2024年年报：寻找华帝股份的确定性动能

Core Insights - Vatti Co., Ltd. reported impressive financial results for 2024, achieving a revenue of 6.372 billion yuan, a year-on-year increase of 2.23%, and a net profit of 485 million yuan, up 8.39% [1] - The company has demonstrated consistent growth, outperforming the industry, indicating strong underlying growth drivers [1] Financial Performance - Vatti's revenue reached a historical high, with a basic earnings per share showing double-digit growth [1] - The company's net profit growth was driven by improved user experience and retail performance, with offline channel revenue increasing by 11.07% to 3.148 billion yuan [2] - The overseas market also saw significant growth, with revenue from international channels rising by 20.29% to 760 million yuan [3] Market Dynamics - The domestic kitchen appliance industry experienced a shift from intense competition in the first half of 2024 to a recovery in demand in the second half, aided by government policies [2] - The "old-for-new" policy stimulated consumer demand, leading to positive growth in various kitchen appliance categories [2] Product Strategy - Vatti focuses on product differentiation and quality, emphasizing "white technology" and "clean aesthetics" as part of its brand strategy [4] - The company has significantly increased its R&D efforts, introducing over 517 new patents related to its "clean technology" initiative [5] - Vatti's online market share for slim range hoods reached 37.17%, maintaining its top position for two consecutive years [5] Technological Innovation - The company is enhancing its product offerings with smart features, such as AI-assisted cooking technology [6] - Vatti is investing in a digital and intelligent manufacturing park to improve operational efficiency and production capacity [6] Future Outlook - In 2025, Vatti plans to launch new products, including a series of high-end kitchen appliances, reinforcing its brand image of being fashionable, scientific, healthy, and premium [7] - The company continues to lead the kitchen appliance industry in both scale and growth rate in the first quarter of 2025 [8]