Investment Rating - The report assigns a "Buy" rating to the company with a target price of 28.90 CNY, reflecting a 17x PE for 2024 [5][13]. Core Views - The report suggests that the ongoing relaxation of real estate policies is expected to improve construction and sales data, which will subsequently boost kitchen appliance sales. The company's new products are anticipated to create a second growth curve, leading to better revenue performance than the industry [2]. Summary by Sections 1. Performance Overview - For Q1-Q3 2024, the company achieved a revenue of 7.396 billion CNY, down 6.78% year-on-year, and a net profit of 1.202 billion CNY, down 12.44% year-on-year. In Q3 2024 alone, revenue was 2.666 billion CNY, down 11.07% year-on-year, with a net profit of 443 million CNY, down 18.49% year-on-year [3][15]. 2. Channel Performance - The engineering channel has seen a significant decline, while the smoke and stove segment performed better than the integrated stove segment. The company, being a traditional leader in kitchen appliances, faces short-term revenue pressure due to the sluggish real estate market. Retail and e-commerce channels are expected to show single-digit declines, while the engineering channel is experiencing a larger drop [16]. 3. Profitability Metrics - The gross margin for Q1-Q3 2024 was 50.43%, down 1.6 percentage points year-on-year, while the net margin was 16.03%, down 1.13 percentage points year-on-year. In Q3 2024, the gross margin improved to 53.18%, up 0.99 percentage points year-on-year, but the net margin decreased to 16.38%, down 1.58 percentage points year-on-year [17]. 4. Financial Health - The company reported a cash and cash equivalents balance of 2.693 billion CNY at the end of Q3 2024, down 5.86 billion CNY year-on-year. The net cash flow from operating activities for Q1-Q3 2024 was 526 million CNY, down 869 million CNY year-on-year [19][20].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4][13] Core Views - The company's revenue and net profit declined in 24Q1-Q3, with revenue at 7.4 billion yuan (down 6.78% YoY) and net profit at 1.2 billion yuan (down 12.44% YoY) [1] - The kitchen appliance industry is under pressure due to a 23.9% YoY decline in domestic residential completion area, impacting the company's revenue [2] - The "replacement" policy has shown positive effects, with online sales of kitchen appliances increasing by 28% and 138% YoY in September and October 2024, respectively [2] - The company's gross margin improved to 53.2% in 24Q3, driven by optimized raw material costs, but high sales expenses affected profitability [2] - The company's traditional leadership in range hoods and stoves remains strong, with potential growth in categories like dishwashers and digital kitchen appliances [3] Financial Performance Summary - 24Q3 revenue was 2.67 billion yuan (down 11.07% YoY), with net profit at 440 million yuan (down 18.49% YoY) [1] - The net profit margin for 24Q3 was 16.6%, down 1.5 percentage points YoY [2] - The company's A-share market capitalization is 22.999 billion yuan, with a P/E ratio of 13.8x for 2024 [4][6] Industry and Market Trends - The kitchen appliance market is gradually recovering due to policy support, with significant growth in both online and offline sales [2] - The company's brand and channel advantages are expected to drive future growth, particularly in new product categories [3] Financial Forecasts - Revenue for 2024-2026 is projected to be 10.72 billion yuan, 11.32 billion yuan, and 12.25 billion yuan, respectively [6] - Net profit for 2024-2026 is expected to be 1.66 billion yuan, 1.80 billion yuan, and 1.98 billion yuan, respectively [6] - The company's EPS for 2024-2026 is forecasted to be 1.76 yuan, 1.91 yuan, and 2.10 yuan, respectively [6] Valuation Metrics - The company's P/E ratios for 2024-2026 are 13.8x, 12.8x, and 11.6x, respectively [6] - The P/B ratios for 2024-2026 are 2.00x, 1.83x, and 1.67x, respectively [6] - The EV/EBITDA ratios for 2024-2026 are 8.11x, 6.20x, and 5.87x, respectively [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - Q3 performance met expectations, with total revenue for the first three quarters reaching 7.396 billion yuan, a year-on-year decrease of 6.78%, and net profit attributable to shareholders of 1.202 billion yuan, down 12.44% year-on-year [4][6] - The implementation of the old-for-new policy is expected to benefit the kitchen appliance category, with significant retail growth observed in September for range hoods and gas stoves [5][6] - Profitability showed a slight decline, with a gross margin of 50.43% for the first three quarters, down 1.60 percentage points year-on-year [6] Summary by Sections Market Data - Closing price: 23.95 yuan - Market capitalization: 22.339 billion yuan - P/E ratio: 14 times for 2024E [2][3] Financial Performance - Total revenue for 2024E is projected at 10.823 billion yuan, with a year-on-year growth rate of -3.4% [7] - Net profit for 2024E is expected to be 1.621 billion yuan, reflecting a year-on-year decrease of 6.5% [7] - Earnings per share for 2024E is estimated at 1.72 yuan [7] Industry Insights - The kitchen appliance industry is considered a mature segment within the home appliance sector, with stable overall market performance [6] - The old-for-new policy is anticipated to drive incremental revenue for the company, particularly in the kitchen appliance category [5][6]

Investment Rating - The investment rating for the company is maintained as "Buy" [4][6]. Core Views - The report indicates that while the company's third-quarter operations faced short-term pressure, improvements are expected due to significant policy boosts to terminal demand, healthy inventory levels, and a recovery in industry average prices. Revenue growth and profit improvement are anticipated in the future [2][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 7.396 billion, a year-on-year decrease of 6.78%. The net profit attributable to the parent company was 1.202 billion, down 12.44% year-on-year. In Q3 alone, revenue was 2.666 billion, a decline of 11.07% year-on-year, with net profit at 443 million, down 18.49% year-on-year [6][7]. - The company’s gross margin improved by 1.0 percentage point in Q3, attributed to a decrease in low-margin projects and a slight increase in average prices. However, the increase in expense ratios and bad debt provisions negatively impacted profitability, leading to a net profit margin decline of 1.5 percentage points year-on-year [6][9]. Future Earnings Projections - The company is expected to see revenue growth of 1%, 12%, and 8% for the years 2024, 2025, and 2026 respectively. The corresponding valuations are projected at 13X, 12X, and 11X [2][6]. Market Trends - Since September, retail in the industry has shown significant improvement, with a notable increase in sales for traditional kitchen appliances like range hoods and gas stoves, which saw year-on-year growth rates of 43% and 37% respectively. This trend is expected to continue into Q4, leading to improved revenue for the company [6][9].

证券研究报告 | 季报点评 gszqdatemark 2024 10 28 年 月 日 老板电器（002508.SZ） 毛利率稳健，现金流短期承压 事件：公司发布 2024 年三季报。公司 2024Q1-Q3 实现营业总收入 73.96 亿元，同比-6.78%；实现归母净利润 12.02 亿元，同比-12.44%。其中， 2024Q3 单季营业总收入为 26.66 亿元，同比-11.07%；归母净利润为 4.43 亿元，同比-18.49%。 传统品类保持稳健，线下市场优于线上。从行业整体情况看，2024 年前三 季度厨电中的油烟机、洗碗机品类均保持稳健态势，传统品类略好于新兴 品类，线下市场优于线上。据奥维云网数据显示，2024Q1-Q3 油烟机/洗 碗机/集成灶线上市场规模分别同比+4.2%/+4.5%/-41.8%；2024Q1-Q3 油烟机/洗碗机/集成灶下市场规模分别同比+13.8%/+12.3%/-4%。 毛利率较为稳定，净利率下滑。毛利率：2024Q3 公司毛利率同比提升 0.99pct 至 53.18%。费率端：2024Q3 销售/管理/研发/财务费率为 28.24%/4.79%/3.67%/- ...

证券代码：002508 证券简称：老板电器 公告编号：2024-064 特此公告。 杭州老板电器股份有限公司监事会 2024 年 10 月 29 日 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 事会第十一次会议通知于 2024 年 10 月 18 日以专人送达方式发出，会议于 2024 年 10 月 28 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 年三季度报告的议案》； 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 年三季度报告及摘要》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）。 杭州老板电器股份有限公司 第六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。 - 1 - ...

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 十一次会议通知于 2024 年 10 月 18 日以专人送达、电子邮件方式发出，会议于 2024 年 10 月 28 日以现场表决的方式召开。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。 全体董事经审议通过了以下议案： 一、审议通过了《关于 2024 年三季度报告的议案》； 表决情况：同意 9 票，反对 0 票，弃权 0 票；表决结果：通过。 第六届董事会第十一次会议决议公告 证券代码：002508 证券简称：老板电器 公告编号：2024-063 杭州老板电器股份有限公司 《老板电器 2024 年三季度报告》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）。 二、审议通过了《关于聘任证券事务代表的议案》； 表决情况：同意 9 票，反对 0 ...

杭州老板电器股份有限公司 董事会 2024 年 10 月 29 日 证券代码：002508 证券简称：老板电器 公告编号：2024-066 杭州老板电器股份有限公司 关于聘任证券事务代表的公告 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"）于2024年10月28日召开第 六届董事会第十一次会议，审议通过了《关于聘任公司证券事务代表的议案》， 聘任陈孝丰先生为公司证券事务代表，聘期自董事会审议通过之日起，任期与本 届董事会一致。 陈孝丰先生于2024年4月取得深圳证券交易所《董事会秘书资格证明》，符 合《中华人民共和国公司法》、《深圳证券交易所股票上市规则》等法律法规的 规定。 陈孝丰先生未持有公司股票，与公司控股股东及实际控制人、董事、监事、 高级管理人员及其他持有5%以上股份的其他股东无关联关系，未受过中国证券监 督 管理委员会及其他相关部门的处罚，不存在《中华人民共和国公司法》、《杭 州老板电器股份有限公司章程》等规定的不得担任公司证券事务代表的情形。 特此公告。 附件：公司新任证券事务代表简历 陈孝丰，男，汉 ...

Financial Performance - The company's revenue for Q3 2024 was ¥2,666,415,701.28, representing a decrease of 11.07% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥442,820,994.37, down 18.49% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was ¥416,751,314.41, a decline of 22.34% compared to the previous year[2]. - Basic earnings per share were ¥0.47, down 18.07% from the same period last year[2]. - The net profit for Q3 2024 was CNY 1,185,704,513.72, a decrease of 12.9% compared to CNY 1,361,919,203.75 in Q3 2023[12]. - The total comprehensive income for the period was CNY 1,185,536,866.54, compared to CNY 1,361,919,203.75 in Q3 2023, marking a decline of approximately 12.9%[13]. - The operating profit for the quarter was CNY 1,410,227,513.57, down from CNY 1,617,362,943.08 in Q3 2023, reflecting a decrease of approximately 12.8%[12]. - The company’s total profit for the period was CNY 1,403,313,319.73, a decrease of 13.1% from CNY 1,614,766,631.56 in the same quarter last year[12]. Cash Flow and Assets - The operating cash flow net amount for the year-to-date was ¥525,768,857.38, reflecting a significant decrease of 62.30%[2]. - The company reported a significant decrease in cash flow from operating activities, primarily due to reduced collections and increased payments to suppliers[5]. - Cash and cash equivalents decreased from CNY 1,985,050,745.11 to CNY 1,187,511,979.38, a decrease of about 40.2%[8]. - The cash flow from operating activities generated a net amount of CNY 525,768,857.38, significantly lower than CNY 1,394,577,576.86 in Q3 2023[14]. - The cash flow from investing activities showed a net inflow of CNY 97,017,348.45, a recovery from a net outflow of CNY -624,301,350.06 in the previous year[15]. - The company’s total assets decreased to CNY 1,074,368,978.70 in cash and cash equivalents at the end of the period, down from CNY 5,538,691,858.57 in Q3 2023[15]. Assets and Liabilities - Total assets at the end of the reporting period were ¥15,811,645,443.39, a decrease of 5.77% from the end of the previous year[2]. - Total current assets decreased from CNY 11,586,516,752.94 to CNY 8,396,945,503.83, a decline of approximately 27.5%[8]. - Total non-current liabilities totaled CNY 154,065,228.57, down from CNY 175,707,612.65, indicating improved financial stability[10]. - The total liabilities decreased to CNY 4,919,953,908.57 from CNY 6,148,935,267.79, reflecting a reduction in overall debt[10]. - The equity attributable to shareholders increased to CNY 10,800,542,004.48 from CNY 10,522,938,731.68, showing growth in shareholder value[10]. Shareholder Information - The number of common shareholders at the end of the reporting period was 55,834[7]. - The largest shareholder, Hangzhou Boss Industrial Group Co., Ltd., holds 49.94% of the shares[7]. - The company has not reported any changes in the top 10 shareholders due to securities lending activities[8]. Operational Insights - Total operating revenue for the third quarter was CNY 7,395,769,773.08, a decrease of 6.75% compared to CNY 7,933,319,563.87 in the same period last year[11]. - Total operating costs amounted to CNY 6,146,967,386.74, down from CNY 6,498,916,320.12, reflecting a cost reduction strategy[11]. - Research and development expenses were CNY 276,355,597.58, slightly decreased from CNY 279,326,363.45, indicating continued investment in innovation[11]. - The company reported a government subsidy of ¥10,037,822.62 during the reporting period, contributing positively to its financial performance[3]. Strategic Outlook - The company is focusing on market expansion and new product development as part of its strategic initiatives[11]. - Future guidance indicates a cautious outlook due to market conditions, with emphasis on cost control and efficiency improvements[11]. - There are no significant new strategies or product developments mentioned in the provided data[8].

证券代码：002508 证券简称：老板电器 公告编号：2024-062 杭州老板电器股份有限公司 刘宇先生近三年未受到任何刑事处罚，未因执业行为受到证监会及其派出机 构、行业主管部门等的行政处罚或监督管理措施，未因执业行为受到证券交易所、 行业协会等自律组织的自律监管措施、纪律处分。 三、其他说明 本次签字会计师更换所涉相关工作将有序交接，变更事项不会对公司 2024 年度财务报表的审计工作产生影响。 关于更换签字会计师的公告 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"）于 2024 年 4 月 24 日召开 第六届董事会第五次会议、第六届监事会第五次会议，审议通过了《关于续聘公 司 2024 年度审计机构的议案》。同意续聘信永中和会计师事务所（特殊普通合伙） （以下简称"信永中和"）为公司 2024 年度审计机构，签字会计师为季晟、王青， 聘期一年。上述议案已于 2024 年 5 月 16 日经公司 2023 年度股东大会审议通过。 一、签字会计师变更情况 近期公司收到信永中和《关于变更杭州老板电器股份有限公司 ...