浙江美大（002677）：行业整体需求较弱，公司营收及盈利水平有所回落

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The overall demand in the industry is weak, leading to a significant decline in the company's revenue and profit levels. In 2024, the company achieved operating revenue of 877 million yuan, a year-on-year decrease of 47.54%, and a net profit attributable to shareholders of 110 million yuan, down 76.21% [2][3]. - The decline in revenue is primarily attributed to the sluggish real estate market, which has suppressed new market demand. The retail sales of integrated stoves in the domestic market fell by 30.6% in 2024 [9]. - Despite the challenges, the company remains a leader in the integrated stove sector and is actively exploring multi-channel marketing strategies to drive revenue and profit recovery [9]. Summary by Sections Financial Performance - In 2024, the company reported an operating revenue of 877 million yuan, a decline of 47.54% year-on-year. The net profit attributable to shareholders was 110 million yuan, down 76.21% [2][3]. - For Q4 2024, the operating revenue was 224 million yuan, a decrease of 45.63%, with a net profit of 3.85 million yuan, down 96.18% [3]. - In Q1 2025, the company achieved operating revenue of 98.36 million yuan, a decline of 63.97%, with a net profit of 7.79 million yuan, down 89.90% [2][3]. Market Conditions - The weak performance is linked to the downturn in the real estate sector, which has led to a 12.9% decrease in the sales area of newly built commercial housing nationwide in 2024 [9]. - The company's integrated stove product revenue fell by 47.03%, while cabinet product revenue decreased by 41.93% [9]. Future Outlook - The company is expected to recover, with projected net profits of 132 million yuan, 157 million yuan, and 184 million yuan for 2025, 2026, and 2027, respectively [9]. - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares, reflecting a dividend payout ratio of 175.48% [3].