证券之星消息，9月5日厨卫电器板块较上一交易日上涨1.05%，奥普科技领涨。当日上证指数报收于 3812.51，上涨1.24%。深证成指报收于12590.56，上涨3.89%。厨卫电器板块个股涨跌见下表： 从资金流向上来看，当日厨卫电器板块主力资金净流出1330.41万元，游资资金净流入2068.54万元，散户 资金净流出738.13万元。厨卫电器板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002508 | 老板电器 | 1740.66万 | 11.08% | -807.07万 | -5.14% | -933.60万 | -5.94% | | 603551 | 奥普科技 | 514.39万 | 23.81% | -417.10万 | -19.30% | -97.29万 | -4.50% | | 605336 帅丰电器 | | 295.81万 | 6.17% | 403.66万 | 8. ...

丨证券研究报告丨 公司研究丨点评报告丨华帝股份（002035.SZ） [Table_Title] 营收阶段性回落，盈利能力有所提升 报告要点 [Table_Summary] 公司发布 2025 年半年报：2025 年上半年公司实现营业收入 28.00 亿元，同比下滑 9.71%，实 现归母净利润 2.72 亿元，同比下滑 9.19%，实现扣非归母净利润 2.66 亿元，同比下滑 8.92% 单二季度来看公司实现营业收入 15.40 亿元，同比下滑 10.44%，实现归母净利润 1.66 亿元， 同比下滑 5.57%，实现扣非归母净利润 1.62 亿元，同比下滑 4.61%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 华帝股份（002035.SZ） cjzqdt11111 [Table_Title2] 营收阶段性回落，盈利能力有所提升 [Table_Summary2] 事件描述 公司发布 2025 年半年报：2025 年上半年公司实现营业收入 28 ...

随着8月份完结，各大A股上市公司纷纷交出了2025年上半年的"成绩单"。 据华帝股份透露，今年1—6月，公司线下渠道的毛利率为45.89%，同比大幅增长了6.83个百分点。此 外，公司新零售渠道毛利率也达到了41.51%，获得显著增长。公司称，这是因为公司持续深耕下沉渠 道，以最新形象打造新零售门店，稳步提升核心门店覆盖率与动销率，从而促使该渠道毛利率明显上 扬。 整体而言，华帝的烟机毛利率同比提升3.36个百分点，灶具提升3.6个百分点，热水器毛利率提升1.21个 百分点。分区域看，华帝上半年的国内业务毛利率同比提升了3.34个百分点，增速高于行业均速，与龙 头企业的毛利率差距进一步缩小。 厨卫赛道，今年上半年行业整体的销售依然保持着增长态势。不过，产业增长的宏观背景下，各厨卫品 类的销售表现不均，品类之间分化明显。 作为"厨房三杰"，华帝股份2025年上半年实现营收约28亿元，归母净利润2.72亿元。这份业绩的亮点之 处在于，公司整体毛利率进一步改善。上半年，烟机、灶具、热水器等核心产品的毛利率均同比有提 升，公司主营毛利率再次提升了3个百分点至44.1%。 那么，华帝是怎样逆势领跑，保持毛利率增速领先的 ...

外部压力下，营收增速放缓：1）受到房地产市场拖累及6 月起部分省市国补资金短缺的影响，1Q/2Q25 公司收入同比-9%/-10%，增速走弱。2）分产品看，油烟机、燃气灶、热水器仍为主要收入来源，1H25 三者收入合计24.23 亿元，占营收87%，其中油烟机、热水器收入在高基数下同比均有双位数下滑，燃 气灶收入同比微增。3）分渠道看，公司公告1H25 线下渠道收入同比-6%至14.86 亿元，海外渠道收入 同比-8%至3.47 亿元（2Q25 受关税政策扰动）。我们估计1H25 电商渠道收入同比下滑个位数，工程渠 道依然承压。 1H25 业绩低于我们预期 公司公布业绩：1H25 实现营收28.00 亿元，同比-9.7%；归母净利润2.72亿元，同比-9.2%；扣非后归母 净利润2.66 亿元，同比-8.9%。对应2Q25营收15.4 亿元，同比-10.4%；归母净利润1.66 亿元，同 比-5.6%；扣非后归母净利润1.62 亿元，同比-4.6%。公司业绩低于我们预期，主要是在外部环境压力 下，公司收入低于我们预期。 发展趋势 持续深耕下沉渠道：公司下沉渠道布局在业内领先，2022-2024 年新零售下沉渠 ...

2025年上半年，华帝股份（002035）(002035.SZ)持续强化品类运营能力，积极推进多品牌战略，公司灶具、蒸烤一体机和净水器等产品收入均实现稳步增 长，其销售毛利率也在持续提升。 证券之星注意到，公司依托华帝、百得、华帝家居三大自主品牌，构建了覆盖不同市场层次与业务领域的品牌矩阵。其中，华帝家居在营销、渠道和产品多 个维度协同发力，推动营业收入实现增长。同时，公司通过线下、线上、新零售、工程四大渠道的协同发力，全方位拓宽市场版图。在产品和创新层面，公 司深入提升产品创新能力、加速智能生态的构建，不断巩固品牌护城河，构建差异化竞争优势。 多品牌战略驱动增长 华帝家居则是在营销、渠道以及产品三方面发力。其在营销端坚持"内容为主、聚焦产品、建立矩阵、考核到人"的传播策略，提升整体竞争力；渠道方面， 线下以全案高定转型升级为导向，并重点布局招商、粤海、直营三大业务板块，线上优化运营商管理及服务流程，全面提升用户体验与运营效率。 产品方面，华帝家居持续推动意式、轻古典、东方三大系列产品的全案开发与落地，建立产品配置和工艺标准，加大对终端市场的设计赋能输出。得益于系 统化运营和成本管控，华帝家居上半年营业收入达 ...

证券之星消息，9月1日厨卫电器板块较上一交易日上涨0.4%，亿田智能领涨。当日上证指数报收于 3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。厨卫电器板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300911 | 亿田智能 | 56.52 | 2.21% | 16.50万 | 9.66亿 | | 603366 | 日出东方 | 11.30 | 1.25% | 35.11万 | 3.93亿 | | 300894 | 火星人 | 13.90 | 1.24% | 6.11万 | 8482.90万 | | 603551 | 奥普科技 | 12.59 | 1.04% | - 4.15万 | 5218.83万 | | 605336 | 帅幸电器 | 15.31 | 0.99% | 2.80万 | 4254.75万 | | 002035 | 华帝股份 | 6.50 | 0.62% | 17.31万 | 1.12亿 | | 002677 | 浙江美大 | ...

Core Insights - In the first half of 2025, the company reported a revenue of 2.8 billion yuan and a net profit of 272 million yuan, with a basic earnings per share of 0.33 yuan [1] - The company's gross margin increased to 43.54%, up by 2.86% year-on-year, demonstrating significant operational resilience amid industry challenges [1] - The company achieved operational efficiency and quality improvements through product structure optimization, lean operations, and supply chain enhancements [1] Product Performance - The core product categories of the company, including range hoods, stoves, and water heaters, saw gross margin increases of 3.36%, 3.60%, and 1.21% respectively [2] - Revenue from stoves grew by 2% year-on-year, increasing its share of total revenue to 26.21% [1][2] - Emerging growth products such as steam ovens and water purifiers achieved year-on-year growth of 2.69% and 3.25%, indicating successful product diversification and market expansion [2] Research and Innovation - The company invested 116 million yuan in R&D, accounting for 4.14% of its revenue, focusing on core areas and achieving breakthroughs in key technologies [3] - As of June 30, the company added 472 new patents, bringing its total to 4,690, positioning it among the industry leaders [3] Channel Development - The company enhanced its channel structure, achieving a gross margin of 45.89% in offline channels, a significant increase of 6.83% year-on-year [5] - New retail channel gross margin rose to 41.51%, driven by initiatives such as retail transformation and local life platform expansion [5] - The company's high-end transformation and lean management strategies are expected to drive high-quality growth, benefiting from the accelerating consumer upgrade trend in the kitchen appliance industry [5]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and profit margins, driven by product innovation and market expansion [1][5]. Financial Performance - In the first half of 2025, the company achieved a revenue of 2.8 billion yuan and a net profit attributable to shareholders of 272 million yuan, with a non-recurring net profit of 266 million yuan [1]. - The gross margin improved by 2.86% year-on-year, exceeding 43%, while the second quarter gross margin reached 44.70%, up 4.97% year-on-year and 2.59% quarter-on-quarter [1]. Product Performance - Key products contributing over 10% to revenue included: - Range hoods: 1.17 billion yuan in revenue with a gross margin of 48.41%, up 3.36% year-on-year - Stoves: 733 million yuan in revenue with a gross margin of 48.73%, up 3.60% year-on-year - Water heaters: 519 million yuan in revenue with a gross margin of 33.98%, up 1.21% year-on-year [2]. - The company launched innovative products such as the "high透活肌科技" water heater, enhancing its market position in the high-end segment [2][4]. Marketing and Brand Strategy - The company has adopted a diversified marketing approach to strengthen its brand image as a "fashionable scientific kitchen appliance" [4]. - Initiatives included engaging with younger consumers through digital personas and hosting events to enhance brand recognition and user engagement [4]. Market Position and Future Outlook - The company is actively expanding into high-end markets focused on health and wellness, aligning with consumer trends towards "new Chinese-style fashionable healthy living" [5].

8月29日晚，华帝股份（002035）(SZ.002035)发布2025年半年报。报告期内，公司实现营收28亿元，归母净利润2.72亿元，公司毛利率43.54%，同比上升 2.86%。 华帝产品结构优化成效显著。目前公司实现在新形态烟机的全面布局，凭借美肌浴热水器实现在4000元以上高端价位的关键突破。依托于新一代聚能燃烧技 术，公司进一步强化"火炬专业户"的大众认知，高端灶具销量提升，报告期内，灶具在公司营收中的占比同比显著提升。 公司在坚持抓"烟灶热"支柱产品的高端化、智能化和时尚化升级的同时，深耕洗碗机、嵌入式蒸烤/微蒸烤一体机为代表的品需赛道，力图打造第二增长曲 线。今年3月，华帝发布"小时光""小微光"系列新品，用创新技术达成"烤得好，净得快"，紧抓"健康经济"机遇。 截至6月底，公司2025年新增专利472项，专利数量累计4690项，居行业前列。目前公司构建由创意专家、品类专家、平台专家和学科专家组成的核心创新团 队，按照"开发一代、储备一代、探索一代"，确保公司产品创新滚动迭代。 公司渠道生态明显改善。报告期内，公司线下渠道毛利率大幅增长，达到46%，同比增长近7%；新零售渠道毛利率达到41.5 ...

Core Viewpoint - The financial performance of Vatti Corporation (002035) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, despite an increase in profitability margins [1] Financial Performance Summary - Total revenue for the first half of 2025 was 2.8 billion yuan, a decrease of 9.71% year-on-year [1] - Net profit attributable to shareholders was 272 million yuan, down 9.19% year-on-year [1] - In Q2 2025, total revenue was 1.54 billion yuan, a decline of 10.44% year-on-year, with net profit of 166 million yuan, down 5.57% year-on-year [1] - Gross margin increased to 43.54%, up 7.02% year-on-year, while net margin rose to 9.7%, an increase of 0.73% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 828 million yuan, accounting for 29.57% of revenue, an increase of 9.02% year-on-year [1] - Earnings per share decreased to 0.33 yuan, down 8.91% year-on-year, while operating cash flow per share was 0.21 yuan, a decrease of 22.86% year-on-year [1] Cash Flow and Financial Ratios - Financial expenses increased by 58.32% due to reduced interest income and foreign exchange gains [3] - Net cash flow from investing activities decreased by 134.62% due to increased project payments compared to the previous year [3] - Net cash flow from financing activities increased by 28.49% due to the absence of share buyback payments from the previous year [3] - The net increase in cash and cash equivalents decreased by 58.47% due to increased investment activities [4] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 12.35%, indicating strong capital returns [5] - The historical median ROIC over the past decade is 12.27%, suggesting average investment returns [5] - The company has reported one loss year since its IPO, indicating generally good financial health [5] Dividend and Shareholder Information - The estimated dividend yield for the company is 4.75% [6] Business Model and Market Strategy - The company's performance is primarily driven by marketing efforts, necessitating further investigation into the underlying factors of this drive [7] - The company is focusing on developing its lower-tier market channels by enhancing retail store presence and improving product offerings to adapt to market changes [9]