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 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant revenue increase of 86.2% year-on-year in Q1 2025, reaching 3.43 billion yuan, while net profit decreased by 32.9% to 270 million yuan [1] - The revenue growth is attributed to the company's expanded product and pricing matrix, aggressive market strategies, and strong performance in both domestic and international markets [1][2] - The company benefits from domestic policies promoting the replacement of old appliances and has enhanced its competitive edge through refined overseas operations [1] Financial Performance Summary - In Q1 2025, the company's gross margin was 45.5%, down 11.0 percentage points year-on-year [2] - The net profit margin for Q1 2025 was 7.8%, reflecting a decrease of 13.9 percentage points year-on-year [2] - The company expects net profits for 2025, 2026, and 2027 to be 2.08 billion, 2.54 billion, and 3.07 billion yuan respectively, with growth rates of 5.2%, 22.2%, and 20.8% [2] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 16.06 billion, 19.36 billion, and 22.99 billion yuan, with year-on-year growth rates of 34.5%, 20.5%, and 18.8% respectively [4] - The latest diluted EPS for 2025 is projected at 11.26 yuan per share, with a P/E ratio of 16.5 [4]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company's Q1 2025 performance exceeded expectations, with revenue of 1.32 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 130 million yuan, a year-on-year decrease of 14% [4][7] - The kitchen small appliance market is recovering due to government subsidies, with the overall retail sales increasing by 2.5% year-on-year in Q1 2025 [7] - The company has maintained its profit forecast for 2025-2027, expecting net profits of 356 million, 419 million, and 468 million yuan respectively, with corresponding year-on-year growth rates of 23.8%, 17.5%, and 11.8% [7] Financial Data and Profit Forecast - Total revenue for Q1 2025 was 1.32 billion yuan, with a gross margin of 36.81%, a decrease of 1.70 percentage points year-on-year but an increase of 2.15 percentage points from Q4 2024 [6][7] - The company’s net profit margin for Q1 2025 was 10.28%, down 2.35 percentage points year-on-year but up 2.92 percentage points from Q4 2024 [7] - The projected earnings per share for 2025 is 2.27 yuan, with a price-to-earnings ratio of 20 [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant revenue increase of 86.2% year-on-year in Q1 2025, reaching 3.43 billion yuan, while net profit decreased by 32.9% to 270 million yuan [1] - The revenue growth is attributed to the company's expanded product and pricing matrix, aggressive market strategies, and strong performance in both domestic and international markets [1][2] - The company benefits from domestic policies promoting the replacement of old appliances and has enhanced its competitive edge through refined overseas operations [1] Financial Performance Summary - Q1 2025 gross margin was 45.5%, down 11.0 percentage points year-on-year [2] - The net profit margin for Q1 2025 was 7.8%, a decrease of 13.9 percentage points year-on-year [2] - The company expects net profits for 2025, 2026, and 2027 to be 2.08 billion, 2.54 billion, and 3.07 billion yuan respectively, with growth rates of 5.2%, 22.2%, and 20.8% [2][4] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 16.06 billion, 19.36 billion, and 22.99 billion yuan, with year-on-year growth rates of 34.5%, 20.5%, and 18.8% respectively [4] - The latest diluted EPS for 2025 is expected to be 11.26 yuan per share [4] - The company’s return on equity (ROE) is projected to be 14.1% in 2025, with a P/E ratio of 16.5 times [4]

编号：2025-002 | | √特定对象调研 □分析师会议 | | --- | --- | | 投 资 者 关 系 活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | █其他 投资机构线上交流 | | 参 与 单 位 名 称 及人员姓名 | 长江证券、中信证券、广发证券、国泰海通证券、国金证券、中金公 生证券、华创证券、华安证券、东方证券、华福证券、英大证券、方 | | | 司、国信证券、华泰证券、西南证券、申万宏源证券、国投证券、光 | | | 大证券、太平洋证券、开源证券、中信建投证券、国盛证券、国联民 | | | 正证券、华西证券、中泰证券、中国银河证券、贝莱德基金、华商基 | | | 金、泓德基金、鑫元基金、南方基金、交银施罗德基金、国投瑞银基 | | | 金、盈峰资本、创金合信基金、广州市航长投资、深圳广汇缘资产管 | | | 理、浙江浙商证券资产管理、浙江三耕资产管理、长江养老保险、中 | | | 汇人寿保险等 61 方接入电话会议。 | | 时间 | 2025 年 4 月 29 日 | | 地点 | 电话线上交流 | | | 董事 ...

Group 1: Core Insights - As of April 23, 2025, over one-third of companies have released their 2024 dividend plans, with more than half of the industries experiencing an increase in dividend rates, indicating a continued search for "new red horses" in dividend strategies [1][6]. - Among the primary industries, the household appliance manufacturing and transportation sectors have shown significant increases in dividend rates for 2024, with expected dividend yields exceeding 3.5% [6][17]. - In the detailed industry analysis, sectors such as small household appliances, express delivery, and building equipment have reported the highest increases in dividend rates [6][20]. Group 2: Dividend Performance Review - From April 16 to April 23, 2025, small-cap growth stocks led the market, while dividend stocks lagged behind, reflecting a phase of risk preference recovery after previous tariff disruptions [7][25]. - The performance of major broad-based indices increased during this period, with real estate, oil and gas, and packaging sectors performing well, while consumer goods and social services faced slight pressure [7][28]. Group 3: High-Frequency Data Tracking - The dividend index's yield compared to government bond yields is currently at a high level, suggesting a favorable cost-benefit ratio for dividend investments [8][39]. - As of April 22, 2025, the dividend index's yield is approximately two standard deviations above the mean compared to government bond yields, indicating a high value for dividend strategies [8][40]. Group 4: Strategic Outlook - The report emphasizes a shift from "old dividends" to "new red horses," focusing on long-term allocation value in dividend assets, particularly in sectors like banking and technology [9][36]. - New investment opportunities are emerging in sectors such as agricultural chemicals, rare earth materials, lithium batteries, and hospitality, which are nearing supply clearing points and showing characteristics of "red horses" [9][36].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has maintained high revenue growth, with a reported revenue of 4.095 billion yuan in 2024, representing a year-on-year increase of 47.56%. The net profit attributable to shareholders was 411 million yuan, up 27.51% [5] - In Q1 2025, the company achieved a revenue of 1 billion yuan, reflecting a growth of 21.33%, while the net profit attributable to shareholders decreased by 4.97% to 81 million yuan [5] - The company is accelerating its capacity expansion in Southeast Asia, with plans to raise up to 1.524 billion yuan for various projects, including the production of home appliances and high-performance motors [5] - The automotive motor segment is expected to see significant growth, with revenue from this segment increasing by 104.5% year-on-year in 2024 [5] Financial Summary - The company reported a gross margin of 17.36% in 2024, with the automotive motor segment showing a significant increase in gross margin due to scale effects [6] - The projected revenues for 2025, 2026, and 2027 are 5.248 billion yuan, 6.520 billion yuan, and 7.867 billion yuan, respectively, with year-on-year growth rates of 28.2%, 24.2%, and 20.7% [7] - The earnings per share (EPS) are expected to be 1.35 yuan in 2025, 1.70 yuan in 2026, and 2.10 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 14.8, 11.7, and 9.5 [7]

九阳股份（002242）公告，2025年第一季度营收为20亿元，同比下降3.17%；净利润为1.01亿元，同比 下降21.91%。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's profit exceeded expectations, with 2024 revenue reaching 16.82 billion yuan, a year-on-year increase of 15%, and net profit attributable to shareholders at 1.05 billion yuan, up 8% year-on-year. The first quarter of 2025 saw revenue of 3.83 billion yuan, a 10% increase year-on-year, and net profit of 247 million yuan, a significant 43% increase year-on-year [6] - The company has established a new appliance research institute to develop emerging product categories, with overseas revenue showing strong growth, particularly in small home appliances, while domestic sales faced challenges due to a sluggish market [6] - The gross profit margin decreased to 20.9% in 2024, down 1.8 percentage points year-on-year, primarily due to product mix adjustments, while expense ratios remained stable [6] - The company is expected to see continued growth in profitability, with forecasts for net profit of 1.17 billion yuan in 2025, 1.26 billion yuan in 2026, and 1.37 billion yuan in 2027, reflecting year-on-year growth rates of 11.0%, 7.6%, and 8.6% respectively [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 16.82 billion yuan, with a year-on-year growth rate of 14.8%. For 2025, revenue is expected to reach 18.33 billion yuan, reflecting an 8.9% increase [2] - The net profit attributable to shareholders for 2024 is estimated at 1.05 billion yuan, with a growth rate of 7.8%. The forecast for 2025 is 1.17 billion yuan, indicating an 11.0% increase [2] - Earnings per share for 2024 is projected at 1.29 yuan, increasing to 1.44 yuan in 2025 [2] - The company's return on equity (ROE) is expected to be 12.9% in 2025, with a price-to-earnings (P/E) ratio of 9 [2] Market Data - As of April 28, 2025, the closing price of the company's stock is 13.00 yuan, with a market capitalization of 10.51 billion yuan [3] - The company has a price-to-book ratio of 1.3 and a dividend yield of 3.08% [3]

事件：公司2024 年全年实现营业收入168.21 亿元，同比+14.84%，归母净利润10.53亿元，同比 +7.75%；其中2024Q4 实现营业收入41.31 亿元，同比+6.15%，归母净利润2.68 亿元，同比+11.07%。公 司2025 年Q1 全年实现营业收入38.34 亿元，同比+10.36%，归母净利润2.47 亿元，同比+43.02%。24 年 公司向全体股东每 10 股派发现金红利 4.50元（含税），分红比例42.02%。 风险提示：新品销售不及预期；自有品牌销售不及预期；外销订单不及预期；原材料价格上涨及运费上 涨导致利润下滑。 海外需求旺盛带动外销增长，内销增长有所承压分地区看， 24A 公司内外销收入同比-4.42%/+21.68% ， 其中24Q4 内外销同比-11.3%/+14.1%。2024 年海外小家电总体需求比较旺盛，外销增速较好；内销 受国内消费市场景气度低迷等因素影响表现较弱。25Q1 内外销收入同比-4.94%/+15.77% ，外销延续较 好的增长趋势，内销仍有所承压。针对美国对华加征关税政策，近年来公司也在印度尼西亚进行了产能 布局，设立了两个制造基地，以应 ...