奥维云网数据显示，2025年上半年，油烟机、燃气灶、消毒柜、洗碗机、嵌入式微蒸烤、厨房小家电零 售额分别同比增长11.8%、10.1%、3%、7.5%、5.3%、9.3%，集成灶零售额同比下滑27.6%。 在以旧换新政策助力下，厨卫结构化升级态势明显。京东家电家居数据显示，今年618期间，油烟机、 燃气灶等中高端产品增长显著。用户聚焦健康、节能与超龄换新，关注油烟健康、水质洁净等痛点，同 时年轻群体追求颜值、情绪价值与轻量化产品，推动厨电向场景化、个性化跃迁。 近日，由中国家电网主办的"2025中国厨电行业高峰论坛"在长春召开。中国家用电器协会秘书长王雷表 示，"好房子"的落地实施，为厨电行业提供了很好的发展契机。厨房作为家庭生活核心场景，当下的定 位和功能正发生深刻的变化，用户对厨房空间的优化升级需求也很迫切，尤其是一些旧房改造的用户， 在改造时往往将厨房作为首选。 为进一步提供"以人为本"的美好家居、美好厨房的解决方案，中国家电网联合好住房云研究院、中国建 筑科学研究院有限公司联合推出《2025中国好房子好厨电好生活7大趋势》。该报告从"可变式成长空 间、全龄友好安全系统、多感官舒适系统化、厨房新社交场景 ...

Group 1 - The stock price of Vatti Corporation closed at 6.41 yuan on July 31, with a decrease of 0.17 yuan, representing a decline of 2.58% [1] - The trading volume for the day was 177,143 hands, with a total transaction amount of 115 million yuan [1] - Vatti Corporation is primarily engaged in the research, production, and sales of kitchen appliances, including range hoods, gas stoves, and disinfection cabinets [1] Group 2 - The company is headquartered in Zhongshan, Guangdong Province, and is considered one of the key players in the domestic kitchen appliance industry [1] - In response to investor inquiries, the company stated that it currently does not have any robot products but has been actively developing patent technologies in core kitchen appliance categories and the smart technology sector [1] - The company will carefully evaluate its strategic layout based on operational conditions, market demand, and industry development trends [1]

Group 1 - The domestic kitchen and bathroom appliance market has shown strong performance in the first five months of 2025, with retail sales reaching 77.4 billion yuan, a year-on-year increase of 9% [1][2] - The retail sales of the water heater market reached 21.04 billion yuan, with a year-on-year growth of 5.8% [1][2] - The overall market is expected to reach 210 billion yuan in retail sales for the year, with a year-on-year growth rate of 6.0% [1] Group 2 - The China RoHS regulations have been upgraded to include additional phthalates, increasing the restricted substances from 6 to 10, aligning with EU standards [2] - The testing methods for the restricted substances have been updated to match international IEC standards [2] - The conference recognized brands that have passed the "CHCT voluntary certification" and highlighted leading products and brands in the kitchen and bathroom appliance industry [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company achieved a revenue of 6.37 billion yuan in 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 480 million yuan, up 8.4% year-on-year [1]. - The company is focusing on brand image enhancement and channel management improvement, aiming to discover growth potential through a multi-category and multi-brand matrix [4]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 250 million yuan, which accounts for 51% of the net profit attributable to shareholders for 2024 [1]. Financial Performance - In Q1 2025, the company reported a revenue of 1.26 billion yuan, a decrease of 8.8% year-on-year, and a net profit of 110 million yuan, down 14.33% year-on-year [1]. - The gross margin for 2024 was 40.7%, a slight decrease of 0.4 percentage points year-on-year, while the gross margin for Q1 2025 improved to 42.1% [3]. - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 510 million, 580 million, and 650 million yuan respectively [4]. Market and Product Insights - The company experienced stable growth in its core product categories, with the domestic smoke and stove categories showing increases of 7% and 5% respectively in 2024 [2]. - The new retail channel contributed significantly, with a revenue of 1.3 billion yuan in 2024, reflecting a year-on-year growth of 30% [2]. - The integrated stove market faced challenges, with a year-on-year decline in retail revenue of 30.6% [2]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 10.7x, 9.5x, and 8.4x respectively [4]. - The company’s total market capitalization is approximately 5.48 billion yuan [7].

Investment Rating - The investment rating for the company is "Buy" [6][17] Core Views - The company achieved a revenue of 6.37 billion yuan in 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 480 million yuan, up 8.4% year-on-year [1] - The company is focusing on brand image enhancement and channel management improvement, aiming to discover growth potential through a multi-category and multi-brand matrix [4] - The company plans to distribute cash dividends of 3 yuan per 10 shares, totaling 250 million yuan, which accounts for 51% of the net profit attributable to shareholders in 2024 [1] Financial Performance Summary - In Q1 2025, the company reported a revenue of 1.26 billion yuan, a year-on-year decrease of 8.8%, and a net profit of 110 million yuan, down 14.33% year-on-year [1] - The gross margin for 2024 was 40.7%, a decrease of 0.4 percentage points year-on-year, while the gross margin for Q1 2025 improved to 42.1%, an increase of 0.2 percentage points year-on-year [3] - The company expects net profits attributable to shareholders for 2025-2027 to be 510 million, 580 million, and 650 million yuan respectively, with corresponding P/E ratios of 10.7x, 9.5x, and 8.4x [4] Market and Product Insights - The domestic market for kitchen appliances, particularly range hoods and gas stoves, showed stable growth in 2024, with retail sales of range hoods increasing by 14.9% and gas stoves by 15.7% year-on-year [2] - The new retail channel contributed significantly to revenue, with a 30% year-on-year increase in new retail revenue, while online sales decreased by 6% [2] - The company is experiencing pressure in integrated products, with a 30.6% year-on-year decline in retail sales for integrated stoves [2]

据老板电器披露，2024年该公司共实现营业收入112.13亿元，净利润15.77亿元。2024年老板电器拟继续 分红，自上市以来其已累计分红63.76亿元(含2024年度分红)，未来三年仍将继续高比例分红，彰显其对 公司长期经营的信心和底气。 2024年，中国厨电行业整体增长承压背景下，老板电器（002508）通过全面拥抱AI，推动"AI+烹饪"转 型，实现了稳健经营。 老板电器表示，2024年，在政策引导与市场内生动力共同作用下，厨电行业前三季度进入深度调整周 期，呈现结构性发展态势；进入四季度后，"国补"政策(即家电以旧换新补贴政策)对市场需求提振作用 显著，行业整体呈现"精耕慢涨"的存量竞争特征。面对市场新趋势，2024年，公司技术板块持续深化产 品创新、技术突破与研发体系变革，以智能化、平台化、绿色化为核心驱动，巩固行业技术引领地位。 奥维云网数据显示，2024年中国厨卫大盘(烟、灶、电热、燃热、消、洗、嵌、净、集成灶)全渠道零售 额达1764亿元，同比增长5.7%。其中，以吸油烟机、燃气灶及各类热水器为代表的刚需品类合计规模 1098亿元，同比提升10.1%；以消毒柜、洗碗机、嵌入式产品及净水器为主 ...