帅丰电器（605336）：经营较为承压，期待国补政策下需求回暖

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][31] Core Views - The company is experiencing significant operational pressure, with a revenue decline of 48.3% in 2024, amounting to 430 million yuan, and a net profit drop of 68.2% to 60 million yuan. The company plans to distribute a cash dividend of 3.25 yuan per 10 shares, resulting in a cash dividend rate of 98.9% [1][4] - The integrated stove market is facing a contraction due to the impact of the real estate sector and domestic consumption environment, with retail sales in China dropping by 30.6% year-on-year in 2024 [1][2] - The company is focusing on product innovation and expanding its product categories to enhance customer value and increase average transaction prices [2][4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 430 million yuan, down 48.3% year-on-year, and a net profit of 60 million yuan, down 68.2% [5][32] - The fourth quarter saw a revenue of 120 million yuan, a decrease of 43.9%, and a net profit of 16 million yuan, down 67.8% [1][5] - The gross margin for 2024 decreased by 1.1 percentage points to 45.7%, with the fourth quarter showing a recovery to 52.9% [3][5] Revenue Breakdown - Integrated stove revenue fell by 50.6% to 350 million yuan, while cabinet revenue slightly increased by 0.6% to 39 million yuan. Other kitchen products saw a decline of 53.4% to 29 million yuan [2][29] - E-commerce revenue dropped significantly by 62.3% to 2.6 million yuan, while dealer channel revenue decreased by 48.4% to 380 million yuan [2][5] Profitability and Forecast - The company has adjusted its profit forecasts, expecting net profits of 86 million yuan, 100 million yuan, and 109 million yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 43%, 16%, and 10% [4][30] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 39, 34, and 31 times respectively [4][30] Market Position - The company is recognized as a leading player in the integrated stove industry, with a strong focus on technology and product development [4][31] - The overall market for integrated stoves is expected to remain under pressure in 2025, but a gradual recovery is anticipated thereafter [28][30]