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 maintains a "Buy" rating for the company [4] Core Views - The company's revenue for the first three quarters of 2024 was RMB 7.396 billion, a year-on-year decrease of 6.78%, with net profit attributable to the parent company declining by 12.44% to RMB 1.202 billion [1][4] - In Q3 2024, the company's revenue was RMB 2.666 billion, down 11.07% year-on-year, with net profit attributable to the parent company falling by 18.49% to RMB 443 million [1][4] - The decline in performance is attributed to weak industry demand, particularly due to the sluggish real estate market, with new housing starts in China dropping by 22.2% year-on-year from January to September 2024 [4] - The company's gross profit margin for the first three quarters of 2024 was 50.43%, down 1.60 percentage points year-on-year, primarily due to a decrease in sales scale [4] - Operating cash flow decreased by 62.30% year-on-year, mainly due to reduced collections and increased payments to suppliers [4] Financial Performance - The company's gross profit margin in Q3 2024 was 53.18%, up 0.99 percentage points year-on-year, likely due to changes in channel structure [4] - Sales expenses in Q3 2024 increased by 2.26 percentage points year-on-year, possibly due to higher e-commerce channel contributions during promotional periods [4] - The company's net profit margin attributable to the parent company in Q3 2024 decreased by 1.51 percentage points year-on-year to 16.61% [4] Innovation and Future Growth - The company is actively exploring technological innovations to drive changes in cooking and is expanding into new product categories, such as dishwashers and integrated stoves, to tap into incremental markets [5] - As of June 30, 2024, the company has accumulated 5,064 authorized patents, including 261 invention patents, and has participated in the formulation of 155 standards, including 42 led by the company [5] - The company is expected to achieve net profits attributable to the parent company of RMB 1.681 billion, RMB 1.796 billion, and RMB 1.924 billion in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13.7x, 12.8x, and 11.9x [5] Market Performance - The company's stock price as of November 8, 2024, was RMB 24.30, with a total market capitalization of RMB 94.413 million shares [7] - The company's stock performance over the past 12 months has shown a decline of 19%, underperforming the Shanghai Composite Index [8]

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].

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 decline of 6.78% year-on-year for the first three quarters of 2024, amounting to 7.396 billion yuan, with a net profit decrease of 12.44% to 1.202 billion yuan [6] - The gross margin showed a slight improvement, reaching 53.18% in Q3 2024, up by 0.99 percentage points year-on-year [6] - The company is expected to benefit from a recovery in demand for kitchen appliances, particularly as national subsidies are rolled out, which may lead to a return to revenue growth in Q4 2024 [7] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.666 billion yuan, down 11.07% year-on-year, and a net profit of 443 million yuan, down 18.49% [6] - The company’s operating revenue for 2024 is projected to be 11.224 billion yuan, with a slight increase of 0.2% year-on-year [10] - The net profit for 2024 is estimated at 1.745 billion yuan, reflecting a growth of 0.7% year-on-year [10] Profitability Metrics - The company’s gross margin is projected to be 50.6% in 2024, slightly decreasing from 50.7% in 2023 [10] - The net profit margin is expected to remain stable at around 15.5% for 2024 [10] Earnings Per Share (EPS) Forecast - The EPS for 2024 is forecasted to be 1.85 yuan, with projections of 2.01 yuan and 2.15 yuan for 2025 and 2026 respectively [10] Market Position and Strategy - Boss Electric is positioned as a leading brand in the kitchen appliance sector, with a well-established distribution network [7] - The company’s partner program aims to align the interests of various stakeholders, ensuring a cohesive approach to achieving performance targets [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company has experienced a decline in revenue and net profit in 2024Q1-3, with revenue at 7.4 billion yuan (down 6.8% year-on-year) and net profit at 1.2 billion yuan (down 12.4% year-on-year) [4] - Despite the challenges, the company is expected to benefit from the "old-for-new" policy, which is anticipated to improve performance in Q4 [4][5] - The company maintains a leading market share in traditional categories, with offline retail market shares for range hoods and gas stoves at 31.6% and 31.2% respectively [5] Financial Performance Summary - For 2024Q3, the company reported revenue of 2.67 billion yuan (down 11.1% year-on-year) and net profit of 440 million yuan (down 18.5% year-on-year) [4] - The company's gross margin improved to 53.2% (up 1.0 percentage points), while the net profit margin decreased to 16.4% (down 1.6 percentage points) [6] - The earnings per share (EPS) forecast for 2024-2026 is adjusted to 1.75, 1.87, and 1.99 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 13.7, 12.8, and 12.0 [4][7] Market Position and Strategy - The company is expanding into new categories, with the offline retail market share for dishwashers reaching 20.65% and integrated stoves at 38.0% [5] - The "old-for-new" policy is expected to significantly boost sales in the home appliance market, with online sales for various products showing substantial year-on-year growth [5] - The company is focusing on maintaining its competitive edge in the market through strategic channel management and product innovation [5][6]

Investment Rating - The report maintains a **Buy-A** rating for Robam Electric (002508 SZ) with a 6-month target price of **28 35 RMB** [4] Core Views - Robam Electric's Q3 2024 performance shows pressure with revenue of **7 40 billion RMB**, a YoY decrease of **6 8%**, and net profit of **1 20 billion RMB**, a YoY decrease of **12 4%** [1] - Despite the overall decline, core categories such as gas stoves and range hoods show marginal improvement with online sales growth of **51 1%** and **46 6%** respectively in Q3 2024 [2] - The company's gross margin improved to **53 2%**, up by **1 0 pct** YoY, driven by better performance in retail channels and weaker engineering channel sales [3] - The report expects a potential rebound in revenue due to the impact of the trade-in policy, particularly benefiting core products like gas stoves and range hoods [2] Financial Performance - In Q3 2024, Robam Electric's operating cash flow decreased by **320 million RMB**, likely due to slower receivables collection [3] - The company's net profit margin for Q3 2024 was **16 3%**, with a slight improvement expected in the future as the company optimizes its product structure and operational efficiency [3] - The report forecasts EPS for 2024 and 2025 to be **1 89 RMB** and **1 93 RMB** respectively, with a target P/E ratio of **15x** for 2024 [8] Channel and Product Analysis - Online channels are expected to outperform overall company growth due to the trade-in policy, while offline channels may see slower growth, especially in lower-tier markets [2] - The engineering channel, impacted by a **29 0%** decline in residential completion area, is expected to stabilize as real estate policies improve [2] - Core products like gas stoves and range hoods are expected to see sustained demand growth due to policy incentives, with online sales in September 2024 growing by **145 4%** and **155 9%** respectively [2] Valuation and Forecast - The report forecasts Robam Electric's revenue for 2024E and 2025E to be **10 96 billion RMB** and **11 43 billion RMB** respectively, with net profit expected to grow to **1 78 billion RMB** in 2024E and **1 83 billion RMB** in 2025E [8] - The company's ROE is projected to be **15 2%** in 2024E and **14 5%** in 2025E, with a dividend yield of **3 9%** in 2024E and **4 0%** in 2025E [8] - The report highlights the company's strong ability to adapt to market changes, which is expected to support stable growth in the future [8]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 28.90 CNY, reflecting a 17x PE for 2024 [5][13]. Core Views - The report suggests that the ongoing relaxation of real estate policies is expected to improve construction and sales data, which will subsequently boost kitchen appliance sales. The company's new products are anticipated to create a second growth curve, leading to better revenue performance than the industry [2]. Summary by Sections 1. Performance Overview - For Q1-Q3 2024, the company achieved a revenue of 7.396 billion CNY, down 6.78% year-on-year, and a net profit of 1.202 billion CNY, down 12.44% year-on-year. In Q3 2024 alone, revenue was 2.666 billion CNY, down 11.07% year-on-year, with a net profit of 443 million CNY, down 18.49% year-on-year [3][15]. 2. Channel Performance - The engineering channel has seen a significant decline, while the smoke and stove segment performed better than the integrated stove segment. The company, being a traditional leader in kitchen appliances, faces short-term revenue pressure due to the sluggish real estate market. Retail and e-commerce channels are expected to show single-digit declines, while the engineering channel is experiencing a larger drop [16]. 3. Profitability Metrics - The gross margin for Q1-Q3 2024 was 50.43%, down 1.6 percentage points year-on-year, while the net margin was 16.03%, down 1.13 percentage points year-on-year. In Q3 2024, the gross margin improved to 53.18%, up 0.99 percentage points year-on-year, but the net margin decreased to 16.38%, down 1.58 percentage points year-on-year [17]. 4. Financial Health - The company reported a cash and cash equivalents balance of 2.693 billion CNY at the end of Q3 2024, down 5.86 billion CNY year-on-year. The net cash flow from operating activities for Q1-Q3 2024 was 526 million CNY, down 869 million CNY year-on-year [19][20].