亿田智能：集成灶行业需求不足，公司经营承压

Investment Rating - The report maintains an "Accumulate" investment rating for the company [4]. Core Views - The integrated stove industry is facing significant demand shortages, leading to operational pressures for the company [1]. - The company's total revenue for the first three quarters of 2024 was 449 million yuan, a year-on-year decrease of 52.45%, with a net profit attributable to shareholders of -11 million yuan, down 106.30% year-on-year [1]. - The third quarter of 2024 saw a single-quarter revenue of 106 million yuan, a decline of 67.57% year-on-year, and a net profit of -29 million yuan, a drop of 159.52% year-on-year [1]. - The overall retail sales of the integrated stove industry have contracted, with online and offline retail sales down 41.8% and 4% respectively in the first three quarters of 2024 [1]. - The company is actively pursuing product iteration and enhancing channel efficiency to combat market risks and pressures [1]. Financial Performance Summary - The company's gross margin in Q3 2024 decreased by 22.2 percentage points to 23.86% [1]. - The expense ratios for sales, management, R&D, and financial costs in Q3 2024 were 30.83%, 11.12%, 10.02%, and 2.37%, reflecting year-on-year changes of 7.31 percentage points, 5.1 percentage points, 5.44 percentage points, and 4.04 percentage points respectively [1]. - The net profit margin in Q3 2024 changed by -41.66 percentage points to -26.94% [1]. - The operating cash flow for Q3 2024 was 25 million yuan, a decline of 76.32% year-on-year, with cash received from sales of goods down 59.36% to 137 million yuan [1]. Earnings Forecast and Investment Suggestions - The company is expected to achieve net profits attributable to shareholders of 0 million yuan, 6 million yuan, and 6.6 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -99.8%, 13522.9%, and 9.7% [1]. - The report suggests maintaining the "Accumulate" investment rating based on the company's performance in the first three quarters of 2024 and the overall environment of the integrated stove industry [1].