ROBAM(SZ:002508) Zhong Guo Jing Ji Wang·2025-04-29 09:39Core Viewpoint - Boss Electric reported a strong financial performance for 2024, with total revenue of 11.213 billion yuan and a net profit of 1.577 billion yuan, while maintaining a high dividend payout strategy [1] Financial Performance - In 2024, Boss Electric achieved an operating income of 11.213 billion yuan and a net profit attributable to shareholders of 1.577 billion yuan [1] - The company has cumulatively distributed dividends of 6.376 billion yuan since its listing, with plans for continued high dividend payouts over the next three years [1] Market Position - Boss Electric leads the industry in core categories, with offline sales of range hoods accounting for 32.06% and online sales at 21.41%, as well as gas stoves with offline sales at 31.73% and online sales at 19.81% [1] - The online sales share of the combined range hood and gas stove package is 26.89%, ranking first in the industry [1] - In the full kitchen appliance category, the sales share of the micro-steaming and baking integrated machine is 27.7% offline, also leading the industry [1] - The dishwasher's sales volume and revenue share are 20.65% and 18.25% respectively, making it the top Chinese brand [1] - The integrated stove has an offline sales share of 39.5%, leading the industry [1] - Desktop range hoods became the top-selling product on Tmall by the end of 2024, solidifying its market leadership [1] Strategic Initiatives - Following the implementation of national subsidy policies in 2024, the retail concentration of the top 10 home appliance brands increased to 82.8%, a 2% year-on-year growth [2] - Boss Electric responded quickly to the new policies, achieving a growth rate of 108% in key account channels within three months of the subsidy launch [2] - The company adopted a "Boss + Mingqi" dual-brand strategy to penetrate lower-tier markets, with the Mingqi brand achieving a top 10 market share for the first time [2] - Boss Electric has expanded into the North American market, establishing a subsidiary and participating in the KBIS exhibition, with over 100 outlets in North America [2] - The company has entered the commercial kitchen market, which is nearing a scale of 100 billion yuan, focusing on smart commercial kitchen appliances to reduce operational costs for clients [2] Overall Strategy - Boss Electric maintains a dual focus on high-end markets and emerging markets, ensuring a robust and healthy growth structure while capitalizing on new market opportunities [3]