受地产疲弱影响，公司营收规模阶段承压，但集成灶线下份额实现较大突破。2024H1 公司营收同比下滑44.42%，其中Q2 同比下滑44.39%。根据国家统计局发布的《2024 年1-6 月份全国房地产市场基本情况》显示，2024 年上半年中国新建商品房销售面积同比下降19%，其中住宅销售面积同比下降21.9%，同时，截至2024 年6 月末，中国商品房待售面积同比增长15.2%。地产板块的低迷较大程度上抑制了集成灶行业的需求，根据奥维云网（AVC）推总数据显示，2024H1 中国集成灶零售额为101 亿元，较上年同期下滑18.2%，零售量为114 万台，较上年同期下滑15.2%；单亿田品牌来看，2024H1 亿田集成灶线上销售额为1.87 亿元，同比下降49.56%，销售量为1.84 万台，同比下降47.11%，线下销售额为2249 万元，同比增长306.73%，销售量为1987 台，同比增长247.38%。份额端来看，2024H1 亿田集成灶线上销售额/销售量份额分别为15.5%/11%，同比-1.61pct/-1.94pct ， 线下销售额/ 销售量份额分别为12.7%/12% ， 同比+8.44pct/+7.6pct，其中线下表现较优，或是公司在报告期内优化了在家装、KA、工程等线下渠道的布局。Description of the event
The company released its 2024 mid-year report: 2024H1 achieved operating income of 0.343 billion yuan, a year-on-year decrease of 44.42%, a year-on-year decline of 17.61 million yuan, a year-on-year decrease of 86.12%, and realized net profit deducted from non-return to mother of 9.9 million yuan, a year-on-year decrease of 91.52%. Among them, 2024Q2 achieved operating income of 0.216 billion yuan, a year-on-year decrease of 44.39%, and achieved net profit to mother of 13.09 million yuan, a year-on-year decline. 84.82% achieved net profit not attributable to mother of 10.89 million yuan, a year-on-year decrease of 86.14%.
Incident comments
Affected by weak real estate, the company's revenue scale stage was under pressure, but the offline share of integrated stoves achieved a major breakthrough. 2024H1's revenue declined 44.42% year over year, with Q2 falling 44.39% year over year. According to the “Basic Situation of the National Real Estate Market from January to June 2024” issued by the National Bureau of Statistics, the sales area of newly built commercial housing in China fell 19% year on year in the first half of 2024, of which the residential sales area fell 21.9% year on year. Meanwhile, by the end of June 2024, the area for sale of commercial housing in China increased 15.2% year on year. The downturn in the real estate sector has largely curtailed demand in the integrated stove industry. According to AVC (AVC) summary data, the retail sales of 2024H1 integrated stoves in China were 10.1 billion yuan, down 18.2% from the same period last year, and retail volume was 1.14 million units, down 15.2% from the same period last year; looking at the Shanyitian brand, online sales of 2024H0.1 billion integrated stoves were 0.187 billion yuan, down 49.56% year on year, and sales volume was 0.0184 Million units, down 47.11% year on year, offline sales were 22.49 million yuan, up 306.73% year on year. Sales volume was 1987 units, up 247.38% year on year. On the share side, the online sales/sales share of 2024H0.1 billion integrated stoves was 15.5%/11%, respectively, -1.61 pct/-1.94 pct. The offline sales/sales volume share was 12.7%/12%, and +8.44pct/+7.6pct year-on-year respectively. Among them, offline performance was excellent, or the company optimized the layout of offline channels such as home improvement, KA, and engineering during the reporting period.
Profitability suffered a short-term setback, and operating profit reversed the loss month-on-month in Q2. 2024H1's gross margin decreased by 7.99 pct year on year, of which Q2 fell 9.84 pct year on year, or the scale effect weakened mainly due to shrinking sales scale. On this basis, 2024H1's sales/management/ R&D expense ratios were 23.62%/9.41%/6.75%, respectively, compared with +2.82pct/+4.95pct/+1.79pct, respectively. In addition, the company's asset impairment losses increased by 0.74 million yuan during the reporting period, mainly due to a sharp increase in inventory price decline and contract performance cost impairment losses, which combined led to 2024H1's operating profit (revenue - cost - tax and additional - sales & management & R&D expenses + credit & asset impairment loss) 8.31 million yuan, down 93.24% year on year, corresponding operating profit margin was 2.42 pct, year on year 17.51 pct; of these, 2024Q2's operating profit was 9.79 million yuan, down 88.13% year on year, and corresponding operating profit margin was 4.53%, -16.71 pct year on year, reversing loss from month to month. 2024H1's net cash flow from operating activities fell 141.6% year on year, of which Q2 fell 173.82% year on year, or a sharp decrease in sales repayments.
Investment advice: As an industry-leading modern kitchen appliance manufacturer, the company is committed to providing consumers with integrated kitchen appliances and integrated kitchen full-scenario solutions. We are optimistic that the company will use product advantages to reverse the current business situation. The company's net profit for 2024-2026 is 0.75, 0.96, and 124 million yuan respectively, corresponding to PE of 39.1, 30.6 and 23.7 times, respectively, maintaining a “buy” rating.
Risk warning
1. The risk of falling market demand due to a slowdown in macroeconomic growth; 2. The sharp rise in raw material costs brings about a risk of declining profitability.
