老板电器（002508）：Q3经营保持韧性

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 12-month target price of 23.79 CNY, corresponding to a 14 times dynamic price-to-earnings ratio for 2026 [4][3]. Core Insights - The company reported a revenue of 7.31 billion CNY for the first three quarters of 2025, a year-on-year decrease of 1.1%, and a net profit attributable to shareholders of 1.16 billion CNY, down 3.7% year-on-year. In Q3 alone, the revenue was 2.7 billion CNY, showing a year-on-year increase of 1.4%, while the net profit was 450 million CNY, up 0.6% year-on-year. The company is expected to see marginal improvements driven by the old-for-new policy [2][3]. Financial Performance Summary - Q3 revenue growth was stable, with online sales of range hoods and gas stoves increasing by 8% year-on-year. The company is focusing on the old-for-new activities in retail channels, which are expected to yield positive results. However, the engineering channel revenue is anticipated to decline due to a decrease in residential construction area [2]. - The gross profit margin in Q3 increased by 0.9 percentage points year-on-year, attributed to a lower proportion of revenue from the engineering channel and cost reduction measures. The net profit margin decreased by 0.1 percentage points year-on-year due to increased sales expenses, which rose by 2.0 percentage points [3]. - The operating cash flow in Q3 increased by 110 million CNY year-on-year, primarily due to revenue growth. Cash received from sales and services increased by 240 million CNY [3]. Financial Forecasts - The company is projected to achieve revenues of 11.39 billion CNY in 2025, with net profits of 1.58 billion CNY. The expected earnings per share (EPS) for 2025 is 1.67 CNY, with a gradual increase to 1.77 CNY by 2027 [4][10].