华帝股份：2024年三季报点评：收入环比放缓，盈利能力提升

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 9.5 CNY, corresponding to a PE ratio of 13 times for 2025 [5][4]. Core Insights - The company reported total revenue of 4.58 billion CNY for the first three quarters of 2024, reflecting a year-on-year increase of 3.3%, while the net profit attributable to shareholders reached 400 million CNY, up 12.3% year-on-year [1][2]. - In Q3 2024, the company achieved a revenue of 1.48 billion CNY, down 4.9% year-on-year, but the net profit increased by 5.7% year-on-year to 100 million CNY [1][2]. - The overall kitchen appliance industry is under pressure, but the company is successfully expanding its distribution channels, with over 20,000 active stores on platforms like JD, Tmall, and Suning as of H1 2024 [1][3]. - The company is expected to benefit from government subsidies for replacing old appliances, which may drive significant growth in Q4 2024 [1][3]. Financial Performance Summary - The company's gross margin in Q3 2024 was 40.1%, a decrease of 2.5 percentage points year-on-year, primarily due to intensified competition and a decline in product prices [2]. - The company's net profit margin for Q3 2024 was 7.1%, an increase of 0.7 percentage points year-on-year, indicating a slight improvement in profitability [2]. - The report projects the company's earnings per share (EPS) for 2024-2026 to be 0.65, 0.73, and 0.81 CNY, respectively, with corresponding PE ratios of 12, 11, and 10 times [4][3]. Market Position and Strategy - The company is focusing on brand image enhancement and multi-channel management, which is expected to yield results as the domestic consumption environment improves [3]. - The company has established a multi-brand strategy with "Vatti," "Baide," and "Vatti Home," which are expected to complement each other and support market share expansion [3]. - The anticipated effects of government policies promoting appliance upgrades are expected to favor the company as a leading brand in high-end kitchen appliances [3].