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 solid long-term value and is currently at a valuation bottom, with a stable cash flow despite recent impairments in its engineering and decoration business [4][13]. - The kitchen appliance market is projected to improve in 2024, driven by government 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 CAGR of 28% in revenue from 2010 to 2017, which decreased to 8% from 2017 to 2023 [4][7]. - The company's net profit CAGR dropped from 41% (2010-2017) to 3% (2017-2023), with expectations of continued pressure on performance in 2024 [4][7]. - The company is focusing on enhancing its retail business as the market for roughcast houses increases, which is expected to support future retail demand [4][44]. Financial Performance - The company achieved a revenue of 73.96 billion yuan in the first three quarters of 2024, a year-on-year decline of 6.78%, with a net profit of 12.02 billion yuan, down 12.44% year-on-year [19]. - The projected revenue for 2024 is 112.65 billion yuan, with a slight growth rate of 0.56%, and net profit is expected to be 16.12 billion yuan [55][56]. - The company’s EPS is forecasted to be 1.71 yuan in 2024, with a gradual increase to 2.00 yuan by 2026 [55][56]. Market Dynamics - The government has shifted its real estate policy to promote stability and recovery, which is expected to positively impact the kitchen appliance sector [4][46]. - The kitchen appliance market is anticipated to see a retail sales increase of 16.4% in 2024, driven by government subsidies and a recovering real estate market [4][44]. - The report highlights that the company is well-positioned to capitalize on the expected market recovery and government support for consumer spending [4][55].

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]

没能打造出第二增长曲线来对冲核心业务的下滑。 | 作者 | | 木盒 | | --- | --- | --- | | 编辑 | | 小白 | 老板电器，市值风云吾股评级中排名64。 （市值风云APP-吾股大数据） 过去20年以来，老板电器收入增长未曾停止过，2024年却戛然而止：前三季度收入为267亿，同比下 降6.78%。 （市值风云APP-吾股大数据） 扣非净利润为4.16亿，同比下降16.27%。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | | --- | --- | --- | --- | --- | --- | | | | 增減 | | 年同期增减 | | | 营业收入(元) | 2,666, 415, 701. 28 | -11. 07% | 7,395,769,773.08 | | -6.78% | | 归属于上市公司股东 | 442, 820, 994. 37 | -18. 49% | 1, 202, 179, 949. 11 | | -12.44% | | 的净利润(元) | | | | | | | 归属于上市公司股东 | | | | | | ...

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 assigns a "Hold" rating to the company with a target price of RMB 25.90, reflecting a 15% decrease from the previous target price of RMB 30.62 [1][2] Core Insights - The company's performance in the first three quarters of 2024 was below expectations, with revenue and net profit declining by 6.8% and 12.4% year-on-year, respectively [1][2] - The "old-for-new" policy has shown significant effects, but there is still a lack of long-term logic, leading to concerns about the risk-reward ratio [1][2] - The company is expected to see a revenue growth of 3% year-on-year in Q4 2024, driven by the "old-for-new" policy and improved online channel revenue growth [1][2] Financial Performance Summary - Revenue for 2024E is adjusted to RMB 10,749 million, a decrease of 14.1% from previous estimates [2] - The net profit for 2024E is revised down to RMB 1,662 million, reflecting a 25.7% reduction [2] - The EPS for 2024E is adjusted to RMB 1.76, down 25.3% from earlier projections [2] Market Position and Valuation - The current market capitalization of the company is approximately USD 3,199 million [1] - The company’s P/E ratio for 2025E is projected at 14 times, with a target price corresponding to this valuation [1][2] - The stock price has a potential upside of 8% from the current price of RMB 24.07 [1]

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 27 yuan, compared to the current price of 24.30 yuan [1]. Core Views - The company's revenue performance is under short-term pressure, with a total revenue of 7.4 billion yuan for the first three quarters of 2024, down 6.8% year-on-year, and a net profit of 1.2 billion yuan, down 12.4% year-on-year. In Q3 2024, revenue was 2.67 billion yuan, down 11.1% year-on-year, and net profit was 440 million yuan, down 18.5% year-on-year [1]. - Despite the revenue decline, the company maintains a leading market share in multiple categories, with the brand's retail market share for range hoods and gas stoves being the highest in the industry. New product categories are also growing rapidly, with integrated stoves and dishwashers leading in market share [1]. - The company's profit performance is weaker than revenue, with a slight decrease in net profit margin to 16.6% in Q3 2024, down 1.5 percentage points year-on-year. The gross margin improved to 53.2%, benefiting from a higher proportion of online sales [1]. - The company is expected to benefit from national subsidy policies, with a projected increase in sales during the promotional season in Q4 2024 [1]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 7.4 billion yuan, a decrease of 6.8% year-on-year, and a net profit of 1.2 billion yuan, down 12.4% year-on-year [1]. - The company’s Q3 2024 gross margin was 53.2%, up 1.0 percentage points year-on-year, while the net profit margin was 16.6%, down 1.5 percentage points year-on-year [1]. - The company’s EPS forecast for 2024-2026 is adjusted to 1.74, 1.92, and 2.10 yuan, respectively, with corresponding PE ratios of 14, 13, and 12 times [1][2].

Investment Rating - The report maintains a positive investment recommendation for the company, highlighting its strong market position and potential benefits from government policies aimed at stabilizing the real estate market and promoting consumption [1]. Core Insights - The company reported a revenue of 7.396 billion yuan for the first three quarters of 2024, representing a year-on-year decline of 6.78%. The net profit attributable to shareholders was 1.202 billion yuan, down 12.44% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.075 billion yuan, a decrease of 16.27% [1]. - The report forecasts the company's net profits for 2024-2026 to be 1.877 billion yuan, 2.011 billion yuan, and 2.134 billion yuan, respectively, with corresponding EPS of 1.99 yuan, 2.13 yuan, and 2.26 yuan [2]. Financial Performance Summary - Revenue for 2024 is projected at 11.201 billion yuan, with a growth rate of 9.06%. The net profit is expected to reach 1.733 billion yuan, reflecting a profit growth rate of 10.20% [2]. - The report provides a detailed financial forecast, including operating income, net profit, and EPS for the years 2024 to 2026, indicating a consistent growth trajectory [3]. Key Financial Metrics - The projected PE ratios for 2024-2026 are 12.11, 11.30, and 10.65, respectively, suggesting an attractive valuation relative to earnings [2]. - The report includes various financial ratios, such as net profit margin, ROE, and asset-liability ratio, which indicate the company's financial health and operational efficiency [3].