在国内厨电行业的版图中， 老板电器 曾是当之无愧的王者。 1979年，在改革开放的春风中，老板电器的前身余杭县博陆红星五金厂创立，初始的它只是一家仅有5 名工人、靠着4000 元资金和简单工具起步的作坊式小厂，生产纺织机下柱、下柱箍等配件，当年盈利 仅2万元。谁也没想到，这个小小的工厂日后会成长为厨电行业的巨头。 危机初现：业绩下滑的警示灯 然而，市场风云变幻，曾经辉煌的老板电器如今也面临着严峻的挑战，"中年危机"的阴影悄然笼罩。从 2024年的财报数据中，我们便能清晰地看到这一危机的端倪。 2024年三季报显示，老板电器营业总收入为73.96亿元，较去年同报告期减少5.38亿元，同比下降 6.78%；归母净利润为12.02亿元，较去年同报告期减少1.71亿元，同比下降 12.44%。单季度数据同样不 容乐观，2024年第三季度，公司单季度主营收入26.66亿元，同比下降11.07%；单季度归母净利润4.43 亿元，同比下降 18.49%。不仅如此，公司的毛利率也出现了下滑，最新毛利率为50.43%，较去年同季 度减少1.60个百分点，净利率也有所下降，盈利能力面临考验。 在市场份额方面，老板电器也不再像以往 ...

老板电器（002508.SZ） 国补政策受益+地产预期回暖，业务改善可期 消费品/家电 强烈推荐（维持） 目标估值： 当前股价：23.83 元 基础数据 | 总股本（百万股） | 944 | | --- | --- | | 已上市流通股（百万股） | 933 | | 总市值（十亿元） | 22.5 | | 流通市值（十亿元） | 22.2 | | 每股净资产（MRQ） | 11.4 | | ROE（TTM） | 14.5 | | 资产负债率 | 31.1% | | 主要股东 杭州老板实业集团有限公司 | | | 主要股东持股比例 | 49.94% | 证券研究报告 | 公司点评报告 2025 年 03 月 17 日 股价表现 % 1m 6m 12m 绝对表现 8 30 -3 相对表现 6 3 -16 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 Mar/24 Jul/24 Oct/24 Feb/25 (%) 老板电器 沪深300 相关报告 1、《老板电器（002508）—业绩表现 符合预期，国补政策效果可期》 2024-10-30 2、《老板电器（002508）—烟灶收入 表现稳 ...

Core Insights - Suning.com Retail Cloud collaborates with Boss Electric to enhance retail transformation and drive sales through the "315 National Home Renewal" promotion, achieving over 25 million in sales during the event [1] - The partnership focuses on high-end, suite-based, and customized consumption trends, launching several AI kitchen appliance products and optimizing product structures [1][2] - Sales of Boss Electric's integrated kitchen machines, gas stoves, and Mingqi kitchen appliance sets have seen significant year-on-year growth, with increases of 314%, 162%, and 226% respectively since the start of the promotion [1] Group 1 - The collaboration aims to accelerate the replacement of kitchen appliances in county areas, planning to conduct 1,000 replacement promotion events by 2025 [2] - The promotion includes various incentives such as gifts for in-store visits and discounts for prepayments and bulk purchases, with potential savings of up to 50% through national subsidies [2] - The partnership will enhance user experience in stores by upgrading display areas and providing immersive kitchen experiences for consumers [2] Group 2 - Suning.com Retail Cloud will continue to deepen its cooperation with Boss Electric, focusing on four key capabilities: scene integration, product iteration, service fulfillment, and digital operation [2] - The goal is to improve retail efficiency and user experience, making high-quality and affordable new appliances accessible to residents in county towns [2]

2025 年 3 月 11 日 核心观点 公司点评报告 · 家电行业 国补刺激叠加地产预期回暖,逐步走出低谷 老板电器(股票代码:002508) 维持 排荐 分析师 何伟 ☎: 021-2025-7811 网: hewei_yj@chinastock.com.cn 分析师登记编码：S0130525010001 杨策 ☎: 010-80927615 网: yangce_yj@chinastock.com.cn 分析师登记编码：S0130520050005 | 市场数据 | 2025-3-11 | | --- | --- | | 股票代码 | 002508.SZ | | A 股收盘价(元) | 23.10 | | 上证指数 | 3,379.83 | | 总股本(万股) | 94.413 | | 实际流通 A 股(万股) | 93,185 | | 流通 A 股市值(亿元) | 215.26 | 相对沪深 300 表现图 资料来源：ifind,中国银河证券研究院 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 事件: 近期全国两会召开,政府工作报告中 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][55]. Core Viewpoints - The company is expected to benefit from government consumption stimulus and a recovery in the real estate market, gradually emerging from a low point [4]. - The company has a strong long-term value and is currently at a low valuation level, with a stable cash flow despite recent challenges in its engineering and decoration business [4][13]. - The kitchen appliance market is projected to improve in 2024, driven by national subsidies, with significant growth expected in retail sales of kitchen appliances [4][44]. Company Overview - The company has experienced a significant adjustment in market value over the past few years, with a notable decline in revenue growth rates from a CAGR of 28% (2010-2017) to 8% (2017-2023) [4][7]. - The company's net profit has also decreased, with a CAGR of 41% (2010-2017) dropping to 3% (2017-2023) [4][7]. - The company is focusing on enhancing its retail business in response to the increasing demand for unfinished housing, which is expected to support future retail market growth [4][44]. Financial Performance - The company is projected to achieve a net profit of 1.61 billion yuan in 2024, with an expected EPS of 1.71 yuan [55]. - Revenue for 2024 is estimated at 112.65 billion yuan, reflecting a slight increase from the previous year [55]. - The company’s gross margin is expected to be around 48.52% in 2024, with a net margin of 14.31% [55]. Market Conditions - The real estate policy is expected to continue improving, providing a solid foundation for the gradual recovery of the kitchen appliance industry [4][46]. - The government has announced a 3 billion yuan special bond to support consumption upgrades, which is anticipated to significantly benefit the kitchen appliance sector [4][31]. - The overall retail sales of kitchen appliances are projected to grow significantly in 2024, with specific categories like range hoods and gas stoves expected to see substantial increases in sales [4][44].

Investment Rating - The report ranks the company at 64 in the market value wind rating [2] Core Insights - The company has failed to create a second growth curve to offset the decline in its core business [1] - Revenue for the first three quarters of 2024 was 26.7 billion, a year-on-year decrease of 6.78% [4] - The company has a strong cash position with 9 billion in cash and a total market value of 20 billion [2][36] Revenue and Profitability - The company's operating income for the first three quarters was 26.66 billion, down 11.07% year-on-year, with a net profit attributable to shareholders of 4.43 billion, down 18.49% [5] - The return on equity (ROE) has declined from 21.2% in 2020 to 15.3% in 2021 [4] - The gross margin for the kitchen appliance segment was 48.28% in the first half of 2024, with key products like range hoods and gas stoves maintaining margins above 50% [16][43] Product Performance - The main revenue contributors, range hoods and gas stoves, still show growth, but other categories like integrated stoves and ovens have seen declines [9][10] - The integrated stove category grew by 20.58% year-on-year, while the dishwasher segment increased by 27.94% [10][9] - In 2024, almost all product categories are expected to experience negative growth [11] Market Position and Strategy - The company is heavily reliant on its main products, which account for 70% of revenue, and has not diversified sufficiently [7] - The company has a strong brand presence, particularly in the high-end market, with a market share of 27% in kitchen appliance packages [46] - The company plans to adopt a dual-brand strategy to target both high-end and low-end markets [46] Financial Health - The company has minimal debt, with only 90 million in short-term loans, and a total of 89.2 billion in cash and cash equivalents [36] - Since its IPO, the company has returned 5.9 billion to shareholders through dividends, with a payout ratio of 54% in 2023 [40] Challenges and Opportunities - The company faces significant challenges due to its dependence on the real estate market, which affects its revenue and profit margins [14][16] - Despite the downturn, there are potential benefits from new policies aimed at stimulating consumption and equipment upgrades [53]

杭州老板电器股份有限公司 关于使用部分自有闲置资金进行投资理财的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 杭州老板电器股份有限公司（以下简称"公司"）分别于 2024 年 4 月 24 日、 2024 年 5 月 16 日召开第六届董事会第五次会议及第六届监事会第五次会议和 2023 年年度股东大会审议通过了《关于使用自有闲置资金进行投资理财的议案》， 同意公司使用自有闲置资金不超过 65 亿元人民币购买安全性高、流动性好的理 财产品，在额度内资金可以循环滚动使用。同时，授权公司管理层具体实施上述 投资理财，授权期限自 2023 年年度股东大会通过之日起至 2024 年年度股东大会 召开之日止。 证券代码：002508 证券简称：老板电器 公告编号：2024-068 具体内容详见 2024 年 4 月 25 日、2024 年 5 月 17 日刊登于《证券时报》、 《 中 国 证 券 报 》 、 《 证 券 日 报 》 、 《 上 海 证 券 报 》 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《第六届董事会第五次 ...

二、备查文件 杭州老板电器股份有限公司 第六届董事会第十二次会议决议公告 本公司及董事会全体成员保证公司公告内容的真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 杭州老板电器股份有限公司（以下简称"公司"或"老板电器"）第六届董事会第 十二次会议通知于 2024 年 12 月 13 日以专人送达、电子邮件方式发出，会议于 2024 年 12 月 24 日以通讯表决的方式召开。应参加表决董事 9 人，实际表决董事 9 人。会议由 任建华先生主持。会议召集、召开及表决程序符合《中华人民共和国公司法》及《公司 章程》的有关规定。 证券代码：002508 证券简称：老板电器 公告编号：2024-065 全体董事经审议通过了以下议案： 一、审议通过了《关于制定<杭州老板电器股份有限公司市值管理制度>的议案》； 表决情况：同意 9 票，反对 0 票，弃权 0 票；表决结果：通过。 为推动提升公司投资价值，增强投资者回报，规范公司市值管理活动，根据中国证 券监督管理委员会《上市公司监督指引第 10 号——市值管理》等相关规定，并结合公 司实际情况，董事会同意公司制定《杭州老板电器股份有限公司市值 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.79 yuan, based on a 17x P/E ratio for 2025 [2][7] Core Views - The company reported a 6.78% YoY decline in revenue to 7.396 billion yuan and a 12.44% YoY drop in net profit to 1.202 billion yuan for the first three quarters of 2024 [1] - In Q3 2024, revenue fell 11.07% YoY to 2.666 billion yuan, while net profit decreased 18.49% YoY to 443 million yuan [1] - The decline in revenue is attributed to weak upstream real estate completions, with China's residential completion area down 23.9% YoY in the first three quarters of 2024 [1] - The company's leading position in the kitchen appliance market remains strong, with top market shares in range hoods and cooktops, and significant presence in dishwashers and built-in ovens [1] - The company's gross margin improved by 1.0 percentage points to 53.18% in Q3 2024, driven by enhanced supply chain efficiency [1] - The company's net profit margin declined by 1.5 percentage points to 16.61% in Q3 2024 due to increased sales expenses [1] Industry Outlook - The kitchen appliance industry is expected to recover, supported by nationwide appliance replacement policies [1] - Retail sales of key kitchen appliances showed strong growth in September 2024, with range hoods up 43% YoY and cooktops up 37% YoY [1] - During the Double 11 shopping festival, retail sales of kitchen appliances grew significantly, with range hoods up 30% YoY and dishwashers up 32% YoY [1] Financial Forecasts - The report revises down the company's net profit forecasts for 2024-2026 to 1.673 billion yuan, 1.762 billion yuan, and 1.875 billion yuan, respectively [2][7] - The company's EPS for 2024-2026 is projected at 1.77 yuan, 1.87 yuan, and 1.99 yuan, respectively [7] - Revenue growth is expected to rebound to 5.4% in 2025 and 5.7% in 2026, following a 3.4% decline in 2024 [5] - The company's gross margin is forecasted to improve gradually, reaching 52.6% by 2026 [5] Market Position - The company maintains a dominant market position in key kitchen appliance categories, with leading market shares in range hoods and cooktops [1] - The company's strong brand and product portfolio position it to benefit from the industry's recovery [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for the first three quarters of 2024 was RMB 7.396 billion, a year-on-year decrease of 6.78%, with net profit attributable to the parent company declining by 12.44% to RMB 1.202 billion [1][4] - In Q3 2024, the company's revenue was RMB 2.666 billion, down 11.07% year-on-year, with net profit attributable to the parent company falling by 18.49% to RMB 443 million [1][4] - The decline in performance is attributed to weak industry demand, particularly due to the sluggish real estate market, with new housing starts in China dropping by 22.2% year-on-year from January to September 2024 [4] - The company's gross profit margin for the first three quarters of 2024 was 50.43%, down 1.60 percentage points year-on-year, primarily due to a decrease in sales scale [4] - Operating cash flow decreased by 62.30% year-on-year, mainly due to reduced collections and increased payments to suppliers [4] Financial Performance - The company's gross profit margin in Q3 2024 was 53.18%, up 0.99 percentage points year-on-year, likely due to changes in channel structure [4] - Sales expenses in Q3 2024 increased by 2.26 percentage points year-on-year, possibly due to higher e-commerce channel contributions during promotional periods [4] - The company's net profit margin attributable to the parent company in Q3 2024 decreased by 1.51 percentage points year-on-year to 16.61% [4] Innovation and Future Growth - The company is actively exploring technological innovations to drive changes in cooking and is expanding into new product categories, such as dishwashers and integrated stoves, to tap into incremental markets [5] - As of June 30, 2024, the company has accumulated 5,064 authorized patents, including 261 invention patents, and has participated in the formulation of 155 standards, including 42 led by the company [5] - The company is expected to achieve net profits attributable to the parent company of RMB 1.681 billion, RMB 1.796 billion, and RMB 1.924 billion in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13.7x, 12.8x, and 11.9x [5] Market Performance - The company's stock price as of November 8, 2024, was RMB 24.30, with a total market capitalization of RMB 94.413 million shares [7] - The company's stock performance over the past 12 months has shown a decline of 19%, underperforming the Shanghai Composite Index [8]