公司24H1 营收同比-44.42%，其中24Q2 同比-44.39%。分产品看，24H1集成灶营收为3.03 亿元，同比-44.95%。主要系地产景气度下行，集成灶行业处于下行周期。根据国家统计局数据，24H1 住宅竣工面积累计为1.93亿平方米，同比-21.7%。根据奥维云网数据，24H1 国内集成灶累计零售额/零售量分别为101 亿元/114 万台，分别同比-18.2%/-15.2%。面对大环境挑战，公司重新审视细分赛道，持续促进技术革新与成果转化，立足“亿田集成科技”构建多元化产品矩阵。Revenue/performance declined sharply, waiting for an inflection point in business, and maintaining the “gain” rating
2024H1 achieved revenue/net profit of 0.343 billion yuan/17.61 million yuan, respectively, 44.42%/-86.12%; of these, 24Q2 achieved revenue/net profit of 0.216 billion yuan/13.09 million yuan, respectively, of -44.39%/-84.82%. Affected by the real estate industry, we expect the boom in the integrated stove industry to continue to decline. We adjusted the company's 24-26 EPS forecasts to 0.27, 0.86, and 0.98 yuan, respectively (previous values: 1.97, 2.26, and 2.47 yuan). Comparatively, the company's 2025 Wind unanimously expects an average PE value of 12x. Considering the company's construction of a diversified product matrix and continuing to deepen the e-commerce channel layout; adopting proactive measures to control the cost rate to a reasonable level, operations are expected to return to normal next year, and there is plenty of room for profit flexibility. We gave the company 26x PE in 2025, corresponding to the 2025 target price of 22.36 yuan (previous value: 33.49 yuan), maintaining the “gain” rating.
The decline in real estate has put pressure on the company's revenue. The company focuses on products to accelerate product quality upgrades
The company's 24H1 revenue was -44.42% YoY, of which 24Q2 was -44.39% YoY. By product, 24H1 integrated stove revenue was 0.303 billion yuan, or -44.95% YoY. Mainly due to the declining real estate boom, the integrated stove industry is in a downward cycle. According to data from the National Bureau of Statistics, the total completed area of 24H1 residential buildings was 0.193 billion square meters, -21.7% year-on-year. According to Aowei Cloud Network data, the cumulative retail sales volume of 24H1 domestic integrated stoves was 10.1 billion yuan/1.14 million units, respectively, -18.2%/-15.2% compared with the same period. Facing environmental challenges, the company re-examined the segmented circuit, continued to promote technological innovation and transformation of achievements, and built a diversified product matrix based on “Yitian Integrated Technology”.
The gross margin decreased year on year. The cost ratio during the 24H1 period was +7.09pct24h1/24q2. The gross margin of the company was 43.58%/42.96%, respectively, -7.99/ -9.84pct year on year, respectively.
On the cost side, the 24H1 company's cost rate during the period was 39.46%, +10.49pct year-on-year. Among them, the sales/R&D expense ratio was +2.82/+1.79pct, respectively, mainly due to the year-on-year decline in revenue (sales/R&D expenses were -36.88%/-24.36%, of which the year-on-year decline in sales expenses was mainly due to a decrease in the company's marketing expenses); the financial expense ratio was +0.93pct year over year, and financial expenses were +85.96% year-on-year, mainly due to the increase in interest expenses on convertible bonds. The company's expense ratio for the 24Q2 period was 36.09%, +7.09pct year-on-year.
The net interest rates of 24H1/24Q2 companies were 5.14%/6.06%, respectively, -15.44/-16.15pct year-on-year, respectively.
Continue to deepen the e-commerce channel layout and actively explore the omnichannel market
With refined user demand insight and marketing operations, the company relied on official flagship stores opened on e-commerce platforms such as JD and Tmall, which effectively promoted the rapid growth of e-commerce sales scale. As of 24/6/30, the number of members in the company's JD/Tmall stores reached 2.049/0.254 million, respectively, and the number of active buyers reached 12317/4996, respectively. Among them, 24H1's e-commerce platform integrated stove sales amount reached 0.218 billion yuan including tax, accounting for 97.69% of the total sales amount of the e-commerce platform. In addition, the company lays out direct stores in key regions, actively explores the omni-channel market, and improves the channel layout.
Risk warning: Increased market competition; unfavorable price fluctuations for raw materials, etc.; risk of fluctuations in the real estate market.
