火星人（300894.SZ） 2024 年 04 月 24 日 | --- | --- | |-------------------------|-------------| | 日期 | 2024/4/24 | | 当前股价 ( 元 ) | 15.46 | | 一年最高最低 ( 元 ) | 28.45/10.33 | | 总市值 ( 亿元 ) | 63.27 | | 流通市值 ( 亿元 ) | 45.46 | | 总股本 ( 亿股 ) | 4.09 | | 流通股本 ( 亿股 ) | 2.94 | | 近 3 个月换手率 (%) | 166.86 | 相关研究报告 2023 年公司实现营收 21.39 亿元（-6.03%，同比，下同），主要受房地产市场下 行影响；归母净利润 2.47 亿元（-21.39%），扣非归母净利润 2.68 亿元（-3.40%）。 2023Q4 营收 5.69 亿元（-10.45%），归母净利润 0.25 亿元（-74.24%），扣非归母 净利润 0.65 亿元。房地产市场下行影响集成灶需求，我们下调 2024-2025 年并新 增 2026 年盈利预测，预计 2024-2026 ...

颜晓晴 盈利预测与评级：我们调整盈利预测，预计 2024-2026 年 EPS 为 0.84/0.92/1.00 元，4 月 23 日收盘价对应动态 PE 分别为 19.1/17.5/16.0，维持"增持"评级。 zhouqing@xyzq.com.cn S0190521020002 苏子杰 suzijie@xyzq.com.cn S0190522070005 王雨晴 wangyuqing@xyzq.com.cn S0190523070007 周庆 风险提示：地产销售复苏不及预期、原材料成本上涨、行业竞争加剧 投资要点 ＃summary＃ 事件：公司发布 2023 年年报。2023 年公司实现营收 21.39 亿元，同比-6.03%； 归母净利润 2.47 亿元，同比-21.39%；扣非归母净利润 2.68 亿元，同比-3.40%； 毛利率 47.63%，同比+2.63pct：归母净利率 11.56%，同比-2.26pct；扣非归母 净利率 12.53%，同比+0.36pct。2023Q4 公司实现营收 5.69 亿元，同比-10.45%； 归母净利润 0.25 亿元，同比-74.24%；扣非归母净利润 0. ...

火星人（300894.SZ） 买入 2023 年报点评：行业需求承压，经营盈利稳定 经营有所承压，Q4 计提减值拖累盈利。公司 2023 年实现营收 21.4 亿/-6.0%， 归母净利润 2.5 亿/-21.4%，扣非归母净利润 2.7 亿/-3.2%。其中 Q4 收入 5.7 亿/-10.5%，归母净利润 0.2 亿/-74.2%，扣非归母净利润 0.6 亿/-19.5%。 公司拟每 10 股派发现金股利 6 元，现金分红率为 99%，对应 4 月 19 日收盘 价股息率为 3.4%。公司 Q4 计提信托理财公允价值变动损失 0.4 亿，拖累归 母利润表现；以扣非归母利润计算，公司盈利能力维持在较为稳健的水平。 受地产行业影响，集成灶需求出现下滑。作为与装修密切相关的新兴厨电， 集成灶受新房影响相对较大。2023 年我国住宅销售面积同比下降 8.2%， 2024Q1 住宅销售面积同比下降 23.4%，集成灶需求受到负面影响。奥维云网 数据显示，2023 年我国集成灶零售额同比下降 4.0%至 249 亿，其中销量同 比下降 4.2%；2024Q1 集成灶零售额同比下降11.9%至 42 亿，销量下降 10 ...

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company, with a target price adjusted to 20.00 yuan [5][23][39]. Core Views - The company achieved a revenue of 2.139 billion yuan in 2023, a year-on-year decrease of 6.03%, and a net profit attributable to shareholders of 247 million yuan, down 21.39% year-on-year [5][23]. - The report highlights that the company’s online market share is relatively high, and its sales and dealer support strategies are proactive, suggesting that future growth may outperform the industry [6][23]. - The report notes that the integrated stove category has a high average price, which increases the purchasing threshold for consumers, leading to overall sluggish sales during a slow recovery in consumer purchasing power [6][23]. Summary by Sections 1. Performance Overview - The company’s Q4 revenue was 569 million yuan, down 10.45% year-on-year, with a net profit of 25 million yuan, a significant decline of 74.24% year-on-year [5][6]. 2. Q4 Revenue Performance - The company’s revenue performance in Q4 was better than the overall industry level, despite the challenges faced [6][25]. 3. Q4 Gross Margin and Expense Ratio - The gross margin for 2023 was 47.63%, an increase of 2.63 percentage points year-on-year, while the net margin was 11.49%, a decrease of 2.24 percentage points year-on-year [45]. 4. Cash Flow Health - The company reported a net cash flow from operating activities of 445 million yuan in 2023, an increase of 185 million yuan year-on-year, indicating healthy cash flow [10][29]. 5. Dividend Proposal - The company plans to distribute a cash dividend of 6.00 yuan per 10 shares (including tax), totaling 246 million yuan, which accounts for 99.4% of the net profit attributable to shareholders in 2023 [46].

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|-------------|--------------|---------|---------|---------|-------------------------------------------------------------|----------------|---------------|---------------|--------------|--------------| | [Table_Finance2] 财务报表预测和估值数据汇总 \n利润表 财务指标 | | | | | | | | | | | | | （百万元） | | | | | | 2022A 2023A 2024E 2025E 2026E 2022A 2023A 2024E 2025E 2026E | | | | | | | 营业收入 2,2 ...

上 市 公 司 证 券 研 究 报 告 家用电器 2024 年 04 月 22 日 火星人 (300894) 公 司 研 究 / 公 司 点 评 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 22 日 | | 收盘价（元） | 16.3 | | 一年内最高 / 最低（元） | 28.45/10.33 | | 市净率 息率（分红/ 股价） | 4.0 - | | 流通 A 股市值（百万元） | 4793 | | 上证指数/深证成指 | 3044.60/9239.14 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |---------------------------------|-------------------------------| | | | | 基础数据 : | 2023 年 12 月 31 日 | | | | | 每股净资产（元） | 4.04 | | 资产负债率 % | 50.57 | | ...

火星人厨具股份有限公司（以下简称"公司"）于 2024 年 4 月 22 日披露了 《关于 2023 年度利润分配预案的公告》（公告编号：2024-021）。因工作人员 疏忽，导致上述公告部分内容有误（相关议案内容无误），现将相关内容更正如 下： 更正前： 经天健会计师事务所（特殊普通合伙）审计确认，公司合并财务报表 2023 年度实现归属于母公司所有者的净利润 247,245,713.03 元，母公司 2023 年度实 现净利润 262,222,307.00 元，按照净利润的 10% 提取法定盈余公积 262,222,307.00 元，截至 2023 年 12 月 31 日，公司合并财务报表可供分配利润为 523,306,280.71 元，母公司可供分配利润为 553,359,953.65 元。 更正后： | 证券代码：300894 | 证券简称：火星人 | 公告编号：2024-028 | | --- | --- | --- | | 债券代码：123154 | 债券简称：火星转债 | | 经天健会计师事务所（特殊普通合伙）审计确认，公司合并财务报表 2023 年度实现归属于母公司所有者的净利润 247,24 ...

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 18.20 yuan [7][13][26]. Core Views - The company reported a revenue of 2.139 billion yuan in 2023, a year-on-year decrease of 6.03%, and a net profit attributable to shareholders of 247 million yuan, down 21.39% year-on-year [3][10]. - The decline in revenue is primarily attributed to the pressure on the home appliance industry, particularly in the integrated stove segment, which saw a 7% decrease in revenue [10][12]. - Despite the short-term challenges, the company maintains a strong cash flow position, with a net operating cash flow of 440 million yuan, up 71.5% year-on-year, and a cash dividend of 246 million yuan, representing a 99% payout ratio [12][26]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 569 million yuan, down 10.45% year-on-year, with a net profit of 25 million yuan, a significant drop of 74.24% year-on-year [3][10]. - The overall gross margin improved by 2.6 percentage points year-on-year, driven by product price increases and cost reduction efforts [11][25]. - The company’s total assets amounted to 3.335 billion yuan, with a debt-to-asset ratio of 50.57% [5][27]. Market Position - The company holds a 26.8% market share in the online segment, which is a 1.9 percentage point increase year-on-year, indicating better retail performance compared to the industry [10][12]. - The integrated stove segment accounts for 88% of the company's revenue, while the water-washing category has shown a 21% increase, contributing 7% to total revenue [10][12]. Future Outlook - Revenue projections for 2024 and 2025 are estimated at 2.275 billion yuan and 2.422 billion yuan, respectively, reflecting year-on-year growth rates of 6.33% and 6.48% [13][27]. - The company is expected to continue benefiting from its strong cash flow and shareholder return policies, despite ongoing industry pressures [12][26].

公司报告 | 季报点评 事件：公司 2023 年实现营收 21.4 亿元，同比-6%；归母净利润 2.5 亿 元，同比-21%；扣非归母净利润 2.7 亿元，同比-3%。其中，23Q4 公司 实现营收 5.7 亿元，同比-10%；归母净利润 0.2 亿元，同比-74%；扣非 归母净利润 0.6 亿元，同比-20%。分红方面，公司拟向全体股东每 10 股派发现金红利人民币 6.00 元（含税），共计派发现金 2.46 亿元（含 税），剩余未分配利润结转至以后年度。23 年公司现金分红占年度归母 净利润比例为 99.31%。 毛利率改善明显，信托坏账计提拖累利润。2023 年公司整体毛利率同 比+2.6pcts 至 47.6%，其中集成灶产品毛利率同比+3.0pcts 至 48.7%。除 集成灶主要原材料板材 23 年均价同比明显下行带来成本红利外，我们 预计主要为公司近年来降本增效举措（精细化管理、信息化建设等）带 来正向贡献。费用端，公司 2023 年销售/管理/研发/财务费用率分别为 22.9%/5.7%/5.4%/-1.2%，同比+0.9/+1.2/+0.7/-0.3pcts，公司费用投入基 本稳定，受收 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][7]. Core Views - The integrated stove industry is experiencing a decline in both volume and revenue, while the dishwasher segment is seeing an increase in average prices due to a higher proportion of integrated dishwashers [1]. - The company reported a total revenue of 2.139 billion yuan in 2023, a decrease of 6.03% year-on-year, and a net profit attributable to shareholders of 247 million yuan, down 21.39% year-on-year [3]. - Despite the challenging market conditions, the company plans to distribute a cash dividend of 246 million yuan, resulting in a cash dividend rate of 99.31% [3]. Financial Performance Summary - The company's revenue from integrated stoves decreased by 6.91% year-on-year, while revenue from water-washing products increased by 21.26% [4]. - The company has over 2,100 specialty stores and leads the online sales in the integrated stove industry, achieving online retail sales of 1.36 billion yuan in 2023 [4]. - The gross margin for the year increased to 47.63%, while the net margin decreased to 11.49% due to fair value losses from a trust investment [4]. - The forecasted net profit for 2024-2026 is expected to be 284 million yuan, 319 million yuan, and 345 million yuan, respectively, with year-on-year growth rates of 14.9%, 12.2%, and 8.1% [2]. Key Financial Metrics - The company's earnings per share (EPS) for 2023 is 0.60 yuan, with a projected EPS of 0.69 yuan for 2024 [6]. - The return on equity (ROE) for 2023 is 14.9%, with expectations to rise to 16.8% in 2024 [6]. - The price-to-earnings (P/E) ratio for 2023 is 29.3, projected to decrease to 25.5 in 2024 [6].