Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to 17.40 yuan [1][31]. Core Views - The company is expected to experience a recovery in performance despite short-term pressure on demand and a competitive market environment. The earnings forecast for 2024-2026 is adjusted to EPS of 1.09/1.18/1.27 yuan, reflecting a cautious approach [1][31]. - The overall industry is facing a slow recovery, and the company's product mix is expected to optimize, with a shift towards lower-priced products impacting average selling prices [1][33]. Summary by Sections Performance Overview - The company's revenue for Q1 2024 was 1.17 billion yuan, down 33% year-on-year, with a net profit of 0.22 billion yuan, down 45% [1][19]. - The gross margin for Q1 2024 was 44.59%, a decrease of 3.12 percentage points year-on-year, while the net margin was 18.94%, an increase of 3.94 percentage points year-on-year [1][34]. Financial Forecast - The financial projections indicate a revenue of 872 million yuan for 2024, with a slight recovery expected in subsequent years [1][31]. - The company’s operating profit is forecasted to improve gradually, with EBIT margins expected to reach 23.4% in 2024 [1][32]. Industry Context - The integrated stove market is experiencing a high average price, which has increased the purchasing threshold for consumers, contributing to a decline in overall sales [1][33]. - The competitive landscape remains intense, with the company adapting its sales structure to include a higher proportion of lower-priced products, which is expected to affect overall pricing strategies [1][29].

证券代码：605336 证券简称：帅丰电器 公告编号：2024-024 浙江帅丰电器股份有限公司 关于使用部分闲置募集资金进行现金管理提前赎回的进展 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ● 履行的审议程序：浙江帅丰电器股份有限公司（以下简称"公司"）于 2023 年 12 月 27 日召开了第二届董事会第三十四次会议、第二届监事会第二十 九次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同 意公司使用最高不超过人民币 320,000,000.00 元的部分闲置募集资金进行现金 管理，用于购买安全性高、流动性好、满足保本要求的投资产品(不超过 12 个月 的商业银行发行的保本型约定存款或理财产品)，投资期限自董事会审议通过之 日起 12 个月内有效，并授权董事长行使投资决策权及签署相关合同的权利。在 上述额度和期限内，资金可以滚动使用。公司监事会、保荐机构发表了明确同意 意见。具体内容详见公司于 2023 年 12 月 28 日披露的《浙江帅丰电器股份有限 公司关于使用部分闲置募集资金进行现金 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥117,418,731.61, representing a decrease of 32.96% compared to the same period last year[4] - The net profit attributable to shareholders was ¥22,233,383.94, down 44.50% year-over-year[4] - The net profit after deducting non-recurring gains and losses was ¥17,919,215.96, reflecting a decline of 47.25% compared to the previous year[4] - The basic earnings per share (EPS) was ¥0.12, a decrease of 45.45% from the same period last year[4] - Total operating revenue for Q1 2024 was CNY 117,418,731.61, a decrease of 32.97% compared to CNY 175,158,713.05 in Q1 2023[19] - Net profit for Q1 2024 was CNY 22,233,383.94, representing a decline of 44.49% from CNY 40,063,345.70 in Q1 2023[20] - Basic and diluted earnings per share for Q1 2024 were both CNY 0.12, down from CNY 0.22 in Q1 2023[21] Cash Flow - The net cash flow from operating activities was negative at -¥21,253,398.66, indicating a significant cash outflow[4] - Cash inflow from operating activities in Q1 2024 was CNY 172,545,940.45, a decrease of 30.77% compared to CNY 249,684,478.76 in Q1 2023[22] - The net cash flow from operating activities was -$21,253,398.66, compared to $40,756,766.22 in the previous period, indicating a significant decline in operational cash generation[23] - Total cash outflow from operating activities amounted to $193,799,339.11, while cash inflow from investment activities was $709,989,425.93, showing a strong investment cash inflow[23] - The net cash flow from investment activities was -$154,260,367.48, a decrease from $699,459,465.77 in the previous period, reflecting increased investment expenditures[23] - The company reported a net decrease in cash and cash equivalents of -$175,631,370.39, contrasting with an increase of $740,216,222.29 in the prior period[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,259,129,224.59, a decrease of 2.56% from the end of the previous year[5] - As of March 31, 2024, total assets amounted to RMB 2,259,129,224.59, a decrease from RMB 2,318,381,176.22 as of December 31, 2023[15] - Total liabilities decreased to CNY 261,725,960.18 in Q1 2024 from CNY 343,211,295.75 in Q1 2023, a reduction of 23.73%[18] - The company reported a total current asset of RMB 1,716,452,682.60, slightly down from RMB 1,768,073,477.84[14] - Non-current assets totaled RMB 542,676,541.99, down from RMB 550,307,698.38[15] Shareholder Information - The equity attributable to shareholders increased by 1.13% to ¥1,997,403,264.41 compared to the end of the previous year[5] - The total number of ordinary shareholders at the end of the reporting period was 12,474[9] - The company plans to distribute a cash dividend of RMB 6.20 per 10 shares, totaling RMB 114,078,419.00, which represents 60.15% of the annual net profit attributable to shareholders[11] - The company’s board meeting on April 22, 2024, approved the profit distribution plan for 2023, pending shareholder approval[11] Operational Costs - Total operating costs for Q1 2024 were CNY 97,522,479.92, down 27.47% from CNY 134,461,547.46 in Q1 2023[19] - The company paid $28,294,530.39 in employee compensation and $19,252,534.03 in taxes during the quarter, highlighting significant operational costs[23] Financial Expenses - The company reported a financial expense of CNY -12,317,782.64 in Q1 2024, compared to CNY -6,359,658.10 in Q1 2023, indicating a significant increase in financial costs[19] - Deferred income tax liabilities decreased to CNY 5,612,228.16 in Q1 2024 from CNY 8,857,390.05 in Q1 2023, a decline of 36.67%[18] Cash and Equivalents - Cash and cash equivalents decreased to RMB 982,794,047.64 from RMB 1,158,425,418.03[13] - The company held cash equivalents of RMB 982,794,047.64 as of the end of Q1 2024[13] - Cash and cash equivalents at the end of the period totaled $982,794,047.64, down from $1,308,581,259.26 at the end of the previous period[24] Inventory and Receivables - Accounts receivable decreased to RMB 17,983,300.21 from RMB 42,912,570.42, indicating a significant reduction in outstanding receivables[14] - Inventory decreased to RMB 99,823,213.41 from RMB 105,678,046.98, reflecting a reduction in stock levels[14]

2. 业绩简述 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|-----------------------------------------------------------------------------|-------------------------------------------------------|----------|------------------------------------|---------------------------|----------|---------------------------------------------------------|----------------|------------------------| | [Table_MainInfo] \n帅丰电器 | [Table_Title] \n(605336) | | | | [Table_industryInfo] | | [ ...

证券研究报告 | 2024年04月23日 图4: 公司单季归母净利润及增速 请务必阅读正文之后的免责声明及其项下所有内容 国信证券经济研究所 帅丰电器（605336.SH） 买入 《帅丰电器（605336.SH）-2023 年中报点评：二季度经营稳健， 盈利持续回升》 ——2023-09-05 《帅丰电器（605336.SH）-2022 年报点评：全年经营稳健，四季 度盈利回升》 ——2023-04-24 资料来源：公司公告、Wind、国信证券经济研究所整理 资料来源：公司公告、Wind、国信证券经济研究所整理 重要声明 2023 年报点评：集成灶需求承压，盈利能力维持稳健 | --- | --- | --- | --- | --- | --- | |----------------------------------------|-----------|-------------|-------------|----------------------------------|-------------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | ...

浙江帅丰电器股份有限公司 已审财务报表 2023年度 浙江帅丰电器股份有限公司 目 录 | | 页 | | 次 | | --- | --- | --- | --- | | 审计报告 | 1 - | | 7 | | 已审财务报表 | | | | | 合并资产负债表 | 8 | - | 9 | | 合并利润表 | | 10 | | | 合并股东权益变动表 | 11 | - | 12 | | 合并现金流量表 | 13 | - | 14 | | 公司资产负债表 | 15 | - | 16 | | 公司利润表 | | 17 | | | 公司股东权益变动表 | 18 | - | 19 | | 公司现金流量表 | 20 | - | 21 | | 财务报表附注 | 22 | - | 101 | | 补充资料 | | | | | 1. 非经常性损益明细表 | | 1 | | | 2. 净资产收益率和每股收益 | | 1 | | 审计报告 安永华明（2024）审字第70034018_B01号 浙江帅丰电器股份有限公司 浙江帅丰电器股份有限公司全体股东： 一、审计意见 我们审计了浙江帅丰电器股份有限公司的财务报表，包括2023年1 ...

浙江帅丰电器股份有限公司 2023 年度审计委员会履职情况报告 浙江帅丰电器股份有限公司（以下简称"公司"）董事会审计委员会根据《上 市公司治理准则》《上市公司独立董事管理办法》《上海证券交易所股票上市规则》， 并按照《公司章程》《董事会审计委员会议事规则》等有关法律法规和规章制度 的规定，2023 年度公司董事会审计委员会本着勤勉尽责的原则，认真履行职责， 充分发挥专业作用，积极开展工作，现对审计委员会的 2023 年度履职情况报告 如下： 一、审计委员会基本情况 公司于 2023 年 12 月 27 日、2024 年 1 月 18 日分别召开了第二届董事会第 三十四次会议和 2024 年第一次临时股东大会，选举产生了第三届董事会董事。 股东大会结束后同日，公司召开了第三届董事会第一次会议选举产生了第三届董 事会各专门委员会委员及召集人。 公司董事会审计委员会由 2 名独立董事及 1 名非独立董事组成。公司第二届 董事会审计委员会成员分别为厉国威先生、商若云女士、俞毅先生，其中召集人 由具有专业会计资格的独立董事厉国威先生担任，各委员任期同第二届董事会一 致。目前，公司在任的第三届董事会审计委员会成员分别为 ...

公司代码：605336 公司简称：帅丰电器 浙江帅丰电器股份有限公司 2023 年度内部控制评价报告 浙江帅丰电器股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简 称企业内部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内 部控制日常监督和专项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准 日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并 如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行 监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、 高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容 的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真 实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅 能为实现上述目标提供合理保证。此外，由于情况的变化可 ...

Financial Performance - In 2023, the company achieved a net profit attributable to shareholders of RMB 189,665,298.21, a decrease of 11.51% compared to RMB 214,346,675.51 in 2022[6] - The total operating revenue for 2023 was RMB 830,581,805.49, reflecting a decline of 12.23% from RMB 946,367,908.23 in the previous year[21] - The net cash flow from operating activities decreased by 28.93% to RMB 217,589,026.34, down from RMB 306,145,617.18 in 2022[21] - The basic earnings per share for 2023 was RMB 1.03, down 11.21% from RMB 1.16 in 2022[22] - The weighted average return on equity decreased to 9.73% in 2023, down from 11.24% in 2022, a reduction of 1.51 percentage points[22] - The gross margin for the integrated stove segment was 49.43%, with a revenue decrease of 16.40% year-on-year[84] - Revenue from international markets increased by 70.12%, indicating a growing demand from overseas customers[84] - The company achieved operating revenue of ¥830,581,805.49, a decrease of 12.23% compared to the same period last year[77] - Operating costs amounted to ¥441,393,761.77, down 13.48% year-on-year[77] - Net profit for the period was ¥189,665,298.21, reflecting an 11.51% decline from the previous year[77] Dividend Policy - The company's cash dividend payout ratio for 2023 is 60.15%, with a proposed cash dividend of RMB 6.20 per 10 shares, totaling RMB 114,078,419.00[6] - The company has established a cash dividend policy that mandates a minimum distribution of 20% of the annual distributable profit, with higher percentages for mature stages without major capital expenditures[160] - The company’s cash dividend distribution plan for 2022 was approved, with a total cash dividend of RMB 128,254,377.55 distributed[161] Marketing and Brand Strategy - The company launched a new brand positioning as "High-end Integrated Kitchen Appliance Expert" in March 2023, along with a new slogan[31] - The company received recognition as the leading brand in integrated stoves for five consecutive years from 2019 to 2023 by a reputable consulting firm[30] - The company increased its advertising investment in new media platforms, enhancing brand awareness through targeted content and influencer collaborations[32] - The company aims to enhance brand recognition and consumer engagement through new IP character "KOMS" and various promotional activities[31] - The company has launched a series of brand marketing activities, including product tasting events and promotional campaigns, to maintain high engagement at retail terminals[69] Product Development and Innovation - The company is committed to product innovation and upgrading to meet the multifunctional needs of modern households[30] - The company launched the integrated cooking center product line in October 2023, expanding its offerings to meet the needs of kitchen renovation users[40] - The company has developed the X1 series integrated steam and bake stove, enhancing cooking efficiency for larger families[42] - The company has introduced the Magic Clean and Magic Wash series integrated washing products, further expanding its product matrix in the integrated washing category[43] - The company is focusing on integrating more appliance functions and innovating product forms to meet evolving consumer demands[115] Operational Efficiency and Management - The company has optimized its organizational structure and performance management to enhance per capita efficiency, focusing on talent acquisition and training programs[44] - The company has upgraded its ERP and CRM systems to improve operational efficiency and multi-channel marketing management, enhancing user engagement and service quality[46][47] - The company has implemented a comprehensive online and offline sales strategy, utilizing platforms like Douyin and WeChat for effective marketing and sales conversion[73] - The company has a training program in place to enhance employee skills and professional development through various training methods[159] Market Trends and Challenges - The integrated kitchen appliance market saw a retail sales decline of 4.0% in 2023, with a total retail value of 24.9 billion yuan, indicating industry challenges[52] - The competitive landscape is intensifying, with 39 brands achieving annual sales exceeding ¥10 million, a decrease of 10 brands from the previous year[115] - The company plans to enhance consumer education to improve the penetration of steam and intelligent products, while also diversifying product functionalities[115] - Market demand for integrated stoves is closely tied to macroeconomic conditions and disposable income, affecting consumer purchasing power[128] Corporate Governance and Compliance - The company adheres to governance standards and has ensured that all shareholder meetings and decisions comply with legal requirements[132] - The board of directors and management have maintained stable shareholding structures, with no significant changes in shareholdings reported during the period[134] - The company has not faced any penalties from securities regulatory authorities in the past three years[144] - The company has established an effective internal control system, ensuring compliance and asset security[167] Environmental and Social Responsibility - The company has invested CNY 1.05 million in environmental protection during the reporting period[171] - The company implemented a photovoltaic power generation project, generating approximately 4.13 million kWh of clean energy in 2023[174] - The company is actively pursuing carbon reduction measures, including the use of clean energy and energy-efficient products[174] - The company donated CNY 1.05 million to charitable causes, including support for veterans[176] Future Outlook and Strategic Plans - Future outlook remains positive, with strategic plans for market expansion and potential mergers and acquisitions being discussed[135] - The company plans to release multiple new high-end integrated stove products in 2024, including steam and bake models, while expanding its product matrix to include integrated disinfection cabinets, sinks, and dishwashers[120] - The company is exploring new markets to diversify its revenue streams and mitigate risks[135] - The management team has emphasized the importance of innovation and is focusing on research and development initiatives[135]

证券代码：605336 证券简称：帅丰电器 公告编号：2024-016 浙江帅丰电器股份有限公司 2023 年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配：向全体股东每 10 股派发现金红利人民币 6.20 元（含税）。 本次利润分配方案以实施 2023 年度权益分派股权登记日的总股本为 基数，具体日期将在权益分派实施公告中明确。 在实施权益分派股权登记日前公司总股本发生变动的，按照每股分配 金额不变的原则进行分配，相应调整分配总额，并将另行公告具体调整情况。 本次利润分配方案尚须提交公司 2023 年年度股东大会审议。 此次利润分配方案尚须提交公司 2023 年年度股东大会审议。 二、公司履行的决策程序 （一）董事会会议的召开、审议和表决情况 公司于 2024 年 4 月 22 日召开公司第三届董事会第三次会议审议通过了《公 司 2023 年度利润分配方案》，方案符合公司章程规定的利润分配政策，此次利润 分配方案尚须提交公司 2023 年年度股东大会审议。 （二）监事会意见 公 ...