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  Company Profile
  BEAR ELECTRIC APPLIANCE CO., LTD. is a China-based company principally engaged in the research and development, design, production and sales of creative small household appliances. The Company mainly uses the Internet big data for online sales of creative small appliances by its own brand named Bear. The Company's products are divided into small kitchen appliances, small household appliances and other small household appliances according to the application direction. Among them, the small kitchen appliances are further divided into five categories: pots, electrics, pots, westerns and electrics. (Source: MarketScreener)
  Recently, Bear Electric Appliance (“the company”) releases its financial results for the third quarter 2022.
  For Q3, 2022, the company reported CNY 850 million, CNY 92 million, and CNY 81 million in revenue, net profit attributable to shareholders, and net profit attributable to shareholders & excluding gains and losses from non-recurring items, respectively, a year-on-year (YoY) growth of 16.29%, 84.51% and 79.26% respectively.
  The Q3 gross margin came in at 36.87%, up 2.86 pps YoY; the Q3 net margin attributable to shareholders reached 10.84%, up 4.01 pps, YoY.
  For the first three quarters of 2022, the company reported CNY 2.699 billion, CNY 240 million, and CNY 238 million in revenue, net profit attributable to shareholders, and net profit attributable to shareholders & excluding gains and losses from non-recurring items, respectively, a year-on-year growth of 14.12%, 27.24% and 40.46%.
  For the first three quarters, the gross margin was 35.8%, up 1.49 pps YoY, and the net margin attributable to shareholders stood at 8.91%, up 0.92 pps, YoY.
  As the company adopted a new strategy to streamline its products and scale up the product volume via Douyin, its revenue exceeded expectations in Q3.
  Amid the weakened domestic consumer demand in Q3, the company continued to upgrade its brand, streamline SKU and optimize product mix on the product side, and increase the average price. The company also made deployment in platforms such as Douyin on the channel side to expand its revenue. According to chanmama.com, the sales volume of the company via Douyin exceeded CNY 40 million in Q3, which contributed to its steady revenue growth.
  As the company optimized its product mix and the costs of raw materials reduced in Q3, its performance continued to grow strongly.
  In Q3, the company’s gross profit margin improved significantly year-on-year, mainly due to the higher average price, which was driven by the lower raw material costs and the optimized product mix.
  With the scale effect and the improvement of the operating efficiency, the company’s expense ratio remained stable during the reported period.
  In Q3, the company’s sales/administration/R&D/financial expense ratios changed by +1.00 pps/-0.74 pps/-0.28 pps/+0.69 pps year on year and reached 17.52%/ 3.67% /4.63% /0.05%, respectively.
  The slight increase in the sales expense ratio can be attributed to the accelerated launch of new products and the increase in marketing investment when preparing for the promotion season. With the combined impact of gross profit margin improvement and expense optimization, the company’s net profit margin attributable to shareholders rose by 4.01 pps YoY to 10.84% in Q3, reaching the highest level since Q3, 2020, showing strong profitability.
  The net cash flow from operating activities was CNY118 million in Q3, up 918.15% year-on-year, mainly due to the lower sourcing price for raw materials and the higher operating quality.
  Earnings forecast and investment recommendation
  The company is a leader in the small household appliances and has stable terminal demand. As it continues to expand and diversify new categories, the channel marketing becomes more effective, and its performance is expected to improve.
  We revise our forecast of the company’s EPS to CNY 2.46, CNY 2.98 and CNY 3.30 for 2022, 2023 and 2024 respectively, implying a PE ratio of 21.1x, 17.4x and 15.7x, respectively, based on the closing price on October 27, 2022.
  We maintain the rating of “Outperform”.
  Potential risks
  Rising raw material prices; lower-than-expected terminal demand; intensified industry competition.

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