华帝股份有限公司 2024 年第三季度报告 1 证券代码：002035 证券简称：华帝股份 公告编号：2024-036 华帝股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度报告是否经过审计 □是 否 华帝股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|------------------------|---------------------- ...

Investment Rating and Target Price - The report initiates coverage on the company with an "Overweight" rating and a target price of 9.50 RMB, compared to the current price of 7.24 RMB [2] - The target price is derived from a combination of absolute and relative valuation methods, considering the uncertainty of real estate policies on actual sales [7] Core Investment Thesis - The company's strategy of product integration and bundling is expected to drive higher average selling prices (ASP), while channel integration is anticipated to enhance market share [2] - The relaxation of real estate policies, such as the removal of purchase restrictions in Guangzhou and the reduction of existing mortgage rates, is expected to stabilize the real estate market, benefiting the home appliance sector, particularly post-cycle companies [7] - The company's new product lines, including integrated cooking centers and water heaters, are expected to contribute to revenue growth, with integrated cooking centers generating approximately 36 million RMB in sales in 2023 [7][29] Financial Performance and Forecast - The company's revenue is expected to grow by 4%, 7%, and 7% year-over-year (YoY) from 2024 to 2026, with net profit attributable to the parent company increasing by 6.2%, 7.5%, and 8.9% respectively [7] - The company's revenue in 2023 was 6.233 billion RMB, a 7.1% increase YoY, with net profit attributable to the parent company reaching 447 million RMB, a 212.5% increase YoY [10] - The company's gross profit margin improved to 42.2% in 2023, up from 39.5% in 2022, driven by product mix optimization and cost control [10] Product and Market Strategy - The company is focusing on integrated and bundled product strategies, with integrated cooking centers and water heaters expected to drive revenue growth [7][29] - The company's integrated cooking center, launched in 2023, has already achieved significant sales, and further growth is expected as the company increases marketing efforts and introduces new products [29] - The company is also benefiting from the trend of replacing electric water heaters with gas water heaters, leveraging its long-standing expertise in the gas appliance market [34] Channel and Operational Efficiency - The company is undergoing channel reform, with a focus on flattening the distribution structure to improve operational efficiency [7] - The company has established "Sales Operation Center," "Channel Operation Center," and "Retail Management Center" to enhance management precision and encourage direct sales by agents [7] - The company's online and offline channels accounted for 45% and 35% of total revenue in 2023, respectively, with engineering and overseas channels contributing 8% and 10% [44] Brand and Marketing Strategy - The company operates three major brands: Vatti (high-end), BCD (mid-range), and Vatti Home (high-end custom home solutions) [16] - The company has a strong marketing capability, having sponsored major sports events such as the Olympics and the FIFA World Cup, which enhances brand visibility and credibility [52] - The company is also focusing on brand rejuvenation, with endorsements from young celebrities and innovative marketing campaigns to attract younger consumers [53]

证券代码：002035 证券简称：华帝股份 公告编号：2024-035 华帝股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 华帝股份有限公司（以下简称"公司"）于2023年12月5日召开了第八届董事会第十次会议， 审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式或 法律法规允许的方式回购部分公司已在境内发行的人民币普通股（A股）股票，并在未来择机用 于股权激励计划或员工持股计划。拟用于回购的资金总额不低于人民币1亿元（含本数），且不 超过人民币2亿元（含本数），回购价格不超过人民币8.67元/股（含本数），回购股份实施期 限为自公司董事会审议通过本次回购股份方案之日起不超过12个月。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第9号——回购股 份》等相关法律法规规定，现将公司回购股份进展情况公告如下： 截至2024年9月30日，公司通过股份回购专用证券账户以集中竞价交易方式已累计回购股份 16,589,882股，占公司当前总股本的比例为1.96%，成交最高价为7.2 ...

证券代码：002035 证券简称：华帝股份 华帝股份有限公司投资者关系活动记录表 编号：2024-009 | --- | --- | --- | --- | |-----------------------------|---------------------------------------------------------------|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 类别 | ...

证券代码：002035 证券简称：华帝股份 公告编号：2024-034 华帝股份有限公司 关于参加广东辖区 2024 年投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 为进一步加强与投资者的互动交流，华帝股份有限公司（以下简称"公 司"）将参加由广东证监局、广东上市公司协会联合举办的"坚定信心 携手共 进 助力上市公司提升投资价值——2024 广东辖区上市公司投资者关系管理月 活动投资者集体接待日"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为 2024 年 9 月 12 日（周 四）15:30-16:30。届时公司高管将在线就 2024 年半年度业绩、公司治理、发展 战略、经营状况、融资计划、股权激励和可持续发展等投资者关心的问题，与投 资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告！ | --- | --- | --- | |-------|-------|------------------------- ...

%% %% 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] 外销表现亮眼，业绩增长稳健 报告要点 [Table_Summary] 公司 2024 上半年实现营业收入 31.01 亿元，同比增长 7.68%，实现归母净利润 3.00 亿元，同 比增长 14.77%，实现扣非归母净利润 2.92 亿元，同比增长 19.07%，其中 2024Q2 实现营业 收入 17.20 亿元，同比增长 2.07%，实现归母净利润 1.76 亿元，同比增长 3.95%，实现扣非 归母净利润 1.70 亿元，同比增长 3.48%。 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 华帝股份（002035.SZ） cjzqdt11111 2024-09-04 相关研究 11-05 [Table_Title2] 外销表现亮眼，业绩增长稳健公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司发布 2024 年中报：公司 2024 上半年 ...

证券代码：002035 证券简称：华帝股份 公告编号：2024-033 华帝股份有限公司 截至2024年8月30日，公司通过股份回购专用证券账户以集中竞价交易方式已累计回购股份 16,589,882股，占公司当前总股本的比例为1.96%，成交最高价为7.22元/股，成交最低价为5.41 元/股，成交资金总额为人民币100,000,358.25元（不含交易费用）。 本次回购符合法律法规的有关规定和公司回购股份方案的要求。 二、其他说明 公司回购股份的时间及集中竞价交易的委托价格、委托时段符合《深圳证券交易所上市公 司自律监管指引第9号——回购股份》相关规定，具体如下： 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 华帝股份有限公司（以下简称"公司"）于2023年12月5日召开了第八届董事会第十次会议， 审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式或 法律法规允许的方式回购部分公司已在境内发行的人民币普通股（A股）股票，并在未来择机用 于股权激励计划或员工持股计划。拟用于回购的资金总额不低于人民币1 ...

23/0923/1023/1123/1224/0124/0224/0324/0424/0524/0624/0724/09 华帝股份(002035) 报告日期：2024 年 09 月 03 日 业绩符合预期，增速领跑行业 ——华帝股份 2024 中报点评 投资要点 事件：华帝股份发布 2024 年中报。2024H1 公司实现营业收入 31.0 亿元，同比 +7.7%，归母净利润 3.0 亿元，同比+14.8%，扣非后归母净利润 2.9 亿元，同比 +19.1%。单 Q2 公司实现营业收入 17.2 亿元，同比+2.1%，归母净利润 1.8 亿元，同 比+3.9%，扣非后归母净利润 1.7 亿元，同比+3.5%。 点评： ❑ 上半年收入表现稳健，下沉及海外渠道增速较快 24H1 公司收入同比+7.7%至 31.0 亿元，其中：1）线下渠道实现营业收入 15.85 亿 元，同比增长 20.80%。其中下沉渠道实现营业收入 5.74 亿元，同比增长 41.35%，公 司在京东、天猫、苏宁、五星等平台的动销门店数量已超过 2 万家，门店覆盖率持续 提升；2）海外渠道实现营业收入 3.79 亿元，同比增长 35.29%。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 8 CNY, compared to the current price of 6.23 CNY [1]. Core Insights - The company achieved a total revenue of 3.1 billion CNY in H1 2024, representing a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 300 million CNY, up 14.8% year-on-year [1]. - In Q2 2024, the company reported revenue of 1.72 billion CNY, a 2.1% increase year-on-year, and a net profit of 180 million CNY, up 4.0% year-on-year [1]. - The company outperformed the overall kitchen appliance industry, which faced demand pressure, with retail volume growth of 0.5% and retail value decline of 2.3% in H1 2024 [1]. - The company's traditional product categories, such as range hoods, stoves, and water heaters, saw revenue growth of 14.6%, 3.2%, and 24.7% respectively, accounting for 86.2% of total revenue [1]. - The company has successfully optimized its offline channels, with a 20.8% year-on-year increase in offline channel revenue and a 41.4% increase in lower-tier channel revenue [1]. - The company's gross margin in Q2 2024 was 39.7%, a decrease of 2.8 percentage points year-on-year, attributed to a shift towards lower-margin products [1]. - The company has expanded its new retail store count by over 3,000 and has more than 20,000 stores in lower-tier channels, contributing to revenue growth [1]. - The implementation of the "old for new" appliance policy is expected to benefit the company, particularly in the categories of range hoods, gas stoves, and water heaters [1]. Financial Summary - The company forecasts total revenue of 6.581 billion CNY for 2024, with a year-on-year growth rate of 5.6% [2]. - The net profit attributable to shareholders is projected to be 585 million CNY in 2024, reflecting a year-on-year growth of 30.8% [2]. - The earnings per share (EPS) is expected to be 0.69 CNY for 2024, with a price-to-earnings (P/E) ratio of 9 times [2]. - The company's total assets are estimated to be 7.704 billion CNY in 2024, with a debt-to-asset ratio of 46.31% [3].

公司报告 | 半年报点评 营收逆势增长，下沉渠道铺开 事件：2024H1 公司实现营收 31.01 亿，同比+7.68%，归母净利润 3.00 亿，同比+14.77%，扣非净利润 2.92 亿，同比+19.07%。2024Q2 公司实 现营收 17.20 亿，同比+2.07%，归母净利润 1.76 亿，同比+3.95%，扣 非净利润 1.70 亿，同比+3.48%。 点评： 终端份额提升，下沉渠道引领。奥维云网（AVC）推总数据显示，2024 上半年厨卫大电零售量 4149 万台，同比+0.5%，零售额 771 亿元，同 比-2.3%，厨电市场整体呈现以价换量的局面，华帝以上半年 7.7%的收 入增速跑赢行业，尤其下沉渠道引领增长，公司上半年在京东、天猫、 苏宁、五星等平台的动销门店数量已超过 2 万家，门店覆盖率持续提升， 新零售新增门店数量超过 3000 家，并持续推动代运营模式、强化终端 门店运营管理。分品类看，24H1 油烟机业务收入 13.0 亿元，同比+14.6%； 灶具业务收入 7.2 亿元，同比+3.2%；热水器业务收入 6.6 亿元，同比 +24.7%；分地区看，24H1 国内收入 26.8 ...