非金融公司|公司点评|老板电器（002508） 老板电器 2024 年中报点评： 经营承压静待政策催化，积极分红回馈股东 glzqdatemark1 证券研究报告 |报告要点 上半年地产竣工面积下滑叠加偏弱的消费大环境，使得老板电器收入承压；公司为挖掘增量， 积极推动定位大众消费的子品牌增长；低盈利能力的子品牌占比提升&规模效应减弱，公司盈 利能力也有所下滑。展望后续，以旧换新政策落地有望刺激厨房大电行业需求，公司经营或将 逐步回暖；值得一提的是，公司中期现金分红比例达到 62%，低估值背景下股息率优势突出。 |分析师及联系人 管泉森 孙珊 崔甜甜 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523110009 老板电器(002508) 老板电器 2024 年中报点评： 经营承压静待政策催化，积极分红回馈股东 | --- | --- | |------------------------|-------------------| | 行 业： | 家用电器/厨卫电器 | | 投资评级： | 买入（维持） | | 当前价格： | 18.31 元 | | 基本数据 ...

非金融公司|公司点评|老板电器（002508） 老板电器 2024 年中报点评： 经营承压静待政策催化，积极分红回馈股东 glzqdatemark1 证券研究报告 |报告要点 上半年地产竣工面积下滑叠加偏弱的消费大环境，使得老板电器收入承压；公司为挖掘增量， 积极推动定位大众消费的子品牌增长；低盈利能力的子品牌占比提升&规模效应减弱，公司盈 利能力也有所下滑。展望后续，以旧换新政策落地有望刺激厨房大电行业需求，公司经营或将 逐步回暖；值得一提的是，公司中期现金分红比例达到 62%，低估值背景下股息率优势突出。 |分析师及联系人 管泉森 孙珊 崔甜甜 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523110009 老板电器(002508) 老板电器 2024 年中报点评： 经营承压静待政策催化，积极分红回馈股东 | --- | --- | |------------------------|-------------------| | 行 业： | 家用电器/厨卫电器 | | 投资评级： | 买入（维持） | | 当前价格： | 18.31 元 | | 基本数据 ...

龙头地位稳固,发布中期分红 2024 年中报业绩点评 核心观点 市场数据 2024-08-26 股票代码 002508.SZ A 股收盘价(元) 19.29 上证指数 2855.52 总股本(万股) 94412.73 实际流通 A 股(万股) 93185.20 流通 A 股市值(亿元) 179.75 相对沪深 300 表现图 2024-08-26 ● 事件:公司发布 2024年半年度报告,2024上半年实现营业收入 47.29亿元, 同比下降 4.16%,归母净利润 7.59亿元,同比下降 8.48%,扣非净利润 6.58 亿元,同比下降 11.91%。其中 2024Q2 实现营业收入 24.92 亿元,同比下降 9.63%,环比 2024Q1增长 11.40%;归母净利润 3.61 亿元,同比下降 18.15%。 公司发布中期分红方案,每10 股派发现金红利5元(含税)。 ● 地产端压力逐步传导,公司收入展现韧性:受国内房地产行业调整的不利影 响,厨电整体市场增速式微,不同渠道分化严重。根据奥维数据,2024H1吸 油烟机、燃气灶线下零售额同比增长6.4%、7.8%,厨电套餐线上零售额同比 下滑 6.0%。 ...

公司报告 | 半年报点评 地产拖累经营，名气品牌高增 事件：24H1 公司实现营业收入 47.3 亿元，同比-4.16%；实现归母净利润 7.6 亿元，同比-8.48%；实现扣非归母净利润 6.6 亿元，同比-11.91%。其中， 24Q2 公司实现营业收入 24.9 亿元，同比-9.63%；实现归母净利润 3.6 亿元， 同比-18.15%；实现扣非归母净利润 3.0 亿元，同比-24.76%。24 年中期分 红拟向全体股东每 10 股派发现金股利 5 元（含税），分红总额约 4.7 亿元， 对应分红比例 62%。 点评： 2024 年上半年，住宅竣工面积 19259 万平方米，相较去年"保交楼"政策 下的高基数下降 21.7%，厨电行业新增需求明显下滑。奥维云网推总数据 显示，2024 上半年厨卫大电（烟、灶、消、洗、嵌、集、电热、燃热、净 水）零售量 4149 万台，同比增长 0.5%，零售额 771 亿元，同比下滑 2.3%， 同期老板电器各业务板块均有承压。分品类看，24H1 油烟机收入-2.9%， 占比 47.8%；燃气灶收入-1.2%，占比 24.7%；洗碗机收入-4.0%，占比 6.7%； 集 ...

[Table_Page] 中报点评|家用电器 证券研究报告 [Table_Title] 老板电器（002508.SZ） Q2 业绩受地产拖累，中期分红回报股东 [Table_Summary] 核心观点： ⚫ 老板电器发布 2024 年中报。24H1 营业收入 47.3 亿元（YoY-4.2%）； 归母净利润 7.6 亿元（YoY-8.5%）。毛利率 48.9%（YoY-3.1pct），归 母净利率 16.1%（YoY-0.8pct）。24Q2 单季收入 24.9 亿元（YoY-9.6%）； 归母净利润 3.6 亿元（YoY-18.2%）。 ⚫ 24H1 厨电行业受地产拖累整体承压，老板电器龙头地位稳固。行业 方面，根据公司中报引用的奥维数据，24H1 住宅竣工面积 19259 万 平方米，同比下降 21.7%，导致厨电行业新增需求明显下滑。虽然行 业总体承压，但老板电器市场份额依然稳固。根据奥维线下报告显示， 老板品牌吸油烟机零售额、零售量市场占有率为 31.9%、26.1%；根 据奥维线上报告显示，老板品牌厨电套餐零售额、零售量市场占有率 为 27.0%、20.9%；均位于行业第一。 ⚫ 盈利能力整体承压， ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 27 日 老板电器(002508.SZ) 业绩承压，中期分红率较高 事件：老板电器公布 2024 年中报。公司 2024H1 实现收入 47.3 亿元，YoY-4.2%；实现归母净利润 7.6 亿元，YoY-8.5%；实现扣 非归母净利润 6.6 亿元，YoY-11.9%。折算 2024Q2 单季度实现收 入 24.9 亿元，YoY-9.6%；实现归母净利润 3.6 亿元，YoY-18.2%； 实现扣非归母净利润 3.0 亿元，YoY-24.8%。公司公布 2024 年中 期分红方案，拟每 10 股派发现金红利 5.0 元（含税），总计派发 约 4.7 亿元，约占 2024H1 归母净利润的 62.2%。Q2 公司短期经营 压力显现，但分红维持较高水平，体现公司长期稳健发展信心。 Q2 收入小幅下降：公司 2024Q2 主要销售渠道情况为：1）根据 奥维云网数据，公司 2024H1 油烟机/燃气灶线上销售额分别 YoY5%/-3%，公司线上渠道相对稳健。我们判断公司电商表现好于其 它渠道，Q2 电商收入下滑幅度小于整体；2 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 27 年 月 日 老板电器（002508.SZ） 发布中期分红方案，业绩承压 事件：公司发布 2024 年中报。公司 2024H1 实现营业总收入 47.29 亿 元，同比-4.16%；实现归母净利润 7.59 亿元，同比-8.48%。其中，2024Q2 单季营业总收入为 24.92 亿元，同比-9.63%；归母净利润为 3.61 亿元， 同比-18.15%。 公司发布中期分红方案。公司拟向全体股东每 10 股派发现金股利 5 元， 共计 4.72 亿元，占 2024 年上半年归母比重的 62%。 2024H1 各品类均承压，传统品类优于新兴品类。第一品类群：油烟机/ 燃气灶/消毒柜收入同比-2.85%、-1.17%、-14%；第二品类群：一体机/ 蒸箱/烤箱收入同比-11.24%、-18.47%、-23.48%；第三品类群：洗碗机 /净水器/热水器收入同比-4.01%、-23.59%、+14.84%。集成灶收入同比 -10.68%。 盈利能力下滑。毛利率：2024Q2 公司毛利率同比-2.38pct 至 47.29%。费 率端：2024 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 4,729,354,071.80, a decrease of 4.16% compared to CNY 4,934,869,800.15 in the same period last year[11]. - Net profit attributable to shareholders was CNY 759,358,954.74, down 8.48% from CNY 829,718,350.69 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was CNY 657,758,277.88, reflecting an 11.91% decrease from CNY 746,691,977.38 in the previous year[11]. - The net cash flow from operating activities was CNY 414,005,591.39, a significant decline of 56.86% compared to CNY 959,732,853.23 in the same period last year[11]. - Basic earnings per share were CNY 0.80, down 8.05% from CNY 0.87 in the previous year[11]. - Total revenue for the first half of 2024 was CNY 4,729,354,071.80, a decrease of 4.16% compared to CNY 4,934,869,800.15 in the same period last year[24]. - The total profit for the first half of 2024 was CNY 922,418,398.50, a decline of 6.2% from CNY 983,860,214.54 in the first half of 2023[76]. - The company reported a net profit margin of approximately 18.77% for the first half of 2024, down from 19.71% in the same period of 2023[74]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 15,983,377,229.74, a decrease of 4.74% from CNY 16,779,531,315.72 at the end of the previous year[11]. - Cash and cash equivalents at the end of the reporting period were CNY 1,147,837,731.76, a decrease of 4.65% from CNY 1,985,050,745.11 at the end of the previous year[26]. - Accounts receivable increased to CNY 1,863,130,927.89, accounting for 11.66% of total assets, up 0.87% from the previous year[26]. - Inventory decreased to CNY 1,399,070,238.66, representing 8.75% of total assets, down 0.33% year-on-year[26]. - Total liabilities decreased from CNY 6,148,935,267.79 to CNY 5,067,198,018.16, a reduction of approximately 17.6%[70]. Market Position and Competition - The retail market share for the company's range hood was 31.9% and for gas stoves was 31.3%, maintaining the leading position in the industry[15]. - The company’s kitchen appliance package retail market share was 27.0%, ranking first in the industry[17]. - The company faced risks related to fluctuations in the real estate market, which could impact kitchen appliance demand[32]. - The company is focused on enhancing its market position amidst increasing competition in the kitchen appliance sector[32]. Research and Development - The company launched new products including the salt series and multiple core items, focusing on innovation in AI cooking models and IoT platforms[18]. - The company holds a total of 5,064 authorized patents, including 261 invention patents, and has participated in the formulation of 155 standards[18]. - The company’s R&D investment increased by 3.26% to CNY 178,373,820.48, compared to CNY 172,734,141.15 in the previous year[23]. - Research and development expenses increased to CNY 178,373,820.48, up from CNY 172,734,141.15, reflecting a focus on innovation[74]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of CNY 5 per 10 shares, totaling CNY 472,935,000.80 based on 944,127,316 shares[2]. - The company reported a cash dividend of CNY 5 per 10 shares, totaling CNY 472.06 million, representing 100% of the profit distribution[37]. - The company has a significant amount of undistributed profits amounting to CNY 9.35 billion as of June 30, 2024[37]. - The company plans to implement a shareholder return plan for 2024-2026, ensuring stable and generous returns for investors[21]. Corporate Governance and Compliance - The company received an MSCI ESG rating of BBB, reflecting its strong performance in corporate governance and employee welfare[21]. - The company has not faced any significant administrative penalties related to environmental issues during the reporting period[46][47]. - There were no major lawsuits or arbitration matters reported during the period[49]. - The company has not engaged in any significant related party transactions during the reporting period[50]. Stock Options and Incentives - The company has implemented a stock option incentive plan to motivate employees and align their interests with shareholders[38]. - A total of 126.4 million stock options were canceled, accounting for 0.13% of the company's total share capital[39]. - The independent directors and supervisory board have consistently provided approval for the stock option plans and cancellations[41][42]. Future Outlook and Strategy - The company aims to enhance its global presence and brand internationalization through steady overseas market expansion[18]. - The company continues to focus on market expansion strategies, although specific details were not disclosed in the report[91]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market share, with a budget allocation of 500 million RMB for strategic investments[106]. Financial Instruments and Accounting Policies - The company measures financial assets and liabilities at fair value based on the prices in the main market, or the most advantageous market if no main market exists[112]. - Financial liabilities are classified as either measured at fair value with changes recognized in profit or loss, or other financial liabilities measured at amortized cost[113]. - The company recognizes expected credit losses based on the weighted average of credit losses for financial instruments[116]. - The company has established specific accounting policies for expected credit losses based on historical data and forward-looking information[120].

杭州老板电器股份有限公司（以下简称"公司"或"老板电器"）第六届监 事会第九次会议通知于 2024 年 8 月 16 日以专人送达方式发出，会议于 2024 年 8 月 26 日以现场表决的方式召开。会议应出席监事 5 人，实际出席监事 5 人。 本次会议的召开符合《中华人民共和国公司法》、《公司章程》等有关法律、法 规的规定。经与会监事审议并表决通过了以下议案： 一、审议通过了《关于 2024 年半年度报告及摘要的议案》； 证券代码：002508 证券简称：老板电器 公告编号：2024-056 杭州老板电器股份有限公司 第六届监事会第九次会议决议公告 本公司及监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。 《老板电器关于实施 2024 年中期分红的公告》已于本公告日披露于《中国 证券报》、《证券时报》、《证券日报》、《上海证券报》及巨潮资讯网 （www.cninfo.com.cn）。 特此公告。 杭州老板电器股份有限公司监事会 2024 年 8 月 27 日 - 1 - 表决情况：同意 5 票，反对 0 票，弃权 0 票；表决结果：通过。 《老板电器 2024 年半 ...

Investment Rating - The investment rating for the company is "Buy" with a 12-month target price of RMB 26, down from RMB 27, based on a 14x exit P/E multiple applied to the expected EPS for 2026 [1][8]. Core Insights - The company is expected to maintain industry-leading performance due to its strong brand, extensive distribution network, and comprehensive product/brand portfolio, despite a slight downward adjustment in EPS forecasts for 2024-2026 by 3-5% due to weak consumer demand [1][6][7]. - The company is positioned as a leader in the high-end kitchen appliance market in China, expanding into rapidly growing categories such as dishwashers and integrated cooking appliances, with projected revenue and net profit growth in the high single to double digits from 2022 to 2026 [6][7]. Financial Summary - Revenue projections for 2024E are RMB 11,386 million, with a year-over-year growth of 1.6%. The 2025E revenue is projected at RMB 11,998 million, reflecting a growth of 5.4%, and 2026E at RMB 12,653 million, with a growth of 5.5% [3][5]. - The gross profit margin (GPM) is expected to be 50.6% in 2024E, slightly decreasing from previous years, while the net income for 2024E is projected at RMB 1,790 million, with a year-over-year growth of 3.3% [3][5]. - The company’s EPS is forecasted to be RMB 1.89 for 2024E, with a growth of 3.3% from the previous year, and is expected to reach RMB 2.15 by 2026E [3][5]. Market Position and Competitive Landscape - The company has a dominant position in the high-end range hood and gas hob markets, with stable growth in core products. The focus on independent product development since 2019 has allowed the company to expand its market share in structural growth categories, particularly in dishwashers [6][7]. - Potential short-term catalysts for growth include the successful launch of new products in emerging categories and a rebound in real estate market demand [7][8].