火星人（300894）：业绩承压，静待拐点

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a significant decline in performance for Q1 2025, with revenue of 163 million yuan, a year-on-year decrease of 53.31%. The net profit attributable to the parent company was -54 million yuan, down 246.85% year-on-year, and the net profit after deducting non-recurring gains and losses was -0.56 million yuan, a decline of 264.55% year-on-year [4][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 163 million yuan, a decline of 53.31% year-on-year. The net profit attributable to the parent company was -54 million yuan, down 246.85% year-on-year, and the net profit after deducting non-recurring gains and losses was -0.56 million yuan, a decrease of 264.55% year-on-year [4][6]. Market Conditions - The overall industry demand is weak, leading to a decline in revenue performance. The company's revenue drop is attributed to the dependence of integrated stoves on new home renovations, which are currently sluggish in the real estate market. The overall retail sales of the integrated stove industry in Q1 2025 were 2.5 billion yuan, down 34.5% year-on-year, with retail volume decreasing by 29.0% year-on-year [9]. Competitive Position - Despite the challenges, the company maintains a leading position in the integrated stove market, with a market share of 21.55% in online sales and 23.22% in offline sales for Q1 2025. The online sales share decreased by 2.15 percentage points year-on-year, while the offline sales share increased by 5.10 percentage points year-on-year [9]. Future Outlook - The company aims to overcome current challenges and return to growth, focusing on integrated stoves as its main business while nurturing dishwashers as a new growth point. The continuation of the old-for-new policy is expected to boost market demand and revenue growth [9]. Profitability - The gross margin for Q1 2025 was 40.18%, down 4.79 percentage points year-on-year, primarily due to intensified competition and a decline in average prices. The average online price for integrated stoves was 5,834 yuan, down 14.09% year-on-year, while the average offline price was 10,469 yuan, down 4.36% year-on-year [9]. Investment Projections - The company is projected to achieve net profits attributable to the parent company of 107 million yuan, 111 million yuan, and 117 million yuan for the years 2025, 2026, and 2027, respectively [9].