Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company achieved a revenue of 6.37 billion yuan in 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 480 million yuan, up 8.4% year-on-year [1]. - The company is focusing on brand image enhancement and channel management improvement, aiming to discover growth potential through a multi-category and multi-brand matrix [4]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 250 million yuan, which accounts for 51% of the net profit attributable to shareholders for 2024 [1]. Financial Performance - In Q1 2025, the company reported a revenue of 1.26 billion yuan, a decrease of 8.8% year-on-year, and a net profit of 110 million yuan, down 14.33% year-on-year [1]. - The gross margin for 2024 was 40.7%, a slight decrease of 0.4 percentage points year-on-year, while the gross margin for Q1 2025 improved to 42.1% [3]. - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 510 million, 580 million, and 650 million yuan respectively [4]. Market and Product Insights - The company experienced stable growth in its core product categories, with the domestic smoke and stove categories showing increases of 7% and 5% respectively in 2024 [2]. - The new retail channel contributed significantly, with a revenue of 1.3 billion yuan in 2024, reflecting a year-on-year growth of 30% [2]. - The integrated stove market faced challenges, with a year-on-year decline in retail revenue of 30.6% [2]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 10.7x, 9.5x, and 8.4x respectively [4]. - The company’s total market capitalization is approximately 5.48 billion yuan [7].

Investment Rating - The investment rating for the company is "Buy" [6][17] Core Views - The company achieved a revenue of 6.37 billion yuan in 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 480 million yuan, up 8.4% year-on-year [1] - The company is focusing on brand image enhancement and channel management improvement, aiming to discover growth potential through a multi-category and multi-brand matrix [4] - The company plans to distribute cash dividends of 3 yuan per 10 shares, totaling 250 million yuan, which accounts for 51% of the net profit attributable to shareholders in 2024 [1] Financial Performance Summary - In Q1 2025, the company reported a revenue of 1.26 billion yuan, a year-on-year decrease of 8.8%, and a net profit of 110 million yuan, down 14.33% year-on-year [1] - The gross margin for 2024 was 40.7%, a decrease of 0.4 percentage points year-on-year, while the gross margin for Q1 2025 improved to 42.1%, an increase of 0.2 percentage points year-on-year [3] - The company expects net profits attributable to shareholders for 2025-2027 to be 510 million, 580 million, and 650 million yuan respectively, with corresponding P/E ratios of 10.7x, 9.5x, and 8.4x [4] Market and Product Insights - The domestic market for kitchen appliances, particularly range hoods and gas stoves, showed stable growth in 2024, with retail sales of range hoods increasing by 14.9% and gas stoves by 15.7% year-on-year [2] - The new retail channel contributed significantly to revenue, with a 30% year-on-year increase in new retail revenue, while online sales decreased by 6% [2] - The company is experiencing pressure in integrated products, with a 30.6% year-on-year decline in retail sales for integrated stoves [2]

Core Viewpoint - The global kitchen appliance industry is transitioning from "incremental popularization" to "stock renewal," with Vatti Holdings maintaining a strong position in the market through a focus on product and user-centric strategies [1][3]. Group 1: Company Performance - Vatti Holdings reported a revenue of approximately 6.372 billion yuan in 2024, representing a year-on-year growth of 2.23%, while the net profit attributable to shareholders was 485 million yuan, up 8.39% year-on-year [1]. - The company's R&D expenditure for 2024 was about 263 million yuan, with a total of 4,416 national-level patents, including 885 new patents, positioning it among the industry leaders [2]. Group 2: Product Innovation - Vatti's new generation of energy-efficient cooking technology has achieved a thermal efficiency of 84%, significantly exceeding industry standards, with emissions of carbon monoxide and nitrogen oxides well below national standards [1]. - The company has launched the "Net White Series" products, which combine aesthetic design with innovative cleaning technology, reflecting a vision for kitchen appliances that go beyond functional value to include emotional value [4]. Group 3: Market Strategy - In 2024, Vatti's online sales channel generated 2.059 billion yuan, accounting for 32.32% of total revenue, driven by efforts in e-commerce platforms and new consumption methods like live streaming [5]. - The company has positioned itself as a leader in the high-end kitchen appliance market, focusing on user needs and technological innovation to drive product upgrades and brand evolution [3].

Core Insights - Under the backdrop of increased national subsidy policies, the company demonstrates strong competitive resilience and growth potential through product matrix expansion and brand building [1] - The company reported a record total revenue of 6.372 billion yuan in 2024, marking a year-on-year increase of 2.23%, with a net profit of 485 million yuan, up 8.39% year-on-year [2] Revenue Growth - The core kitchen appliance business, including range hoods and gas stoves, has maintained steady growth, with revenues of 2.735 billion yuan, 1.533 billion yuan, and 1.262 billion yuan for range hoods, gas stoves, and water heaters respectively, reflecting year-on-year growth of 6.62%, 5.28%, and 10.4% [2] - Emerging kitchen appliance categories such as steam ovens and steam-bake integrated machines have shown remarkable performance, contributing to the company's revenue growth, with revenues of 80.65 million yuan and 8.82 million yuan, representing year-on-year growth of 6.03% and 74.6% respectively [2] Brand Development - The company has established a brand matrix consisting of "Vatti," "Baide," and "Vatti Home," catering to different market levels and consumer needs [2] - The main brand Vatti continues to strengthen its positioning in the high-end market, while Baide targets domestic third and fourth-tier cities and overseas markets [3] - The company has received multiple industry honors, including "2024 TOP100 Chinese Brand Innovation Development Model" and "2024 Asia Brand 500," indicating a continuous enhancement of brand value [3] Channel Strategy - The company employs a multi-channel integration strategy, achieving a revenue of 3.148 billion yuan from offline channels, a year-on-year increase of 11.07%, with new retail revenue reaching 1.251 billion yuan, up 29.63% [4] - The company has launched six free services to stimulate consumer replacement demand under the "old for new" policy and has integrated with the Meituan platform to enhance its dealer system [4] - Online channels have also been optimized, with the company achieving a retail market share of 37.17% for ultra-thin range hoods, maintaining its leading position in the online kitchen appliance market [5] R&D and Innovation - The company has increased its R&D investment, with R&D expenses rising by 6.14% to 263 million yuan, holding 4,416 national patents, with 885 new patents added [6] - Innovations include several patented technologies aimed at enhancing cleaning performance and user experience, such as "dual-distance full-domain washing" and "smoke machine surfing wash" [6] - The company has implemented national energy efficiency standards across its product lines, ensuring that most products meet the first-level energy efficiency standards [6] Product Recognition - The company has launched several new products that have received widespread acclaim from consumers and industry recognition, including the Vatti Giant Wash Dishwasher and the Vatti Ultra-thin Range Hood [7] - Notable products have received awards such as the "16th Red Top Award - Nomination Award" and "2024 AWE Aiplan Award for Excellent Products," showcasing the company's technological leadership and innovation capabilities in the kitchen appliance industry [7]

Core Viewpoint - Vatti Holdings Limited has demonstrated strong financial performance in Q1 2025 and 2024, driven by its brand rejuvenation strategy and commitment to ESG principles [1][3][5]. Financial Performance - In Q1 2025, the company achieved revenue of approximately 1.26 billion yuan and a net profit of about 106 million yuan [1]. - For the full year 2024, Vatti reported total revenue of 6.372 billion yuan, representing a year-on-year growth of 2.23%, with a net profit attributable to shareholders of 485 million yuan, up 8.39% year-on-year [1]. Brand Rejuvenation Strategy - Vatti has effectively targeted young consumers by creating a new Chinese-style fashionable and healthy lifestyle, collaborating with popular media such as the urban drama "Difficult to Please" to integrate products into relatable kitchen scenarios [3]. - The company has also engaged with the domestic animation sector, producing promotional content with creators of "Chang'an 30,000 Li" and the "White Snake" series, and launched a product inspired by Eastern aesthetics, appealing to young consumers [3]. ESG Commitment - Vatti has integrated ESG principles into its corporate strategy and operations, enhancing product quality for sustainable development [5]. - The company has established robust risk management processes and internal controls to ensure stable operations [5]. - Vatti actively participates in community service, exemplified by a recent art activity for families with autism, demonstrating its commitment to social responsibility [5]. Green Development Initiatives - Vatti has achieved ISO 14001:2015 certification and adheres to national energy efficiency standards, with most of its gas stoves and range hoods meeting the highest efficiency ratings [7]. - The company has increased R&D investment by 6.05% compared to 2023, focusing on innovative technologies that promote energy conservation and user health [7]. - As of the end of 2024, Vatti holds 4,416 national patents, with 885 new patents added, positioning it as a leader in the industry [7].

Core Viewpoint - Huati's Q1 2025 performance shows strong revenue and profit growth, driven by new product launches and a focus on high-end kitchen appliances [1] Group 1: Financial Performance - In Q1 2025, Huati reported a main revenue of 1.26 billion yuan and a net profit attributable to shareholders of 106 million yuan [1] - The R&D expenses for 2024 were approximately 263 million yuan, reflecting a year-on-year increase of 6.05% [2] Group 2: Market Position and Trends - Huati holds a 37.17% retail market share in the online ultra-thin range hood segment, maintaining the top position for two consecutive years [1] - The kitchen appliance market is experiencing an upgrade driven by government subsidies, with a shift towards high-end, aesthetically pleasing, and smart products [1] Group 3: Product Development and Innovation - Huati has developed 517 patented technologies focused on health cooking, cleaning, and bathing, catering to the health-conscious younger demographic [1] - The company was recognized with multiple awards for its innovative products, including the Aiplan Innovation Award for its ultra-thin range hood and dishwasher [2] - As of the end of 2024, Huati holds 4,416 national-level patents, ranking among the industry leaders [2]

Core Insights - In 2024, Vatti Corporation (SZ.002035) reported a total revenue of 6.372 billion yuan, marking a year-on-year increase of 2.23%, achieving a historical high [1] - The net profit attributable to shareholders increased by 8.39% to 485 million yuan [1] - The "Net Clean Kitchen" strategy significantly drove growth in the revenue of range hoods, gas stoves, and water heaters, with respective increases of 6.62%, 5.28%, and 10.40% [1] Revenue Breakdown - The revenue from the overseas channel reached 756 million yuan, reflecting a year-on-year growth of 20.29% [2] - The offline channel generated approximately 3.148 billion yuan, accounting for 49.40% of total revenue, with a growth rate of 11.07% [3] - The online channel reported 2.059 billion yuan, representing 32.32% of total revenue, but experienced a decline of 5.95% [3] - The engineering channel saw a significant drop of 40.46%, with revenue of 300 million yuan [3] - Other (non-main) channels contributed 105 million yuan, with a notable growth of 42.93% [3] Strategic Factors - The company's success in 2024 was attributed to two main factors: product structure optimization and marketing innovation [2] - Vatti focused on enhancing high-end product innovation and development, maintaining a leading market share in ultra-thin range hoods, gas stoves with over 5.2kW thermal load, and automatic cleaning range hoods [2] - The company capitalized on the "National Subsidy" policy, improving terminal store operations and engaging in brand rejuvenation marketing to stimulate demand [2] R&D and Innovation - Vatti's R&D expenditure was approximately 263 million yuan, reflecting a year-on-year increase of 6.05% [3] - The total number of R&D personnel reached 650, with an increase in the proportion of individuals holding bachelor's and master's degrees [3] - The company held 4,416 national patents, with 885 new patents added, positioning it among the industry leaders [4]

华帝股份有限公司 2024 年度 | 蒙 引 | 页 码 | | --- | --- | | 一、审计报告 | 1-4 | | 二、已审财务报表 | | | 1、合并资产负债表 | 5-6 | | 2、合并利润表 | 7 | | 3、合并现金流量表 | 8 | | 4、合并股东权益变动表 | 9-10 | | 5、资产负债表 | 11-12 | | 6、利润表 | 13 | | 7、现金流量表 | 14 | | 8、股东权益变动表 | 15-16 | | 9、财务报表附注 | 17-132 | | 三、附件 | | 1、审计机构营业执照及执业许可证复印件 目 录 审计报告 CAC审字[2025]1129号 审计机构:中审华会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.eov.cn）"进行 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.eov.cn）"进行 "2020" 审计报告 CAC 审字[2025]1129 号 华帝股份有限公司全体股东: 一、审计意见 我们审计了后附的华帝股份有限公司(以下简称 ...

| 目 灵 | 页 码 | | --- | --- | | 一、内部控制审计报告 | 1-2 | | 二、内部控制有效性的评估报告 | 3-10 | | 三、附件 | | 1、审计机构营业执照、执业许可证复印件 目 文 华帝股份有限公司 内部控制审计报告 CAC 内字[2025]0053 号 审计机构:中审华会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统审计报告是否由具有效业许可的会计师事务所出具 c.mof.gov.cn) 进行查验 内部控制审计报告 CAC 内字[2025]0053 号 华帝股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审 计了华帝股份有限公司(以下简称"华帝股份")2024年12月31日的财务报告内部 控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定,建立健全和有效实施内部控制,并评价其有效性是华帝股份董事会的 责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计 意见,并对注意到的非 ...

关于华帝股份有限公司 非经营性资金占用及其他关联资金往来情况 in 专项说明 CAC 专字[2025]1469 号 中审华会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://scc.mof.gov.cn）" - 所言 报告编码:津25BZKUWSZE 关于华帝股份有限公司 我们审计了华帝股份有限公司(以下简称"华帝股份")2024年12月31日合并 及母公司资产负债表、2024年度的合并及母公司利润表、现金流量表、股东权益 变动表以及财务报表附注(以下简称"财务报表"),并出具了报告号为 CAC 审字 [2025]1129 号的无保留意见审计报告。财务报表的编制和公允列报是华帝股份管理 层的责任,我们的责任是在按照中国注册会计师审计准则执行审计工作的基础上 对财务报表整体发表审计意见。 CAC专字[2025]1469号 华帝股份有限公司全体股东: 根据中国证券监督管理委员会、中华人民共和国公安部、国务院国有资产监督 管理委员会、中国银行保险监督管理委员会《上市公司监管指引第 8号 -- 上市公 司资金往来、对外担保的监管要求》(中国证券监督管理委员会公告〔20 ...