BEAR APPLIANCE(002959) 开源证券·2024-11-01 09:05Investment 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]