Entive(300911) 天风证券·2025-04-24 14:45Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company has faced significant revenue pressure due to the ongoing downturn in the real estate sector, with a reported revenue of 703 million yuan in 2024, a decrease of 42.73% year-on-year [1] - The company is actively optimizing costs and has shown signs of improvement in profitability, particularly in Q4 2024, where net profit increased by 847.70% year-on-year [1][3] - The company is expanding into the digital economy and computing power sectors, establishing subsidiaries and aiming to provide integrated intelligent computing services [4] Financial Performance Summary - In 2024, the company reported a total revenue of 703 million yuan, down 42.73% from the previous year, with a net profit of 26.54 million yuan, a decline of 85.17% [5] - The gross margin for 2024 decreased by 9.0 percentage points to 39.7%, while the net profit margin fell by 10.8 percentage points to 3.8% [3] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 137 million yuan, which represents approximately 703% of the annual net profit [1] Market and Industry Context - The integrated stove market in China has been impacted by a 30.6% decline in retail sales, totaling 17.3 billion yuan in 2024, largely due to the weak real estate market [2] - The company's e-commerce revenue fell by 52.5% to 330 million yuan in 2024, while offline revenue is estimated to have decreased by about 30% [2] - The company is leveraging its strengths in the integrated stove category and is focusing on enhancing operational efficiency during the downturn [2]