On the last day of the Qingming holiday, the leader of small household appliances Bear Electric Appliance Co.Ltd(002959) announced that the cooperative warehouse caught fire and lost about 55 million yuan.
During the epidemic in 2020, Bear Electric Appliance Co.Ltd(002959) once soared in value driven by the “housing economy”, and the share price once rose by more than 300%. However, with the general downward pressure on the household appliance industry, it has been gradually controlled.
damaged goods worth about 55 million yuan
On April 5, Bear Electric Appliance Co.Ltd(002959) announced that on April 2, the company received the “explanation on the fire in the storage warehouse of Zhongcang supply chain factory of Xiangtan Jiuhua Economic Development Zone” from the Zhongcang supply chain of the cooperative warehouse.
The main content of the description is that the warehouse of Zhongcang supply chain located in the comprehensive bonded zone of Jiuhua Economic Development Zone, Xiangtan City, Hunan Province caught fire at about 9:40 on April 1, resulting in damage to the company’s inventory. After the fire, the local fire department quickly arrived at the scene to carry out rescue. With the help of the local fire emergency department, the fire has been put out.
The fire did not cause any casualties. At present, the cause of the fire accident is under investigation and verification. Zhongcang supply chain has insured property insurance from the insurance company, which has been accepted by the insurance company, and the fire loss is being evaluated. Zhongcang supply chain promises to be fully liable for the losses incurred by the company in this accident.
Bear Electric Appliance Co.Ltd(002959) said that according to preliminary statistics, the damaged goods entrusted by the company to the Zhongcang supply chain to keep and provide delivery services were worth about 55 million yuan. Through the emergency deployment of inventory products, the company makes this fire accident have little impact on the recent sales and delivery. The fire accident does not affect the normal production and operation of the company. At present, all businesses of the company are carried out normally.
In addition, Bear Electric Appliance Co.Ltd(002959) said that the company would launch relevant claim and claim settlement procedures and urge third-party service providers to strengthen safety management to prevent similar accidents from happening again. The company will perform the obligation of information disclosure in time according to the progress of accident investigation, claim and claim settlement. Please pay attention to the investment risk.
performance “changed face”, share price fell more than 71%
Public information shows that Bear Electric Appliance Co.Ltd(002959) was established in March 2006. Its main business is the R & D, design, production and sales of creative small household appliances, and was listed on the Shenzhen Stock Exchange in August 2019.
At the beginning of 2020, affected by the epidemic, many people began to live at home and work. Driven by the “home economy”, the small household appliance market exploded. According to the report on China’s home appliance market in the first half of 2020 issued by China Electronic Information Industry Development Research Institute, in the first half of 2020, the overall home appliance market decreased by 14.13% year-on-year, but the small home appliance industry increased by 12.4% year-on-year with online retail sales of 78 billion yuan.
In this context, Bear Electric Appliance Co.Ltd(002959) is also favored by funds, and its value soared.
In terms of share price, Bear Electric Appliance Co.Ltd(002959) from about 40 yuan in February 2020, climbed all the way to the highest level in July of that year, reaching 163.11 yuan / share, an increase of more than 300%, and the total market value once exceeded 25 billion yuan; However, it has fluctuated all the way since then. As of the closing on April 1 this year, it was reported at 45.95 yuan per share, almost falling back to the level two years ago. Compared with the previous high of 163.11 yuan / share, the share price fell by more than 71% and the market value was only 7.2 billion yuan.
In terms of performance, Bear Electric Appliance Co.Ltd(002959) and the share price showed the same downward trend.
According to the financial report data, Bear Electric Appliance Co.Ltd(002959) 2019 annual report, the revenue was 2.688 billion yuan, a year-on-year increase of 31.7%, and the growth rate of net profit was 44.57%; By 2020, the growth rate of net profit will reach 98.93%; However, by the time of the 2020 annual report, the growth rate of net profit will fall back to 59.64%.
After 2021, Bear Electric Appliance Co.Ltd(002959) the net profit further declined, and the company’s 2021 semi annual report showed negative growth for the first time. Data show that in the first half of the year, the company achieved an operating revenue of 1.634 billion yuan, a year-on-year decrease of 4.89%; The net profit was 139 million yuan, a year-on-year decrease of 45.3%; The net profit after deducting non-profit was 125 million yuan, a year-on-year decrease of 48.77%.
According to the semi annual report of Bear Electric Appliance Co.Ltd(002959) 2021, 100% of the company’s revenue comes from the small household appliance industry. In terms of specific sales of small household appliances, electric kitchen small appliances decreased by 35.81% year-on-year, and electric kitchen small appliances decreased by 23.58% year-on-year.
It is worth noting that not only Bear Electric Appliance Co.Ltd(002959) , but also many small household appliance enterprises, including Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , Guangdong Tonze Electric Co.Ltd(002759) and so on, have also experienced a decline in performance and share price. According to AVC data, from January to July last year, the total retail sales of small household appliances totaled 27.95 billion yuan, a year-on-year decrease of 9.7%; Retail sales totaled 133.01 million units, a year-on-year decrease of 8.9%. The small household appliance industry is generally affected by downward pressure.
intends to repurchase shares with RMB 80 million to RMB 120 million
On March 29, Bear Electric Appliance Co.Ltd(002959) announced that it plans to use its own funds of RMB 80 million to 120 million to buy back some shares of the company through centralized bidding transaction. The type of shares to be repurchased is A-share shares issued by the company, and the price of the repurchased shares does not exceed 55 yuan / share. According to the repurchase amount and the repurchase ceiling price, the number of shares to be repurchased is expected to be 14545 Guangdong Guangzhou Daily Media Co.Ltd(002181) 800, It accounts for about 0.93% – 1.39% of the total issued share capital of the company. The specific number of shares to be repurchased shall be subject to the actual number of shares to be repurchased when the repurchase period expires or the implementation of the repurchase of shares is completed. The repurchase period is 12 months from the date when the board of directors deliberates and approves the share repurchase plan. The shares repurchased this time will be used to implement the company’s equity incentive plan and / or employee stock ownership plan.
On April 1, Bear Electric Appliance Co.Ltd(002959) again announced that the company had not implemented share repurchase as of March 31, 2022.
As for shareholders, as of March 18, the total number of Bear Electric Appliance Co.Ltd(002959) shareholders was 339300, a decrease of 1584 or 4.46% compared with the previous period (January 20, 2022). According to choice data, as of March 18, 2022, the average number of shareholders of Listed Companies in the household appliance industry was 489 Shenzhen Special Economic Zone Real Estate&Properties (Group).Co.Ltd(000029) 59 the number of shareholders is lower than the industry average.
As for institutional investors, as of December 31, 2020, Bear Electric Appliance Co.Ltd(002959) fund had 116 positions and 9.2585 million shares, accounting for 10.52% of the circulating shares. By December 31, 2021, the number of fund positions will be reduced to 70, with the number of positions of 8.4264 million shares, accounting for 11.06% of the circulating shares.
At present, 13 of the stocks are rated “buy” and 7 are rated “recommend”. The latest consistent target price is 66.07 yuan.
