Core Viewpoint - The performance of leading domestic kitchen appliance companies, including Boss Electric, Vatti, and Vanward Electric, shows significant divergence, with Boss Electric and Vatti experiencing declines in 2024 and Q1 2025, while Vanward Electric continues to grow [1][4]. Group 1: Company Performance - Boss Electric reported a revenue of 11.213 billion yuan in 2024, a slight increase of 0.1%, but a net profit of 1.577 billion yuan, down 8.97% year-on-year [2]. - Vatti achieved a revenue of 6.372 billion yuan in 2024, a year-on-year growth of 2.23%, with a net profit of 485 million yuan, up 8.39% [2]. - Vanward Electric's revenue in 2024 was 7.342 billion yuan, a growth of 20.29%, with a net profit of 658 million yuan, up 15.73% [4]. - In Q1 2025, Boss Electric's revenue fell to 2.076 billion yuan, down 7.2%, and net profit decreased to 340 million yuan, down 14.66% [2]. - Vatti's Q1 2025 revenue was 1.26 billion yuan, down 8.8%, with a net profit of 106 million yuan, down 14.33% [2]. - Vanward Electric continued its growth in Q1 2025, achieving a revenue of 2.295 billion yuan, up 15.94%, and a net profit of 179 million yuan, up 8.01% [4]. Group 2: Market Conditions - The ongoing downturn in the real estate market has significantly impacted the kitchen appliance industry, particularly affecting Boss Electric and Vatti, which are closely tied to the refined decoration market [1][3]. - The overall kitchen appliance market is expected to remain stable, supported by the "national subsidy" policy [1][6]. - In Q1 2025, the number of new projects in the real estate refined decoration market dropped by 38.9%, with a market scale decline of 42.1% [3]. - The kitchen appliance sector's performance is closely linked to the real estate market, making it challenging for individual companies to thrive independently [3]. Group 3: Product and Export Strategy - Vanward Electric's focus on specific product categories, such as household water heating and kitchen appliances, has contributed to its better performance compared to Boss Electric and Vatti [4][5]. - In Q1 2025, the retail market for range hoods and gas stoves saw significant growth, with retail sales of range hoods reaching 6.1 billion yuan, up 13.1%, and gas stoves at 3.72 billion yuan, up 13.4% [5]. - Vanward Electric's export sales accounted for 36.27% of its revenue in 2024, with a growth of 41.43%, while Boss Electric and Vatti had much lower export revenue proportions [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of —— yuan over the next six months [1]. Core Views - The report highlights that national subsidies have driven industry growth, and the company has achieved a record high dividend payout ratio of 59.7% [6]. Financial Performance Summary - In 2024, the company achieved a revenue of 11,212.65 million yuan, a year-on-year increase of 0.1%, and a net profit attributable to the parent company of 1,577.40 million yuan, a decline of 8.97% year-on-year [6]. - The fourth quarter of 2024 saw a revenue of 3,820 million yuan, a year-on-year increase of 16.8%, and a net profit of 380 million yuan, a year-on-year increase of 4.3% [6]. - For Q1 2025, the company reported a revenue of 2,080 million yuan, a year-on-year decline of 7.2%, and a net profit of 340 million yuan, a year-on-year decline of 14.7% [6]. Market Dynamics - The report notes that the national subsidy policy has stimulated demand, particularly in the fourth quarter of 2024, leading to a V-shaped recovery in the kitchen appliance industry [6]. - The company is expected to benefit from ongoing national subsidy policies, which will positively impact industry demand and improve demand structure [6]. Profitability Metrics - The gross profit margin for 2024 was 49.7%, down by 1 percentage point year-on-year [6]. - The company’s selling, general, and administrative expenses as a percentage of revenue increased, indicating a deterioration in expense ratios due to intensified market competition [6]. Future Earnings Forecast - The company is projected to have earnings per share (EPS) of 1.73 yuan, 1.83 yuan, and 1.96 yuan for the years 2025, 2026, and 2027, respectively [6]. - The report maintains a "Buy" rating based on the company's strong market position and potential for growth in new product categories [6]. Dividend Policy - The company announced a total dividend of 470 million yuan for 2024, maintaining a high dividend payout ratio [6].

4月29日披露的最新财报显示，高端厨电领导品牌老板电器在2024年实现稳健增长。2024年公司实现营收 112.13亿元，归母净利润15.77亿元。 从营收和利润规模上看，老板电器继续稳居国内厨电上市公司第一名。2024年，老板电器一方面"逆风前 行" 在吸油烟机、燃气灶、线上厨电套餐等多个品类市场份额位居行业第一， 进一步稳固龙头地位。 另一方面，老板电器 主动拥抱AI变革进行"逆周期进化"，以求穿越周期。 老板电器能够逆周期实现稳健 业绩，与其在2024年开启"AI+转型元年"密不可分，正全面由传统家电制造业品牌向"烹饪全链路整体解 决方案提供商"进化。 深究最新发布的财报，也不难发现老板电器最新浮现的增长动力。老板电器在2024年首次进入商用厨房 市场。商用厨房市场规模已近千亿，但品牌集中度极低，头部企业仅占1%市场份额，呈现"大市场、小品 牌"特点。老板电器聚焦智能化商用厨电为餐饮客户降低经营成本，有望在这个 细分市场上实现高增长， 为公司打造新增长曲线。 2024财年老板电器继续坚持分红，每10股派发现金红利5元。老板电器自上市以来累计分红63.76亿元（含 2024年度分红），超过其总募资金额的6 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company benefits from the old-for-new policy, regaining market advantages as a leading player in the kitchen appliance sector [2]. - The company's revenue for 2024 is projected at 11.21 billion yuan, showing a slight increase of 0.10% year-on-year, while the net profit attributable to the parent company is expected to decline by 8.97% to 1.58 billion yuan [1]. - The company has a strong brand and channel advantages, with significant growth potential in categories like dishwashers and digital kitchen appliances [4]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 3.82 billion yuan, a year-on-year increase of 16.78%, and a net profit of 380 million yuan, up 4.28% year-on-year [1]. - For Q1 2025, the company reported revenue of 2.08 billion yuan, a decrease of 7.20% year-on-year, with a net profit of 340 million yuan, down 14.66% year-on-year [1]. - The overall gross margin for 2024 was 49.7%, a decrease of 1.0 percentage points year-on-year, but showed improvement in the second half of the year [3]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 470 million yuan, with a dividend payout ratio of 59.9% for 2024 [1]. Revenue and Profit Forecast - The projected net profit for 2025-2027 is 1.68 billion yuan, 1.89 billion yuan, and 2.11 billion yuan respectively, with a downward adjustment for 2025 due to Q1 performance [4]. - The company’s current market capitalization corresponds to price-to-earnings ratios of 11.0x for 2025, 9.8x for 2026, and 8.8x for 2027 [4]. Market and Channel Analysis - The company’s sales through distribution channels increased by 21% year-on-year in 2024, while direct sales and engineering channels saw declines [2]. - The demand for kitchen appliances improved significantly following the implementation of the old-for-new policy, particularly in the months of August and September [2].

作为家电市场中的第一场景，厨房场景去年市场跌宕起伏、竞争加剧，今年将迎来两大机会。一方面 是政策红利，今年国家继续扩大内需，以旧换新政策首次将洗碗机等新兴厨电纳入补贴范围；另一方 面是智能化升级契机，DeepSeek等大模型进一步引发消费者的智能体验热潮，将令数字厨电进一步 升温。 4月29日，老板电器披露2024年年报。数据显示，2024年公司营业收入112.13亿元，归母净利润 15.77亿元。同时，2024年老板电器继续坚持分红，自上市以来已累计分红63.76亿元（含2024年度 分红），未来三年将继续高比例分红，彰显公司对长期经营的信心和底气。 国内厨电市场去年前三季度增长承压，第四季度以旧换新"国补"政策使行业止跌回升，老板电器借势 2024年全年稳住百亿营收。与此同时，在人工智能浪潮中，老板电器在业内率先发布食神AI大模 型，带动了其数字厨电销售额去年同比增长超5倍，打开了智慧厨房的新蓝海。 借助政策+科技两大"东风"，老板电器锚定"烹饪全链路整体解决方案提供商"的战略定位，顺应"家电 家居一体化"的焕新趋势，推动厨电产品向更集成、更智能的方向迭代，并努力开辟以智慧厨房场景 化解决方案为核心的新增 ...

Core Viewpoint - The Chinese home appliance market is facing significant growth challenges, with companies like Boss Electric experiencing declining performance despite previous expectations for growth [2][4]. Financial Performance - Boss Electric reported a slight increase in revenue for 2024 at 11.213 billion yuan, up 0.10% year-on-year, but net profit fell by 8.97% to 1.577 billion yuan [2][3]. - The Q1 2025 report showed a revenue decline of 7.2% to 2.08 billion yuan and a net profit drop of 14.7% to 340 million yuan [2][3][13]. - The stock price of Boss Electric dropped over 7% following the release of these disappointing financial results, indicating investor dissatisfaction [2][3]. Product Performance - The revenue from the two main product categories, range hoods and gas stoves, accounted for over 70% of total revenue, but their gross margins decreased by 2.14% and 4.86% respectively [6][10]. - Despite claims of innovation, the actual market performance of products like integrated stoves has been poor, with sales significantly declining [11][12]. Market Challenges - The home appliance industry is under pressure from external factors, including insufficient innovation and intense competition, leading to difficulties in customer acquisition and conversion [2][4]. - The real estate sector's downturn has severely impacted Boss Electric, which has heavily relied on partnerships with real estate developers for sales [21][22]. Strategic Issues - The company has been criticized for focusing on marketing and product promotion rather than substantial technological innovation, with R&D spending significantly lower than marketing expenses [18][19]. - Boss Electric's management has been accused of being overly optimistic about growth prospects, failing to adapt to the changing market conditions [21][27]. Industry Trends - The trend of AI integration in home appliances is prevalent, but many products are perceived as lacking real value, leading to consumer skepticism [14][15][18]. - The overall market for home appliances is expected to continue facing challenges, with a significant decline in new projects in the real estate sector impacting sales [25][26].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Insights - The company reported a total revenue of 11.213 billion yuan for 2024, with a year-over-year growth of 0.10%, and a net profit attributable to shareholders of 1.577 billion yuan, down 8.97% year-over-year [1] - In Q4 2024, the company achieved a revenue of 3.817 billion yuan, representing a year-over-year increase of 16.78%, and a net profit of 375 million yuan, up 4.28% year-over-year [1] - The company anticipates a recovery in growth from Q2 to Q3 2025 due to a low base effect [2] Revenue Analysis - The revenue growth in Q4 2024 was significantly driven by national subsidies, with various product categories showing mixed performance [2] - Specific product revenue changes include: - Range hoods increased by 2.51% - Gas stoves increased by 3.96% - Dishwashers increased by 4.22% - Water heaters increased by 5.47% - Integrated stoves decreased by 29.63% [2] Profitability Analysis - The gross profit margin improved from Q4 2024 to Q1 2025, but net profit margin faced pressure due to rising expense ratios [3] - The company reported a gross profit margin of 49.66% for 2024, down 1.00 percentage points year-over-year, and a net profit margin of 14.07%, down 1.40 percentage points year-over-year [3] - In Q1 2025, the gross profit margin was 52.72%, an increase of 2.08 percentage points year-over-year, while the net profit margin was 16.38%, down 1.43 percentage points year-over-year [4] Financial Forecast - The revenue forecasts for 2025 to 2027 are adjusted to 11.788 billion yuan, 12.424 billion yuan, and 13.139 billion yuan, respectively, with year-over-year growth rates of 5.13%, 5.40%, and 5.76% [8] - Corresponding net profits are projected to be 1.678 billion yuan, 1.806 billion yuan, and 1.947 billion yuan for the same years, with year-over-year growth rates of 6.36%, 7.64%, and 7.83% [8] - The earnings per share (EPS) are expected to be 1.78 yuan, 1.91 yuan, and 2.06 yuan for 2025 to 2027, with price-to-earnings (PE) ratios of 11.07, 10.28, and 9.54, respectively [8]

Core Viewpoint - In 2024, under pressure from overall growth in the Chinese kitchen appliance industry, the company Robam Appliances (老板电器) has embraced AI comprehensively, driving the transformation of "AI + Cooking" and achieving stable operations [1] Group 1: Financial Performance - In 2024, Robam Appliances achieved a total revenue of 11.213 billion yuan and a net profit of 1.577 billion yuan [1] - The company plans to continue high dividend payouts, having distributed a total of 6.376 billion yuan in dividends since its listing, reflecting confidence in long-term operations [1] Group 2: Market Trends and Policies - The kitchen appliance industry entered a deep adjustment period in the first three quarters of 2024, with a structural development trend, but showed signs of recovery in the fourth quarter due to the "National Subsidy" policy [1] - The overall retail sales of the Chinese kitchen and bathroom market reached 176.4 billion yuan in 2024, with a year-on-year growth of 5.7% [2] - The implementation of the National Subsidy policy has strengthened Robam's industry-leading position, with the top 10 brands' retail sales concentration increasing to 82.8%, up 2% year-on-year [2] Group 3: Product Leadership - Robam Appliances continues to lead the industry in core categories, with offline sales of range hoods accounting for 32.06% and gas stoves for 31.73%, both ranking first in the industry [2] - The company has achieved a 108% growth rate in key account channels within three months of the National Subsidy policy's implementation [2] Group 4: Innovation and Expansion - In 2024, Robam Appliances focused on the North American market, establishing a subsidiary and participating in the KBIS exhibition, with over 100 local outlets [3] - The company has entered the commercial kitchen market, which is nearly 100 billion yuan in size but has low brand concentration [3] - The government report emphasizes the integration of "Artificial Intelligence +" with consumer scenarios, and Robam has achieved breakthroughs in AI + cooking, evolving into a provider of comprehensive cooking solutions [3] - The company has established a digital kitchen appliance research institute and a Chengdu research institute, focusing on AI software development, with nearly 900 technical personnel [4]

Core Viewpoint - Boss Electric reported a strong financial performance for 2024, with total revenue of 11.213 billion yuan and a net profit of 1.577 billion yuan, while maintaining a high dividend payout strategy [1] Financial Performance - In 2024, Boss Electric achieved an operating income of 11.213 billion yuan and a net profit attributable to shareholders of 1.577 billion yuan [1] - The company has cumulatively distributed dividends of 6.376 billion yuan since its listing, with plans for continued high dividend payouts over the next three years [1] Market Position - Boss Electric leads the industry in core categories, with offline sales of range hoods accounting for 32.06% and online sales at 21.41%, as well as gas stoves with offline sales at 31.73% and online sales at 19.81% [1] - The online sales share of the combined range hood and gas stove package is 26.89%, ranking first in the industry [1] - In the full kitchen appliance category, the sales share of the micro-steaming and baking integrated machine is 27.7% offline, also leading the industry [1] - The dishwasher's sales volume and revenue share are 20.65% and 18.25% respectively, making it the top Chinese brand [1] - The integrated stove has an offline sales share of 39.5%, leading the industry [1] - Desktop range hoods became the top-selling product on Tmall by the end of 2024, solidifying its market leadership [1] Strategic Initiatives - Following the implementation of national subsidy policies in 2024, the retail concentration of the top 10 home appliance brands increased to 82.8%, a 2% year-on-year growth [2] - Boss Electric responded quickly to the new policies, achieving a growth rate of 108% in key account channels within three months of the subsidy launch [2] - The company adopted a "Boss + Mingqi" dual-brand strategy to penetrate lower-tier markets, with the Mingqi brand achieving a top 10 market share for the first time [2] - Boss Electric has expanded into the North American market, establishing a subsidiary and participating in the KBIS exhibition, with over 100 outlets in North America [2] - The company has entered the commercial kitchen market, which is nearing a scale of 100 billion yuan, focusing on smart commercial kitchen appliances to reduce operational costs for clients [2] Overall Strategy - Boss Electric maintains a dual focus on high-end markets and emerging markets, ensuring a robust and healthy growth structure while capitalizing on new market opportunities [3]

杭州老板电器股份有限公司 2024 年 12 月 31 日 内部控制审计报告 XYZH/2025BJAA10B0390 杭州老板电器股份有限公司 杭州老板电器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 杭州老板电器股份有限公司（以下简称老板电器公司）2024 年 12 月 31 日财务报告内部 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，并评价其有效性是老板电器公司董事会的 责任。 二、注册会计师的责任 内部控制审计报告 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，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变 化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审 计结果推测未来内部控制的有效性具有一定风险。 1 信永中和会计师事务所（特殊普通合伙） 中国注册会计师： 审计 ...