Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company's Q3 performance showed a stable net profit margin, with the "old-for-new" policy expected to provide strong support in Q4 [5][8] - The overall sales in Q3 were slightly below expectations, but the company is projected to achieve significant profit growth in the coming years [5][7] - The "old-for-new" policy is anticipated to boost sales in the kitchen appliance sector, benefiting the company due to its strong market position [8] Financial Summary - For Q3, the company achieved a revenue of 4.576 billion yuan, a year-on-year increase of 3.27%, and a net profit of 404 million yuan, up 12.28% year-on-year [7] - The projected net profits for 2024-2026 are 573 million yuan, 666 million yuan, and 762 million yuan, respectively, representing year-on-year growth rates of 28.2%, 16.1%, and 14.4% [5][6] - The company's gross profit margin for the first three quarters was 40.5%, with a net profit margin of 8.79%, reflecting a year-on-year increase of 0.62 percentage points [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.88 yuan [4][12] Core Views - The company outperformed the industry in 24Q1-Q3, with revenue of 4.58 billion yuan, up 3.27% YoY, and net profit attributable to the parent company of 400 million yuan, up 12.28% YoY [1] - In 24Q3, revenue was 1.47 billion yuan, down 4.94% YoY, while net profit attributable to the parent company was 100 million yuan, up 5.68% YoY [1] - The company's market share increased, and the replacement of old appliances is expected to boost demand [1] - The company's gross margin in 24Q3 was 40.1%, down 2.5 percentage points YoY, mainly due to changes in accounting standards and price competition [2] - The company's net profit margin in 24Q3 increased by 0.7 percentage points YoY to 7.1%, driven by a reversal of credit impairment [2] Financial Performance and Valuation - The company's revenue is expected to grow from 6.51 billion yuan in 2024E to 7.92 billion yuan in 2026E, with a CAGR of 11.3% [3] - Net profit attributable to the parent company is forecasted to increase from 542.44 million yuan in 2024E to 707.72 million yuan in 2026E, with a CAGR of 14.98% [3] - The company's P/E ratio is expected to decline from 12.31x in 2024E to 9.44x in 2026E, indicating potential undervaluation [3] - The company's EV/EBITDA ratio is projected to decrease from 6.01x in 2024E to 4.70x in 2026E, reflecting improved profitability [3] Industry and Market Position - The company operates in the home appliance and kitchen appliance industry, which has been under pressure due to a 23.9% YoY decline in domestic residential completion area in 2024 [1] - Despite industry challenges, the company achieved a 3.3% YoY revenue growth in the first three quarters of 2024, outperforming the industry [1] - The company has expanded its presence in lower-tier markets, with over 20,000 active stores on platforms like JD, Tmall, Suning, and Wuxing [1] Future Outlook - The company is expected to benefit from brand image upgrades, improved channel management, and new product launches [2] - The company is focusing on channel flattening, product premiumization, and production intelligence to enhance profitability [2] - The report forecasts net profit attributable to the parent company to grow from 540 million yuan in 2024E to 710 million yuan in 2026E [2] Financial Ratios and Metrics - The company's gross margin is expected to stabilize around 40.7% to 41.2% from 2024E to 2026E [8] - The net profit margin is projected to increase from 8.33% in 2024E to 8.94% in 2026E [8] - The company's asset turnover ratio is expected to improve from 0.98x in 2024E to 1.17x in 2026E, indicating better asset utilization [8]

证券代码：002035 证券简称：华帝股份 公告编号：2024-039 华帝股份有限公司 第八届监事会第十一次会议决议公告 本公司及监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。 一、监事会会议召开情况 二、监事会会议审议情况 华帝股份有限公司（以下简称"公司"）第八届监事会第十一次会议通知于 2024 年 10 月 21 日以书面及电子邮件形式发出，会议于 2024 年 10 月 29 日上午 11:00 以通讯表决的 方式召开。会议应出席监事 3 名，实际出席监事 3 名。会议由公司监事会主席梁萍华女士 主持，参加会议的监事符合法定人数，会议的召集、召开及表决程序符合《公司法》和 《公司章程》的有关规定。 1、以 3 票同意、0 票反对、0 票弃权，审议通过了《2024 年第三季度报告》。 1 三、备查文件 1、第八届监事会第十一次会议决议。 特此公告。 华帝股份有限公司 监事会 2024 年 10 月 31 日 经审核，监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的财 ...

证券代码：002035 证券简称：华帝股份 公告编号：2024-037 华帝股份有限公司 关于拟续聘会计师事务所的公告 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。 特别提示： 本次续聘会计师事务所事项符合财政部、国务院国资委、证监会印发的《国有企业、上 市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 华帝股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开第八届董事会第十 四次会议和第八届监事会第十一次会议，审议通过了《关于拟续聘会计师事务所的议案》， 公司拟续聘中审华会计师事务所（特殊普通合伙）为公司 2024 年度审计机构，本议案尚需 提交公司股东大会审议。现将相关事宜公告如下： 一、拟续聘会计师事务所事项的情况说明 中审华 2023 年度经审计的收入总额为 82,765 万元。其中，审计业务收入 55,112 万元， 证券业务收入为 7,650 万元。 2023 年度，中审华共承担 23 家上市公司和 83 家挂牌公司年报审计业务，审计收费分别 为 1,848.8 万元和 1,177.6 万元，共计 3,026 ...

证券代码：002035 证券简称：华帝股份 公告编号：2024-038 华帝股份有限公司 第八届董事会第十四次会议决议公告 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。 公司董事、高级管理人员出具了关于公司 2024 年第三季度报告的书面确认意见，作为 公司的董事、高级管理人员，保证公司 2024 年第三季度报告内容真实、准确、完整，不存 在任何虚假记载、误导性陈述或者重大遗漏。 《2024 年第三季度报告》于 2024 年 10 月 31 日刊登在《证券日报》《中国证券报》《证 券时报》《上海证券报》及巨潮资讯网（http://www.cninfo.com.cn）上（公告编号：2024- 036）。 本议案经公司董事会审计委员会审议通过后提交董事会审议。 2、以 7 票同意、0 票反对、0 票弃权，审议通过了《关于拟续聘会计师事务所的议 案》。 公司董事会同意续聘中审华会计师事务所（特殊普通合伙）为公司2024年度审计机构， 聘期为一年。具体内容详见公司2024年10月31日披露于《证券日报》《中国证券报》《证券时 报》《上海证券报》和巨潮资讯网（http ...

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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Views - The company reported a revenue of 3.101 billion yuan for the first half of 2024, representing a year-on-year growth of 7.68%. The net profit attributable to the parent company was 300 million yuan, up 14.77% year-on-year, and the net profit after deducting non-recurring gains and losses was 292 million yuan, an increase of 19.07% year-on-year [3][4]. - In Q2 2024, the company achieved a revenue of 1.720 billion yuan, a year-on-year increase of 2.07%, with a net profit of 176 million yuan, up 3.95% year-on-year [3][4]. - The company's gross profit margin for the first half of 2024 was 40.68%, a decrease of 0.67 percentage points year-on-year. The gross profit margin for Q2 2024 was 39.73%, down 2.84 percentage points year-on-year [3][4]. Summary by Sections Revenue and Profitability - The company’s revenue for the first half of 2024 was 3.101 billion yuan, with a year-on-year growth of 7.68%. The net profit attributable to the parent company was 300 million yuan, reflecting a 14.77% increase year-on-year. The net profit after deducting non-recurring items was 292 million yuan, up 19.07% year-on-year [3][4]. - In Q2 2024, the revenue was 1.720 billion yuan, with a year-on-year growth of 2.07%, and the net profit was 176 million yuan, a 3.95% increase year-on-year [3][4]. Gross Margin Analysis - The gross margin for the first half of 2024 was 40.68%, down 0.67 percentage points year-on-year. For Q2 2024, the gross margin was 39.73%, a decrease of 2.84 percentage points year-on-year [3][4]. - The gross margin for domestic sales was 42.59%, down 0.31 percentage points year-on-year, while the gross margin for exports was 30.56%, an increase of 2.76 percentage points year-on-year [3][4]. Future Outlook - The company is expected to maintain growth, with projected net profits of 517 million yuan, 596 million yuan, and 659 million yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings ratios of 10.11, 8.78, and 7.94 [4].

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 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [4][2]. Core Views - The company is currently in a recovery phase, awaiting the effects of policy implementation. Despite significant pressure on kitchen appliance demand since Q2, the anticipated rollout of the old-for-new policy is expected to boost demand. The company is projected to achieve revenue growth of +6%/+10%/+10% for 2024-2026, reaching 6.6 billion, 7.3 billion, and 8.0 billion respectively. Net profit attributable to shareholders is expected to grow by +33%/+14%/+14%, reaching 600 million, 680 million, and 770 million respectively, with corresponding P/E ratios of 8.9, 7.8, and 6.9. The dividend yield is projected at 6.3%, based on a 56% payout ratio for 2023 [2][6][4]. Financial Performance - In H1 2024, the company achieved revenue of 3.101 billion, a year-on-year increase of +7.68%, and a net profit of 300 million, up +14.77%. In Q2 2024, revenue was 1.720 billion, with a year-on-year growth of +2.07%, and net profit was 176 million, up +3.95% [6][10]. - Domestic and overseas revenue growth was notable, with domestic revenue increasing by +4% and overseas revenue by +35%. Offline revenue grew by +21%, with a 52% revenue share, while the emerging channels saw a +41% increase, accounting for 19% of total revenue [6][10]. - The company’s gross margin in Q2 decreased by 2.8 percentage points, primarily due to faster growth in lower-margin overseas and emerging channel revenues, alongside intensified price competition in the industry. However, the net profit margin improved slightly by +0.2 percentage points due to reduced sales expense ratios and lower credit impairment losses [6][10]. Future Outlook - The company is expected to continue its operational improvement, with revenue growth anticipated to remain stable. The rollout of the old-for-new policy is expected to positively impact the demand for large kitchen appliances, supporting the company's revenue growth outlook [6][10]. - The financial forecasts indicate a steady increase in revenue and net profit over the next few years, with significant growth rates projected for both metrics [7][14].