亿田智能(300911)：费用率边际优化 2024Q4业绩大幅改善

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, primarily due to the weak real estate market impacting demand for integrated stoves [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 703 million yuan, a year-on-year decrease of 42.73%, and a net profit attributable to shareholders of 26.54 million yuan, down 85.17% [1]. - The fourth quarter of 2024 saw revenue of 254 million yuan, a decline of 10.40%, but net profit increased by 847.70% to 37.58 million yuan [1][4]. Revenue Breakdown - Integrated stove revenue was 588 million yuan, down 46.33%, accounting for 83.65% of total revenue, a decrease from 89.26% [3]. - Other product revenue was 115 million yuan, down 12.85%, also affected by weak demand in the real estate sector [3]. Cost and Expenses - The company's gross margin for 2024 was 39.71%, a decrease of 8.95 percentage points, with integrated stove gross margin at 41.88%, down 8.05 percentage points [4]. - Sales expenses decreased by 46.48%, management expenses by 36.03%, and R&D expenses by 28.36%, contributing to improved performance in Q4 2024 [4]. Dividend and Capital Increase - The company plans to distribute a cash dividend of 10 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 515.07%, and intends to increase capital by issuing 3 additional shares for every 10 held [1]. Future Outlook - The company is expected to withstand short-term demand fluctuations and achieve sustainable growth through product iteration and marketing efforts, with projected net profits of 70.39 million, 75.45 million, and 79.77 million yuan for 2025-2027 [5].