杭州老板电器股份有限公司 关于"质量回报双提升"行动方案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为深入贯彻中央政治局会议提出的"要活跃资本市场、提振投资者信心" 及国务院常务会议指出的"要大力提升上市公司质量和投资价值，要采取更加 有力有效措施，着力稳市场稳信心"的指导思想，落实党的二十大、二十届三 中全会和中央金融工作会议精神，杭州老板电器股份有限公司（以下简称"公 司"）结合发展战略及经营规划，为了维护公司全体股东利益，增强投资者信 心，助力公司高质量发展，特制定"质量回报双提升"行动方案，具体举措如 下： 证券代码：002508 证券简称：老板电器 公告编号：2024-061 此外，公司始终高度关注向投资者传递多元化的内在价值。至今共主动披 露《社会责任报告》9份、ESG报告3份。 三、维护股东权益，彰显长期价值 公司自2010年上市以来每年保持稳定分红，始终将广大投资者的利益放在 首位。2023年12月公司发布回报股东特别分红方案，并于次月完成分派实施。 随着新"国九条"的发布，公司随即响应号召将特别分红固化，并于2024年4月 底发布 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company, Boss Electric, reported a revenue of 4.729 billion yuan for the first half of 2024, a year-on-year decrease of 4.16%, and a net profit attributable to shareholders of 759 million yuan, down 8.48% year-on-year. The second quarter of 2024 saw a revenue of 2.492 billion yuan, a decline of 9.63% year-on-year, with a net profit of 361 million yuan, down 18.15% year-on-year [6][9] - The company maintains a leading market share in its core product categories, with offline retail market shares of 32% for range hoods, 31% for gas stoves, 27% for integrated steam ovens, and 18% for dishwashers. The online retail market shares for smoke and stove packages and kitchen appliance packages are 28% and 27%, respectively [6][9] - Despite short-term pressures from the real estate market, the company is expected to maintain its market position and return to growth in the long term, with projected EPS of 1.70, 1.84, and 1.99 yuan per share for 2024-2026 [6][9] Financial Summary - For 2023, the company is projected to have a total revenue of 11.202 billion yuan, with a net profit of 1.733 billion yuan. The EPS is expected to be 1.84 yuan, with a gross margin of 50.7% [7][9] - The company’s gross margin is projected to be 50.3% in 2024, with a net profit margin of 15.0% [9][10] - The company’s asset-liability ratio is expected to decrease from 36.6% in 2023 to 29.9% in 2026, indicating improved financial stability [10]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company maintains a leading position in traditional categories, but its Q2 performance faced pressure due to market conditions [5] - The company is optimistic about its medium to long-term development despite the overall industry downturn [5] Financial Performance - In H1 2024, the company achieved operating revenue of 4.73 billion yuan, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of 760 million yuan, down 8.5% year-on-year [4][5] - Q2 2024 results showed operating revenue of 2.49 billion yuan, a decline of 9.6%, and a net profit of 360 million yuan, down 18.2% year-on-year [4][5] Product Performance - The first product category, including range hoods and gas stoves, generated revenues of 2.26 billion yuan and 1.17 billion yuan, respectively, with declines of 2.85% and 1.17% year-on-year [5] - The second product category, including integrated machines and steam ovens, saw revenues of 282 million yuan, 28 million yuan, and 26 million yuan, with declines of 11.24%, 18.47%, and 23.48% respectively [5] - The third product category, including dishwashers and water purifiers, achieved revenues of 318 million yuan, 15 million yuan, and 110 million yuan, with a growth of 14.84% for water heaters, while dishwashers and water purifiers declined by 4.01% and 23.59% respectively [5] Market Position - The company remains competitive in traditional product categories, with retail sales in the kitchen appliance sector showing slight growth in retail channels, up 6.4% and 7.8% for range hoods and gas stoves respectively [5] - The engineering channel revenue has significantly declined, primarily due to weak new home sales, with a year-on-year decrease of 21.7% [5] Profitability and Cash Flow - The company's gross margin for H1 2024 was 48.9%, down 3.1 percentage points year-on-year, with Q2 gross margin at 47.3%, down 2.4 percentage points [5] - Operating cash flow for H1 2024 was 410 million yuan, a decrease of 56.9% year-on-year, attributed to slower payment collection [5] Earnings Forecast and Valuation - The net profit forecasts for 2024-2026 have been adjusted to 1.59 billion yuan, 1.65 billion yuan, and 1.72 billion yuan, reflecting decreases of 16.05%, 21.02%, and 23.45% from previous estimates [5] - The current stock price corresponds to P/E ratios of 11, 10, and 10 for the respective years [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Views - The company maintains a strong position in core categories, with the brand "Boss" leading in market share, while the new brand "Mingqi" shows rapid revenue growth, indicating resilience in operations [5]. - Despite a temporary decline in revenue due to market conditions, the company is expected to recover with a projected increase in net profit over the next three years [5]. Financial Performance Summary - In H1 2024, the company achieved revenue of 4.73 billion yuan, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of 760 million yuan, down 8.5% [5]. - For Q2 2024, revenue was 2.49 billion yuan, a decline of 9.6%, with a net profit of 360 million yuan, down 18.2% [5]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 1.69 billion, 1.83 billion, and 1.95 billion yuan respectively [5]. Market Position and Brand Performance - The traditional product categories continue to lead in market share, with the "Boss" brand holding a retail market share of 31.9% for range hoods and 31.3% for gas stoves [5]. - The new brand "Mingqi" generated revenue of 229 million yuan in H1 2024, reflecting a year-on-year growth of 40.5% [5]. Profitability and Cost Structure - The gross margin for H1 2024 was 48.9%, a decrease of 3.1 percentage points compared to the previous year [5]. - The operating expense ratio was 31.4%, down 2.4 percentage points, leading to a net profit margin of 16.1% [5]. Financial Projections - Revenue projections for 2024-2026 are 11.03 billion, 11.67 billion, and 12.40 billion yuan, with corresponding net profits of 1.69 billion, 1.83 billion, and 1.95 billion yuan [6][7]. - The expected EPS for 2024-2026 is 1.79, 1.94, and 2.07 yuan, with P/E ratios of 10.4, 9.6, and 9.0 respectively [6][7].

证券代码：002508 证券简称：老板电器 公告编号：2024-060 杭州老板电器股份有限公司 关于调整 2023 年股票期权激励计划行权价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 8 月 30 日分别 召开第六届董事会第十次会议和第六届监事会第十次会议审议通过了《关于调 整 2023 年股票期权激励计划行权价格的议案》，公司 2023 年股票期权激励计 划行权价格调整为 20.51 元/股。现将有关情况公告如下： 一、本次激励计划已履行的相关审批程序 1、2023年4月25日，公司召开第五届董事会第十四次会议，审议通过了 《关于公司2023年股票期权激励计划（草案）及其摘要的议案》等相关议案， 独立董事对公司股票期权激励计划相关事项发表了同意的独立意见。公司第五 届监事会第十四次会议审议通过上述相关议案并发表同意意见。公司于2023年4 月26日披露了上述事项。 2、2023年4月26日至2023年5月8日，公司通过内部张贴将股票期权激励计 划激励对象姓名及职务予以公示。2023 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12] Core Views - The company experienced operational pressure in Q2 2024, with a revenue decline of 9.6% year-on-year to 2.49 billion, and a net profit drop of 18.2% to 360 million [1] - The company is expected to benefit from the gradual implementation of the national replacement policy for old appliances, which may stimulate demand for kitchen appliances [1] - The company is actively promoting dual-brand development, with its sub-brand "Mingqi" achieving a revenue growth of 40.5% to 230 million in H1 2024 [1] Financial Performance Summary - In H1 2024, the company achieved a revenue of 4.73 billion, down 4.2% year-on-year, and a net profit of 760 million, down 8.5% [1] - The company's main product categories showed relative stability, with a 2.9% decline in range hoods to 2.26 billion and a 1.2% decline in gas stoves to 1.17 billion [1] - Emerging product categories faced more pressure, with significant declines in revenue for integrated machines, steam ovens, and ovens [1] - The gross profit margin in Q2 was 47.3%, down 2.4 percentage points year-on-year, influenced by raw material costs and the rising proportion of Mingqi's revenue [1] Profit Forecast and Valuation - The profit forecast for the company has been revised down, with expected net profits of 1.70 billion, 1.79 billion, and 1.88 billion for 2024, 2025, and 2026 respectively, reflecting a growth rate of -2%, +6%, and +5% [1][12] - The diluted EPS is projected to be 1.79, 1.89, and 1.98 for the years 2024, 2025, and 2026, with corresponding PE ratios of 10, 10, and 9 [1][12]

证券代码：002508 证券简称：老板电器 公告编号：2024-059 杭州老板电器股份有限公司 2024 年中期权益分派实施公告 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"）2024年中期权益分派方案 已获2024年8月26日召开的公司第六届董事会第九次会议和第六届监事会第九次 会议审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司 2024 年中期权益分派方案为：以公司现有总股本 944,127,316 股 为基数，向全体股东每 10 股派 5.00 元人民币现金(含税)，预计派发的现金红 利总额为 472,063,658.00 元。若在分配方案实施前公司总股本发生变化的， 将按照"分配比例不变，调整分配总额"的原则相应调整。 2、公司 2023 年股票期权激励计划正处于自主行权期间，因本次权益分派 需要，公司股票期权自主行权在权益分派业务申请期间（2024 年 8 月 28 日至 2024 年 9 月 5 日）暂停行权。 3、自分配方案披露至实施期间公司总股本未发生变化。 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 24 yuan, compared to the current price of 18.31 yuan [1]. Core Insights - The company reported a total revenue of 4.73 billion yuan for the first half of 2024, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of 760 million yuan, down 8.5% year-on-year [1][2]. - In Q2 2024, the company achieved a revenue of 2.49 billion yuan, a decline of 9.6% year-on-year, and a net profit of 360 million yuan, down 18.15% year-on-year [1][2]. - The company plans to distribute a mid-term dividend of 5 yuan per 10 shares, totaling 472 million yuan [2]. Revenue and Market Position - The kitchen appliance industry faced challenges due to real estate downturns, weak consumer demand, and intensified competition, impacting overall revenue [2]. - Despite the challenges, the company maintained its leading market share in multiple product categories, with revenue from core products such as range hoods and stoves showing slight declines [2]. - Specific revenue figures for key products include 2.26 billion yuan for range hoods, 1.17 billion yuan for stoves, and 180 million yuan for ovens, with year-on-year changes of -2.9%, -1.2%, and -14.0% respectively [2]. Profitability and Cost Management - The company's net profit margin in Q2 2024 was 14.2%, down 1.6 percentage points year-on-year, with a gross margin of 47.3%, a decrease of 2.4 percentage points [2]. - The increase in raw material costs and competitive pricing pressures contributed to the decline in profitability [2]. - The company actively managed costs, resulting in a decrease in sales expense ratio by 1.2 percentage points [2]. Future Outlook and Strategic Initiatives - The company is optimistic about future demand recovery, supported by government policies promoting appliance upgrades and renovations in older neighborhoods [2]. - The company has increased its dividend payout ratio and plans to maintain a cash dividend ratio of no less than 50% from 2024 to 2026 [2]. - The dual-brand strategy, including the launch of the "Mingqi" brand, has shown promising growth, with a 40.47% year-on-year increase in revenue for the new brand [2]. Financial Forecasts - The company’s earnings per share (EPS) forecasts for 2024, 2025, and 2026 have been adjusted to 1.70 yuan, 1.88 yuan, and 2.06 yuan respectively, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 [2][3]. - The total revenue projections for 2024, 2025, and 2026 are 10.83 billion yuan, 11.49 billion yuan, and 12.32 billion yuan, reflecting a year-on-year growth rate of -3.3%, 6.1%, and 7.2% respectively [3].

Investment Rating - The investment rating for the company is "Buy" with a target price of 23.00 CNY, down from a previous forecast of 28.43 CNY [4][13]. Core Views - The company is expected to outperform the industry due to the rapid growth of its brand and new products, despite a slow recovery in demand and intense market competition [4][19]. - The company's H1 2024 revenue was 4.729 billion CNY, a year-on-year decrease of 4.16%, with a net profit of 759 million CNY, down 8.48% year-on-year [15][19]. - The company plans to distribute a cash dividend of 5 CNY per 10 shares, totaling 472 million CNY, which represents 62% of its H1 2024 net profit [19]. Summary by Sections 1. Investment Recommendation - The report suggests a "Buy" rating based on the company's potential for revenue growth and market positioning [4][13]. 2. Performance Overview - In H1 2024, the company reported a revenue of 4.729 billion CNY, a decrease of 4.16% year-on-year, and a net profit of 759 million CNY, down 8.48% year-on-year [15][19]. 3. Revenue Analysis - The company's brand "Mingqi" showed strong performance with a revenue increase of 40% year-on-year in H1 2024. Traditional products like range hoods and gas stoves performed better than integrated stoves [16][19]. 4. Profitability Metrics - The gross margin for H1 2024 was 48.88%, down 3.05 percentage points year-on-year, while the net margin was 15.84%, down 0.85 percentage points year-on-year [17][19]. 5. Balance Sheet and Cash Flow - As of H1 2024, the company had cash and cash equivalents plus trading financial assets totaling 3.699 billion CNY, with inventory at 1.399 billion CNY [18][19]. 6. Dividend Policy - The company announced a cash dividend of 5 CNY per 10 shares, which is aimed at enhancing shareholder returns and boosting market confidence [19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue is under pressure due to a decline in real estate completions and a weak consumer environment. The company is actively promoting the growth of its sub-brands targeting mass consumption. However, the increase in low-margin sub-brands has led to a decline in overall profitability. Future demand in the kitchen appliance sector may be stimulated by the implementation of the old-for-new policy, and the company has a notable cash dividend payout ratio of 62% [3][10][16]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 4.729 billion, a year-on-year decrease of 4.16%. The net profit attributable to the parent company was 759 million, down 8.48% year-on-year. The non-recurring net profit was 658 million, down 11.91% year-on-year. In Q2 2024, revenue was 2.492 billion, a decline of 9.63%, with a net profit of 361 million, down 18.15% year-on-year [10][16]. Revenue Breakdown - The revenue decline was attributed to a drop in real estate completions and a weak consumption environment. Traditional categories like range hoods and gas stoves saw relatively stable revenues, with declines of 3% and 1% respectively. In contrast, optional categories faced greater pressure. The sub-brand targeting mass consumption saw a revenue increase of 40% year-on-year [10][15]. Profitability and Cost Structure - The company's gross margin decreased by 3.1 percentage points in H1 and 2.4 percentage points in Q2, primarily due to the increased revenue share from lower-margin sub-brands. The company managed to control marketing expenses, but the decline in revenue led to an increase in management and R&D expense ratios [10][16]. Dividend Policy and Future Outlook - The company maintained a high dividend payout, distributing 472 million in cash dividends, which accounted for 62% of H1 net profit. The implementation of the old-for-new policy is expected to boost demand in the kitchen appliance sector, benefiting the company's operations. The company is projected to achieve revenue growth of 2% in 2024, followed by 8% in 2025 and 2026 [10][11][16].