帅丰电器上半年归母净利预跌9成，已连跌7个季度

Core Viewpoint - Shuaifeng Electric's net profit is expected to decline by 90% in the first half of 2025, continuing a downward trend for three consecutive years due to lower-than-expected sales and a shrinking integrated stove market [2][3][10] Financial Performance - The forecasted net profit for Shuaifeng Electric in the first half of 2025 is estimated to be between 2.3 million and 3.4 million yuan, representing a year-on-year decline of 91.54% to 94.28% [3] - In Q1 2024, the company's revenue was 48.95 million yuan, down 58.31% year-on-year, with a net loss of 1.29 million yuan, a decline of 105.79% [6][7] - The company's cash flow from operating activities in Q1 2024 saw a significant drop, with cash inflow down 67.93% to 55.34 million yuan [8] Market Context - The integrated stove market is experiencing a downturn, with a 30.6% year-on-year decline in retail sales in 2024 [15] - The real estate market's struggles are impacting the kitchen appliance sector, particularly integrated stoves, which are closely tied to real estate performance [12][13] Product and Strategy Adjustments - Shuaifeng Electric is diversifying its product offerings by expanding into integrated cooking centers and other kitchen appliances, although this has led to increased costs and further profit declines [4] - The company is attempting to leverage AI technology in its products, such as the KOMS kitchen monitoring system, to enhance user experience [16] Industry Outlook - Analysts express skepticism about the long-term viability of integrated stoves, suggesting that companies must pivot beyond this product category to survive [12][16] - The overall kitchen appliance industry is expected to face significant challenges in the coming years, with a need for innovation and adaptation to changing consumer preferences [15][16]