Entive(SZ:300911) Xin Lang Cai Jing·2026-02-08 08:41Core Viewpoint - The integrated stove industry is facing significant demand pressure and intense competition, leading to a downward adjustment in profit forecasts for the company [2]. Group 1: Industry Demand and Competition - The integrated stove industry is experiencing a decline in demand, primarily due to a downturn in the real estate sector and high product prices, which are less appealing in a context of consumer downgrade [2]. - The competitive landscape in the integrated stove industry is fragmented, with minimal differentiation among products, resulting in increased competition and pressure on profit margins [2]. - Sales expenses are high due to the competitive environment, further impacting profitability [2]. Group 2: Financial Forecasts - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to -0.92, 0.23, and 0.55 yuan, reflecting year-on-year changes of -735.5%, +125.2%, and +138.9% respectively [2]. - The company anticipates a net profit attributable to shareholders for 2025 to be between -186 million and 152 million yuan, compared to a profit of 27 million yuan in the same period last year [2]. - The fourth quarter of 2025 is expected to yield a net profit of -75 million to 41 million yuan, down from a profit of 38 million yuan in the previous year [2]. Group 3: New Business Development - The company is in the initial investment phase of its computing power business, which is intended to serve as a second growth curve alongside its main integrated stove operations [3]. - The company has established subsidiaries like Gansu Yisuan and partnered with Suiruan Technology to focus on the domestic computing power sector [3]. - Currently, the computing power business has not yet achieved economies of scale, resulting in pressure on profitability [3].