丨证券研究报告丨 公司研究丨点评报告丨亿田智能（300911.SZ） [Table_Title] 费用率边际优化，2024Q4 业绩大幅改善 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 亿田智能（300911.SZ） cjzqdt11111 [Table_Title2] 费用率边际优化，2024Q4 业绩大幅改善 报告要点 [Table_Summary] 2024 年公司实现营收 7.03 亿元，同比下滑 42.73%，实现归母净利润 2654.14 万元，同比下 滑 85.17%，实现扣非归母净利润 1124.74 万元，同比下滑 93.17%；其中，2024Q4 公司实现 营收 2.54 亿元，同比下滑 10.40%，实现归母净利润 3757.73 万元，同比增长 847.70%，实现 扣非归母净利润 3195.97 万元，同比增长 205.81%。同时，公司拟向全体股东每 10 股派发现 金红利 10 元（含税），对应分红率为 515.07%，并且公司拟以资本公积金向全体股东每 10 股 转增 3 股。 分析师及联系人 [Table_Author] 陈 ...

Group 1 - The core viewpoint of the news highlights the ongoing rebound in computing power concept stocks, with notable gains in companies such as Hongbo Co., Ltd., Litong Electronics, and ST Huatuo [1][2] - As of the latest data, the computing power scale of the eight major hub nodes in China's "East Data West Computing" initiative has reached 215.5 quintillion floating-point operations per second, with intelligent computing power accounting for 80.8% of the total [3] - The National Bureau of Statistics indicates that the construction of a nationwide integrated computing network is accelerating, enhancing user experience and providing flexible network services for SMEs and research institutions [3] Group 2 - Guosheng Securities believes that increased policy emphasis on artificial intelligence is expected to accelerate the development of AI applications and the upstream computing power industry [4] - CITIC Construction Investment reports that companies related to the AI computing power industry have shown good performance in their financial disclosures for 2024 and Q1 2025, indicating a high level of industry prosperity [4]

截至2025年4月26日，火星人、浙江美大、亿田智能、帅丰电器四家集成灶上市企业2024年年报悉数出炉。无一例外，四家企业均交出了营收、净利润双降 的成绩单。 火星人营收同比暴跌35.7%，净利润仅剩千万元；浙江美大净利润缩水超76%；亿田智能与帅丰电器同样深陷营收腰斩、利润断崖式下滑的泥潭。这场"集体 跳水"背后，是集成灶行业进入"至暗时刻"的残酷现实，也表明行业到了需要转型求生的关键路口。 01 财务数据透视：行业进入"速冻期" 从核心财务指标看，四家企业的经营指标全面恶化，行业已从结构性调整滑向系统性危机。 | 企业名称 营业收入(亿元) | | | --- | --- | | 火星人 | 13.76 | | 浙江美大 | 8.77 | | 化田智能 | 7.03 | | 帅丰电器 | 4.29 | 数据可以用行业全面失速来总结，四家企业营收平均跌幅超40%，净利润平均缩水更是超过了80%。 对比三年前行业数据巅峰期，其中，火星人作为行业龙头，净利润仅剩2021年巅峰期（2.47亿元）的约4.5%；浙江美大连续三年营收下滑，2024年营收规模 较2021年的21.64亿元已蒸发超60%。季度环比数据显示 ...

为真实、准确、公允地反映公司的财务状况、资产价值及经营成果，根据 《企业会计准则》《深圳证券交易所创业板股票上市规则》及公司会计政策的相 关规定，本着谨慎性原则，公司对合并报表范围内截至2025年3月31日的各类资 产进行了全面清查，对各项资产减值的可能性进行了充分评估和分析，对存在减 值迹象的相关资产计提相应减值准备。 2、本次计提信用减值及资产减值准备的资产范围和总金额 公司2025年第一季度各类资产计提的减值准备合计-5,495,089.42元，相应计 提信用减值准备1,524,384.22元，资产减值准备-7,019,473.64元。具体计提减值的 情况如下： | 证券代码：300911 | 证券简称：亿田智能 公告编号：2025-034 | | --- | --- | | 债券代码：123235 | 债券简称：亿田转债 | 浙江亿田智能厨电股份有限公司 关于2025年第一季度计提资产减值准备的公告 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。 浙江亿田智能厨电股份有限公司（以下简称"公司"）根据《深圳证券交 易所创业板股票上市规则》等法律法规、规范 ...

| 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.3070 | 0.0326 | -1041.72 | 0.3773 | | 每股净资产（元） | 9.45 | 13.41 | -29.53 | 12.89 | | 每股公积金(元) | 4.72 | 6.28 | -24.84 | 6.31 | | 每股未分配利润(元) | 3.57 | 5.84 | -38.87 | 5.08 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 0.58 | 1.27 | -54.33 | 2.28 | | 净利润(亿元) | -0.43 | 0.05 | -960 | 0.41 | | 净资产收益率(%) | -3.06 | 0.30 | -1120 | 2.98 | | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | ...

Financial Performance - The company's revenue for Q1 2025 was ¥57,581,826.32, a decrease of 54.59% compared to ¥126,798,495.76 in the same period last year[5] - The net loss attributable to shareholders was ¥42,645,738.49, representing a decline of 1,042.01% from a profit of ¥4,527,079.27 in the previous year[5] - Basic earnings per share were -¥0.3070, down 1,041.72% from ¥0.0326 in the same period last year[5] - The company reported a net loss for the quarter, with a significant increase in financial expenses to CNY 5,019,038.92 from a negative CNY 1,842,956.59 in the previous year[21] - The company recorded a total profit of CNY -41,364,304.00, compared to CNY 6,712,107.10 in the previous period, reflecting a substantial decrease in overall profitability[22] - The company’s operating profit was reported at CNY -41,436,280.85, a significant drop from CNY 6,708,768.36 in the previous period[22] Cash Flow and Assets - The net cash flow from operating activities was -¥18,578,933.07, a significant drop of 5,053.09% compared to ¥375,097.88 in the prior year[5] - The company achieved total cash inflows from operating activities of CNY 119,090,586.21, slightly up from CNY 118,463,576.60 in the previous period[24] - Investment activities generated a net cash inflow of CNY 99,296,236.62, compared to a net outflow of CNY 253,449,952.01 in the previous period, indicating a recovery in investment cash flow[25] - Cash and cash equivalents increased to CNY 1,005,110,432.45 from CNY 925,512,685.50, reflecting a growth of 8.6%[16] - The company reported a total cash and cash equivalents balance of CNY 1,003,512,366.51 at the end of the period, down from CNY 1,155,665,170.40 in the previous period[25] - Total assets at the end of the reporting period were ¥2,293,716,954.10, a decrease of 4.46% from ¥2,400,890,112.21 at the end of the previous year[5] Shareholder Information - Total number of common shareholders at the end of the reporting period is 7,623[12] - Zhejiang Yitian Investment Management Co., Ltd. holds 38.24% of shares, totaling 53,175,173 shares[12] - The top 10 shareholders collectively hold significant stakes, with the largest shareholder holding over 38%[12] - The report indicates no changes in the shareholding structure due to securities lending activities among the top shareholders[13] - There are no changes in the status of restricted shares during the reporting period[14] - The company has not identified any related party transactions among its major shareholders[13] Operational Changes and Future Plans - The company completed the registration changes and obtained a new business license from the Zhejiang Provincial Market Supervision Administration[15] - The company held its third board meeting on August 28, 2024, and a temporary shareholders' meeting on September 18, 2024, to approve changes to registered capital and company bylaws[14] - The company plans to expand its market presence and enhance its operational capabilities through strategic adjustments[15] - The company plans to focus on new product development and market expansion strategies in the upcoming quarters[21] Research and Development - The company reported a significant reduction in R&D expenses, which amounted to ¥3,811,794.96, down 59.01% from ¥9,299,829.91 in the previous year[10] - The company has not disclosed any new product developments or technological advancements in the current reporting period[12] Financial Ratios and Metrics - The company’s weighted average return on equity was -3.06%, a decline of 3.36% from 0.30% in the previous year[5] - Gross profit margin for Q1 2025 was approximately 41.5%, compared to 44.5% in Q1 2024[21] - Total operating costs for Q1 2025 were CNY 98,022,645.42, down 24.2% from CNY 129,253,802.83 in the previous year[21] - Accounts receivable decreased to CNY 38,393,923.71 from CNY 77,921,404.43, a reduction of 50.8%[16] - Inventory levels slightly decreased to CNY 78,408,394.16 from CNY 81,620,893.48, a decline of 3.0%[16] - Total liabilities decreased to CNY 915,002,201.53 from CNY 993,482,290.06, a reduction of 7.9%[19] Audit and Reporting - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[26]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company has faced significant revenue pressure due to the ongoing downturn in the real estate sector, with a reported revenue of 703 million yuan in 2024, a decrease of 42.73% year-on-year [1] - The company is actively optimizing costs and has shown signs of improvement in profitability, particularly in Q4 2024, where net profit increased by 847.70% year-on-year [1][3] - The company is expanding into the digital economy and computing power sectors, establishing subsidiaries and aiming to provide integrated intelligent computing services [4] Financial Performance Summary - In 2024, the company reported a total revenue of 703 million yuan, down 42.73% from the previous year, with a net profit of 26.54 million yuan, a decline of 85.17% [5] - The gross margin for 2024 decreased by 9.0 percentage points to 39.7%, while the net profit margin fell by 10.8 percentage points to 3.8% [3] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 137 million yuan, which represents approximately 703% of the annual net profit [1] Market and Industry Context - The integrated stove market in China has been impacted by a 30.6% decline in retail sales, totaling 17.3 billion yuan in 2024, largely due to the weak real estate market [2] - The company's e-commerce revenue fell by 52.5% to 330 million yuan in 2024, while offline revenue is estimated to have decreased by about 30% [2] - The company is leveraging its strengths in the integrated stove category and is focusing on enhancing operational efficiency during the downturn [2]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 45.00 RMB [7][8]. Core Views - The company reported a significant decline in revenue for 2024, with total revenue of 703 million RMB, down 42.7% year-on-year, and a net profit attributable to shareholders of 26.54 million RMB, down 85.2% year-on-year. The decline is attributed to a decrease in overall demand in the integrated stove industry [1][2]. - The company is accelerating its transition to computing power leasing, with revenue from this segment expected to grow as it partners with Suiyuan Technology, a domestic chip unicorn [1][2]. - The company anticipates a stabilization in the integrated stove market as the real estate market recovers, which may lead to a narrowing of revenue declines [1][4]. Summary by Sections Financial Performance - In 2024, the integrated stove business generated 590 million RMB in revenue, a decrease of 46.3% year-on-year, primarily due to a slowdown in new home sales [2]. - The overall gross margin for 2024 was 39.7%, down 9.0 percentage points year-on-year, mainly due to a shift in product structure [3]. - The net profit margin for 2024 was 3.8%, down 10.8 percentage points year-on-year [3]. Profit Forecast and Valuation - The forecasted net profit for 2025-2027 is 104 million RMB, 117 million RMB, and 148 million RMB, respectively, with corresponding EPS of 0.75 RMB, 0.84 RMB, and 1.07 RMB [4][6]. - The company is expected to benefit from a significant reduction in expense ratios in 2025, which may help to release profits [4]. - The target price of 45.00 RMB corresponds to a 60x PE ratio for 2025, reflecting the anticipated growth in the computing power leasing business [4][8].

Group 1 - The company Yitian Intelligent announced a 2024 distribution plan, proposing a 10-for-3 stock split and a cash dividend of 10 yuan (including tax) [2] - For the fiscal year 2024, the company reported a revenue of 703 million yuan, a year-on-year decrease of 42.73%, and a net profit of 26.54 million yuan, down 85.17% year-on-year [2] - The basic earnings per share were 0.1917 yuan, with a weighted average return on equity of 1.83% [2] Group 2 - The stock experienced a net outflow of 2.94 million yuan in principal funds today, with a total net outflow of 9.56 million yuan over the past five days [3] - The latest margin financing balance for the stock is 298 million yuan, with a decrease of 2.09 million yuan over the past five days, representing a decline of 0.70% [4] - Among 2137 companies that announced 2024 distribution plans, 201 included stock splits, with 111 seeing their stock prices rise on the announcement day [4]

证券代码：300911 证券简称：亿田智能 公告编号：2025-027 债券代码：123235 债券简称：亿田转债 浙江亿田智能厨电股份有限公司 （1）公司非独立董事薪酬方案 一、适用对象 公司董事、监事及高级管理人员。 二、适用期限 2025 年 1 月 1 日—2025 年 12 月 31 日 三、薪酬标准 1、公司董事薪酬方案 关于公司 2025 年度董事、监事和高级管理人员薪酬方案的公告 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。 浙江亿田智能厨电股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召开第三届董事会第十五次会议及第三届监事会第十次会议，分别审议了 《关于公司 2025 年度董事薪酬方案的议案》《关于公司 2025 年度监事薪酬方 案的议案》，上述董事、监事薪酬方案尚需提交公司 2024 年年度股东大会审议 通过后方可生效；第三届董事会第十五次会议审议通过了《关于公司 2025 年度 高级管理人员薪酬方案的议案》，高级管理人员薪酬方案自公司第三届董事会 第十五次会议审议通过之日起生效。现将具体情况公告如下： 根据《公司章 ...