Core Insights - The article highlights the transformation of a traditional kitchen into a modern smart kitchen, showcasing the integration of high-end kitchen appliances from Kaito to meet professional culinary standards [1][15]. Group 1: Kitchen Transformation - The kitchen of chef Xu Meng, a member of the "Old Rice Bone" brand, was outdated and inefficient, with issues such as poor layout, safety hazards, and inadequate storage [4][5]. - Kaito's advanced kitchen appliances were central to the renovation, providing professional-grade performance that meets the demands of a Michelin-level chef [1][10]. Group 2: Design and Functionality Improvements - The renovation included a redesign of the kitchen layout for improved workflow, with a more logical sequence for washing, cutting, and preparing food [8]. - Storage solutions were enhanced, allowing for organized storage of Chinese and Western condiments, and ensuring that every kitchen tool has a designated place [8][10]. Group 3: Advanced Kitchen Technology - Kaito's integrated cooking appliances, such as the TR pro microwave-steamer and Y601Z601 gas stove, were introduced, offering features like high suction power and precise temperature control [10][13]. - The upgraded kitchen not only improved functionality but also significantly saved space, creating a more cohesive kitchen environment [12][15]. Group 4: Culinary Experience - The transformation allowed Xu Meng to prepare a Michelin-level home banquet, demonstrating the capabilities of the new kitchen technology [12][17]. - The article emphasizes that with the support of smart technology, home kitchens can achieve professional standards, enhancing the cooking experience for culinary enthusiasts [15][17]. Group 5: Future Outlook - Kaito aims to continue its mission of empowering households with professional-grade kitchen solutions, focusing on safety, warmth, and enhanced culinary experiences [18].

Investment Rating - The report maintains a "Recommended" rating for the company [2][55]. Core Viewpoints - The company is expected to benefit from government consumption stimulus and a recovery in the real estate market, gradually emerging from a low point [4]. - The company has a solid long-term value and is currently at a valuation bottom, with a stable cash flow despite recent impairments in its engineering and decoration business [4][13]. - The kitchen appliance market is projected to improve in 2024, driven by government subsidies, with significant growth expected in retail sales of kitchen appliances [4][44]. Company Overview - The company has experienced a significant adjustment in market value over the past few years, with a CAGR of 28% in revenue from 2010 to 2017, which decreased to 8% from 2017 to 2023 [4][7]. - The company's net profit CAGR dropped from 41% (2010-2017) to 3% (2017-2023), with expectations of continued pressure on performance in 2024 [4][7]. - The company is focusing on enhancing its retail business as the market for roughcast houses increases, which is expected to support future retail demand [4][44]. Financial Performance - The company achieved a revenue of 73.96 billion yuan in the first three quarters of 2024, a year-on-year decline of 6.78%, with a net profit of 12.02 billion yuan, down 12.44% year-on-year [19]. - The projected revenue for 2024 is 112.65 billion yuan, with a slight growth rate of 0.56%, and net profit is expected to be 16.12 billion yuan [55][56]. - The company’s EPS is forecasted to be 1.71 yuan in 2024, with a gradual increase to 2.00 yuan by 2026 [55][56]. Market Dynamics - The government has shifted its real estate policy to promote stability and recovery, which is expected to positively impact the kitchen appliance sector [4][46]. - The kitchen appliance market is anticipated to see a retail sales increase of 16.4% in 2024, driven by government subsidies and a recovering real estate market [4][44]. - The report highlights that the company is well-positioned to capitalize on the expected market recovery and government support for consumer spending [4][55].