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 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------|-------------------|--------------------|----------|---------|-------|---------------|-------|----------------------------|---------------------| | 收 2.73 \n6.00 | 亿元（ -19.39% ） | | 20.00% | | | 2024Q1 \n1.60 | | 归母净利润 0.77 亿元（ | -23.34% ） \n40.00% | | 5.00 | | | 10.00% | | | 1.40 | | | 20.00% | | 4.00 | | | 0.00% | | | 1.00 1.20 | | | 0.00% | | 3.00 | | | | -10.00% | | 0.80 | | | -20.00% | | 2.00 | | | | -20.00% | | 0.60 | ...

买入： 预期未来 12 个月内，股价表现强于大盘 15%以上。 广发证券（香港）经纪有限公司具备香港证监会批复的就证券提供意见（4 号牌照）的牌照，接受香港证监会监管，负责本报告于中国香 港地区的分销。 [Table_Interest 权益披露Disclosure] (1)广发证券（香港）跟本研究报告所述公司在过去 12 个月内并没有任何投资银行业务的关系。 [Table_Copyright] 版权声明 [Table_PageText] 浙江美大|年报点评 本报告所载资料的来源及观点的出处皆被广发证券认为可靠，但广发证券不对其准确性、完整性做出任何保证。报告内容仅供参考，报告 中的信息或所表达观点不构成所涉证券买卖的出价或询价。广发证券不对因使用本报告的内容而引致的损失承担任何责任，除非法律法规 有明确规定。客户不应以本报告取代其独立判断或仅根据本报告做出决策，如有需要，应先咨询专业意见。 广发证券可发出其它与本报告所载信息不一致及有不同结论的报告。本报告反映研究人员的不同观点、见解及分析方法，并不代表广发证 券的立场。广发证券的销售人员、交易员或其他专业人士可能以书面或口头形式，向其客户或自营交易部门提供与 ...

浙江美大(002677) 2023A&2024Q1 业绩点评： 行业需求仍疲弱，高分红回报股东 事件： 浙江美大发布 2023 年报及 2024 年一季报：23 年，公司实现营收 16.73 亿， 同比-8.80%，归母净利润 4.64 亿，同比+2.68%，扣非净利润 4.36 亿，同 比+3.04%；其中四季度，实现营收 4.11 亿，同比-5.73%，归母净利润 1.01 亿，同比+26.90%，扣非净利润 0.75 亿，同比+28.08%；23 年公司拟现金分 红 4.85 亿，分红率 104.4%。24 年一季度，实现营收 2.73 亿，同比-19.39%， 归母净利润 0.77 亿，同比-23.34%，扣非净利润 0.77 亿，同比-22.93%。 行业景气承压，公司收入有所下滑 23 年公司收入同比-9%，主要原因在于行业景气承压，集成灶需求由新房装 修及二次翻新场景驱动为主，且目前销售主要集中在三四线市场，因此受 到地产行业调整等因素影响较大；奥维推总数据显示 23 年集成灶行业总零 售额/量均同比-4%。公司层面，由于 23 年调整电商渠道，该渠道下滑幅度 较大进一步拖累整体收入。24Q1 ...

公司报告 | 年报点评报告 请务必阅读正文之后的信息披露和免责申明 1 | --- | --- | |--------------------|----------| | | | | 股价走势 | | | 浙江美大 | 沪深 300 | | -14% -9% -4% | | | -19% | | | -24% | | | -34% -29% | | | 2023-04 2023-08 | 2023-12 | | 资料来源：聚源数据 | | 相关报告 公司报告 | 年报点评报告 财务预测摘要 预付账款 6.97 8.69 12.49 10.21 13.80 营业税金及附加 17.87 22.72 16.79 18.02 19.10 存货 119.11 66.05 121.51 79.52 133.16 销售费用 206.35 176.74 175.77 188.60 199.92 在建工程 0.44 0.00 0.22 0.11 0.16 公允价值变动收益 0.00 0.00 0.00 0.00 0.00 无形资产 155.78 147.98 136.81 127.62 119.98 投资净收益 34.78 ( ...

经营承压，分红水平创新高 渠道拓展稳步推进，2024 年加大电商拓展力度。经销商渠道，2023 年新增一级 经销商 16 家，新增营销终端 200 个，累计拥有一级经销商 2000 多家，营销终端 4700 多个；KA 渠道和下沉渠道，截至 2023 年底，公司在 KA 卖场门店累计达 2500 多个，下沉网点累计达 800 多个；电商渠道方面，2024 年公司投资设立浙 江美大网络销售有限公司，公司控股 60%，公司掌控电商平台渠道，实现线上线 下相互促进。 2024 年 04 月 18 日 2023 年集成灶行业受到冲击，公司份额下滑。受地产环境变动及消费降级影响， 2023 年集成灶量额齐跌，奥维云网（AVC）推总数据显示，2023 年集成灶市场累 计零售额为 249 亿元，同比下滑 4.0%；累计零售量为 278 万台，同比下滑 4.2%。 在行业整体受到冲击的情况下，公司市占率也出现下滑，据奥维云网，2023 年公 司在线上/线下市场的销额份额分别为 3.43%/13.39%，同比下降 5.02/5.47pct。 风险提示：原材料价格波动、房地产市场波动、市场竞争加剧。 | --- | |----- ...