| 证券代码：300911 | 证券简称：亿田智能 | 公告编号：2024-043 | | --- | --- | --- | | 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 2023 年年度权益分派实施后调整回购股份价格上限和数量 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。 特别提示： 一、回购方案概述 浙江亿田智能厨电股份有限公司（以下简称"公司"）于 2024 年 2 月 28 日召开了第三届董事会第六次会议，审议通过了《关于回购公司股份方案的议案》， 同意公司使用自有资金以集中竞价交易的方式回购公司部分人民币普通股（A 股） 股票，回购的公司股份将全部用于实施员工持股计划或者股权激励。本次回购股 份的资金总额不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含）， 回购价格不超过人民币 45.61 元/股（含），具体回购股份的数量以回购完毕或回 购实施期限届满时实际回购的股份数量为准。本次回购股份的实施期限为自董事 会审议通过回购方案之日起十二个月内。具体内容详见公司于 ...

| 证券代码：300911 | 证券简称：亿田智能 | 公告编号：2024-042 | | --- | --- | --- | | 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 2023 年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、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"或"本公司"）2023年 年度权益分派方案已获2024年5月14日召开的2023年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方案情况 1、根据公司 2023 年年度股东大会决议，公司 2023 年度利润分配方案为： 以实施权益分派股权登记日登记的总股本剔除公司回购专用证券账户中已回购 股份为基数，向全体股东每 10 股派发现金股利人民币 10.0 元（含税），以公司 截至第三届董事会第七次会议召开日公司总股本 106,748,850 股扣除公司回购 专 用 证券 账户 中 股份 1,257,962 股 进行 测 算， 公司 合 计派 发 现金 股 利 105,490,888 元（含 ...

司更新 2024E 1,289 657 10 294 79 193 o 10 -20 213 26 0 188 2,074 5 0 381 74 2,781 635 480 1.666 2,103 (170 185 322 -23 655 685 -13 -53 619 5.0% 12.8% 4.9% 49.0% 15.0% 14.6% 11.3% 6.8% 8.1% 58:0 12.0 787.6 3.6 1.8% 40.1% 66.9% 16.92 1.91 4.07 2.47 1.7% 股票绝对激幅和相对派幅 利润率趋势 15% 26% 57% 12% 44% 13% |8% 30% 1% 4% -11% 17% -2.4% 3% 0% -363823 -105 -4% 2023-09 2024-01 26E 24E 25E -05 23A 忆 邮智 能给 移信 化 邮智能相对指载录易 枚入增长年(5) E3IT/耐售状入(S) 目 录 请务必阅读正文之后的免责条款部分 3 of 6 表 1: 可比公司估值表 公司 2024Q1 实现营业收入 1.27 亿元,同比-44.49%,归母净利润 0.05 亿 ...

一、截至上月末回购进展情况 截至 2024 年 4 月 30 日，公司通过回购专用证券账户以集中竞价交易方式实 施股份回购，回购股份数量为 1,257,962 股，占公司总股本的 1.1784%，最高成 交价为31.00元/股，最低成交价为27.88元/股，成交总金额为人民币37,495,298.18 元（不含交易费用）。 本次回购股份资金来源为公司自有资金，回购价格未超过回购方案中拟定的 价格上限人民币 45.61 元/股。本次回购符合有关法律法规的规定和公司既定的回 购股份方案。 二、其他说明 | 证券代码：300911 | 证券简称：亿田智能 公告编号：2024-040 | | --- | --- | | 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 关于回购公司股份的进展公告 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 2024 年 2 月 28 日召开了第三届董事会第六次会议，审议通过了《关于回购公司股份方案的议案》， 同意公司使用自有资金以集中竞价交易的方式 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][31] Core Views - The company is expected to face pressure in Q1 2024 due to weak demand in the integrated stove industry, but new business initiatives are anticipated to contribute positively in the future [7][11][38] - The company has experienced a decline in revenue and profit in 2023, with a total revenue of 1.227 billion yuan, down 3.8% year-on-year, and a net profit of 179 million yuan, down 14.64% year-on-year [7][46] - The company is expanding its production capacity through a new subsidiary and has plans to enhance its market share through various sales channels [24][42][44] Financial Performance - In 2023, the company's revenue from integrated stoves and other products was 1.095 billion yuan and 132 million yuan, respectively, with year-on-year changes of -5.76% and +16.29% [5][67] - The company's gross profit margin for 2023 was 48.66%, an increase of 2.04 percentage points year-on-year [68] - The company reported a net profit margin of 14.59% in 2023, down 1.85 percentage points from the previous year [15][49] Sales and Market Share - The company has over 1,500 distributors covering all 31 provinces in China, indicating a strong distribution network [5][61] - Online sales through platforms like JD and Tmall reached a total transaction volume of 900 million yuan in 2023, reflecting a year-on-year growth of 10.68% [5][67] - The company's offline market share for sales and volume in 2023 was 11.8%, with a year-on-year increase of 4.3 percentage points [42][43] Future Outlook - The company plans to issue 520 million yuan in convertible bonds to fund the second phase of its environmental integrated stove industrial park, which is expected to add significant production capacity [44][45] - The new business initiatives are projected to contribute incremental revenue in 2024, despite the current challenges in the integrated stove market [24][38]

Financial Performance - The company's revenue for Q1 2024 was ¥126,798,495.76, a decrease of 44.49% compared to ¥228,414,228.25 in the same period last year[5] - Net profit attributable to shareholders was ¥4,527,079.27, down 88.88% from ¥40,695,378.12 year-on-year[5] - Basic earnings per share decreased to ¥0.0424, down 88.76% from ¥0.3773 in the same period last year[5] - Total operating revenue for Q1 2024 was ¥126,798,495.76, a decrease of 44.4% compared to ¥228,414,228.25 in the same period last year[20] - Net profit for Q1 2024 was ¥4,527,079.27, a decline of 88.9% from ¥40,695,378.12 in Q1 2023[21] - Basic earnings per share for Q1 2024 were ¥0.0424, compared to ¥0.3773 in the previous year[22] Cash Flow and Liquidity - The net cash flow from operating activities was ¥375,097.88, a significant decline of 98.84% compared to ¥32,222,463.45 in the previous year[5] - Cash inflow from operating activities was ¥118,463,576.60, significantly lower than ¥269,137,582.68 in Q1 2023[24] - The net cash flow from operating activities for Q1 2024 was CNY 375,097.88, a significant decrease from CNY 32,222,463.45 in Q1 2023[25] - Total cash outflow from operating activities amounted to CNY 118,088,478.72, down from CNY 236,915,119.23 year-over-year[25] - The company reported a net decrease in cash and cash equivalents of -CNY 291,115,481.41 for Q1 2024, compared to -CNY 498,548,694.46 in Q1 2023[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,297,486,632.54, a decrease of 3.28% from ¥2,375,458,814.91 at the end of the previous year[5] - Total liabilities decreased to ¥798,394,868.10 from ¥843,398,831.56 year-over-year, indicating a reduction of 5.3%[21] - Total equity attributable to shareholders was ¥1,499,091,764.44, down from ¥1,532,059,983.35 in the previous year, a decrease of 2.2%[21] - Cash and cash equivalents decreased from CNY 1,455,311,205.81 to CNY 1,162,671,616.27, representing a decrease of about 20.14%[16] - Accounts receivable decreased by 41.16% to ¥65,232,439.45, primarily due to cash collections[9] Operational Highlights - The company reported a significant increase in other income, which rose by 106.59% to ¥6,349,287.21 due to increased government subsidies[9] - The company experienced a 50.27% reduction in notes payable, which decreased to ¥68,903,816.15, attributed to the repayment of bank acceptance bills[9] - The company reported a 45.51% increase in contract liabilities, reaching ¥40,585,399.91, due to an increase in advance payments received[9] - Inventory increased from CNY 88,227,985.66 to CNY 95,852,118.66, an increase of about 8.5%[17] - Research and development expenses for Q1 2024 were ¥9,299,829.91, down 27.1% from ¥12,759,607.89 in the same period last year[21] Corporate Governance - The company completed the registration of changes to its articles of association and obtained a new business license, reflecting corporate governance updates[13] - The number of common shareholders at the end of the reporting period was 10,801, indicating a stable shareholder base[12] - The largest shareholder, Zhejiang Yitian Investment Management Co., Ltd., holds 44.22% of the shares, indicating significant ownership concentration[12] - The company has not reported any changes in the top 10 shareholders or their participation in margin trading activities[13] Accounting and Reporting - The company has not disclosed any new product developments or market expansion strategies in this report[5] - The company has not undergone an audit for the Q1 2024 report[27] - The company has implemented new accounting standards starting from 2024, affecting the financial statements[26]

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The company's revenue in 2023 was 1.23 billion, a decrease of 3.8% year-on-year, with a net profit attributable to shareholders of 180 million, down 14.6% [1]. - The decline in revenue is attributed to the impact of the real estate market and the integrated stove industry, with Q4 revenue dropping to 280 million, a decrease of 9.6% [1]. - The company plans to distribute a cash dividend of 10 yuan for every 10 shares, resulting in a cash dividend rate of 59% [1]. - The integrated stove market faced challenges, with retail sales in 2023 declining by 4.0% to 24.9 billion, and a further drop of 11.9% in Q1 2024 [1]. - E-commerce and direct sales revenue grew significantly, with total sales on JD and Tmall increasing by 10.7% to 900 million in 2023 [1]. - The company is actively expanding into new product categories, with revenue from integrated sinks and dishwashers growing by 16.3% to 130 million [1]. - The gross profit margin improved by 2.0 percentage points to 48.7% in 2023, benefiting from lower raw material costs [1]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.23 billion and a net profit of 180 million, with a decline in both metrics compared to the previous year [1][19]. - The gross profit margin for 2023 was 48.7%, an increase of 2.0 percentage points year-on-year [1][19]. - The net profit margin decreased by 1.9 percentage points to 14.6% [1]. Revenue Breakdown - The company's revenue from integrated stoves decreased by 5.8% to 1.1 billion in 2023, while revenue from other categories increased by 16.3% [1]. - Direct sales revenue grew by 28.1% to 250 million, while dealer revenue fell by 9.4% to 980 million [1]. Future Projections - The company adjusted its profit forecast, expecting net profits of 200 million, 210 million, and 230 million for 2024, 2025, and 2026, respectively, representing year-on-year growth of 11%, 8%, and 7% [1].

公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------|----------|------------------------------------|----------------------------------------------|--------------|-------------|-------------------| | [Table_OtherInfo] [Table_Industry] 模型更新时间： | | 2024.04.24 | \n[Table_Forcast] 财务预测（单位：百万元） | [Table_Page] | | 亿田智能 (300911) | | | | | 损益表 | 2022A | 2023A | 2024E | | 股票研究 | | | 营业总收入 | 1,276 | 1,227 | 1,289 | | | | | 营业成本 | 681 | 630 | 657 | | 可选消费品 | | | ...

证券研究报告 | 年报点评报告 经营承压，费用变动影响盈利水平 毛利率同比提升，管理费用变动影响净利率水平。毛利率：2023 年公司 毛利率同比提升 2.04pct 至 48.66%。其中，集成灶毛利率同比提升 1.54pct。2023Q4 公司毛利率同比提升 0.11pct 至 45.35%。费率端： 2023Q4 销售/管理/研发/财务费率为 29.40%/9.99%/6.50%/-2.06%，同 比变动 0.79pct/8.04pct/2.74pct/-0.59pct。管理费用同比大幅提升主要系 募投项目转固后折旧费用增加所致。净利率：2023 年净利率同比变动- 1.85pct 至 14.59%。公司 2023Q4 净利率同比变动-14.16pct 至 1.40%。 | --- | --- | --- | --- | --- | --- | |---------------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | ...

营收短期承压，费用超支拖累业绩 新品类&直销渠道毛利率改善，费用端超支。2023 年公司毛利率同比+2.0pct 至 48.7%，分品类看集成灶/其他业务毛利率分别+1.5/+9.6pct 至 49.9%/ 38.1%；分渠道看，经销/直销毛利率分别同比+1.1/+4.2pct 至 46.7%/56.5%。 费 用 端 ， 公 司 23 年销售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 为 23.5%/6.2%/5.2%/-1.5%，同比+1.2/+2.4/+0.5/+0.05pct，公司 23 年管理费用 同比增加 2800 万，主要系募投项目转固后折旧费用增加以及股份支付费用 导致。费用率的提升导致公司 23 年归母净利率同比-1.9pct 至 14.6%。 风险提示：集成灶品类需求不及预期；新品需求不及预期；原材料价格上 涨的风险；房地产市场波动的风险；市场竞争加剧的风险。 | --- | --- | |----------------------------|-------------------------------| | | 2024 年 04 月 24 日 | | 投资评级 | ...