业绩“腰斩”，拿出全年净利润1.1亿豪赌智驾，浙江美大投亏损企业，对赌2026年上市

Core Viewpoint - Zhejiang Meida, facing a significant decline in its core business, has announced a cross-industry investment of 110 million yuan in the smart driving company, Magic Vision, which is equivalent to its entire net profit for the previous year [2][12]. Company Summary - Zhejiang Meida's revenue for 2024 was 877.42 million yuan, a decrease of 47.54% compared to 1.67 billion yuan in 2023, and its net profit dropped by 76.21% to 110.45 million yuan [4][9]. - The company's core product, integrated stoves, saw a gross margin decline of 7.39% [4]. - The company has experienced three consecutive years of revenue decline, with a projected further drop in 2025, as Q1 revenue was less than 100 million yuan, representing a year-on-year decline of 89.90% [4][6]. Industry Summary - The integrated stove industry is currently facing a downturn, with major players reporting significant revenue and profit declines in 2024. Mars (火星人) saw a 35.68% drop in revenue, while Yitian Smart (亿田智能) and Shuaifeng Electric (帅丰电器) reported declines of 42.73% and 48.29%, respectively [6]. - The overall market for integrated stoves has seen a retail sales decline of 30.6% in 2024, contrasting with growth in traditional kitchen appliance categories such as range hoods and gas stoves [6][7]. - Factors contributing to the industry's struggles include a sluggish real estate market leading to reduced renovation demand and a trend of consumer downgrade, making high-priced integrated stoves less appealing [7]. Investment Details - Zhejiang Meida plans to invest 110 million yuan in Magic Vision, acquiring a 4.87% stake in the company [3][10]. - Magic Vision reported a net loss of 148 million yuan in 2024, with total liabilities of 274 million yuan and a net asset value of approximately 30.36 million yuan [10][11]. - The investment is seen as a strategic move to tap into the growing smart driving sector, although Magic Vision has yet to achieve profitability and faces ongoing financial pressures [12].