证 券 研 究 报 告 浙江美大（002677）2025 年半年报点评 推荐（维持） 市场需求不佳，短期业绩承压 目标价：7.7 元 事项： ❖ 公司发布 2025 年半年度报告，25H1 公司实现营业总收入 2.1 亿元，YoY-53.8%； 归母净利润 0.1 亿元，YoY-87.4%。经折算，公司 25Q2 单季度营收 1.1 亿元， YoY-38.8%；实现归母净利润 0.04 亿元，YoY-78.0%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 877 | 575 | 659 | 822 | | 同比增速(%) | -47.5% | -34.5% | 14.7% | 24.7% | | 归母净利润(百万) | 110 | 48 | 76 | 112 | | 同比增速(%) | -76.2% | -56.9% | 59.8% | 47.0% | | 每股盈利(元) | 0.17 | 0.07 | 0.12 | 0. ...

证券之星消息，9月11日厨卫电器板块较上一交易日上涨0.49%，火星人领涨。当日上证指数报收于 3875.31，上涨1.65%。深证成指报收于12979.89，上涨3.36%。厨卫电器板块个股涨跌见下表： 从资金流向上来看，当日厨卫电器板块主力资金净流出1556.98万元，游资资金净流入742.15万元，散户 资金净流入814.83万元。厨卫电器板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300894 | 火星人 | 638.28万 | 9.22% | -362.71万 | -5.24% | -275.56万 | -3.98% | | 603366 日出东方 | | 623.49万 | 3.03% | -503.61万 | -2.45% | -119.88万 | -0.58% | | 002035 华帝股份 | | 457.33万 | 6.61% | -473.07万 | -6.84% ...

浙江美大9月10日大宗交易平台出现一笔成交，成交量79.98万股，成交金额599.82万元，大宗交易成交 价为7.50元，相对今日收盘价溢价9.17%。该笔交易的买方营业部为浙商证券股份有限公司海宁水月亭 西路证券营业部，卖方营业部为浙商证券股份有限公司海宁水月亭西路证券营业部。 证券时报·数据宝统计显示，浙江美大今日收盘价为6.87元，上涨0.59%，日换手率为0.67%，成交额为 2452.75万元，全天主力资金净流出18.46万元，近5日该股累计上涨1.63%，近5日资金合计净流出624.51 万元。（数据宝） 9月10日浙江美大大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 折溢价（%） | | | | 股） | | （元） | | | | | 79.98 | 599.82 | 7.50 | 9.17 | 浙商证券股份有限公司海 | 浙商证券股份有限公司海 | | | | | | 宁水月亭西路证券营业部 | 宁水月亭西路证券营业部 | ...

9月10日，浙江美大大宗交易成交79.98万股，成交额599.82万元，占当日总成交额的19.65%，成交价7.5元，较市场收盘价 6.87元溢价9.17%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交星 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-10 | 002677 | 浙江美大 | 7.50 | 79.98 | 599.82 | 浙商证券股份有限 | 浙商证券股份有限 | | | | | | | | 公司海宁水月亭西 | 公司海宁水月亭西 | | | | | | | | 路证券营业部 | 路证券营业部 | ...

证券之星消息，9月10日厨卫电器板块较上一交易日下跌0.65%，亿田智能领跌。当日上证指数报收于 3812.22，上涨0.13%。深证成指报收于12557.68，上涨0.38%。厨卫电器板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002677 | 浙江美大 | 6.87 | 0.59% | 3.59万 | 2452.75万 | | 605336 | 帅丰电器 | 15.40 | 0.00% | 2.30万 | 3554.94万 | | 603366 | 日出东方 | 9.87 | -0.30% | 17.67万 | 1.75亿 | | 002035 | 体是股份 | 6.43 | -0.31% | 4.77万 | 3069.74万 | | 002508 | 老板电器 | 20.28 | -0.39% | 5.72万 | 1.16亿 | | 002543 | 万和电气 | 11.83 | -0.42% | 2.56万 | 3032.76万 | | 300894 | 火星人 ...

9月9日浙江美大大宗交易一览 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报•数据宝统计显示，浙江美大今日收盘价为6.83元，平盘报收，日换手率为0.52%，成交额为 1881.54万元，全天主力资金净流入134.08万元，近5日该股累计下跌1.01%，近5日资金合计净流出 615.88万元。（数据宝） | 成交 量 | 成交 | 成交价 | 相对当 日 | | | | --- | --- | --- | --- | --- | --- | | | 金额 | 格 | 收盘折 | 买方营业部 | 卖方营业部 | | （万 | （万 | （元） | 溢价 | | | | 股） | 元） | | （%） | | | | 108.10 | 756.73 | 7.00 | 2.49 | 浙商证券股份有限公司海宁水月亭 | 浙商证券股份有限公司海宁水月亭 | | | | | | 西路证券营业部 | 西路证券营业部 | | 90.22 | 649.58 | 7.20 | 5.42 | 浙商证券股份有限公司海宁水月亭 | 浙商证券股份有限公司海宁水月亭 | | | | | | 西路证券营业部 | 西路 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-09-09 | 002677 | 浙江美大 | 7.00 | 108.10 | 756.73 | 浙商证券股份有限 | 浙商证券股份有限 | | | | | | | | 公司海宁水月亭西 | 公司海宁水月亭西 | | | | | | | | 路证券营业部 | 路证券营业部 | | 2025-09-09 | 002677 | 浙江美大 | 7.20 | 62.13 | 447.36 | 浙商证券股份有限 | 浙商证券股份有限 | | | | | | | | 公司海宁水月享西 | 公司海宁水月亭西 | | | | | | | | 路证券营业部 | 路证券营业部 | | 2025-09-09 | 002677 | 浙江美大 | 7.20 | 90.22 | 649.58 | 浙商证券股份有限 | 浙商证券股份有限 | ...

Group 1 - The kitchen and bathroom appliance sector increased by 1.05% on September 5, with Aopu Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Aopu Technology's closing price was 12.47, with a rise of 1.71%, and a trading volume of 17,600 lots, amounting to 21.61 million yuan [1] Group 2 - The main funds in the kitchen and bathroom appliance sector experienced a net outflow of 13.30 million yuan, while retail funds saw a net outflow of 7.38 million yuan [1] - Aopu Technology had a net inflow of 5.14 million yuan from retail investors, despite a net outflow of 4.17 million yuan from speculative funds [2] - Zhejiang Meida experienced a significant net outflow of 8.66 million yuan from main funds, while retail investors contributed a net inflow of 6.93 million yuan [2]

Group 1 - The kitchen and bathroom appliance sector experienced a slight decline of 0.14% on September 2, with Mars Man leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - Among the individual stocks in the kitchen and bathroom appliance sector, Rising Sun Oriental saw the highest increase of 5.75%, closing at 11.95 [1] Group 2 - The net inflow of main funds in the kitchen and bathroom appliance sector was 46.88 million yuan, while retail funds saw a net inflow of 38.06 million yuan [2] - However, there was a net outflow of 84.94 million yuan from speculative funds [2] - The overall trading volume and turnover for the sector were significant, with Rising Sun Oriental achieving a turnover of 1.444 billion yuan [1]

Group 1 - The kitchen and bathroom appliance sector increased by 0.4% on September 1, with Yitian Intelligent leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Key stocks in the kitchen and bathroom appliance sector showed varied performance, with Yitian Intelligent closing at 56.52, up 2.21%, and Boss Electric down 0.74% at 20.20 [1] Group 2 - The sector experienced a net outflow of 82.14 million yuan from institutional investors, while retail investors saw a net inflow of 73.39 million yuan [1] - Individual stock fund flows indicated that Yitian Intelligent had a significant net outflow of 67.55 million yuan from institutional investors, while retail investors contributed a net inflow of 41.65 million yuan [2] - Other notable fund flows included Mars Man with a net inflow of 4.95 million yuan from institutional investors and a net outflow of 1.51 million yuan from retail investors [2]