华帝股份(002035)：换新周期与国补政策共振 业绩稳健增长

Core Insights - The company reported a revenue of 6.372 billion yuan for 2024, a year-on-year increase of 2.23%, and a net profit attributable to shareholders of 485 million yuan, up 8.39% year-on-year [1][2] - The fourth quarter of 2024 saw a revenue of 1.796 billion yuan, a slight decrease of 0.30% year-on-year, with a net profit of 81 million yuan, down 7.57% year-on-year [1][2] - In Q1 2025, the company achieved a revenue of 1.260 billion yuan, a decline of 8.80% year-on-year, with a net profit of 106 million yuan, down 14.33% year-on-year [1][2] Revenue Breakdown - The revenue from range hoods was 2.735 billion yuan in 2024, an increase of 6.22% year-on-year, accounting for 42.93% of total revenue [2] - The revenue from stoves was 1.533 billion yuan, up 5.28% year-on-year, representing 24.06% of total revenue [2] - The revenue from water heaters was 1.262 billion yuan, a growth of 10.40% year-on-year, making up 19.81% of total revenue [2] Market Trends - The increase in demand for kitchen appliances in 2024 was driven by the old-for-new policy and national subsidy policies, which positively impacted the market [2] - The overall retail sales of the range hood market reached 36.2 billion yuan in 2024, a year-on-year increase of 14.9%, with a retail volume of 20.83 million units, up 10.5% [2] - The gas stove market saw retail sales of 20.4 billion yuan, a growth of 15.7% year-on-year, with a retail volume of 24.29 million units, up 15.2% [2] Profitability and Costs - The company's gross profit margin for 2024 was 40.71%, a decrease of 0.40 percentage points year-on-year [3] - The gross profit margins for range hoods, stoves, and water heaters were up by 0.35, 0.07, and down by 0.89 percentage points respectively [3] - The company experienced a significant increase in sales expenses due to higher advertising and market service costs, leading to a rise in the sales expense ratio [3] Future Outlook - The company has a diversified brand matrix with three major brands, aiming for continuous growth through product innovation and channel expansion [4] - Projected net profits for 2025, 2026, and 2027 are estimated at 517 million, 563 million, and 613 million yuan respectively, with corresponding price-to-earnings ratios of 10.91, 10.01, and 9.19 [4]