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].

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. The increase in the proportion of low-margin sub-brands and the weakening of scale effects have led to a decline in profitability. However, the implementation of the old-for-new policy is expected to stimulate demand in the kitchen appliance industry, and the company's operations may gradually recover. Notably, the company maintained a high cash dividend payout ratio of 62% in the first half of the year, highlighting its attractive dividend yield in a low valuation context [3][10][16]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 4.729 billion, a year-on-year decline of 4.16%. The net profit attributable to the parent company was 759 million, down 8.48% year-on-year. The net profit after deducting non-recurring gains and losses was 658 million, a decrease of 11.91% year-on-year. In Q2 2024, revenue was 2.492 billion, down 9.63% year-on-year, with a net profit of 361 million, down 18.15% year-on-year [10][16]. - The company's cash dividend for H1 2024 was 472 million, accounting for 62% of the net profit attributable to the parent company [10]. Revenue Breakdown - The decline in revenue was attributed to a decrease in real estate completions and a weak consumer environment. Traditional categories such as range hoods and gas stoves showed relative stability, with year-on-year declines of 3% and 1%, respectively. However, optional categories faced greater pressure [10][15]. Product Structure and Profitability - 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 has strengthened its marketing expense control, resulting in a decrease in the sales expense ratio by 1.2 percentage points in Q2 [10][16]. Future Outlook - Despite the challenging operating environment, the potential implementation of the old-for-new policy is expected to boost demand for kitchen appliances. The company is well-positioned to benefit from this recovery due to its channel and brand advantages. Revenue is projected to grow by 2% in 2024, followed by 8% in 2025 and 2026, reaching 11.4 billion, 12.3 billion, and 13.2 billion, respectively [10][11].

Investment Rating - The report maintains a "Recommended" rating for the company [3][2]. Core Insights - The company 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 saw a revenue of 2.492 billion yuan, a decline of 9.63% year-on-year but an increase of 11.40% compared to the first quarter [1][2]. - Despite pressures from the real estate sector, the company demonstrated resilience in revenue, with its core products maintaining strong performance during the industry's downturn. The company optimized its product structure, with major products like range hoods and gas stoves contributing over 72% to total revenue [1][2]. - The company launched the first domestic AI cooking model, "Shishen," enhancing user experience and responding to government policies promoting appliance upgrades. It also introduced various promotional activities to encourage consumers to replace old appliances [2]. Financial Performance Summary - The company expects net profits for 2024-2026 to be 1.877 billion, 2.038 billion, and 2.162 billion yuan, respectively, with corresponding EPS of 1.99, 2.16, and 2.29 yuan. The current stock price corresponds to a PE ratio of 9.7, 8.9, and 8.4 for the years 2024-2026 [2][7]. - The sales gross margin for the first half of 2024 was 48.88%, down 3.05 percentage points year-on-year, while the net profit margin was 15.84%, down 0.85 percentage points year-on-year [1][2].

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， ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 23.66 CNY, corresponding to a 14 times dynamic price-to-earnings ratio for 2024 [4][6]. Core Views - The company reported a revenue of 4.73 billion CNY for H1 2024, a year-over-year decrease of 4.2%, and a net profit attributable to shareholders of 760 million CNY, down 8.5% year-over-year. The second quarter alone saw a revenue of 2.49 billion CNY, down 9.6% year-over-year, and a net profit of 360 million CNY, down 18.2% year-over-year [2][3]. - The company maintains a high dividend payout ratio, proposing a cash dividend of 5.0 CNY per 10 shares, totaling approximately 470 million CNY, which accounts for 62.2% of H1 2024 net profit [2]. - Despite short-term operational pressures, the company demonstrates confidence in its long-term development by maintaining a high dividend level [2]. Revenue Performance - In Q2 2024, the company's main sales channels showed a slight decline, with online sales of range hoods and gas stoves decreasing by 5% and 3% year-over-year, respectively. The company’s e-commerce performance is believed to be better than other channels [2]. - The company is actively expanding new channels, with offline retail channel revenue growth close to overall performance. However, the national residential completion area decreased by 21% year-over-year, impacting the engineering channel revenue [2]. - The revenue from the company's core products, including range hoods and gas stoves, showed relatively stable performance, with declines of 3%, 1%, and 4% for range hoods, gas stoves, and dishwashers, respectively [2]. Profitability and Cash Flow - The gross profit margin for Q2 2024 decreased by 2.4 percentage points year-over-year, with the difference between gross profit margin and selling expense ratio declining by 1.2 percentage points year-over-year, attributed to increased market competition and pressure from the real estate sector [3]. - Operating cash flow for Q2 2024 decreased by 420 million CNY year-over-year, primarily due to slower cash collection and increased maturity of bank acceptance bills [3]. - The company is expected to continue optimizing its product structure and improving operational efficiency, which may enhance long-term profitability [3]. Financial Forecast - The company’s projected earnings per share (EPS) for 2024 and 2025 are 1.69 CNY and 1.70 CNY, respectively [3]. - The forecasted revenue for 2024 is 10.68 billion CNY, with a net profit of 1.59 billion CNY, reflecting a decrease from previous years [7][12]. - The company’s net profit margin is expected to be 14.9% in 2024, with a slight decline in return on equity (ROE) to 13.7% [12][13].

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].