浙江美大(002677)：集成灶行业承压 公司盈利能力下滑

Group 1: Company Financial Performance - In 2024, the company achieved total operating revenue of 877 million, a year-on-year decrease of 47.54% [1] - The net profit attributable to the parent company for 2024 was 110 million, down 76.21% year-on-year [1] - For Q4 2024, the company reported total operating revenue of 224 million, a decline of 45.63% year-on-year, and a net profit of 4 million, down 96.18% year-on-year [1] - In Q1 2025, the company generated operating revenue of 98 million, a year-on-year decrease of 63.97%, and a net profit of 8 million, down 89.90% year-on-year [1] Group 2: Profitability and Cost Structure - The gross margin for 2024 was 40.69%, a decrease of 6.41 percentage points year-on-year [1] - The net profit margin for 2024 decreased by 15.3 percentage points to 12.46% [1] - In Q1 2025, the gross margin was 41.11%, down 5.05 percentage points year-on-year [1] - The net profit margin for Q1 2025 decreased by 20.38 percentage points to 7.80% [1] - The selling, administrative, research and development, and financial expense ratios for 2024 were 13.93%, 8.78%, 4.26%, and -2.32%, respectively, with year-on-year changes of +3.37 percentage points, +4.37 percentage points, +0.82 percentage points, and -0.52 percentage points [1] - In Q1 2025, the selling, administrative, research and development, and financial expense ratios were 10.74%, 17.46%, 4.94%, and -1.09%, with year-on-year increases of 3.76 percentage points, 10.56 percentage points, 1.57 percentage points, and 2.2 percentage points [1] Group 3: Industry Overview - The integrated stove industry in China faced pressure in 2024, with a total retail market value of 17.3 billion, down 30.6% year-on-year [2] - Online retail sales in the integrated stove market were 2.647 billion, a decline of 38.84% year-on-year, while the offline market also experienced significant adjustments [2] - The dishwasher industry showed resilience, with a retail market value of 13.2 billion in 2024, growing by 17.2% year-on-year, and retail volume reaching 2.29 million units, up 18.0% year-on-year [2] - The growth in the dishwasher market is attributed to increased acceptance in domestic households and the promotion of trade-in programs [2] Group 4: Profit Forecast and Investment Recommendation - The company is expected to achieve net profits attributable to the parent company of 128 million, 137 million, and 144 million for 2025, 2026, and 2027, respectively, representing year-on-year growth of 16.1%, 7.0%, and 5.1% [2] - The investment rating is maintained at "Buy" based on the company's 2024 performance and the overall industry environment [2]