证券研究报告 | 季报点评 gszqdatemark 2025 04 23 年 月 日 1）毛利率：2025 Q1 公司毛利率为 49.9%，同比+0.2pct。 2）费率端：2025 Q1 公司销售/管理费/研发/财务费率分别为 26.0%/6.4%/4.1%/-0.6% ，同比变动 +2.4pct/-3.8pct/- 1.9pct/+0.4pct，销售费用率提升主要系公司推广力度加大及业务 收入结构变动导致。管理费用率优化明显。 3）净利率：2025Q1 净利率为 15.7%，同比+1.5pct，净利率创近 三年单季新高。 北鼎股份（300824.SZ） 内销复苏超预期，盈利水平提升明显 事件：公司发布 2025 年一季报。公司 2025 年第一季度实现营业 收入 2.1 亿元，同比+33.4%；归母净利润为 0.3 亿元，同比+47.7%； 扣非归母净利润为 0.3 亿元，同比+57.5%。 内销复苏超预期，外销有所承压。 2025 Q1 分业务来看，公司自主品牌业务收入 1.8 亿元，同比增长 46.5%，占比提升至 83.8%。其中，北鼎中国业务收入 1.7 亿元， 同比增长 51.4%，主因为受益 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first quarter of 2025, driven by favorable domestic policies and strategic adjustments to external challenges [4][10]. Financial Performance - The company's operating revenue increased by 33.41% year-on-year, while net profit attributable to shareholders rose by 47.71% [4]. - The net profit excluding non-recurring gains and losses grew by 57.51% year-on-year, indicating a positive cycle of scale growth and efficiency improvement [4]. - The net cash flow from operating activities was 29.31 million yuan, showing a significant year-on-year change primarily due to the base effect from the previous year [4]. Accounting Changes - The company had to restate previous accounting data due to a change in accounting policy as per the Ministry of Finance's new guidelines, affecting the classification of certain costs [3][4]. Market Environment - Domestic market conditions improved due to government subsidies promoting consumption, while international trade faced challenges from tariff barriers and dynamic countermeasures [4]. - The company adapted its business strategies to leverage domestic policy opportunities while addressing the complexities and risks in cross-border trade [4]. Corporate Governance - The board of directors and supervisory board confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for its contents [2][10]. - The company appointed a new internal audit head following the resignation of the previous one, ensuring continuity in internal audit functions [16][19].

Core Viewpoint - The company is experiencing pressure on domestic sales while overseas sales are growing significantly, with expectations for improved profit margins in 2025 as the market landscape clears up [1][4]. Financial Performance - In 2024, the company achieved a revenue of 4.758 billion yuan, a year-on-year increase of 0.98%, and a net profit attributable to shareholders of 288 million yuan, a year-on-year decrease of 35.37% [2]. - In Q4 2024, the company reported a revenue of 1.619 billion yuan, a year-on-year increase of 16.18%, and a net profit of 108 million yuan, a year-on-year decrease of 17.03% [2]. - The company's gross margin for 2024 was 35.29%, a decrease of 1.32 percentage points year-on-year, while the net margin was 6.43%, a decrease of 3.02 percentage points year-on-year [3]. Sales Breakdown - Domestic sales accounted for 86% of total revenue in 2024, down 6 percentage points year-on-year, with a decline of 6% compared to the previous year [3]. - Overseas sales accounted for 14% of total revenue in 2024, up 6 percentage points year-on-year, with a year-on-year increase of 81% [3]. - The company is expanding its overseas market through cross-border e-commerce, offline distributors, and OEM partnerships, with significant contributions expected from regions like Vietnam and Indonesia [3]. Future Outlook - For 2025, the company anticipates steady expansion in Southeast Asia and expects that the clearing of the industry landscape will lead to further improvements in profit margins [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on building a second growth curve through its components business while benefiting from foreign exchange gains that enhance profits [5] - In Q4 2024, the company achieved operating revenue of 9.76 billion yuan (up 11.1% year-on-year) and a net profit attributable to shareholders of 1.23 billion yuan (up 10.2% year-on-year) [5] - The company is strategically reducing its proprietary brand business and continuously optimizing its business structure, leading to a downward adjustment in profit forecasts for 2025-2026 [5] - The company is experiencing robust growth in its OEM and components businesses, while the proprietary brand strategy is being strategically reduced [5] Financial Performance Summary - In 2024, the company reported operating revenue of 9.76 billion yuan, with a year-on-year growth of 11.1%, and a net profit of 1.23 billion yuan, reflecting a 10.2% increase [8] - The gross margin for 2024 was 24.2%, a decrease of 1.5 percentage points compared to the previous year [6] - The company’s overseas market revenue reached 6.84 billion yuan in 2024, up 17.4%, while domestic market revenue was 2.7 billion yuan, down 2.7% [5] - The company’s operating cash flow for 2024 was 1.61 billion yuan, an increase of 91.7% [6] Business Segment Insights - The components business is gradually ramping up, contributing to the second growth curve, with a focus on high-margin ODM/OBM business models [5] - In 2024, revenue from clean and healthy home appliances and gardening tools was 5.67 billion yuan (up 10.3%), while revenue from motors and precision components for new energy vehicles reached 3.87 billion yuan (up 11.7%) [5] - The automotive components segment achieved over 2 billion yuan in revenue, marking a new high with both revenue and profit growth [5] Future Projections - The company’s net profit forecasts for 2025-2027 are projected at 1.32 billion yuan, 1.42 billion yuan, and 1.55 billion yuan respectively [5] - The expected EPS for 2025-2027 is 2.30 yuan, 2.48 yuan, and 2.71 yuan, with corresponding P/E ratios of 9.5, 8.8, and 8.0 [8]

近日，苏泊尔、小熊电器等一众小家电企业先后发布了年度报告。 另外，新宝股份也发布了业绩快报。 01 2024年，苏泊尔营业总收入224.27亿元，同比增长5.27%；新宝股份营业总收入168.21亿元，同比增长14.84%；小熊电器营业总收入47.58亿元，同比增长 0.98%，三家小家电企业2024年营收均实现了正增长。 记者进一步梳理发现，苏泊尔、新宝股份、小熊电器这三家企业之所以能实现正增长背后均离不开同一个原因——海外业务增长迅猛。财报显示，2024年 这三家企业的海外营收增速均超20%，最高超80%。 海外收入"狂飙"，扛起营收增长大旗 财报数据显示，2024年，苏泊尔内销收入149.25亿元，同比下降1.21%；外贸收入75.02亿元，同比增长21.07%。 不过，海外业务快速发展之际，苏泊尔、小熊电器们却遭遇美国"对等关税"。4月9日，美国政府"对等关税"生效。关税壁垒下，这些企业将会受到多大影 响？ 苏泊尔在年报中指出，内销方面，面对竞争激烈的市场环境与消费者更理性的市场需求，公司内销收入有小幅下滑，但公司通过持续创新及强大的渠道竞 争优势，采取积极措施持续提高营销效率并严格控制各项费用支出， ...

Core Viewpoint - Despite facing operational pressures in the first three quarters of 2024, the company benefited from the trade-in policy, resulting in a significant narrowing of the decline in net profit attributable to shareholders, which decreased by 35.37% year-on-year, although revenue increased without a corresponding profit increase [1][3]. Financial Performance - In 2024, the company's operating revenue reached 4.758 billion yuan, a year-on-year increase of 0.98%, while the net profit attributable to shareholders was 288 million yuan, down 35.37% year-on-year [3]. - The first quarter saw a revenue decline of 4.58% and a net profit decrease of 8.53%, while the second quarter experienced a more severe drop with revenue down 14% and net profit plummeting nearly 86% to 10.13 million yuan [3]. - The third quarter showed a revenue increase of 3.17% year-on-year, but net profit still fell by 75.6% [3]. - The overall performance in 2024 was volatile, with the fourth quarter expected to show revenue growth driven by the trade-in policy, although net profit continued to decline due to increased management expenses [3]. Market Context - The kitchen small appliance sector is experiencing a downturn, with overall retail sales in this category reaching 60.9 billion yuan in 2024, a slight decline of 0.8% year-on-year [3]. - The company’s main category, kitchen small appliances, saw revenue drop by 10.10% to 3.276 billion yuan, while the life small appliances category grew by 15.33% [11]. Strategic Moves - The company acquired 61.78% of Roman Intelligent for 154 million yuan, which contributed 23.92% to the net profit attributable to shareholders in 2024 [11][12]. - The acquisition aims to mitigate the operational pressure from the kitchen small appliance segment, focusing on core OEM business after divesting from the loss-making self-branded products [12][13]. R&D and Product Strategy - The company has over 1,000 products for sale, but R&D expenses are less than 200 million yuan, leading to an average R&D cost of less than 200,000 yuan per product [14][15]. - Despite increasing R&D investment, the company faces challenges in product quality and marketing due to the broad product range, necessitating a focus on product specialization and quality improvement [15].

谈论中国制造业发展的宏大叙事，佛山始终是绕不开的话题。数十年来，这座簇拥完善、丰富制造产业 链集群的"岭南最高枝"，不仅以"有家就有佛山造"而闻名遐迩，更成为全国制造业转型的重要观察窗 口。 在今天，围绕"再造一个新佛山"的全新愿景，一家家前仆后继、躬身实践的企业，正释放出现代化产业 体系加速升级的全新信号。在"智改数转"浪潮之下，作为扎根佛山顺德的小家电企业——小熊电器，通 过多年来坚持实业发展，持续夯实企业数智制造实力，已成为区域新兴产业高质量发展的典型代表。 小熊电器数智制造的"强字决"，在于对制造实业与新兴技术的深度融合，运用智能制造体系实现柔性生 产，通过智能供应链管理系统提升效率。走入位于顺德的工厂会发现，短短0.14秒内，一个电子器件便 精准装配至电路板；只需45秒，就能完成塑化成型整个过程；眨眼之间，AI视觉检测快速为产品做 着"全身体检"......比起传统的人员管理，数字面板上实时跳动的数据、产品原料投入量、零件生产量、 运转情况等等，无一不在显现高度的自动化、智能化生产图景。 于企业而言，新质生产力何谓"新"？其实不光在于生产端的质量与效率提升，更在于数智化能否"浇 灌"整个企业，以新技 ...

聚焦内需，小家电行业的需求及格局变化 20250414 摘要 Q&A 2024 年厨房小家电行业的内需市场表现如何？ • 2025 年第一季度，厨房小家电及个护小家电行业受益于国家补贴政策，渠 道推送数据上涨 2.5%，中高端产品销售额增长，但整体需求未显著回暖。 京东和抖音平台表现突出，分别受益于全国范围内的补贴政策和全品类国 补。 • 国家补贴政策对厨房小家电行业产生积极影响，尤其带动了中高端产品销 售。京东因全面参与国补而增长显著，天猫因部分地区或类目未参与效果 稍逊。消费者提前消费导致 2025 年第一季度增速放缓。 • 小家电线下市场面临单价较低、免安装方式及消费者购物习惯改变等多重 挑战，传统零售渠道如超市、大连锁和区域连锁均呈现下滑趋势，线下复 苏艰难。 • 抖音电商在小家电领域规模持续扩大，但增速放缓。2025 年第一季度，部 分企业反馈减亏甚至小幅盈利，得益于抖音上半年出台的利好政策和国补 开放，但政策效果仍需进一步观察。 • 小家电产品线上价格提升幅度较大，整体提升 8.3%，传统电商如天猫、京 东也在提升价格，抖音相对稳定。线下渠道中超市下滑，但百货大连锁和 区域连锁推新卖高趋势明显，中 ...

Core Viewpoint - The domestic small home appliance market is experiencing intensified competition, leading to price wars and significant challenges for companies like Bear Electric, which reported a decline in net profit despite a slight increase in revenue [3][6]. Company Summary - Bear Electric achieved a revenue of 4.758 billion yuan in 2024, a year-on-year increase of 0.98%, but its net profit dropped to 288 million yuan, a significant decline of 35.37% compared to the previous year, marking the largest drop in nearly nine years [3][5]. - The company's stock price has fallen by 10.52% year-to-date, with a cumulative decline of over 55% from its peak in June 2023, resulting in a total market capitalization of 6.732 billion yuan [5][6]. - Bear Electric's core product line, particularly in kitchen appliances, is facing market share erosion from competitors, leading to a 10.1% decline in revenue from this segment in 2024 [12]. Financial Performance - The gross profit margin for Bear Electric decreased to 35.29% in 2024 from 36.61% the previous year, attributed to a shift in revenue structure and increased costs [10]. - Operating costs rose by 2.67% year-on-year, with raw material costs increasing by 4% and labor costs by 10.42% [10]. - Management expenses grew by 24.25% to 236 million yuan, financial expenses surged by 171.74% to 14.377 million yuan, and R&D expenses increased by 36.48% to 195 million yuan [10]. Market Dynamics - The overall retail sales of kitchen small appliances in 2024 were 60.9 billion yuan, a slight decline of 0.8%, indicating a stagnation in industry growth [15]. - The market is transitioning into a phase of stock competition, with the previous "home economy" benefits dissipating and consumers extending their product replacement cycles [17]. - Companies must balance high-end product development, international expansion, and cost control to sustain growth in a highly competitive environment [18].

Core Viewpoint - The domestic small home appliance market is experiencing intense competition, leading to price wars and a decline in profitability for companies like Bear Electric, which reported a significant drop in net profit despite a slight revenue increase [4][12]. Company Performance - Bear Electric achieved a revenue of 4.758 billion yuan in 2024, a year-on-year increase of 0.98%, but its net profit fell to 288 million yuan, a 35.37% decline compared to the previous year, marking the largest drop in nearly nine years [4][9]. - The company's stock price has decreased by 10.52% year-to-date, with a cumulative decline of over 55% from its June 2023 peak, reflecting market pessimism about its future prospects [6]. Financial Analysis - The decline in net profit is attributed to a decrease in gross margin and rising expenses. The gross margin for 2024 was 35.29%, down from 36.61% the previous year [9][11]. - Operating costs increased by 2.67%, with raw material costs rising by 4% and labor costs by 10.42%. Management expenses grew by 24.25%, financial expenses surged by 171.74%, and R&D expenses increased by 36.48% [11]. Market Competition - Bear Electric holds over 80% of its sales in the domestic market, facing stiff competition from leading brands like Supor and Xinbao, which have successfully expanded into overseas markets and achieved revenue and profit growth [14]. - In 2024, Bear Electric's export revenue was 688 million yuan, a substantial increase of 80%, but it primarily relies on OEM production, with less progress in promoting its own brand internationally [14][16]. Industry Trends - The kitchen small appliance market is entering a phase of stagnant growth, with a total retail value of 60.9 billion yuan in 2024, a slight decline of 0.8% year-on-year. The market is shifting towards competition for existing market share rather than growth [19][20]. - The "home economy" that previously drove rapid growth in the kitchen small appliance sector is fading, leading to longer product replacement cycles and market saturation for once-popular items [22]. Strategic Directions - Bear Electric plans to enhance its brand presence overseas and invest in new product development, aiming to increase R&D spending to 5% of revenue and focus on smart appliances and health care products [17][16]. - The company intends to optimize its domestic product structure and streamline its SKU count to adapt to the changing market dynamics [17].