2025Q1 盈利微降，管理费用率明显优化，整体运营提效。1）毛利率： 事件：2025 年4 月24 日，比依股份发布2024 年年报及2025Q1 报告。2024 年公司实现总营收20.59 亿元 （+32.01%），归母净利润1.40 亿元（-30.84%），扣非归母净利润1.35 亿元（-29.82%）。2025Q1 营业 收入为5.30 亿元（+65.68%），归母净利润0.15 亿元（+47.96%），扣非归母净利润0.12 亿元 （+26.00%）。公司拟以1.86 亿股为基数，向全体股东每股派发现金红利0.30 元（含税），合计0.56 亿 元（含税），占公司2024 年度合并报表归母净利润的40.01%。 风险提示: 关税加征导致全球贸易政策变化、市场竞争加剧、新品类新业务拓展受阻等。 2024 年空炸主业快增，咖啡机逐步放量，环电新品类开始贡献收入。 2024Q4/2025Q1 公司毛利率分别为13.95/12.70%，分别同比-5.09/-0.25pct，短期承压或系主业大客户低 毛利率产品占比提升，叠加咖啡机、环境电器等产品初期模具、设备等投入较高。我们认为，伴随产能 爬坡及高端产品订单 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 16.47 [7] Core Views - The company reported a revenue of RMB 16.82 billion for 2024, a year-on-year increase of 14.84%, and a net profit of RMB 1.05 billion, up 7.75% year-on-year. For Q1 2025, total revenue grew by 10.36% year-on-year, with net profit increasing by 43.02% year-on-year. The performance for 2024 met expectations [1][2] - The company is a leader in small appliance exports, benefiting from strong demand in Q1 2025, although potential challenges from increased tariffs in the U.S. may impact Q2 performance. The company has significant experience in product planning, industrial design, and rapid production, indicating resilience in long-term export sales [1][3] - The domestic sales faced challenges, with a revenue decline of 4.5% in 2024 and a further decline of 4.9% in Q1 2025. The main brands are less sensitive to the new replacement subsidy policies, leading to a slower recovery compared to the industry [2] - The company's export growth was strong in 2024, with quarterly growth rates of 29.7%, 25.1%, 20.3%, and 14.1% respectively. However, the growth rate is expected to face pressure in Q2 2025 due to increased tariffs imposed by the U.S. [3][5] - The gross margin for 2024 was 20.91%, a decrease of 1.82 percentage points year-on-year, primarily due to a higher proportion of low-margin exports. The gross margin improved to 22.42% in Q1 2025 [4] - The company has initiated a share buyback and declared a dividend of RMB 0.45 per share, enhancing shareholder returns [1] Financial Summary - The company forecasts revenues of RMB 17.69 billion, RMB 18.89 billion, and RMB 20.15 billion for 2025, 2026, and 2027 respectively, with growth rates of 5.16%, 6.78%, and 6.70% [10] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.43, RMB 1.57, and RMB 1.75 respectively [10] - The average price-to-earnings (PE) ratio for comparable companies is projected at 15x for 2025, while the company is assigned a PE of 11.5x, leading to a revised target price of RMB 16.47 [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1 billion yuan in Q1 2025, reflecting a year-on-year growth of 21.3%, while the net profit attributable to shareholders decreased by 5.0% to 80 million yuan [1] - The company is expanding its overseas production capacity, with plans to raise up to 1.524 billion yuan through a private placement to enhance its competitive strength [2] - The gross margin for Q1 2025 was 15.8%, down by 1.6 percentage points year-on-year, and the net margin was 8.1%, down by 2.2 percentage points [1][2] Financial Performance Summary - Revenue is projected to grow from 2.775 billion yuan in 2023 to 7.422 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.3% [4] - The net profit attributable to shareholders is expected to increase from 322 million yuan in 2023 to 721 million yuan in 2027, with growth rates of 7.9%, 27.5%, 15.0%, 24.5%, and 22.7% for the respective years [4] - The earnings per share (EPS) is forecasted to rise from 0.87 yuan in 2023 to 1.94 yuan in 2027 [4] Investment Strategy - The company aims to optimize its domestic and overseas production layout, focusing on the construction of new facilities in Thailand and Vietnam to enhance its product offerings [2] - The report anticipates a steady increase in net profit for the years 2025 to 2027, with expected figures of 4.7 billion yuan, 5.9 billion yuan, and 7.2 billion yuan respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 16.82 billion yuan in 2024, representing a year-on-year increase of 14.8%, and a net profit attributable to shareholders of 1.05 billion yuan, up 7.8% year-on-year [1] - The company experienced strong growth in overseas sales, with a 21.7% increase in foreign revenue for 2024, while domestic sales faced pressure with a decline of 4.4% [2] - The gross margin for 2024 decreased by 1.8 percentage points to 20.9%, primarily due to intensified market competition and changes in sales structure [3] - In Q1 2025, the company reported a revenue of 3.83 billion yuan, a year-on-year increase of 10.4%, and a net profit of 250 million yuan, up 43.0% year-on-year [1][4] Revenue Breakdown - For 2024, the company's revenue from kitchen appliances was 11.51 billion yuan, up 16.3%, while home appliances revenue was 2.92 billion yuan, up 17.4% [2] - The revenue from global ODM/OEM and proprietary brands in 2024 was 14.34 billion yuan and 2.48 billion yuan, respectively, with year-on-year changes of +20.1% and -8.3% [2] Profitability Metrics - The net profit margin for 2024 was 6.6%, down 0.5 percentage points year-on-year [3] - In Q1 2025, the gross margin improved to 22.4%, an increase of 0.5 percentage points year-on-year, attributed to cost reduction and efficiency enhancement measures [4] Future Profit Forecast - The company is expected to achieve net profits of 1.16 billion yuan, 1.27 billion yuan, and 1.38 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.5%, 9.4%, and 8.5% [4]

今日早参 2025 年 4 月 29 日 何康 策略首席研究员兼金融工程联席首席 研究员 座机：021-28972202 邮箱：hekang@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 今日热点 策略：资金透视：配置型外资转向流入 1 今日早参 | 2025 年 4 月 29 日 上周，资金面延续平淡：1）交易型资金中，融资余额仍稳定在 1.8 万亿附 近，行业 ETF 净流出收窄，方向上，短线资金对于业绩预期改善、成长方向 关注度有所回升；2）配置型外资转向净流入，被动配置型外资是净流入主 力，主动配置型外资净流出收窄，仓位视角，4 月初，亚洲配置型外资持有 A 股仓位创 2024 年以来新高，而全球配置型基金仓位相对稳定；3）逆势资 金流入态势放缓，宽基 ETF 转向净流出，产业资本转向净减持，但回购资金 积极入市，回购预案规模仍在 2016 年以来相对高位。 风险提示：1）估算持仓模型失效；2）数据统计口径有误。 研报发布日期：2025-04-28 研究员 何康 SAC:S0570520080004 SFC:BRB ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1 billion yuan in Q1 2025, reflecting a year-on-year growth of 21.3%, while the net profit attributable to shareholders decreased by 5.0% to 80 million yuan [1] - The company is expanding its overseas production capacity, with plans to raise up to 1.524 billion yuan through a private placement to enhance its competitive strength [2] - The gross margin for Q1 2025 was 15.8%, down by 1.6 percentage points year-on-year, and the net margin was 8.1%, down by 2.2 percentage points [1][2] Financial Performance Summary - Revenue projections for 2025-2027 are 5.039 billion yuan, 6.169 billion yuan, and 7.422 billion yuan, with year-on-year growth rates of 23.0%, 22.4%, and 20.3% respectively [4] - The net profit attributable to shareholders is expected to be 472 million yuan in 2025, 588 million yuan in 2026, and 721 million yuan in 2027, with growth rates of 15.0%, 24.5%, and 22.7% respectively [4] - The latest diluted EPS is projected to be 1.27 yuan in 2025, increasing to 1.94 yuan by 2027 [4]

Summary of Delmar's Conference Call Company Overview - **Company**: Delmar - **Industry**: Home Appliances, Water Health, Personal Care Key Points and Arguments Financial Performance - In 2024, Delmar benefited from national subsidy policies, achieving nearly 30% revenue growth and doubling net profit, setting a new quarterly record [2][3] - Revenue for 2024 surpassed 3.5 billion yuan, with a net profit increase exceeding 30% [3] - The first quarter of 2025 continued the growth trend, driven by strategic market insights and effective execution [3] Business Segments - **Water Health**: - Achieved double-digit growth in 2024 and Q1 2025, with flagship countertop water purifiers solidifying market leadership [2][7] - The new product "New Ice Fun" added ice-making features, enhancing its appeal [2][7] - **Personal Care**: - Experienced mid-to-high-speed growth in 2024, but faced a decline in Q1 2025 due to adjustments in e-commerce channels [2][8] - OEM business saw double-digit growth in 2024 and rapid growth in Q1 2025, benefiting from brand popularity and deepened partnerships [2][9] Regional Performance - Domestic business grew approximately 10% in 2024, with the cleaning segment under pressure but other segments showing growth [4] - International business accounted for nearly 20% of revenue in 2024, with a 20% year-on-year increase [5] - Q1 2025 saw a slight decline in international business, but water health and massage products continued to grow [5] Product Strategy and Market Position - The cleaning business faced challenges, prompting a strategic review and new product planning for 2025, focusing on enhancing product value and consumer trust [6][23] - Delmar maintains a leading market share despite competition, driven by continuous product iteration and effective channel promotion [14] - The company plans to enhance its product line in the under-sink category, which has significant market potential [15] Market Trends and Challenges - The small appliance industry is seeing improved competition, but cost reductions are not solely due to this; they are also linked to product strength and effective marketing [12] - The water purification industry is attracting many brands, necessitating strong product capabilities to maintain market position [22] Future Outlook - Domestic market demand for cleaning appliances and water health products is expected to grow due to national subsidy policies [19] - The company is cautious about the impact of U.S. tariffs on its North American market strategy, focusing instead on strengthening its presence in Europe and Southeast Asia [20][21] - Delmar aims to optimize its overseas channel structure while enhancing resource allocation for better market penetration [21] Innovation and Technology - Delmar emphasizes user insights and experience in product development, aiming for a competitive edge through innovation [13] - The company plans to transition the production of its flagship product "New Ice Fun" to an in-house supply chain in the future [18] Conclusion - Delmar's strategic focus on innovation, market expansion, and effective resource allocation positions it well for continued growth in the competitive home appliance market [27]

Summary of Conference Call on Small Home Appliances Investment Opportunities Industry Overview - The conference call discusses the small home appliance industry, particularly in the context of the national subsidy policy that is expected to significantly boost growth in 2025 [1][3]. Key Points and Arguments - **National Subsidy Impact**: The national subsidy policy introduced in early 2025 has led to a recovery in the small home appliance sector, with notable growth in various categories. For instance, rice cookers and induction cookers have seen a year-to-date growth of 12%, steam cookers at 19%, and health pots at an impressive 37% [1][3]. - **Sales Recovery**: Companies like Supor have shown a recovery in Q1 2025, with revenue growth of approximately 4-5% after a decline in Q4 2024. Other brands such as Mofei, Joyoung, and Bear also exhibit signs of recovery, with domestic sales expectations higher than in the previous quarter [1][6]. - **Consumer Demand**: Essential categories like rice cookers, pressure cookers, and microwaves have benefited from being included in the subsidy range, with growth driven primarily by price increases. In contrast, health pots and other dynamic small appliances have experienced both price and volume increases [1][5]. - **Market Leaders**: Midea and Supor lead the market in rice cookers, pressure cookers, and microwaves, holding a combined market share of 51% in Q1 2025. Their online sales of related products account for 25% and 30%, respectively, showcasing their strong market position and pricing strategy [1][8]. Additional Important Insights - **Regional Subsidy Variations**: The subsidy policies on platforms like Tmall and Taobao remain consistent with 2024, but the range of covered categories has expanded significantly, particularly for small home appliances in regions like Zhejiang, Guangdong, and Hubei [2]. - **Channel Benefits**: Companies with a high presence on JD.com are likely to benefit the most from the national subsidy, as JD.com offers broader coverage and higher subsidy rates compared to Tmall's regional focus. Midea, with over 60% presence on JD.com, stands to gain significantly [4][10]. - **Company Performance**: Supor's domestic sales growth is around 4-5%, while Bear is expected to report a 10% growth in domestic sales. Both companies are valued at approximately 19 times earnings, indicating strong market confidence [12]. Recommendations - **Focus on Key Players**: Investors are advised to pay attention to Supor and Bear, as both companies are positioned to benefit from the subsidy policies and have shown promising growth in their latest earnings reports [12].

Financial Performance - In 2024, the company achieved operating revenue of 16.821 billion yuan, a year-on-year increase of 14.84%, and a net profit attributable to shareholders of 1.053 billion yuan, up 7.75% [2] - In Q1 2025, the company reported operating revenue of 3.834 billion yuan, a 10.36% increase year-on-year, and a net profit of 247 million yuan, which represents a significant growth of 43.02% [2] - The operating cash flow for Q1 2025 was 188 million yuan, showing a remarkable increase of 187.32% year-on-year [2] Strategic Focus - The company emphasizes "transformation, process, efficiency, and customer evaluation" in its operational strategy to drive technological breakthroughs and product innovation [2] - The company aims to enhance production efficiency through cost reduction and efficiency improvement measures while actively exploring overseas market growth [2][3] Overseas Market Expansion - The company has established itself as a leading exporter in the small home appliance sector, with overseas revenue reaching 13.155 billion yuan in 2024, reflecting a year-on-year growth of 21.68% [3] - The demand for small appliance exports remains strong, with China's small appliance export volume and value increasing by 18.3% and 11.4% respectively in 2024 [3] Domestic Market Development - The company has developed a "2+3" brand matrix in the domestic market, including two full-domain brands and three specialized brands, catering to diverse consumer preferences [5][6] - In 2024, the company achieved domestic revenue of 3.666 billion yuan, demonstrating resilience in the market [6] Innovation and R&D - R&D expenses increased by 19.48% in 2024, with the establishment of an appliance research institute to enhance product innovation capabilities [7] - The company plans to diversify into commercial machines, personal care products, and smart gardening tools, while also exploring new consumption scenarios [7] Shareholder Confidence - The controlling shareholder plans to increase their stake in the company by investing between 30 million to 50 million yuan within six months, signaling strong confidence in the company's future [7]

据海关总署统计，2024年我国小家电出口量、出口额同比增幅分别为18.3%和11.4%，其中电烘烤器、 咖啡机、面包机等厨房小家电增势均在前列。受益于海外市场的旺盛需求，新宝股份2024年实现海外收 入131.55亿元，同比增长21.68%，引领公司业绩稳步向上。 2025年第一季度，公司实现营业收入38.34亿元，同比增长10.36%；实现归属于上市公司股东的净利润 2.47亿元，同比增长43.02%；实现经营活动现金流1.88亿元，同比增长187.32%。 2024年以来，面对复杂多变的宏观环境，新宝股份围绕战略目标，推动技术突破与产品创新，积极挖掘 海外市场增量，并通过实施降本增效措施提高生产经营效率，展现出强劲韧性，实现了业绩稳步增长。 新宝股份当晚还披露2024年度利润分配方案，拟向全体股东每10股派发现金红利4.50元（含税），派发 现金红利3.62亿元（含税）。 本报讯 （记者丁蓉）4月28日晚间，广东新宝电器股份有限公司（以下简称"新宝股份"）披露2024年年 报和2025年一季报。 作为行业先行者，新宝股份专注小家电30年，通过OEM/ODM模式开展海外业务，建立起丰富的品类矩 阵，积累了领 ...