集成灶公司帅丰电器（605336）或将被实施财务类强制退市风险警示。 帅丰电器专注于以集成灶为核心的新型智能厨房电器的研发、设计、生产和销售业务，主要产品为集成灶、其他厨房用品、木质橱柜等。公司成立于1998 年，并于2020年登陆上交所主板。 帅丰电器表示，公司2025年业绩预亏主要有三个方面原因。 首先，在集成灶整体市场需求放缓、同行业竞争加剧等多重因素影响下，公司销售量不及预期，新增订单较少，较上年同期有一定幅度的下降。由于消费 倾向更趋谨慎等原因，公司产品结构随市场变化有所调整，消毒柜款集成灶、传统烟机灶具等性价比产品品类占比有所增加，导致产品均价有一定下降。 其次，基于公司当前经营状况及对其未来经营情况的分析预测，公司2025年度预计对固定资产、投资性房地产、在建工程、存货等计提资产减值损失约 4500万元，对预付款项、其他应收款等计提信用减值损失约1800万元。此外，公司预计2025年度非经常性损益约1200万元。 1月23日晚间，帅丰电器披露，公司预计2025年年度实现利润总额-5700万元到-3800万元，归母净利润-6200万元到-4300万元，扣除归母净利润-7400万元 到-5500万元 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is currently experiencing pressure on performance as it remains at the bottom of the industry cycle, but it is actively expanding into overseas markets [4] - The company reported a revenue of 2.76 billion yuan for H1 2025, a year-on-year decrease of 14.2%, and a net profit attributable to shareholders of -30.43 million yuan, a year-on-year decline of 722.3% [4] - The forecast for net profit attributable to shareholders for 2025-2027 has been revised downwards, with expected figures of 62 million yuan, 123 million yuan, and 202 million yuan respectively [4] Financial Performance - In Q2 2025, the company achieved a revenue of 1.55 billion yuan, a quarter-on-quarter increase of 28.4%, and a net profit attributable to shareholders of 10.18 million yuan, a quarter-on-quarter increase of 5079.6% [4] - The company’s comprehensive gross margin for H1 2025 was 30.5%, a decrease of 0.9 percentage points year-on-year [5] - The company’s asset-liability ratio improved to 38.7%, a year-on-year decrease of 4.8 percentage points, indicating enhanced debt repayment capability [5] Product Segmentation - Revenue from various product segments for H1 2025 includes: - Windows and doors hardware: 1.14 billion yuan (down 17.6%) - Home products: 430 million yuan (down 27.7%) - Other construction hardware: 440 million yuan (down 16.0%) - Curtain wall components: 190 million yuan (up 7.8%) - Glass curtain wall components: 190 million yuan (up 6.3%) - Door control hardware: 160 million yuan (down 5.4%) - Stainless steel railing components: 110 million yuan (up 13.3%) [5] Overseas Market Expansion - The company’s overseas revenue reached 477 million yuan in H1 2025, a year-on-year increase of 30.75%, accounting for 17.32% of total revenue, an increase of 5.95 percentage points year-on-year [6] - The company has established nearly 20 overseas warehouses and has a sales network with over 5,000 personnel [6] Financial Projections - The projected earnings per share (EPS) for 2025-2027 are 0.17 yuan, 0.35 yuan, and 0.57 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 127.3, 63.8, and 38.9 [4][7] - The company’s revenue is expected to decline to 5.625 billion yuan in 2025, followed by a recovery to 6.060 billion yuan in 2026 and 6.760 billion yuan in 2027 [7]