亿田智能：集成灶增速承压，盈利能力下降

Investment Rating - The report maintains a "Buy" investment rating for the company [3]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with total revenue of 343 million yuan, down 44.42% year-on-year, and a net profit of 18 million yuan, down 86.12% year-on-year [1]. - The decline in revenue is attributed to industry demand pressures, with integrated stove and other products generating revenues of 303 million yuan and 40 million yuan, respectively, both showing declines of 44.95% and 40.07% year-on-year [1]. - The company's gross margin decreased by 9.84 percentage points to 42.96% in Q2 2024, while the net profit margin fell by 16.15 percentage points to 6.06% [1]. - The company is focusing on product iteration and enhancing channel efficiency to combat market pressures, including developing high-end, intelligent, and integrated kitchen appliances [1]. - Profit forecasts for the company indicate a continued decline in net profit for 2024, with expected figures of 68 million yuan, 77 million yuan, and 83 million yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year changes of -61.9%, 13.3%, and 7.8% [1][2]. Financial Summary - The company's total revenue for 2024 is projected to be 920 million yuan, a decrease of 25% year-on-year, with a net profit forecast of 68 million yuan [2]. - The latest diluted EPS is expected to be 0.49 yuan in 2024, with a projected P/E ratio of 42.6 [2]. - The net asset return rate is expected to drop to 4.6% in 2024, with a gradual recovery to 5.7% by 2026 [2]. Market Position - The company operates in the kitchen and bathroom appliance industry, which is currently facing significant challenges due to declining consumer demand and increased competition [1][3]. - The company's market capitalization is approximately 2.91 billion yuan, with a total share count of 138.4 million shares [3].