心智观察所：老板电器的房地产“后遗症”

Core Viewpoint - The company is facing a "mid-life crisis" due to multiple challenges including a downturn in the real estate market, changing consumer demand, and intensified competition, leading to stagnation in growth and internal structural imbalances [1][5][12] Financial Performance - In 2024, the company's revenue showed a minimal increase of 0.10%, reaching 11.213 billion RMB, while net profit dropped significantly by 8.97% to 1.577 billion RMB [3] - The downward trend continued into 2025, with Q1 revenue declining by 7.20% and net profit falling by 14.66%, indicating worsening operational pressure [3][12] - The company's gross margin was reported at 50.43%, down 1.60 percentage points from the previous year, reflecting challenges in cost control and weakened product pricing power [3] Market Share and Competition - The company's market share in the kitchen appliance sector is being eroded, with its share in the offline market for range hoods dropping to 28.7%, while competitors like Fotile increased theirs to 31.4% [3][4] - The integrated stove business, which was expected to be a growth area, only saw a revenue increase of 9.6%, significantly below the industry average growth of 32.4% [4] Dependency on Real Estate - The company's growth has been closely tied to the real estate sector, with a peak revenue contribution from engineering channels exceeding 22.73% [5] - The downturn in the real estate market has led to a 12.9% decrease in new residential property sales, directly impacting the demand for the company's traditional products [5] Internal Structural Issues - The company has a narrow product structure, with over 70% of revenue coming from traditional products like range hoods and gas stoves, while emerging categories contribute less than 5% [7] - R&D investment is insufficient, with only 4.1 billion RMB allocated in 2024, representing just 3.7% of revenue, which is significantly lower than competitors [7][9] Brand and Channel Challenges - The company's brand positioning has become unclear, failing to maintain a strong high-end image, which has allowed competitors to gain market share [9] - The reliance on engineering channels remains high, with retail channels not compensating adequately, leading to reduced foot traffic and sales efficiency [9] International Expansion - The company's overseas revenue is minimal, accounting for only 0.61% of total revenue, indicating a lack of international market penetration [10] - Despite plans for global expansion, the company has struggled to achieve significant growth in international markets, particularly in developed countries [10][11] Market Sentiment and Stock Performance - The company's stock price has seen a dramatic decline of over 67% from its peak in 2017, reflecting market skepticism about its future growth potential [12][13] - Following the release of disappointing financial results, the stock dropped more than 7%, indicating a loss of investor confidence [12]