Company Performance - The company expects a net profit loss of between 43 million to 62 million yuan for 2025, with revenue projected to be between 210 million to 250 million yuan, which is below the critical threshold of 300 million yuan [2] - To address performance pressures, the company announced a brand upgrade on January 24, 2026, changing its name from "帅丰集成灶" to "帅丰集成厨电" to expand into the full kitchen appliance sector [3] - The company plans to optimize its product structure and may introduce strategic investors or undergo industry chain restructuring to improve revenue [3] Industry Environment - The integrated stove industry is experiencing a slowdown in demand, with retail sales in the first half of 2025 declining by 27.6% year-on-year [4] - A consumption upgrade policy introduced by the Ministry of Commerce and six other departments in 2026 may provide a recovery opportunity for the industry, but the company needs to quickly enhance product competitiveness and channel efficiency to benefit [4] Financial Situation - The company anticipates recognizing asset impairment losses of approximately 45 million yuan and credit impairment losses of about 18 million yuan in 2025, which will further exacerbate losses [5] - Despite a low debt-to-asset ratio of 7.83% as of the third quarter of 2025, the company is facing deteriorating cash flow, with a net operating cash flow of -88.41 million yuan for the first three quarters [5]

Core Viewpoint - Shuaifeng Electric (605336.SH) is currently trading at 14.94 yuan, reflecting a decline of 1.52% and is in a state of breaking its initial public offering price [1] Group 1: Company Overview - Shuaifeng Electric was listed on the Shanghai Stock Exchange on October 19, 2020, with a public offering of 35.2 million shares at an issuance price of 24.29 yuan per share [1] - The total amount of funds raised by Shuaifeng Electric was 855 million yuan, with a net amount of 791 million yuan after deducting issuance costs [1] Group 2: Fund Allocation - Of the net funds raised, 531 million yuan is allocated for the industrialization demonstration project of 400,000 units of smart and energy-efficient integrated stoves, 110 million yuan for high-end kitchen accessory production lines, and 150 million yuan for marketing network construction [1] - The issuance costs amounted to 63.76 million yuan, with the underwriting fees for the sponsor, Guosen Securities, being 48.40 million yuan [1] Group 3: Dividend Distribution - On July 1, 2022, Shuaifeng Electric announced a profit distribution plan based on a total share capital of 142,041,250 shares, distributing a cash dividend of 1.39 yuan per share (tax included) and a capital reserve transfer of 0.3 shares for each share held [1] - The total cash dividend distributed amounted to 197,437,337.50 yuan, with a transfer of 42,612,375 shares, resulting in a new total share capital of 184,653,625 shares after the distribution [1]

Investment Rating - The investment rating for the company is "Cautious Accumulate" [3][10]. Core Views - The report indicates that the home appliance industry is facing significant pressure from weak demand and intensified competition, leading to substantial challenges for revenue and profit [2][10]. - The company is expected to report a net profit attributable to shareholders of between -0.62 billion to -0.43 billion yuan for 2025, a sharp decline from a profit of 0.60 billion yuan in the previous year [10]. - The report anticipates a recovery driven by national subsidies, despite the current short-term pressures on demand and sales [9]. Financial Summary - Total revenue is projected to decline from 831 million yuan in 2023 to 220 million yuan in 2025, representing a decrease of 48.3% [8]. - Net profit attributable to shareholders is expected to drop from 190 million yuan in 2023 to -53 million yuan in 2025, reflecting a year-on-year decline of 187.9% [8]. - The earnings per share (EPS) is forecasted to be -0.29 yuan in 2025, with subsequent recoveries to 0.11 yuan in 2026 and 0.19 yuan in 2027 [8][10]. - The company’s price-to-earnings (P/E) ratio is projected to be 139.47 in 2026 and 80.75 in 2027, indicating a significant valuation adjustment [8]. Market Data - The target price for the company is set at 15.95 yuan, with the current price at 15.08 yuan [3][10]. - The market capitalization is approximately 2.766 billion yuan, with a total share capital of 183 million shares [3]. - The stock has traded within a range of 12.68 to 22.33 yuan over the past 52 weeks [3]. Competitive Landscape - The report highlights that the integrated stove market is experiencing a downturn due to weak demand and increased competition, resulting in reduced sales volumes and orders [10]. - The product mix is shifting towards lower-priced items, which is putting pressure on the average selling price [10].

Investment Rating - The investment rating for the company is "Cautious Accumulate" [3][10]. Core Views - The report indicates that the home appliance industry is facing significant pressure from weak demand and intensified competition, leading to substantial challenges for revenue and profit [2][10]. - The company is expected to report a net profit attributable to shareholders of between -0.62 billion to -0.43 billion yuan for 2025, a sharp decline from a profit of 0.60 billion yuan in the previous year [10]. - The report anticipates a significant drop in total revenue, projecting 220 million yuan for 2025, which represents a 48.8% decrease compared to 2024 [8][10]. Financial Summary - Total revenue for 2023 is reported at 831 million yuan, with projections of 430 million yuan for 2024 and 220 million yuan for 2025, reflecting a year-on-year decline of 12.2% and 48.3% respectively [8]. - The net profit attributable to shareholders is forecasted to be 190 million yuan for 2023, decreasing to 60 million yuan in 2024, and turning negative at -53 million yuan in 2025 [8]. - The earnings per share (EPS) is expected to drop from 1.03 yuan in 2023 to -0.29 yuan in 2025, indicating a significant decline in profitability [8][10]. Market Data - The target price for the company's stock is set at 15.95 yuan, with the current price at 15.08 yuan [3]. - The company's market capitalization is approximately 2,766 million yuan, with a total share count of 183 million shares [3]. - The stock has experienced a 52-week price range of 12.68 to 22.33 yuan [3].

Group 1 - The kitchen and bathroom appliance sector increased by 1.86% on February 3, with Zhejiang Meida leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the kitchen and bathroom appliance sector showed varied performance, with Zhejiang Meida rising by 6.51% to a closing price of 9.49 [1] Group 2 - The main capital inflow in the kitchen and bathroom appliance sector was 28.25 million yuan, while retail investors experienced a net outflow of 5.27 million yuan [1] - Among individual stocks, Boss Electric had a main capital inflow of 34.75 million yuan, but also saw a retail outflow of 16.90 million yuan [2] - Zhejiang Meida experienced a main capital inflow of 10.21 million yuan, with retail investors contributing a net inflow of 0.49 million yuan [2]

被迫卷进价格战，集成灶卖不动了 如果只看2025年给出的业绩报告，可能会误以为帅丰电器是在这一年突然出现危机，但对比前两年的营业状况看，集成灶的跌势已经非常明显。据帅丰电器 官方公开的报告，公司2022年营收约9.46亿元，2023年约8.31亿元，虽然出现了下跌的情况，但也还算是正常的波动。而到了2024年营收掉到约4.30亿元， 同比下滑48.29%，净利润也从2023年的约1.90亿元掉到6030万元，这样的断崖式下跌，已经很能说明问题了。 谁也没想到，曾经被视作"厨房升级标配"的集成灶，会在2025年迎来自己的至暗时刻。 近日，集成灶龙头企业帅丰电器发布业绩预告，预计全年归母净利润亏损4300万元至6200万元，在扣除无关收入后的主营业务收入仅2亿元至2.4亿元。作为 集成灶行业的龙头企业之一，帅丰电器也曾站在行业高光时刻、被资本寄予厚望，如今却不得不面对即将退市的现实。 （图源：帅丰电器） 更令人感到不安的是，并非只有帅丰电器一家集成灶企业面临困境。从浙江美大到亿田智能，多家集成灶上市公司业绩下跌，整个行业零售规模连续下滑， 曾经被视为厨电领域"黑马"的品类，正在经历一场大劫难。但这也令人好奇，为何 ...

来源：新浪证券 出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：帅丰电器业绩持续缩水将被*ST背后，一方面，行业销售规模持续缩水，行业天花板被下 调；另一方面，在行业收缩背景下，公司毛利率骤降是否陷入价格战困境？此外，在公司主业乏力背景 下，公司玩起来跨界投资。 近日，帅丰电器2025年业绩首次出现亏损，且可能存在实施财务类强制退市风险警示（在公司股票简称 前加"*ST"）。 公告显示，公司预计2025年年度实现利润总额-5700万元到-3800万元，归母净利润-6200万元到-4300万 元，扣除归母净利润-7400万元到-5500万元。 奥维云网数据显示，集成灶行业零售额从2021年的256亿元跌至2024年的173亿元，跌幅达30.6%。新房 依赖较大、国补红利享受有限的集成灶产业则依然低迷。奥维云网（AVC）推总数据显示，2025年上半 年集成灶零售额同比下降27.6%。 与此同时，公司近年营收持续缩水，25年营收跌破3亿元水平，或将可能披星戴帽被被*ST。公司预计 2025年年度实现营业收入2.1亿元到2.5亿元，扣除与主营业务无关的业务收入和不具备商业实质的收入 后的营业收入为2亿元到2. ...

Core Viewpoint - The kitchen and bathroom appliance sector experienced a 2.18% increase on January 29, with Boss Electric leading the gains, while the overall market showed mixed results with the Shanghai Composite Index rising by 0.16% and the Shenzhen Component Index falling by 0.3% [1] Group 1: Market Performance - The closing price of Boss Electric was 21.51, reflecting a 7.07% increase, with a trading volume of 229,400 shares and a transaction value of 482 million yuan [1] - Other notable performers included Vatti Corporation with a 2.09% increase, Aupu Technology with a 1.72% increase, and Shuaifu Electric with a 1.47% increase [1] - The overall kitchen and bathroom appliance sector saw a net outflow of 30.67 million yuan from main funds, while retail investors contributed a net inflow of 32.48 million yuan [1] Group 2: Fund Flow Analysis - Boss Electric had a main fund net inflow of 19.57 million yuan, but retail investors showed a net outflow of 16.25 million yuan [2] - Vatti Corporation experienced a main fund net inflow of 3.44 million yuan, while retail investors had a net inflow of 0.97 million yuan [2] - Zhejiang Meida saw a main fund net inflow of 3.00 million yuan, with retail investors contributing a net outflow of 9.26 million yuan [2]

1月29日，据浙江帅丰电器股份有限公司（以下简称"帅丰电器"）官微消息，2026年开年之际，帅丰电 器官宣品牌名称从"帅丰集成灶"升级为"帅丰集成厨电"。 企查查显示，帅丰电器成立于1998年12月15 日，公司于2020年在上交所上市，是一家集研发、制造、销售为一体的高新技术企业，帅丰电器主要产 品包括集成灶、集成烹饪中心、洗碗机集成水槽、热水器和整体厨房。 ...

Core Viewpoint - The A-share market is undergoing a new wave of "delisting risk inspection" as companies disclose their 2025 annual performance forecasts, with over 20 companies already indicating potential delisting risk warnings due to financial indicators not meeting standards, major violations, or abnormal audit opinions [1][9]. Financial Indicators Not Meeting Standards - According to the latest rules from the Shanghai and Shenzhen Stock Exchanges, main board companies will trigger financial delisting risk warnings if their "net profit for the most recent accounting year is negative and operating revenue is below 300 million yuan" or if "net assets at the end of the period are negative" [2][10]. - Companies such as Bayi Steel, Shuaifeng Electric, Tianjian Technology, Yijing Optoelectronics, and Huaxia Happiness have announced that their stocks may face delisting risk warnings due to financial issues [2][10]. Specific Company Financial Issues - Bayi Steel expects its net assets to be between -1.76 billion yuan and -1.95 billion yuan by the end of 2025, which will trigger delisting risk warnings [3][11]. - Yijing Optoelectronics anticipates a net asset of -68 million to -130 million yuan for 2025, also leading to potential delisting risk warnings [3][11]. - Huaxia Happiness is expected to have negative net assets by the end of 2025, which may result in delisting risk warnings [3][11]. Revenue and Profit Shortfalls - Shuaifeng Electric forecasts a total profit loss of between -57 million and -38 million yuan for 2025, with a net profit loss of -62 million to -43 million yuan, and operating revenue expected to be between 21 million and 25 million yuan, below the 300 million yuan threshold [4][12]. - Tianjian Technology projects a total profit loss of between -170 million and -242 million yuan for 2025, with a net profit loss of -176 million to -250 million yuan, and negative operating revenue expected [4][12]. Internal Control Issues - Companies like Digital People and Tianye Co. face potential delisting risk warnings due to unresolved internal control issues highlighted in their audit reports for 2024 [5][13][14]. - Digital People received a negative opinion on its internal controls, which could lead to delisting risk warnings if similar issues persist in 2025 [5][13]. Importance of 2025 Audit Opinions - For companies already under delisting risk warnings, the audit opinions for 2025 will be critical. For instance, *ST Panda has indicated that unresolved non-standard audit opinions may lead to further delisting risks if not addressed [7][15]. - *ST Zhengping has also warned that unresolved audit issues could result in termination of listing if not rectified by the 2025 audit report [7][16].