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  出品:新浪财经上市公司研究院   

  作者:坤

  当昔日网红小家电流量红利不再后,小熊电器如今深陷多重困境中。近日,小熊电器发布了2024年财报,实现营业收入47.58亿元,同比增长率仅为0.98%,已与以往的两位数增幅不可同日而语,实现归母净利润2.88亿元,相比去年同期缩水超三分之一。

  当流量经济逐渐退潮,谁在裸泳则暴露无遗,曾经爆火的网红小家电赛道,如今却来到了瓶颈期。据奥维云网(AVC)数据显示,2024年厨房小家电整体零售额609亿元,同比下降0.8%。不仅是小熊电器,赛道中从头部乃至尾部的公司均在经历红利消退后的阵痛,各尽所能求生或再突破。

  而小熊电器打出多元化战略多年后,公司不仅整体业绩表现掉头向下,核心业务厨房小家电也面临下滑,部分净利润由去年收购的罗曼智能贡献。同时,小熊电器过去一年生产量明显超过销售量,存货周转天数升高下或存在存货滞销风险。

  核心业务下滑、净利润暴跌35.37%创上市以来最大跌幅存货激增存滞销风险

  从近几年小熊电器的业绩表现来看,以往整体环境及相关政策带动的“宅家经济”也曾一度给小熊电器带来利好,2022年及2023年,小熊电器的营收规模分别同比增长14.18%、14.43%,同期归母净利润分别同比增长36.31%、15.24%。然而,当“网红”逐渐过气,消费者开始更注重各品类小家电的实用性与性价比,小熊电器便开始降速。2024年,小熊电器营收规模相比去年近乎0增长,而归母净利润则暴跌35.37%至2.88亿元,创下公司上市以来的最大跌幅。

  一直以来,从厨房小家电起步,小熊电器也在部署多元化,不断扩充产品品类,目前公司的产品除了厨房小家电之外,还包括生活小家电、个护小家电、母婴小家电和其他等。但厨房小家电依然是公司的业务重心,为小熊电器贡献绝大部分营收。然而,2024年小熊电器的核心赛道却受到一定冲击,厨房小家电业务实现营收32.76亿元,相比去年的36.44亿元同比减少10.10%,占营收比重从77.33%降至68.84%。核心业务的下滑,在很大程度上导致了过去一年营收规模的增长停滞。更何况,2024年厨房小家电的毛利率也减少了近2个百分点。

  与此同时,2024年小熊电器的生活小家电、个护小家电、母婴小家电营收同比增长分别为15.33%、174.31%、31.83%,在一定程度上有所弥补了厨房小家电的下滑,然而由于这些类型的产品收入规模仍然较小,且部分依赖代工、外部采购等,对公司业绩的支撑仍难言持续性。

  2024年,小熊电器在小家电行业的产品销售量为4598.04万台,与去年相比仅增长2.63%,然而生产量却为5057.57万台,相比去年增长16.84%,即生产量明显超过销售量,而库存量则由857.26万台增长至1211.91万台,同比大增41.37%。截至2024年底,小熊电器的存货水位来到新高9.24亿元,在存货的激增下,公司的存货周转天数由2023年的76.58天增加至2024年的90.27天,存在一定滞销风险。

  营销与研发投入失衡2024年股价创新低投资者难言认可

  除了核心业务缩水、毛利率下滑之外,近年来小熊电器高企的费用支出也进一步侵蚀了公司的利润空间。

  2022-2024年,小熊电器的销售费用分别为7.30亿元、8.84亿元、8.64亿元,同期管理费用分别为1.54亿元、1.90亿元、2.36亿元,研发费用分别为1.37亿元、1.43亿元、1.95亿元,2024年公司的销售费用率、管理费用率、研发费用率分别为18.17%、4.95%、4.09%。由此来看,不仅费用高企,营销与研发的投入失衡,也在一定程度上反映出小熊电器的“重营销轻研发”。

  更何况,即便是已经骤降35.37%的归母净利润表现,背后却依然暗藏水分。2024年7月,小熊电器斥资1.54亿现金收购罗曼智能61.78%股权,收购完成后罗曼智能纳入小熊电器的合并报表范畴。在收购时,罗曼智能承诺2024-2026年的净利润将不低于1500、2500、4000万元,三年合计不低于8000万元。实际上,2024年罗曼智能实现6883万元。换言之,2024年小熊电器已然缩水的净利润中还有部分是收购而来,如果剔除这部分影响,或暴露出公司的核心主业实际更不容乐观。

  而从过去一年的市场表现来看,投资者对小熊电器显然也难言认可。尽管股价曾在2020年中旬一度涨至165元/股,但自此之后小熊电器的股价便一路跌宕下行,2024年初时已然跌至50元以下,2024年9月曾创新低至35元。

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