Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook [5] Core Views - The company is experiencing revenue pressure due to a sluggish real estate market, with a significant year-on-year decline in revenue and net profit for Q1-Q3 2024 [1] - The company is actively adjusting its business strategy to cope with market changes, including launching new products and optimizing sales channels, which may lead to a recovery in Q4 2024 [1] - The company is positioned as a leading brand in the integrated stove category, benefiting from its extensive online and offline marketing network [2] Financial Performance Summary - For Q1-Q3 2024, the company reported revenue of 654 million yuan, down 48.16% year-on-year, and a net profit of 107 million yuan, down 70.67% year-on-year [1] - In Q3 2024, the company achieved revenue of 195 million yuan, a decrease of 60.18% year-on-year, with a net profit of 904 thousand yuan, down 93.78% year-on-year [1] - The overall gross margin for Q3 2024 was 40.8%, a decline of 7.5 percentage points year-on-year, reflecting ongoing pressure from weak demand [2] - The company’s net profit margin for Q3 2024 was 4.6%, down 25.1 percentage points year-on-year [2] Financial Forecast - Revenue projections for 2024-2026 are 1.02 billion yuan, 1.07 billion yuan, and 1.13 billion yuan, respectively, with corresponding net profits of 127.83 million yuan, 156.79 million yuan, and 190.93 million yuan [4][7] - The expected P/E ratios for 2024-2026 are 36.64x, 29.87x, and 24.53x, respectively [4][9] Market Position - The company is recognized as a pioneer and leading brand in the integrated stove market, maintaining a competitive edge in sales scale, brand awareness, and market share [2] - The company is expected to benefit from supportive policies in the real estate sector and the appliance replacement market, which may aid in revenue and profit recovery [2]

证券研究报告 | 季报点评 gszqdatemark 2024 10 29 年 月 日 浙江美大（002677.SZ） 地产低迷影响行业需求，盈利能力承压 事件：公司发布 2024 年三季报。公司 2024Q1-Q3 实现营业总收入 6.54 亿元，同比-48.16%；实现归母净利润 1.07 亿元，同比-70.67%。其中， 2024Q3 单季营业总收入为 1.95 亿元，同比-60.18%；归母净利润为 0.09 亿元，同比-93.78%。 受地产环境变动影响，集成灶行业承压。全渠道零售额持续收缩，2024 年 前三季度集成灶行业线上、线下零售额规模分别同比下滑 41.8%、4%； 线上消费降级，线下均价仍在提升，2024 年前三季度集成灶行业线上、线 下均价分别同比-8.5%、+4.1%。 盈利能力大幅下滑。毛利率：2024Q3 公司毛利率同比-7.54pct 至 40.79%。 费率端：2024Q3 销售/管理/研发/财务费率为 24.31%/8.76%/4.47%/- 0.64%，同比变动 16.94pct/5.12pct/1.33pct/-0.27pct。净利率：公司 2024Q3 净利率同比变动 ...

浙江美大实业股份有限公司 2024 年第三季度报告 1 证券代码：002677 证券简称：浙江美大 公告编号：2024-024 浙江美大实业股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 浙江美大实业股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|--------- ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Views - The company's revenue for the first half of 2024 was 459 million yuan, a year-on-year decline of 40.56%. The net profit attributable to the parent company was 98 million yuan, down 55.26% year-on-year [3][4]. - The decline in revenue is primarily attributed to the downturn in the real estate market, which has suppressed new demand in the industry. The sales area of commercial housing in China decreased by 21.90% year-on-year in the first half of 2024, negatively impacting kitchen appliance demand [3][4]. - The company has adjusted its marketing strategy to strengthen its multi-channel marketing network, with over 1,900 quality first-level distributors and more than 4,700 marketing terminals as of the first half of 2024 [4]. - Despite the revenue decline, the company remains a leader in the integrated stove sector and is actively exploring various marketing channels to enhance consumer coverage and demand targeting [4]. Financial Summary - The company's gross profit margin for the first half of 2024 was 44.23%, a decrease of 2.54 percentage points year-on-year. The operating profit for the same period fell by 56.15% year-on-year [3][4]. - The projected net profits for the company from 2024 to 2026 are expected to be 319 million yuan, 378 million yuan, and 406 million yuan, respectively, with corresponding PE ratios of 13.8, 11.7, and 10.9 times [4][9].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 8.40 [1][6]. Core Insights - The company faced significant pressure in H1 2024, with revenue and net profit declining by 40.56% and 55.26% year-on-year, respectively, primarily due to the downturn in the real estate sector [1][2]. - The integrated stove industry is expected to continue facing challenges, leading to a downward adjustment in the company's EPS forecasts for 2024-2026 [1][14]. - The company is actively adjusting its marketing strategies and expanding its distribution channels to mitigate the impact of the market downturn [2][4]. Financial Performance - In H1 2024, the company achieved revenue of RMB 459 million and a net profit of RMB 97.56 million, with Q2 figures showing a more severe decline of 57.09% in revenue and 82.62% in net profit [1][2]. - The gross margin decreased to 44.32% in H1 2024, down from 46.76% in H1 2023, while the net profit margin also saw a decline [3][10]. - The company’s operating expenses increased, with the expense ratio rising by 5.20 percentage points year-on-year in H1 2024 [3][10]. Market Strategy - The company is focusing on expanding its market presence and enhancing its product offerings to capture market share despite the industry downturn [4][5]. - It has over 1,900 high-quality primary distributors and more than 4,700 marketing terminals, indicating a robust distribution network [2][4]. Earnings Forecast - The revenue forecast for 2024 is adjusted to RMB 945.15 million, reflecting a 43.49% decline, with a gradual recovery expected in subsequent years [5][14]. - The net profit forecast for 2024 is set at RMB 266.65 million, with a compound annual growth rate projected for 2024-2026 [5][14].

Investment Rating - The report maintains a "Recommend" rating for Zhejiang Meida (002677) with a target price of 8 CNY [1] Core Views - Revenue declined significantly due to industry-wide downturn, with H1 2024 revenue down 40.6% YoY to 460 million CNY [1] - Net profit dropped 55.3% YoY to 98 million CNY in H1 2024, with Q2 net profit plunging 82.6% YoY to 20 million CNY [1] - The company's performance was mainly dragged down by the sluggish real estate market and intensified competition [1] - Gross margin in Q2 2024 decreased by 4.99 percentage points to 41.63% due to increased proportion of low-price products [1] - The company maintains strong offline channel advantages with 1,900+ first-tier dealers and 4,700+ marketing terminals [1] Financial Performance - Integrated stove revenue accounted for 423 million CNY in H1 2024, down 39.53% YoY [1] - Cabinet revenue was 10 million CNY, down 37.17% YoY [1] - Other products (including embedded products, integrated sinks, and water heaters) generated 26 million CNY, down 54.05% YoY [1] - Sales/management/R&D/financial expense ratios in Q2 2024 were 19.0%/8.9%/4.2%/-4.9% respectively [1] - Net profit margin in Q2 2024 was 10.34%, down 16.73 percentage points YoY [1] Industry Analysis - Integrated stove industry retail volume and value decreased by 15.2% and 18.2% respectively in H1 2024 [1] - The kitchen appliance industry faces challenges from real estate market downturn and consumption downgrade [1] - Integration and intelligence remain long-term trends in the kitchen appliance industry [1] Future Outlook - The company is expanding its product matrix to include integrated smart kitchen products and whole-house customization [1] - EPS forecasts for 2024-2026 are adjusted to 0.47/0.52/0.58 CNY, with corresponding PE ratios of 15/13/12 times [1] - The company's offline channel advantages and brand strength are expected to support long-term development [1] Financial Projections - 2024E revenue is projected at 1,174 million CNY, down 29.8% YoY [2] - 2024E net profit is forecasted at 303 million CNY, down 34.7% YoY [2] - Gross margin is expected to recover from 42.8% in 2024E to 45.7% in 2026E [6] - ROE is projected to improve from 15.7% in 2024E to 17.6% in 2026E [6]

证券研究报告 | 半年报点评 gszqdatemark 2024 08 30 年 月 日 浙江美大（002677.SZ） 经营承压，盈利能力下滑 事件：公司发布 2024 年半年报。公司 2024H1 实现营业总收入 4.59亿元，同比-40.56%；实现归母净利润0.98亿元，同比-55.26%。 其中，2024Q2 单季营业总收入为 1.86 亿元，同比-57.09%；归母 净利润为 0.2 亿元，同比-82.62%。 受地产下行影响，公司各项业务承压。分产品看：公司 2024H1 集 成灶/橱柜/其他产品分别实现收入 4.23 亿元/0.10 亿元/0.26 亿元， 同比-39.53%/-37.17%/-54.05%，主要受国内大环境及房地产市场 下行影响。 盈利能力下滑。毛利率：2024Q2 公司毛利率同比-4.99pct 至 41.63%。主要受营业收入变动，以及部分材料价格上涨影响。费率 端：2024Q2 销售/管理/研发/财务费率为 19.04%/8.93%/4.18%/- 4.93%，同比变动 8.59pct/5.03pct/0.75pct/-2.65pct。净利率：公 司 2024Q2 净利 ...

浙江美大实业股份有限公司 2024 年半年度报告全文 证券代码：002677 证券简称：浙江美大 公告编号：2024-023 浙江美大实业股份有限公司 2024 年半年度报告 2024 年 8 月 30 日 1 浙江美大实业股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王培飞、主管会计工作负责人王培飞及会计机构负责人(会计 主管人员)杨晓婷声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展和前瞻性陈述，因存在不确定性，不构成公司 对投资者的实质性承诺，敬请投资者注意投资风险。 公司未来经营中可能存在的风险及应对措施详见本报告第三节"管理层 讨论与分析"中的第十一小节"公司面临的风险和应对措施"敬请投资者关 注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 浙江美大实业股份有限公司 2024 年半年度报告全文 目 录 | -- ...

2024年7月15日│中国内地 7 月 12 日公司发布业绩快报，24H1 预计实现归母净利 9600 万元～1.02 亿 元，同比-55.98%～-53.23%；实现扣非归母净利 9500 万元～1.01 亿元， 同比-56.14%～-53.37%。其中 Q2 实现归母净利 1884～2484 万元，分别 同比-83.95%～-78.84%；实现扣非归母净利 1804～2406 万元，同比 -84.56%～-79.43%。受地产竣工/销售拖累，我们预计今年集成灶行业拐点 未至；作为行业龙头，公司的集成灶销量或同比下滑幅度较大。我们调整公 司 24-26 年 EPS 分别为 0.62、0.63、0.66 元（前值：0.70、0.71、0.74 元）。 根据 wind 一致预期，可比公司 2024 年平均 PE 为 15x，基于公司 2024 年 15x，对应目标价 9.30 元（前值：10.50 元），维持"买入"评级。 24H1 厨电行业仍较低迷，集成灶品类景气度持续下行 研究员 樊俊豪 SAC No. S0570524050001 SFC No. BDO986 fanjunhao@htsc.com +(8 ...

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 ...