小熊电器：营收阶段性下滑，毛利率回落低位

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].