Investment Rating - The report maintains a "Buy" investment rating for the company [3]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with total revenue of 459 million yuan, down 40.56% year-on-year, and a net profit of 98 million yuan, down 55.26% year-on-year [1]. - The decline in performance is attributed to the downturn in the real estate market, impacting all business segments, particularly integrated stoves and cabinets [1]. - The company is adapting to market changes by launching new products and integrating diverse sales channels, focusing on high-quality growth in the integrated stove industry [1]. - Profitability has decreased, with a gross margin of 41.63% in Q2 2024, down 4.99 percentage points year-on-year, and a net margin of 10.34%, down 16.74 percentage points year-on-year [1]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 283 million yuan, a decrease of 39.1% year-on-year, followed by a recovery with expected growth of 10.5% and 7.1% in 2025 and 2026, respectively [2]. - The earnings per share (EPS) is expected to decline to 0.44 yuan in 2024, with gradual recovery to 0.52 yuan by 2026 [2]. - The company's price-to-earnings (P/E) ratio is projected to be 15.7 in 2024, indicating a potential undervaluation compared to historical levels [2]. Product and Market Strategy - The company has launched several new integrated stove models (M903, M906, M907) to adapt to the changing market environment [1]. - A strong dealer network is being leveraged to enhance online and offline sales channels, aiming for a comprehensive integration of diverse marketing strategies [1].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥459,118,485.10, a decrease of 40.56% compared to ¥772,393,370.48 in the same period last year[11]. - The net profit attributable to shareholders was ¥97,562,242.53, down 55.26% from ¥218,068,142.95 year-on-year[11]. - The basic earnings per share decreased by 55.88% to ¥0.15 from ¥0.34 in the previous year[11]. - The total assets at the end of the reporting period were ¥1,865,114,948.97, representing a decline of 20.04% compared to ¥2,332,689,206.47 at the end of the previous year[11]. - The net assets attributable to shareholders decreased by 19.18% to ¥1,639,508,284.24 from ¥2,028,557,354.77 year-on-year[11]. - The net cash flow from operating activities was ¥10,897,529.67, a significant drop of 96.22% compared to ¥288,272,965.02 in the same period last year[11]. - In the first half of 2024, the company achieved total revenue of ¥459,118,485.10 and a net profit attributable to shareholders of ¥97,562,242.53, with a net profit excluding non-recurring items of ¥97,140,761.91[36]. - The integrated stove segment accounted for 92.04% of total revenue, generating ¥422,585,439.74, down 39.53% from ¥698,835,555.10 year-on-year[47]. - The gross profit margin for the integrated stove industry was 44.32%, reflecting a decrease of 2.44% compared to the previous year[48]. Market Trends and Industry Insights - The integrated stove market in China saw a retail value of 10.1 billion yuan and a retail volume of 1.14 million units in the first half of 2024, representing a year-on-year decline of 18.2% and 15.2% respectively[15]. - The integrated stove industry experienced a compound annual growth rate of 28% from 2015 to 2022, with a market size of 25.9 billion yuan in 2022 and a penetration rate of approximately 13.64%[15]. - The company is focused on transitioning from high growth to high-quality growth in response to the current market adjustments influenced by real estate and consumer demand[15]. - The central government has allocated approximately 300 billion yuan in special bonds to support the replacement of old appliances, which is expected to boost the recovery of the kitchen appliance industry[15]. Product Development and Innovation - The company has launched a new generation of multifunctional integrated cooking products, including a 90L capacity steam and bake machine, which integrates multiple cooking modes[19]. - The company aims to enhance its product matrix by expanding into whole-house customization and renovation services, providing consumers with a comprehensive smart kitchen experience[16]. - The company launched several new integrated stove products, including the M907 series, which features smart control via a mobile app and advanced cooking technologies, contributing to market leadership[36]. - The company launched a new product line, the "Downward Cooking Center," in the first half of 2024, featuring modular integration and innovative design aimed at redefining integrated kitchens[22]. - The company’s integrated water sink and intelligent sink dishwasher combine multiple functions, optimizing kitchen space and enhancing user convenience[21]. - The integrated stove features advanced technologies such as smart frequency conversion and 3D efficient combustion, addressing kitchen pollution and improving health[17]. Research and Development - The company has established a strong R&D framework with 24,000 square meters of research space and 23 accredited laboratories, focusing on health, environmental protection, and smart technology[28]. - Research and development investment decreased by 33.30% to ¥16,973,723.43 from ¥25,448,092.63 year-on-year[46]. - The company obtained 7 new patents during the reporting period and was recognized as a standard innovation enterprise and a leading product award winner at AWE2024[37]. - The company is investing in R&D, with a budget allocation of $10 million for new technology development in 2024[178]. Sales and Marketing Strategy - The company employs a "sales-driven production" model, utilizing a smart manufacturing platform to ensure quality and efficiency in production processes[30]. - The company has developed a diversified sales channel strategy, including exclusive stores, KA channels, and e-commerce platforms, enhancing market reach and customer engagement[31][34]. - The company has expanded its media strategy, significantly increasing brand visibility through partnerships with CCTV and high-speed rail media, reaching over 800 stations across 24 provinces[38]. - The marketing strategy will focus on diversifying channels and integrating online and offline sales to boost market share[61]. - Increased investment in brand promotion is aimed at solidifying the company's position as a leading brand in the industry[62]. Corporate Governance and Social Responsibility - The company has maintained strict compliance with its commitments regarding non-competition and non-occupation of funds, ensuring transparency and accountability[76]. - The company has made significant contributions to social welfare, donating a total of 1 million yuan to local charity organizations in 2020 and 3 million yuan to the "Tide City Common Prosperity" fund in 2021[73]. - The company has consistently donated 1 million yuan annually to the Haining Charity Federation from 2021 to 2023[73]. - The company actively recruits employees from rural areas, providing competitive salaries and benefits to support local economic development[75]. - The company has engaged in poverty alleviation projects by sourcing agricultural products from impoverished regions, fulfilling its social responsibility[75]. Legal and Compliance Issues - The company has 31 ongoing trademark infringement lawsuits with a total amount involved of 15.48 million yuan[79]. - Among the lawsuits, 9 are filed and awaiting court hearings, involving 3.3 million yuan; 7 are in court awaiting judgment, involving 7.7 million yuan; 5 have been judged with compensation of 471,300 yuan awarded[79]. Financial Position and Assets - Cash and cash equivalents decreased by 11.04% to ¥822,496,736.39, accounting for 44.10% of total assets[49]. - Inventory increased by 1.57% to ¥82,040,047.77, representing 4.40% of total assets[49]. - Long-term equity investments slightly decreased by 1.20% to ¥102,844,118.47, making up 5.51% of total assets[49]. - The company's total equity decreased from CNY 2,028,557,354.77 to CNY 1,642,109,094.97, a decline of approximately 19%[105]. - The total current assets decreased from ¥1,386,369,852.71 to ¥950,955,451.67, a decline of approximately 31.3%[103]. Future Outlook - The company provided a future outlook, projecting a revenue growth of 10% for the second half of 2024[169]. - New product launches are expected to contribute an additional $50 million in revenue by the end of 2024[178]. - Market expansion plans include entering two new international markets by Q3 2024, aiming for a 5% market share in each[178]. - The company is considering strategic acquisitions to enhance its product portfolio, with potential targets identified[178].

2024年半年度业绩预告 2、预计的业绩： □亏损 □扭亏为盈 □同向上升 □√ 同向下降 浙江美大实业股份有限公司 一、本期业绩预计情况 2024 年半年度业绩预计情况： 二、与会计师事务所沟通情况 三、业绩变动原因说明 效益。 本次业绩预告是公司财务部门初步测算的结果，具体数据将在公司 2024 年 半年度报告中详细披露。敬请广大投资者谨慎决策，注意投资风险。 特此公告。 证券代码：002677 证券简称：浙江美大 编号：2024-021 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 1、业绩预告期间：2024 年 1 月 1 日—2024 年 6 月 30 日 | --- | --- | --- | --- | |-------------------------------|--------------------------------|----------------|------------------------| | | | 项 目 本报告期 | 上年同期 | | 归属于上市公司股 | 盈利： 9600 万元 -10200 万元 | | 盈 ...

浙江美大实业股份有限公司（以下简称"公司"）于 2024 年 1 月 26 日召开 第五届董事会第五次会议审议通过了《关于注销全资子公司江苏美大电器有限公 司的议案》，同意注销全资子公司江苏美大电器有限公司（以下简称"江苏美大 公司"），并授权公司管理层办理相关注销事宜。具体情况详见公司于 2024 年 1 月 27 日刊载于《证券时报》和巨潮资讯网(www.cninfo.com.cn) 上的《关于注 销全资子公司的公告》（公告编号：2024-003）。 二、进展情况 近日，江苏美大收到南京市高淳区行政审批局出具的《登记通知书》 （320101250802）登字（2024）第 06240161 号，准予注销登记。 三、对公司的影响 证券代码：002677 证券简称：浙江美大 编号：2024-020 浙江美大实业股份有限公司 关于全资子公司完成注销的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、概述 本次注销完成后，江苏美大公司将不再纳入公司合并报表范围，江苏美大公 司注销对公司的经营发展无重大影响，不存在损害公司及股东利益的情形。 四、备查文件 南 ...

4、本次分派的实施时间距离股东大会审议通过的时间未超过2个月。 证券代码：002677 证券简称：浙江美大 编号：2024-019 浙江美大实业股份有限公司 2023 年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 浙江美大实业股份有限公司（以下简称"公司"或"本公司"），2023年度权 益分派方案已获2024年5月13日召开的2023年度股东大会审议通过，现将权益分派 事宜公告如下： 一、股东大会审议通过利润分配情况 1、公司2023年度股东大会审议通过的2023年度利润分配方案为：以公司2023 年度末总股本646,051,647股为基数，向全体股东按每10股派发现金股利人民币 7.50元（含税），共计派发人民币484,538,735.25元，不进行资本公积转增股本， 不送红股； 2、本次实施的分配方案与股东大会审议通过的分配方案一致； 3、公司股本总额自分派方案披露至实施期间未发生变化，若公司股本总额发 生变化，公司将按照分配总额固定的原则对分派比例进行调整； 二、权益分派方案 本公司2023年年度权益分派方案为：以公司现有总股本6 ...

证券代码：002677 证券简称：浙江美大 公告编号：2024-017 浙江美大实业股份有限公司 关于召开2023年年度股东大会通知的 更正和提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 浙江美大实业股份有限公司（以下简称"公司"）第五届董事会第六次会议定于 2024年5月13日（星期一）召开公司2023年年度股东大会。公司已在《证券时报》和巨 潮资讯网（http://www.cninfo.com.cn）上刊登了《关于召开2023年年度股东大会的 通知》（公告编号：2024-014）。经事后核查发现，会议审议事项议案3.00 和附件二 《授权委托书》审议议案3.00 年份有误，现给予更正。 更正前： 二、会议审议事项 1、审议事项 | 提案编码 | 提 案 名 称 | 备 注 | | --- | --- | --- | | | | 该列打勾的栏目 | | | | 可以投票 | | 100 | 总议案：所有提案 | √ | | | 非累积投票提案 | | | 1.00 | 《2023 年度董事会工作报告》 | √ | | 2.00 | 《2023 ...

Investment Rating - The report maintains an "Outperform" rating for the company [3][16]. Core Views - The company reported a revenue of 1.673 billion yuan in 2023, a year-on-year decrease of 8.80%, while the net profit attributable to shareholders was 464 million yuan, an increase of 2.68% [3][16]. - The company’s gross margin improved to 47.10% in 2023, up by 2.99 percentage points, primarily due to a decline in raw material prices [4]. - The company has established a diversified marketing channel, with over 2,000 first-level distributors and more than 4,700 marketing terminals [16]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 273 million yuan, a year-on-year decrease of 19.39%, and a net profit of 77 million yuan, down 23.34% [3][17]. - The projected net profit for 2024 is 475 million yuan, reflecting a year-on-year growth of 2.3% [16][17]. - The company plans to distribute a cash dividend of 7.50 yuan per 10 shares, totaling approximately 485 million yuan, which corresponds to a dividend yield of about 7.46% [16]. Market Context - The integrated stove market saw a retail sales decline of 4.0% in 2023, with a retail volume drop of 4.2% [16]. - The overall demand in the industry is slightly weak, with the company focusing on enhancing its online and offline sales channels to adapt to market conditions [16].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 11.84 CNY over the next six months, compared to the current stock price of 9.84 CNY [14][32]. Core Views - The company experienced a revenue decline in Q1 2024 primarily due to fluctuations in the real estate market affecting integrated stove sales. However, the company is expected to perform better than the industry average due to its strong distribution channels [2][32]. - The company has a significant channel advantage, having added 16 new first-level distributors and 200 marketing terminals in 2023, totaling over 2,000 first-level distributors and more than 4,700 marketing terminals [3][32]. - The company is projected to benefit from the increasing penetration of integrated stoves in the market, supported by its brand and channel development [32]. Financial Performance - In 2023, the company reported a revenue of 1.67 billion CNY, a year-on-year decrease of 8.8%, and a net profit of 464.3 million CNY, a year-on-year increase of 2.7% [16][32]. - For Q1 2024, the company achieved a revenue of 270 million CNY, a year-on-year decline of 19.4%, and a net profit of 80 million CNY, a year-on-year decline of 23.3% [16][32]. - The company plans to distribute a cash dividend of 7.50 CNY per 10 shares, totaling 480 million CNY, with a payout ratio of 104.4% [16][32]. Profitability and Valuation Metrics - The company’s projected earnings per share (EPS) for 2024 and 2025 are 0.74 CNY and 0.75 CNY, respectively [32]. - The price-to-earnings (P/E) ratio is expected to decrease from 14.1 in 2022 to 12.6 by 2026, indicating a potential increase in valuation attractiveness [6][32]. - The net profit margin is projected to improve from 24.7% in 2022 to 28.0% by 2026 [6][32]. Market Position and Competitive Landscape - The company is recognized as a pioneer and leader in the integrated stove industry in China, which positions it well to capitalize on the growing market demand [32]. - The company’s strong distribution network and brand recognition are expected to help it maintain its competitive edge despite industry challenges [2][3][32].

Investment Rating - The investment rating for the company is "Cautious Accumulate" with a target price of 11.50 RMB, down from the previous target of 12.00 RMB [1][11]. Core Views - The company is experiencing revenue pressure due to a slow recovery in the integrated stove industry and intense competition. The earnings forecast for 2024-2026 has been adjusted, with expected EPS of 0.77, 0.82, and 0.88 RMB, reflecting a downward adjustment of -3% and -7% [11]. - The company is expected to perform better than the industry in terms of revenue and earnings due to its established offline channels and market position [1][11]. Summary by Sections 1. Earnings Forecast and Investment Advice - The company has revised its earnings forecast for 2024-2026, with EPS projected at 0.77, 0.82, and 0.88 RMB, down from previous estimates of 0.79 and 0.88 RMB, indicating a growth rate of +7% for each year [11]. - The target price has been adjusted to 11.50 RMB based on a 15x PE for 2024 [11]. 2. Performance Overview - In 2023, the company achieved a revenue of 16.73 billion RMB, a decrease of 9% year-on-year, while net profit was 4.64 billion RMB, an increase of 3% [16]. - The revenue for Q4 2023 was 4.11 billion RMB, down 6% year-on-year, with a net profit of 1.01 billion RMB, up 26.89% [16]. 3. Revenue Pressure and Performance Expectations - The company is facing revenue pressure, with Q1 2024 revenue at 2.73 billion RMB, down 19% year-on-year, and net profit at 0.77 billion RMB, down 23% [16]. - The average price of integrated stoves has increased, raising the purchasing threshold for consumers, leading to lower overall sales during a slow recovery in consumer purchasing power [16]. 4. Gross Margin and Cost Management - The company's gross margin for 2023 was 47.1%, up 2.99 percentage points year-on-year, while the net margin was 27.76%, up 3.1 percentage points [17]. - In Q1 2024, the gross margin was 46.16%, down 0.78 percentage points year-on-year, with a net margin of 28.18%, down 1.54 percentage points [17]. 5. Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 5.83 billion RMB in 2023, an increase of 2.14 billion RMB year-on-year [20]. - The cash and cash equivalents at the end of 2023 were 12.86 billion RMB, up 1.87 billion RMB year-on-year [23]. 6. Profit Distribution Plan - The company plans to distribute a cash dividend of 7.50 RMB per 10 shares, totaling 4.85 billion RMB, which represents 104% of the net profit for 2023 [31].

请务必阅读正文之后的免责声明及其项下所有内容 2023 年报&2024 年一季报点评： 行业下滑经营承压，高分红高股息 投资建议：调整盈利预测，维持 "买入"评级。 | --- | --- | --- | --- | --- | --- | |----------------------------------------|-----------|-------------|-------------|----------------------------------|-------------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 1,834 | 1,673 | 1,707 | 1,769 | 1,832 | | (+/-%) | -15.2% | -8.8% | 2.1% | 3.6% | 3.5% | | 净利润(百万元) | 452 | 464 | 469 | 480 | 491 | | (+/-%) | -32.0% | 2.7% | 1.0% | 2.3% | 2.4% | | 每股收益（元） | 0 ...