Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue decline of 5.40% year-on-year for the first three quarters of 2024, totaling 3.139 billion yuan, with a net profit attributable to shareholders of 180 million yuan, down 42.91% year-on-year [4][6]. - The third quarter saw a revenue increase of 3.17% year-on-year, primarily due to the acquisition of Roman Smart, although excluding this factor, revenue still showed a decline [4][6]. - The gross margin for the third quarter was 33.33%, a decrease of 7.51 percentage points year-on-year, influenced by changes in market demand structure and a reduction in high-margin product sales [4][6]. - The company is focusing on enhancing offline channels and expanding its brand internationally, aiming for operational efficiency improvements through refined management and product innovation [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 3.139 billion yuan, a decrease of 5.40% year-on-year, and a net profit of 180 million yuan, down 42.91% year-on-year [4]. - The third quarter alone generated 1.008 billion yuan in revenue, reflecting a 3.17% increase year-on-year, but the net profit for this quarter was 19.24 million yuan, a significant drop of 75.60% year-on-year [4][6]. Operational Insights - The company is actively enhancing its offline channel presence and pursuing international brand expansion through focused product categories and refined management practices [5]. - The company is increasing its research and development investments to drive product innovation and improve operational efficiency, targeting high-value product categories [5][6]. Future Outlook - The company is expected to see net profits of 287 million yuan, 338 million yuan, and 403 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 24.9, 21.2, and 17.8 [6].

Investment Rating - The report maintains a "Buy" rating for the company, with expected valuations of 26X/17X/15X for 2024-2026 [2][4][6] Core Views - The company's traditional business revenue continued to decline by nearly double digits in Q3 2024, excluding the consolidation of Roman Smart, with significant profit pressure [2][6] - The company is actively adjusting its strategies, and operational quality is expected to improve, supported by policy stimulus and e-commerce promotions, which may drive a sequential improvement in industry demand [2][6] - The company's revenue and profitability are expected to improve in Q4 2024, driven by internal strategy adjustments and external demand recovery [6] Financial Performance - In Q3 2024, the company achieved revenue of RMB 10.08 billion, a year-on-year increase of 3.17%, but net profit attributable to shareholders dropped by 75.6% year-on-year to RMB 0.19 billion [6] - Excluding the impact of Roman Smart's consolidation, the company's traditional business revenue is estimated to have declined by approximately 10% in Q3 2024 [6] - The gross margin in Q3 2024 decreased by 7.5 percentage points year-on-year, mainly due to the consolidation of Roman Smart and intense industry competition [6] - The company's net profit margin attributable to shareholders decreased by 6.2 percentage points year-on-year in Q3 2024, primarily due to declining gross margins and increased R&D expenses [6] Business Segments - Traditional e-commerce revenue continued to decline in Q3 2024, while Douyin e-commerce revenue is expected to reverse the previous sharp decline due to lower base effects and changes in operational strategies [6] - Overseas revenue maintained strong growth, providing incremental contributions, while offline revenue remained relatively stable [6] Future Outlook - The company's performance for 2024-2026 is expected to grow by -37%/+46%/+13% year-on-year, with valuations of 26X/17X/15X [2][6] - The company's high R&D investment is expected to translate into product innovation, which may drive future growth [6] Financial Data and Valuation - The company's revenue for 2024E is projected to be RMB 46.91 billion, with a year-on-year decline of 0.44%, while 2025E and 2026E revenues are expected to grow by 12.15% and 8.17%, respectively [7] - Net profit attributable to shareholders for 2024E is estimated at RMB 2.81 billion, a year-on-year decline of 36.79%, with expected growth of 46.45% and 13.08% in 2025E and 2026E, respectively [7] - The company's P/E ratios for 2024E, 2025E, and 2026E are 25.5X, 17.4X, and 15.4X, respectively [7]

证券代码：002959 证券简称：小熊电器 公告编号：2024-091 小熊电器股份有限公司 关于 2022 年股票期权与限制性股票激励计划首次授予股票期权 第二个行权期行权结果暨股份上市的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次实际行权的激励对象共27人，行权股票的上市流通数量为20.61万股， 占公司总股本的0.13%，行权价格为35.75元/份； 2、本次行权的股票期权简称：小熊JLC2； 3、本次行权的股票期权代码：037294； 4、本次股票期权行权模式为集中行权； 5、本次可行权股票来源：公司向激励对象定向发行公司A股普通股，行权后 公司总股本增加无限售流通股20.61万股。 6、本次股票上市流通时间：2024年11月8日。 小熊电器股份有限公司（以下简称"公司"）于2024年8月27日召开了第三 届董事会第十二次会议，审议通过了《关于2022年股票期权与限制性股票激励计 划首次授予股票期权第二个行权期及预留授予股票期权第一个行权期行权条件 成就的议案》。根据《2022年股票期权与限制性股票激励计划（草案）》（以下 ...

| 证券代码：002959 | 证券简称：小熊电器 | 公告编号：2024-092 | | --- | --- | --- | | 债券代码：127069 | 债券简称：小熊转债 | | 小熊电器股份有限公司 关于"小熊转债"调整转股价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 债券代码：127069 债券简称：小熊转债 调整前转股价格：53.22 元/股 调整后转股价格：53.20 元/股 转股价格调整生效日期：2024 年 11 月 8 日 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会《关于核准小熊电器股份有限公司公开发行可转换 公司债券的批复》（证监许可〔2022〕1099 号）核准，小熊电器股份有限公司向社会 公开发行了 5,360,000 张可转换公司债券，每张面值 100 元，期限 6 年，募集资金总 额为 53,600.00 万元，扣除各项发行费用 865.92 万元（不含税），实际募集资金净额 为 52,734.08 万元。前述募集资金到位情况经信永中和会计师事务所（特殊普通合 伙）审验，并出 ...

证券简称：小熊电器 证券代码：002959 债券简称：小熊转债 债券代码：127069 东莞证券股份有限公司 关于小熊电器股份有限公司 可转换公司债券转股价格调整的 临时受托管理事务报告 债券受托管理人 （住所：东莞市莞城区可园南路一号） 二〇二四年十一月 1 重要声明 3 在本报告中，除非文义另有所指，下列词语具有如下含义： 发行人、公司、小熊电器 指 小熊电器股份有限公司 证监会、中国证监会 指 中国证券监督管理委员会 保荐机构、主承销商、受托 管理人 指 东莞证券股份有限公司 中证鹏元 指 中证鹏元资信评估股份有限公司 募集说明书 指 小熊电器股份有限公司向不特定对象发行可转换公司 债券募集说明书 本期债券、本次可转债 指 小熊电器股份有限公司 2022 年向不特定对象发行后在 深圳证券交易所上市的可转换公司债券 《债券持有人会议规则》 指 《小熊电器股份有限公司可转换公司债券持有人会议 规则》 元、万元 指 人民币元、人民币万元 一、本次债券核准情况 公司本次向不特定对象发行可转债相关事项已经 2021 年 7 月 30 日召开的第 二届董事会第七次会议和第二届监事会第七次会议审议通过，并经 2021 ...

小熊电器（ [Table_StockNameRptType] 002959） 公司点评 罗曼并表+外销高增贡献收入增量 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|-------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.11.03 | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|--------------------|------------------------|--------------------------------|-------------------------|-------------------------------------------------| | | 业绩短期承压，期待竞争格局优化 | | \n—— 2024Q3 业绩点评 | [Table_Invest] 评级： | 小熊电器 \n家用电器业 / | (002959) \n[Table_Industry] 可选消费品 \n增持 | | | [table_Authors] 蔡雯娟 ( ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue recovery in Q3 2024 is attributed to the consolidation of Roman Smart, although profitability remains under pressure from domestic competition [2][3] - The company has adjusted its profit forecasts for 2024-2026 due to ongoing competitive pressures, with expected net profits of 273 million, 317 million, and 348 million yuan respectively [2][3] - The report emphasizes the importance of product category expansion and improved cost efficiency for future performance recovery [2][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 3.139 billion yuan (down 5.4% year-on-year), with a net profit of 180 million yuan (down 42.9%) and a non-recurring net profit of 126 million yuan (down 53.0%) [2][3] - Q3 2024 revenue was 1.007 billion yuan (up 3.17% year-on-year), but net profit fell to 19 million yuan (down 75.6%) and non-recurring net profit to 4 million yuan (down 94.39%) [2][3] - The gross margin for Q1, Q2, and Q3 2024 was 38.51%, 34.39%, and 33.34% respectively, reflecting a significant decline due to intense competition and high base effects [4] Market and Competitive Landscape - The domestic small home appliance market remains under pressure, with retail sales for kitchen appliances declining by 2.9%, 8.1%, and 2.7% year-on-year in Q1, Q2, and Q3 2024 respectively [3] - The company's online retail sales for Q3 2024 showed a decline of 13% year-on-year, with average prices down by 10% [3] - The report highlights the potential for growth through the acquisition of Roman Smart and the expansion of self-owned brands into international markets [3]

证券研究报告 | 季报点评 gszqdatemark 2024 11 01 年 月 日 小熊电器（002959.SZ） 行业需求未恢复，盈利水平承压 事件：公司发布 2024 年三季度报告。公司 2024Q1-Q3 实现营业收入 31.39 亿元，同比-5.40%；实现归母净利润 1.80 亿元，同比-42.91%。扣 非归母净利润 1.26 亿元，同比-52.99%。单季度来看，2024Q3 实现营收 10.08 亿元，同比+3.17%；归母净利润 0.19 亿元，同比-75.60%；扣非 归母净利润 0.04 亿元，同比-94.39%。 行业需求未恢复，竞争激烈，品牌商价格压力较大。根据奥维数据，2024 年 1-9 月线上养生壶/电饭煲/电水壶/破壁机/空气炸锅行业销额同比 +16.92%/-4.23%/-5.99%/-11.36%/-30.07% ， 均 价 同 比 - 12.06%/+2.49%/+2.73%/-11.83%/-11.69%，整体行业表现未有明显恢 复，部分品类均价下探。 Q3 毛利率、盈利水平下滑明显。1）毛利率：24Q1-Q3/24Q3 同比-3.00pct/- 7.49pct ...

公司报告 | 季报点评 销售情况环比改善，经营利润有所承压 事件：公司 2024 年前三季度实现营业收入 31.39 亿元，同比-5.4%，归母 净利润 1.8 亿元，同比-42.91%；其中 2024Q3 实现营业收入 10.08 亿元， 同比+3.17%，归母净利润 0.19 亿元，同比-75.6%。 公司收入增速环比有所改善。根据奥维数据显示，24Q3 公司核心品类养 生壶增速表现较好，线上销额同比+19%，环比加速；电炖锅品类销售仍有 承压，销额同比-7%，环比降幅略有扩大。Q4 随着内销大促叠加部分厨房 小家电品类以旧换新国补的落地，我们预计公司收入增速有望环比继续向 好。 2024 年前三季度公司毛利率为 35.62%，同比-3pct，净利率为 5.95%，同比 -3.56pct；其中 2024Q3 毛利率为 33.34%，同比-7.49pct，净利率为 2.57%， 同比-5.5pct。利润端延续 24H1 的趋势，在内需低迷和行业竞争激烈的环 境下，毛利率同环比皆有所下降。 公司 2024 年前三季度销售、管理、研发、财务费用率分别为 19.21%、5.4%、 4.83%、0.52%，同比-0 ...