Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company reported a revenue of 11.202 billion yuan in 2023, representing a year-on-year growth of 9.06%. The net profit attributable to shareholders was 1.733 billion yuan, up 10.20% year-on-year [2][4] - The company has a robust dividend policy, with a total dividend payout ratio of 54.48% for 2023, including a special dividend of 472 million yuan in January 2024 [2][4] - The company is implementing a stock option incentive plan for 2024, aiming to enhance employee motivation and align interests with shareholders [2][4] Financial Performance Summary - **Revenue Forecast**: Expected to grow from 12.343 billion yuan in 2024E to 14.962 billion yuan in 2026E, with a compound annual growth rate (CAGR) of approximately 10.2% [2][5] - **Net Profit Forecast**: Projected to increase from 1.922 billion yuan in 2024E to 2.365 billion yuan in 2026E, with a CAGR of around 10.3% [2][5] - **Earnings Per Share (EPS)**: Expected to rise from 2.03 yuan in 2024E to 2.49 yuan in 2026E, with corresponding price-to-earnings (PE) ratios decreasing from 11.1 to 9.0 [2][5] Business Segment Analysis - The company’s main products, including range hoods and gas stoves, showed stable growth, with revenue increases of 10.13% and 8.71% respectively in 2023. New product categories like dishwashers and integrated stoves also contributed positively [2][4] - The retail channel is expected to maintain steady growth, while the engineering channel faces pressure due to high base effects and policy impacts [2][4] Dividend and Shareholder Return Strategy - The company has outlined a shareholder return plan for 2024-2026, committing to a cash dividend ratio of no less than 50% each year [2][4] Incentive Plans - The stock option incentive plan aims to grant up to 5.75 million options, representing 0.61% of total shares, to middle management and key technical personnel [2][4]

中金公司闭门会议仅限受邀嘉宾参会未经中金公司和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息独白公布转发转载传播复制编辑修改等如有上述违法行为中金公司保留追究相关方法律责任的权利This meeting is a closed-door meetingof China International Capital Corporation LimitedCICCand only invited guests are allowed to attend 各位投资者大家好我是中金公司的家电首席分析师何伟那么在线的还有张庆怡今天我们邀请到公司总经理任福家祖和 董事会秘书王刚总财务总监张国富总和大家交流那么我先说一下那个整体来说今天市场的表现的话应该是对公司的一季度业绩增长偏低是觉得是有点低于期的那么我们觉得的话这次的亮点是公司已经明确提出了未来的分红率是百分之五十也就是说公司只要能够实现股权积极的目标就是在业绩稳健增长的情况下保持百分之五十的分红率的话那像从分红税率的角度还是非常有吸引力的当然 投资者肯定对这个还是有一点疑惑的因为毕竟的话储电和地产合作其实是一个紧密相关的一个联系不过呢大家可以看到基本 ...

证券研究报告 | 2024年04月26日 老板电器（002508.SZ） 买入 2023 年报&2024 年一季报点评： 营收盈利表现稳健，新兴品类注入活力 核心观点 公司研究·财报点评 营收稳健增长，盈利保持稳定。公司2023年实现营收112亿/+9.1%，归母 家用电器·厨卫电器 净利润17.3亿/+10.2%，扣非归母净利润15.8亿/+7.1%。其中Q4收入32.7 证券分析师：陈伟奇 证券分析师：王兆康 亿/+7.7%，归母净利润3.6亿/+6.2%，扣非归母净利润3.0亿/-13.4%。2024Q1 0755-81982606 0755-81983063 chenweiqi@guosen.com.cn wangzk@guosen.com.cn 实现营收22.4亿/+2.8%，归母净利润4亿/+2.5%，扣非归母净利润3.5亿 S0980520110004 S0980520120004 /+3.3%。公司拟每10股派发现金股利5元，叠加公司2023年底的特别分红， 证券分析师：邹会阳 联系人：李晶 合计现金分红率为54.5%。公司预计未来3年每年上下半年各一次现金分红， 0755-81981518 ...

公司报告 | 年报点评报告 老板电器（002508） 证券研究报告 2024年04月 26日 投资评级 静待地产企稳，激励彰显信心 行业 家用电器/厨卫电器 6个月评级 买入（维持评级） 当前价格 22.5元 事件：2023年公司实现收入112.0亿元，同比+9.1%，归母净利润17.3亿元， 同比+10.2%，扣非后归母净利润15.8亿元，同比+7.1%。其中，23Q4公司实现 目标价格 元 收入32.7亿元，同比+7.7%，归母净利润3.6亿元，同比+6.2%，扣非归母净利 润3.0亿元，同比-13.3%。24Q1公司实现收入22.4亿元，同比+2.8%，归母净 基本数据 利润4.0亿元，同比+2.5%，扣非归母净利润3.5亿元，同比+3.3%。分红方面， 公司2023年拟向全体股东每10股派发现金股利5元（含税），共计4.72亿元， A股总股本(百万股) 949.02 叠加此前发布的特别分红 4.72 亿元，全年现金分红率约 54.5%。未来三年 流通A股股本(百万股) 936.76 （2024-2026年）股东回报规划，原则上每年进行上、下半年各一次现金分红， A股总市值(百万元) 21,353.04 ...

上 市 公 司 家用电器 2024 年04月 26 日 老板电器 (002508) 公 司 研 究 ——2023 年报暨 2024 年一季报点评：盈利能力稳健依 公 司 旧，分红比例提升 点 评 报告原因：有业绩公布需要点评 投资要点： 买入 （维持）  23年表现符合预期，24Q1略低于预期，新一期股权激励落地持续绑定核心员工。公司发 证 布 2023 年年报及 2024 年一季报，2023 年全年共计实现营业收入 112.02 亿元，同比 券 研 +9.06%，实现归母净利润17.33亿元，同比+10.20%，实现扣非后归母净利润15.84亿 市场数据： 2024年04月25日 究 元，同比+7.06%；其中23Q4实现营收32.69亿元，同比+7.71%，实现归母净利润3.60 收盘价（元） 22.5 报 一年内最高/最低（元） 30.95/19.66 亿元，同比+6.18%，实现扣非后归母净利润3.00亿元，同比-13.4%，整体表现符合预期。 告 市净率 2.0 24Q1，公司实现营收22.37亿元，同比+2.75%，实现归母净利润3.98亿元，同比+2.49%， 息率（分红/股价） 2.22 实 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [4]. Core Views - The company reported a revenue of 11.2 billion RMB in 2023, representing a year-on-year increase of 9.1%, with a net profit of 1.73 billion RMB, up 10.2% year-on-year [2]. - The kitchen appliance industry showed slight recovery in 2023, with the company maintaining its leading position. The retail market for kitchen and bathroom appliances in China reached 166.9 billion RMB, growing by 5.3% year-on-year [2]. - In Q1 2024, the company experienced a slight revenue increase to 2.24 billion RMB, up 2.8% year-on-year, with a net profit of 400 million RMB, reflecting a 2.5% year-on-year growth [2]. - The company announced a special dividend at the end of 2023, raising the total dividend payout ratio to 54.5% [2]. - Profit forecasts for 2024-2026 estimate net profits of 1.87 billion, 2.03 billion, and 2.21 billion RMB, with respective growth rates of 8.0%, 8.5%, and 8.9% [2]. Financial Summary - Revenue for 2023 was 11,202 million RMB, with a growth rate of 9.1% [3]. - The company's EBITDA for 2023 was 1,990 million RMB, with a projected EBITDA of 2,463 million RMB for 2024 [3]. - The net profit for 2023 was 1,733 million RMB, with an expected net profit of 1,871 million RMB for 2024, reflecting a growth rate of 8.0% [3]. - The earnings per share (EPS) for 2023 was 1.83 RMB, with an expected EPS of 1.97 RMB for 2024 [3]. - The price-to-earnings (P/E) ratio for 2024 is projected to be 11.41x, with a target P/E of 13x, leading to a fair value estimate of 25.63 RMB per share [2][4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 29.00 CNY, down from the previous target of 29.12 CNY [1][2][8]. Core Views - The company continues to see revenue growth driven by new product launches, particularly in dishwashers and integrated stoves, which are expected to outperform the industry growth rate [1][10]. - The earnings forecast for 2024-2026 has been adjusted downwards, with expected EPS of 1.95, 2.12, and 2.23 CNY, reflecting a year-on-year growth of +7%, +9%, and +5% respectively [8][10]. - The company’s performance in 2023 met expectations, with a revenue of 112.02 billion CNY, a year-on-year increase of +9.06%, and a net profit of 17.33 billion CNY, up +10.2% [10][11]. Summary by Sections 1. Earnings Forecast and Investment Advice - The company is expected to maintain revenue growth due to new product contributions, despite a slow recovery in consumer demand and intense market competition. The target price has been adjusted to 29 CNY based on a 15x PE ratio for 2024 [8][10]. 2. Performance Overview - In 2023, the company achieved a revenue of 112.02 billion CNY, with a net profit of 17.33 billion CNY. The Q4 2023 revenue was 32.69 billion CNY, reflecting a year-on-year increase of +7.71% [10][11]. 3. Product Category Growth - The company saw stable growth in its range hood category, while dishwashers and integrated stoves showed significant increases in sales. For instance, the sales of dishwashers grew by 28% year-on-year [11][12]. 4. Q1 Margin Analysis - The gross margin for Q1 2024 was reported at 50.65%, a decrease of 4.14 percentage points year-on-year, attributed to changes in revenue structure and fluctuations in raw material prices [13][14]. 5. Cash Flow and Working Capital - The company reported a healthy cash flow situation, with a net cash flow from operating activities of 23.92 billion CNY in 2023, an increase of 4.47 billion CNY year-on-year [16][17]. 6. Shareholder Return Plan - The company has announced a shareholder return plan for 2024-2026, committing to a cash dividend distribution of no less than 50% of the net profit attributable to shareholders [17][19]. 7. Long-term Incentive Mechanism - A new stock option plan has been proposed for key management and technical personnel, aimed at enhancing long-term incentives and retaining talent [19][20].

公司研 究 证 券研究 报 告 厨房电器Ⅲ 2024年04月25日 老 板电器（002508）2023年报&2024 年一季报点评 推 荐 （维持） 目标价：27元 稳健发展，分红提升 当前价：22.50元 事项： 华创证券研究所  公司 2023 年实现营业收入 112.0 亿元，同比+9.1%，实现归母净利润 17.3 亿 证券分析师：秦一超 元，同比+10.2%。单季度来看，23Q4营业收入为32.7亿元，同比+7.7%，归 母净利润3.6亿元，同比+6.2%。24Q1营业收入为22.4亿元，同比+2.8%，归 邮箱：qinyichao@hcyjs.com 母净利润4.0亿元，同比+2.5%。公司拟每10股派发现金红利5元。 执业编号：S0360520100002 评论： 证券分析师：田思琦  厨电龙头行稳致远，多品类份额领先。2023 年厨电行业缓慢修复，根据奥维 邮箱：tiansiqi@hcyjs.com 数据，烟机、灶具零售额合计492亿元，同比+5.6%，零售量为3994万台，同 执业编 号：S0360522090002 比+0.2%，在低基数下恢复增长。老板作为厨电龙头，增速表现优于行业整 ...

证券研究报告 | 年报点评报告 2024年04月25日 老板电器（002508.SZ） 发布期权激励及合伙人持股计划，预计大幅提升分红比例 事件：公司发布2023年年报和2024年一季报。公司2023年实现营业总收入112.02 增持（维持） 亿元，同比增长9.06%；实现归母净利润17.33亿元，同比增长10.20%。其中，2023Q4 股票信息 单季营业总收入为32.69亿元，同比增长7.71%；归母净利润为3.6亿元，同比增长 6.18%。2024Q1实现营业收入22.37亿元，同比增长2.75%；实现归母净利润3.98 行业 厨卫电器 亿元，同比增长2.49%。 前次评级 增持 发布未来三年分红规划，大幅提升分红比例。2023年公司分红总额为4.72亿元，现 4月24日收盘价(元) 23.80 金分红比例为 27%。公司发布未来三年股东回报规划，原则上每年进行两次分红， 总市值(百万元) 22,586.77 2024-2026年度公司现金分红比例较2023年度实现稳步提升，2024年度-2026年度 总股本(百万股) 949.02 公司以现金方式分配的利润占当年实现的合并报表归属于母公司所有者的净利润 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 28.00 yuan, based on a valuation of 14 times earnings for 2024 [4][8]. Core Insights - The company demonstrated stable operational performance with a revenue increase of 9.06% year-on-year in 2023, reaching 11.202 billion yuan, and a net profit growth of 10.20% to 1.733 billion yuan [1][2]. - The company has implemented long-term incentive plans to support growth, including a second phase of the partnership stockholding plan and a stock option incentive plan for key middle management [2][3]. - The company plans to increase its cash dividend payout ratio to at least 50% from 2024 to 2026, with a total dividend of 4.72 billion yuan proposed for 2023, resulting in a dividend rate of 54% [2][3]. Financial Performance Summary - In 2023, the company achieved a total revenue of 11.202 billion yuan, with a year-on-year growth rate of 9.06% [3][11]. - The company's net profit for 2023 was 1.733 billion yuan, reflecting a year-on-year increase of 10.20% [3][12]. - The first quarter of 2024 saw a revenue of 2.237 billion yuan, up 2.75% year-on-year, and a net profit of 398 million yuan, an increase of 2.49% [1][2]. - The company expects revenues of 12.338 billion yuan and 13.625 billion yuan for 2024 and 2025, respectively, with growth rates of 10.14% and 10.43% [2][3]. Segment Performance - The engineering channel's revenue grew by 1% in 2023, contributing 19% to total revenue, while e-commerce and offline retail saw a growth of approximately 11% [2][11]. - The major product categories, including range hoods and gas stoves, reported revenue growth of 10% and 9%, respectively, while dishwashers and integrated stoves grew by 28% and 21% [2][11]. - The fourth quarter of 2023 experienced a revenue increase of 8%, primarily impacted by a decline in the engineering channel, while e-commerce and retail channels are expected to maintain double-digit growth [2][3]. Profitability Metrics - The company's net profit margin for 2023 was 15.5%, with a slight year-on-year increase of 0.2% [2][12]. - The gross profit margin for 2023 was 48.45%, down 1.14 percentage points from the previous year [12][13]. - The report indicates that the company maintained stable overall profitability despite challenges in the business structure and rising sales expenses [2][3].