老板电器（002508）：Q2表现符合预期，盈利能力保持稳健

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's Q2 performance met expectations, with a revenue of 4.608 billion yuan in H1 2025, down 2.58% year-on-year, and a net profit attributable to shareholders of 712 million yuan, down 6.28% year-on-year [6] - The "old-for-new" policy continues to be reinforced, with strong growth in traditional kitchen appliance categories, particularly in the range hood and gas stove markets [6] - The company's profitability remains stable, with a gross margin of 50.43% in H1 2025, an increase of 1.55 percentage points year-on-year [6] - The company plans to distribute a cash dividend of 5 yuan per 10 shares to all shareholders, totaling approximately 472.47 million yuan [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.786 billion yuan, with a year-on-year growth rate of 5.1% [5] - The net profit attributable to shareholders is expected to be 1.679 billion yuan in 2025, reflecting a year-on-year increase of 6.4% [5] - The earnings per share (EPS) is projected to be 1.78 yuan in 2025, with a price-to-earnings (P/E) ratio of 11 [5] - The company is expected to achieve net profits of 1.782 billion yuan and 1.879 billion yuan in 2026 and 2027, respectively, with corresponding year-on-year growth rates of 6.1% and 5.5% [5]