证券时报网讯，华帝股份11月12日在交易所互动平台中披露，截至11月10日公司股东户数为34158户， 较上期（10月31日）减少231户，环比降幅为0.67%。 这已是该公司股东户数连续第3期下降，累计降幅达7.40%，也就是说筹码呈持续集中趋势。 证券时报•数据宝统计，截至发稿，华帝股份最新股价为8.50元，上涨2.78%，筹码持续集中以来股价累 计上涨14.71%。 具体到各交易日，13次上涨，10次下跌。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported a revenue of 4.576 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 3.27%. The net profit attributable to shareholders was 404 million yuan, with a year-on-year increase of 12.28%. The net profit excluding non-recurring items was 387 million yuan, up by 12.00% [3][5]. - In Q3 2024, the company achieved a revenue of 1.475 billion yuan, a decline of 4.94% year-on-year, while the net profit attributable to shareholders was 104 million yuan, showing a growth of 5.68% [3][5]. - The company is facing challenges due to weak industry demand, leading to a decline in revenue scale and a slight decrease in operating profit margin [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company's revenue grew by 3.27%, with quarterly growth rates of +15.6%, +2.07%, and -4.94% for Q1, Q2, and Q3 respectively. The decline in Q3 revenue is attributed to weak domestic demand prior to the implementation of the appliance replacement policy [5]. - The gross margin decreased by 1.29 percentage points year-on-year, primarily due to adjustments in the sales structure. The operating profit for the first three quarters was 328 million yuan, reflecting a growth of 3.19%, with an operating profit margin of 7.16% [5][6]. - In Q3 2024, the gross margin fell by 2.5 percentage points, influenced by strong trends in raw material prices. The operating profit for Q3 was 75 million yuan, down by 12.37%, with an operating profit margin of 5.07% [5][6]. Market Strategy - The company has established a multi-layered brand matrix with its three major brands: Vatti, Baide, and Vatti Home, effectively covering various product categories such as kitchen and bathroom appliances, smart home products, and whole-house customization [6]. - The company is actively promoting new product innovations and category extensions while targeting channel expansions, which is expected to sustain growth in scale. The projected net profits for 2024-2026 are 548 million, 617 million, and 690 million yuan, with corresponding P/E ratios of 12.9, 11.5, and 10.3 times [6][7]. - The company is enhancing its product line and brand marketing to improve sales conversion rates and is focusing on research and development to keep up with market trends [7]. Cash Flow and Financial Health - The net cash flow from operating activities decreased by 49.79% year-on-year for the first three quarters, with a significant decline of 59.11% in Q3, mainly due to increased payments and higher expense inputs [5].

证券研究报告 非金融公司|公司点评|华帝股份（002035） 2024 三季报点评： 当季经营承压，后续弹性可期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 9 月以来行业零售已显著改善，但终端传导至企业出货仍一定时滞，华帝三季度经营仍有压 力。后续考虑到政策对终端需求的大幅提振，同期较为充分的坏账计提，后续四季度公司收入 增长且盈利弹性值得期待；我们预计公司 2024-2026 年业绩分别同比+33%/+16%/+8%，对应当 前估值 11X/10X/9X，维持公司"买入"评级。 |分析师及联系人 管泉森 孙珊 崔甜甜 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523110009 请务必阅读报告末页的重要声明 1 / 6 非金融公司|公司点评 glzqdatemark2 2024年11月04日 华帝股份(002035) 2024 三季报点评： 当季经营承压，后续弹性可期 | --- | --- | |----------------------------|------------------ ...

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。 具体内容详见公司于2023年12月7日和2023年12月16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)上的相关公告。 因公司实施2023年年度权益分派，根据公司《回购报告书》约定，公司将上述回购方案中 回购股份价格上限由不超过人民币8.67元/股（含本数）调整至8.38元/股（含本数）,调整后的 ...

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]

华帝股份(002035)2024年三季报点评 收入环比放缓，盈利能力提升 事项: � 公司发布2024年三季报,24Q1-Q3公司实现营业总收入 45.8亿元,同比+3.3%; 归母净利润 4.0 亿元,同比+12.3%。单季度来看,24Q3 公司实现营业总收入 14.8 亿元,同比-4.9%;归母净利润 1.0 亿元,同比+5.7%。 评论: 收入增速随行业承压,下沉渠道布局顺利。报告期内厨电行业整体承压,根据 � 奥维监测数据,2024年1-9月我国油烟机、燃气灶累计零售额为231、131 亿 元,分别同比增长 4.5%、6.3%,公司与行业增速趋同。近年来公司积极推行 渠道变革、打造品牌形象年轻化高端化,改革成效逐渐兑现。同时,公司下沉 渠道扩店加速,截至24H1 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,下沉渠道高增带动公司表现优于同业上 市公司。9月后国家以旧换新补贴刺激家电消费需求,我们预计四季度促销旺 李叠加政策刺激,公司有望迎来高速增长。 利润表现优于收入,盈利能力有所提升,24Q3公司归母净利润同比+5.7%,表 � 现优于收入。盈利能力方面，公司 24 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——2024Q3 业绩点评 线上和线下表现稳健，盈利能力稳定 华帝股份(002035) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|------------|--------------------|--------------|---------------------------|-------| | | | | | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | | ( 分析师 ) | 樊夏俐 | 李汉颖 ( | 研究助理 ) | | | | 021-38031654 | | | 021-38676666 | 0 ...

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：2024-037 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：2024-039 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 ...