产品结构进一步优化，博锐加速承接性价比市场。飞科品牌方面，根据久谦数据显示，2024Q1 线上平台（天猫+京东+抖音）飞科品牌销售额同比下降26%，但均价同比提升17%。随着飞科品牌推出239 元的“银河星环”高速电吹风、399 元的“机甲”便携式剃须刀等差异化科技创新产品，带动品牌均价持续提升。博锐品牌方面，2023 年实现营业收入8.69 亿元，同比增加115.48%，在公司销售额中占比提升至17.17%，较去年提升8.44 个pcts。根据久谦数据显示，2023 年博锐品牌在线上剃须刀市场销售额份额提升至1.6%，较2022 年提升1pcts。Incident: On April 28, 2024, the company released its 2024 quarterly report. In the Q1 quarter of 2024, the company achieved revenue of 1,174 billion yuan, a year-on-year decrease of 15%; realized net profit of 180 million yuan, a year-on-year decrease of 44%, and realized net profit without return to mother of 166 million yuan, a year-on-year decrease of 41%.
Key points of investment:
The company's 24Q1 revenue was in line with expectations. In the 2024 Q1 quarter, Feike Electric achieved revenue of 1,174 billion yuan, a year-on-year decrease of 15%; realized net profit of 180 million yuan, a year-on-year decrease of 44%, and realized net profit of 166 million yuan without return to mother, a year-on-year decrease of 41%. The company's revenue performance was in line with market expectations. The decline in revenue was mainly due to the overlap between Valentine's Day and Spring Festival in 2024, which affected the company's holiday emotional marketing sales. Net profit to mother was slightly lower than market expectations, mainly due to large investment in marketing expenses.
The product structure was further optimized, and vPro accelerated its acceptance of the cost-effective market. In terms of the Feike brand, according to Jiuqian data, the sales of the Feike brand on the 2024Q1 online platform (Tmall, JD, Douyin) fell 26% year on year, but the average price increased 17% year on year. With the launch of differentiated technological innovation products such as the 239 yuan “Galaxy Star Ring” high-speed hair dryer and the 399 yuan “Mecha” portable shaver, the average price of the brand continues to rise. The vPro brand achieved revenue of 869 million yuan in 2023, an increase of 115.48% over the previous year, increasing its share of the company's sales to 17.17%, an increase of 8.44 pcts over last year. According to Jiuqian data, vPro's online shaver market sales share increased to 1.6% in 2023, an increase of 1 pcts compared to 2022.
Gross margin has been rising steadily, and sales expenses have remained at a high level. 2024Q1 achieved a gross profit margin of 57.10%, an increase of 1.01/2.30 pcts year-on-year, and high-end products continued to drive an increase in gross margin. In terms of expenses for the period, the 24Q1 sales expenses rate was 33.61%, up 8.85/1.91 pcts year over year. This was mainly due to increased competition in the industry. The company increased the influence of factors such as advertising, promotion and promotion expenses, and maintained a high level. The 24Q1 management expense ratio and financial expense ratio were 3.65% and -0.23% respectively, +1.10 and -0.15 pcts, respectively. The net profit margin for 24Q1 was 15.33%, down 7.98/2.74 pcts year-on-month.
Maintain profit forecasts and “gain” investment ratings. We maintain the company's profit forecast for 2024-2026. We expect to achieve net profit of 11.35 billion yuan, 13.04 billion yuan, and 1,515 billion yuan respectively, up 11.3%, 14.9%, and 16.2% year-on-year respectively, corresponding to current price-earnings ratios of 19, 17, and 15 times, respectively. The company's high-end electric shaver products have achieved good results. High-speed hair dryers have opened up new growth points, and new products continue to be launched with superimposed emotional marketing to drive revenue and performance growth, and maintain an “increase in wealth” investment rating.
Risk warning: New product development falls short of expectations, online channel expansion falls short of expectations, and market competition intensifies.
