深圳市漫步者科技股份有限公司 投资者关系活动记录表 | 投资者关系 | 特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 （请文字说明其他活动内容） | | | 招商证券、银华基金、中信建投资管、开源证券、东方引擎投 | | 参与单位名称 | 资、Alpines Capital、北京金百镕投资管理、北京禹田资本、明 | | 及人员姓名 | 澄投资、北京暖逸欣私募基金管理、首创证券自营、杭州泓钰资 | | | 产管理、诚旸投资共 人 14 | | 时间 | 2025 年 5 月 7 日、2025 年 5 月 8 日 | | 地点 | 证券公司策略会 | | 上市公司 | 投资者关系总监张北 | | 接待人员 | | | | 公司近况及回答提问内容概括如下： | | | 一、2024 年度及 2025 年一季度业绩简述 | | | 2024 年，公司实现营业总收入 29.43 亿元，同比增长 9.27%。 | | | 毛利率达到 40.35%，较上年同期增加 3.02%。 | | | 其中 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's Q1 2025 performance slightly declined, primarily due to a slowdown in the headphone segment, but new product launches are expected to drive revenue growth in the upcoming quarters [2] - The gross margin improved to 40.94%, up by 0.87 percentage points year-on-year, attributed to enhanced brand strength and product structure optimization [3] - The company is focusing on OWS and AI headphones, with 11 models launched across various product forms, indicating a commitment to innovation and new revenue streams [4] - A robust brand strategy is in place, leveraging social media marketing and collaborations to enhance brand influence and reach [5] Financial Performance - In Q1 2025, the company reported revenue of 658 million yuan, a year-on-year decrease of 3.04%, and a net profit of 102 million yuan, down 6.53% year-on-year [1] - The company maintains its revenue forecasts for 2025-2027, expecting revenues of 3.369 billion, 3.883 billion, and 4.564 billion yuan, representing year-on-year growth rates of 14.47%, 15.25%, and 17.53% respectively [10] - The projected net profit for 2025-2027 is 518 million, 612 million, and 725 million yuan, with corresponding growth rates of 15.32%, 18.13%, and 18.41% [10] Product and Market Strategy - The company has developed a diverse product matrix to meet various customer needs, including brands targeting audiophiles and fashion-conscious consumers [9] - It is actively expanding its online marketing channels and increasing its presence in international markets, leveraging platforms like Amazon and social media for sales growth [9]

Financial Performance - The company's operating revenue for Q1 2025 was ¥658,439,949.79, a decrease of 3.04% compared to ¥679,056,643.53 in the same period last year[4] - The net profit attributable to shareholders was ¥102,175,532.00, down 6.53% from ¥109,308,076.99 year-on-year[4] - The basic earnings per share were ¥0.1149, reflecting a decline of 6.51% from ¥0.1229 in the same period last year[4] - Net profit for the current period is ¥115,878,045.12, a decrease of 6.4% compared to ¥123,458,884.08 in the previous period[21] - The total comprehensive income for the current period is ¥116,028,424.97, compared to ¥122,585,539.80 in the previous period, a decrease of 5.4%[23] Cash Flow - The net cash flow from operating activities decreased significantly by 55.53%, amounting to ¥40,744,051.90 compared to ¥91,618,151.37 in the previous year[4] - Cash flow from operating activities is ¥764,748,337.74, slightly up from ¥760,825,397.93 in the previous period[25] - The net cash flow from investment activities was ¥85,644,076.45, significantly up from ¥28,305,762.64 in the previous period[27] - The ending balance of cash and cash equivalents was ¥467,126,304.98, down from ¥1,442,930,691.05 in the previous period[27] - The net increase in cash and cash equivalents was ¥126,822,738.08, compared to ¥92,521,396.41 in the previous period, reflecting a growth of 37.0%[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,541,496,023.53, showing a slight increase of 0.23% from ¥3,533,402,162.84 at the end of the previous year[4] - Total current assets decreased to ¥2,881,411,436.91 from ¥2,932,702,092.28[16] - Total liabilities decreased to ¥556,586,747.02 from ¥669,655,977.41, reflecting a reduction of approximately 16.9%[18] - Total equity attributable to shareholders increased to ¥2,894,634,400.17 from ¥2,787,155,777.92, an increase of about 3.8%[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 73,191[11] - The largest shareholder, Zhang Wendong, holds 26.67% of shares, totaling 237,138,069 shares[11] - The company has no preferred shareholders as of the reporting period[14] - The top ten shareholders do not participate in margin financing or securities lending[13] Operational Metrics - Total operating costs for the current period are ¥529,654,048.44, down 1.0% from ¥540,176,380.81 in the previous period[21] - Research and development expenses for the current period are ¥44,305,755.43, up from ¥40,155,339.23 in the previous period, indicating a growth of 10.7%[21] - The company reported a financial income of ¥3,871,364.13, down significantly from ¥11,308,173.38 in the previous period[21] Other Financial Activities - The company experienced a significant increase in contract liabilities, which rose by 40.58% to ¥41,243,684.02 from ¥29,338,640.11[8] - The company received tax refunds amounting to ¥8,315,721.94, an increase from ¥5,229,518.71 in the prior period[27] - Cash paid to employees increased to ¥140,204,852.61 from ¥127,840,250.71, representing a rise of 9.7%[27] - Cash paid for other operating activities was ¥71,672,059.97, slightly up from ¥68,816,611.95 in the previous period[27] Audit Information - The company did not undergo an audit for the first quarter report[28]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [3][5]. Core Insights - The company achieved a revenue of 2.943 billion yuan in 2024, representing a year-on-year growth of 9.27%, and a net profit attributable to shareholders of 449 million yuan, up 7.06% year-on-year [1]. - The overall gross margin for 2024 was 40.35%, an increase of 2.19% compared to the previous year, showcasing the competitiveness of its products [1]. - The company is significantly investing in brand building and new product development, with sales expenses rising by 31.52% year-on-year due to increased advertising and labor costs [2]. - The company is expanding its product offerings in the AI and Open Wireless Sound (OWS) markets, with a focus on various forms of open headphones, which are expected to drive new growth [3]. Financial Performance - In 2024, the company's revenue from headphones was 1.841 billion yuan, a growth of 2.79%, while revenue from audio equipment reached 997 million yuan, growing by 20.39% [1]. - Domestic sales revenue was 2.312 billion yuan, up 11.57%, while export revenue was 631 million yuan, a growth of 1.61% [1]. - The projected revenues for 2025-2027 are 3.401 billion yuan, 3.956 billion yuan, and 4.627 billion yuan, respectively, with net profits expected to be 538 million yuan, 622 million yuan, and 731 million yuan [3][4].

Group 1: Financial Performance - Gross margin reached 40.35%, an increase of 3.02% compared to the same period last year [1] - Total revenue for 2024 was 2.943 billion CNY, a year-on-year growth of 9.27% [1] - Revenue from headphones and headsets was 1.841 billion CNY, with a gross margin of 39.73%, up 3.53% year-on-year [1] - Domestic sales revenue was 2.312 billion CNY, a year-on-year increase of 11.57% [1] Group 2: Product Development and Market Strategy - The company launched several high-end new products, including NeoBuds Pro3 and Hi-Fi flagship speaker S300 [1] - Open-ear headphones (OWS) are a key growth area, with over ten models launched to date [2] - The company is focusing on enhancing product differentiation and expanding its global consumer base [2] - The introduction of AI products and algorithms has been completed, enhancing the functionality of various offerings [2] Group 3: Competitive Landscape and Brand Positioning - The headphone market has become increasingly competitive with the entry of major smartphone brands [2] - The company emphasizes its sound quality and rapid product iteration as key competitive advantages [2] - Brand expansion includes multiple sub-brands targeting different consumer segments, such as Hi-Fi and esports [2]

Core Insights - The company reported a total revenue of 2.943 billion yuan in 2024, representing a year-on-year growth of 9.27%, while net profit attributable to shareholders was 449 million yuan, up 7.06% year-on-year. However, the growth rates have significantly slowed compared to previous years, particularly net profit growth which dropped from 70.17% in 2023 to 7.06% in 2024, indicating substantial market pressure and operational challenges [1][2]. Revenue Performance - The revenue growth rate for 2024 was significantly lower than the 21.64% growth in 2023. The earphone and headset segment, which is the main revenue source, generated 1.841 billion yuan, with a mere growth of 2.79%, far below the previous year's performance. In contrast, the audio segment achieved 999 million yuan in revenue, growing by 20.39%, but this segment only accounted for 33.9% of total revenue, failing to offset the weakness in the earphone business [2][3]. Market Challenges - The overseas market accounted for 23.07% of revenue in 2024, with domestic sales making up 76.93%. The recent increase in tariffs by the U.S. government poses a significant challenge to the company's growth prospects in international markets. Although the company has established a presence in over 80 countries, the sales scale and market share remain limited. The increased tariffs could either reduce price competitiveness if passed on to consumers or compress profit margins if absorbed by the company [3][4]. Cost and Profitability - Sales expenses surged to 380 million yuan, a 31.52% increase, primarily due to rising advertising and labor costs. Although management expenses decreased, R&D expenses rose by 9.16% to 184 million yuan. The increase in costs has put considerable pressure on the company's profitability, leading to a significant decline in net profit growth [4][7]. Quality Issues - The company has faced numerous consumer complaints regarding product quality, particularly with earphones and speakers. Reports indicate various quality defects, including frequent issues with earphone connectivity and sound quality. This growing concern over product quality could damage the company's brand image and hinder future growth [8][16].

Core Viewpoint - The company, Edifier (漫步者), reported a revenue increase of 9.27% for the fiscal year 2024, with a focus on developing advanced AI headphone products while facing challenges in the traditional TWS headphone market [1][2][3]. Financial Performance - The company achieved total revenue of 294.33 million yuan, up from the previous year [1][2]. - The net profit attributable to shareholders was 44.92 million yuan, reflecting a 7.06% increase year-over-year [1][2]. - The revenue from headphone and headset products was 184.10 million yuan, a growth of 2.79%, while the sound system products saw a revenue increase of 20.39% to 99.66 million yuan [1][2]. Product Development and Market Strategy - The company is focusing on the development of AI headphones, with new products featuring real-time translation capabilities [4]. - The slowdown in headphone business growth is attributed to a strategic shift towards non-in-ear headphones, leading to insufficient updates in traditional mid-to-low-end TWS models [3]. - The company plans to reintroduce mid-to-low-end models to regain market share lost in the previous year [3]. Market Position and Future Outlook - The company aims to break the 30 billion yuan market capitalization barrier, currently valued at 12.57 billion yuan, indicating a potential 58% increase [7]. - The demand for open-ear headphones is rising, and the company has launched over ten related models in 2024 [5]. - The company maintains a focus on its core business and believes that solid performance will lead to increased market value [6]. Investor Relations and Market Sentiment - The company acknowledges the impact of macroeconomic factors on stock price fluctuations but emphasizes its commitment to improving product development and sales performance [6]. - Despite strong financial results, the stock has seen a decline of 30% from its peak, raising concerns among investors [7].

Group 1: Financial Performance - In 2024, the company achieved total revenue of 2.943 billion CNY, a year-on-year increase of 9.27% [1] - Gross margin reached 40.35%, up 3.02% from the previous year [1] - Headphone and headset series generated revenue of 1.279 billion CNY, with a growth of 18.41% [1] - Sound system series revenue was 999 million CNY, reflecting a 20.39% increase [1] - Domestic sales revenue was 2.312 billion CNY, up 11.57% [1] - Export revenue was 631 million CNY, a year-on-year growth of 1.61% [1] - The company reported a net profit attributable to shareholders of 429 million CNY, a 13.66% increase [1] Group 2: Product Development and Market Strategy - The company launched several high-end products, including NeoBuds Pro3 and Hi-Fi flagship speaker S300 [1] - The open-ear headphone market is rapidly growing, with the company investing heavily since 2024 [2] - The company has released over ten models of open-ear headphones, focusing on various forms and price ranges [2] - The brand aims to expand its target audience, particularly among female users, leveraging celebrity endorsements [2] - The company has established a multi-brand strategy, introducing brands like "AIRPULSE" and "HECATE" [2] Group 3: Operational Highlights - The company maintained a significant increase in headphone business gross margin, outperforming industry standards [2] - The competitive landscape in the headphone sector has intensified due to the entry of major smartphone brands [2] - The company has implemented strict compliance measures during investor interactions to prevent information leakage [2]

Group 1: Company Performance and Market Position - The company has launched several new products, including the S3, S5, and S10 wireless headphones, with S5 and S10 recently winning the German Red Dot Award [2] - The company reported a share buyback of 5.1 million shares completed on September 12, 2024, indicating a commitment to enhancing shareholder value [3] - The company believes that the overall earphone market will see slight growth this year, despite increased competition [4] Group 2: Brand Strategy and Marketing - The company is focusing on brand building by promoting "craftsmanship and sincerity" and has engaged Wang Yibo as a spokesperson to attract female users [2] - The company is enhancing its brand presence and product positioning to create distinct "barrier-type" products [3] - Sales expenses increased due to heightened brand promotion efforts, which have positively impacted revenue and maintained net profit margins [9] Group 3: Product Development and Innovation - The company is actively integrating AI technology into its products, with features like real-time translation being standard in new earphone models [4] - The company has collaborated with major internet firms for product development, including AI-driven features in its audio devices [5] - The company is exploring the potential of AI glasses but currently has no plans to enter that market due to technical challenges [4] Group 4: Financial Health and Market Challenges - The company has a cash flow of over 2 billion, indicating financial stability and the potential for future acquisitions [2] - The stock price has been volatile, influenced by macroeconomic factors and market sentiment, despite the company's solid operational performance [6] - The company is committed to improving its market value through product innovation and strategic planning [7]

Core Viewpoint - Shenzhen Edifier Technology Co., Ltd. has approved the use of up to 1.7 billion yuan of idle funds for entrusted wealth management, aiming to enhance capital efficiency and investment returns without harming the interests of shareholders, especially minority shareholders [2][10]. Summary by Sections Company Decision - The sixth board of directors and the first extraordinary general meeting of shareholders in 2025 approved the proposal for using idle funds for entrusted wealth management [2]. - The authorized period for this decision is effective from the date of approval for 12 months [10]. Financial Details - The company plans to use no more than 1.7 billion yuan for entrusted wealth management, with the funds being allowed for rolling use within the approved limit [2][10]. - Various financial products have been selected for investment, including fixed income and floating rate products, with expected annualized returns ranging from 2.07% to 2.85% [3][4]. Investment Products - The company has engaged in several wealth management products, including: - 1.5 million yuan in a fixed income product with a 2.07% return [3]. - 2.5 million yuan in a floating rate product with a 2.72% return [4]. - 5 million yuan in a fixed income product with a 2.027% return [3]. - The products have varying terms, with some allowing for redemption after 28 days and others having longer holding periods [3][4]. Risk Management - The finance department will analyze and track the investment products and their progress, taking necessary measures to control investment risks if any potential threats to fund safety are identified [5]. - The company emphasizes a principle of "standardized operation, risk prevention, cautious investment, and value preservation" to ensure that wealth management activities do not affect the normal operations of the main business [5][10].