通过积极的市 场策略，进一步优化销售结构和渠道布局，助力业务向更好、更高 质量发展迈进。 盈利预测与投资建议。我们预计公司 2025-2027 年归母净利润分别 为 20.8/25.4/30.7 亿元，同比+5.2% ...

上 市 公 司 家用电器 2025 年 04 月 30 日 小熊电器 (002959) —— 2025 年一季报点评：25Q1 业绩超预期，公司盈利 能力环比持续改善 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 45.50 | | 一年内最高/最低（元） | 69.00/34.80 | | 市净率 | 2.6 | | 股息率%（分红/股价） | 2.64 | | 流通 A 股市值（百万元） | 7,024 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 18.32 | | 资产负债率% | 49.45 | | 总股本/流通 A 股（百万） | 157/154 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-2 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 石头科技（688169.SH） 积极市场策略下收入进一步提速，短期盈利水平下滑 风险提示：消费恢复不及预期、行业竞争加剧、新品开拓不及预期。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,654 | 11,945 | 16,060 | 19,355 | 22,995 | | 增长率 yoy（%） | 30.5 | 38.0 | 34.5 | 20.5 | 18.8 | | 归母净利润（百万元） | 2,051 | 1,977 | 2,080 | 2,542 | 3,071 | | 增长率 yoy（%） | 73.3 | -3.6 | 5.2 | 22.2 | 20.8 | | EPS 最新摊薄（元/股） | 11.10 | 10.70 | 11.26 | 13.76 | 16.63 | | 净资产收益率（%） | 18.0 | 15.4 | 14.1 | 14.9 ...