家用电器 2025 年 08 月 26 日 开能健康 (300272) ——2025 年中报点评：业绩超预期，北美业务强势增长 报告原因：有业绩公布需要点评 增持（维持） 上 市 公 司 | 市场数据： | 2025 年 08 月 26 日 | | --- | --- | | 收盘价（元） | 7.01 | | 一年内最高/最低（元） | 7.80/4.61 | | 市净率 | 3.5 | | 股息率%（分红/股价） | 2.28 | | 流通 A 股市值（百万元） | 3,137 | | 上证指数/深证成指 | 3,868.38/12,473.17 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 2.07 | | 资产负债率% | 56.53 | | 总股本/流通 A 股（百万） | 595/448 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 0 ...

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company's Q1 2025 revenue performance exceeded expectations, with a revenue of 405 million yuan, representing a year-on-year growth of 6% [6] - The decline in net profit for 2024 was primarily due to one-time gains and losses, while the adjusted net profit for 2024 would show a slight increase of 2.71% year-on-year [6] - The overseas business has shown significant growth, with contributions from regions such as the Middle East (62%), Europe (16%), Asia (14%), and North America (5%) [6] - The company's gross margin improved to 39% in 2024, up by 1.47 percentage points, attributed to increased production and enhanced digital management [6] - The company has adjusted its profit forecasts for 2025 and 2026, now expecting net profits of 1.40 billion yuan and 1.70 billion yuan respectively, with a new forecast for 2027 at 1.83 billion yuan [6] Financial Data and Earnings Forecast - Total revenue for 2024 was 1,689 million yuan, with a projected revenue of 1,796 million yuan for 2025, reflecting a growth rate of 6.4% [5] - The net profit for 2024 was 84 million yuan, with an expected increase to 140 million yuan in 2025, indicating a year-on-year growth of 67.8% [5] - The earnings per share (EPS) for 2025 is projected to be 0.24 yuan, with a price-to-earnings (P/E) ratio of 24 [5]