Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has benefited from domestic sales driven by government subsidies for replacing old appliances, leading to a significant increase in revenue [2] - The company's gross margin for Q1 2025 was 49.87%, showing a slight year-on-year increase, while the net profit margin improved significantly to 15.7% [3] - The company is adjusting its sales strategy, with a focus on enhancing its own brand sales domestically and transitioning its export model, which is beginning to show results [3] Financial Performance - In Q1 2025, the company achieved revenue of 213 million yuan, a year-on-year increase of 33.41%, and a net profit of 33 million yuan, up 47.71% year-on-year [1] - The company's self-owned brand and ODM revenue growth rates for Q1 2025 were +46.5% and -8.66% respectively, with domestic sales growing by 51.4% and international sales by 0.63% [2] - The company expects net profits for 2025 to be 111.84 million yuan, with projected growth rates of 60.90% [9] Cost Management - The company has successfully implemented cost reduction and efficiency improvement measures, resulting in a decrease in management expense ratio by 3.82 percentage points year-on-year [3] - The sales expense ratio increased due to heightened promotional efforts and changes in revenue structure [3] Market Outlook - The domestic market is seeing a boost in consumer demand due to government policies, while the international trade environment remains complex with increased risks [2] - The company is expected to continue benefiting from the domestic subsidy policies and the gradual improvement in its export operations [3]

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]

Core Insights - The core insight of the articles is that small home appliance companies such as Supor, Xinbao, and Bear Electric have reported positive revenue growth for 2024, primarily driven by significant increases in overseas sales despite facing challenges from U.S. tariffs [1][5][6]. Group 1: Revenue Performance - Supor reported total revenue of 22.427 billion yuan, a year-on-year increase of 5.27%, with domestic revenue declining by 1.21% to 14.925 billion yuan and overseas revenue increasing by 21.07% to 7.502 billion yuan [5][6]. - Xinbao achieved total revenue of 16.821 billion yuan, up 14.84%, with domestic revenue down 4.42% to 3.666 billion yuan and overseas revenue up 21.68% to 13.155 billion yuan [5][6]. - Bear Electric's total revenue reached 4.758 billion yuan, a slight increase of 0.98%, with domestic sales down 5.81% to 4.090 billion yuan and overseas sales soaring by 80.81% to 668 million yuan [5][6]. Group 2: Overseas Growth - All three companies experienced robust growth in overseas markets, with overseas revenue growth rates exceeding 20%, and Bear Electric's overseas revenue growth reaching over 80% [1][6]. - The demand for small home appliances in emerging markets such as Southeast Asia, the Middle East, and Latin America has been increasing, allowing these companies to leverage their cost advantages and occupy market share [6][8]. Group 3: Impact of Tariffs - The U.S. government implemented "reciprocal tariffs" on April 9, 2024, raising the cumulative tariff rate on all Chinese goods to 104%, with further increases announced shortly after [7][8]. - Companies like Supor and Bear Electric indicated that their exposure to the North American market is relatively low, and they can adapt through overseas production bases, minimizing the overall impact of tariffs [8][9]. - Xinbao, however, has a significant portion of its exports (30-40%) directed towards the North American market and is actively seeking strategies to mitigate the potential impacts of tariffs [9][10]. Group 4: Strategic Responses - Industry analysts suggest that small appliance companies should enhance supply chain security, reduce reliance on OEM models, and diversify overseas channels to mitigate the effects of changing policies [10][11]. - The consensus among industry experts is that despite current uncertainties, globalization remains essential for the long-term growth of Chinese enterprises [11].

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].