Vatti(SZ:002035) Xin Lang Zheng Quan·2025-11-07 03:51Core Viewpoint - The recent technological breakthrough by Vatti Corporation in the field of dishwashers, specifically the "Dual Square Full Coverage Washing Technology," has been recognized as internationally leading, marking a significant advancement in China's dishwasher industry and setting a new benchmark for global dishwasher technology [1][4][6]. Group 1: Technological Innovation - Vatti's "Dual Square Full Coverage Washing Technology" utilizes a unique planetary gear system and crank-rocker mechanism to enhance the cleaning coverage, addressing the common issue of cleaning dead spots in traditional dishwashers [4][6]. - The technology has received the first-level cleaning coverage certification from the Appliance Research Institute, highlighting its innovative nature and technical complexity [6][9]. - This advancement is seen as a pivotal moment for Chinese home appliance brands, transitioning from a follower to a leader in core dishwasher technology [9][12]. Group 2: Financial Performance - In the first three quarters of 2025, Vatti reported a revenue of 4.158 billion yuan and a net profit attributable to shareholders of 356 million yuan, indicating a stable financial performance [3]. - The company's gross margin increased to approximately 43.29%, up by 2.79 percentage points year-on-year, reflecting the effectiveness of its high-end and innovation-driven strategies [3]. Group 3: Market Trends - The dishwasher market in China is evolving from being a luxury item to a near-essential appliance, with a retail market size of 8.6 billion yuan in the first three quarters of 2025, showing a year-on-year growth of 6.8% [4][8]. - The low market penetration rate of 4% in China compared to Western countries indicates significant growth potential for the industry, necessitating collaborative efforts among policies, enterprises, channels, and consumers [8][9]. Group 4: Future Outlook - Vatti aims to continue its investment in R&D, with approximately 170 million yuan allocated in the first three quarters of 2025, and a total of 4,690 patents as of mid-2025, underscoring its commitment to innovation [12][13]. - The company plans to leverage its technological advancements to enhance user experience and meet the growing demand for effective cleaning solutions in the kitchen appliance sector [12][13].