BEAR APPLIANCE(002959) 光大证券·2025-04-13 09:15Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 4.8 billion yuan in 2024, a year-on-year increase of 1%. The net profit attributable to shareholders was 290 million yuan, a decrease of 35% year-on-year [4][5] - The company is actively expanding into emerging categories and enhancing its presence in both offline and overseas channels, with domestic and international revenues of 4.1 billion yuan and 700 million yuan respectively, reflecting a year-on-year change of -6% and +81% [5] - The company’s gross margin for 2024 was 35.3%, down 1.3 percentage points year-on-year, while the net margin was 6.4%, down 3.0 percentage points year-on-year [6] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.6 billion yuan, a year-on-year increase of 16%, with a net profit of 110 million yuan, down 17% year-on-year [4][5] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, resulting in a cash dividend ratio of 54% [4] Revenue Breakdown - Revenue from kitchen appliances was 3.3 billion yuan, down 10% year-on-year, while personal care and maternal and infant small appliances saw significant growth, with increases of 174% and 32% respectively [5] - Online and offline channel revenues were 3.6 billion yuan and 1.1 billion yuan, reflecting year-on-year changes of -7% and +35% [5] Profitability and Cost Structure - The company’s operating expenses for 2024 included a sales expense ratio of 18.2%, a management expense ratio of 5.0%, and a research and development expense ratio of 4.1% [6][20] - The company’s operating cash flow for 2024 was 230 million yuan, a decrease of 67% year-on-year [6] Future Outlook - The company is expected to benefit from ongoing consumer upgrades and industry expansion, with revised net profit forecasts for 2025 and 2026 at 360 million yuan and 412 million yuan, respectively [7][8] - The current price corresponds to a price-to-earnings ratio of 19, 16, and 15 for the years 2025, 2026, and 2027 [7]