本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 27 日 老板电器(002508.SZ) 业绩承压，中期分红率较高 事件：老板电器公布 2024 年中报。公司 2024H1 实现收入 47.3 亿元，YoY-4.2%；实现归母净利润 7.6 亿元，YoY-8.5%；实现扣 非归母净利润 6.6 亿元，YoY-11.9%。折算 2024Q2 单季度实现收 入 24.9 亿元，YoY-9.6%；实现归母净利润 3.6 亿元，YoY-18.2%； 实现扣非归母净利润 3.0 亿元，YoY-24.8%。公司公布 2024 年中 期分红方案，拟每 10 股派发现金红利 5.0 元（含税），总计派发 约 4.7 亿元，约占 2024H1 归母净利润的 62.2%。Q2 公司短期经营 压力显现，但分红维持较高水平，体现公司长期稳健发展信心。 Q2 收入小幅下降：公司 2024Q2 主要销售渠道情况为：1）根据 奥维云网数据，公司 2024H1 油烟机/燃气灶线上销售额分别 YoY5%/-3%，公司线上渠道相对稳健。我们判断公司电商表现好于其 它渠道，Q2 电商收入下滑幅度小于整体；2 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 27 年 月 日 老板电器（002508.SZ） 发布中期分红方案，业绩承压 事件：公司发布 2024 年中报。公司 2024H1 实现营业总收入 47.29 亿 元，同比-4.16%；实现归母净利润 7.59 亿元，同比-8.48%。其中，2024Q2 单季营业总收入为 24.92 亿元，同比-9.63%；归母净利润为 3.61 亿元， 同比-18.15%。 公司发布中期分红方案。公司拟向全体股东每 10 股派发现金股利 5 元， 共计 4.72 亿元，占 2024 年上半年归母比重的 62%。 2024H1 各品类均承压，传统品类优于新兴品类。第一品类群：油烟机/ 燃气灶/消毒柜收入同比-2.85%、-1.17%、-14%；第二品类群：一体机/ 蒸箱/烤箱收入同比-11.24%、-18.47%、-23.48%；第三品类群：洗碗机 /净水器/热水器收入同比-4.01%、-23.59%、+14.84%。集成灶收入同比 -10.68%。 盈利能力下滑。毛利率：2024Q2 公司毛利率同比-2.38pct 至 47.29%。费 率端：2024 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 4,729,354,071.80, a decrease of 4.16% compared to CNY 4,934,869,800.15 in the same period last year[11]. - Net profit attributable to shareholders was CNY 759,358,954.74, down 8.48% from CNY 829,718,350.69 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was CNY 657,758,277.88, reflecting an 11.91% decrease from CNY 746,691,977.38 in the previous year[11]. - The net cash flow from operating activities was CNY 414,005,591.39, a significant decline of 56.86% compared to CNY 959,732,853.23 in the same period last year[11]. - Basic earnings per share were CNY 0.80, down 8.05% from CNY 0.87 in the previous year[11]. - Total revenue for the first half of 2024 was CNY 4,729,354,071.80, a decrease of 4.16% compared to CNY 4,934,869,800.15 in the same period last year[24]. - The total profit for the first half of 2024 was CNY 922,418,398.50, a decline of 6.2% from CNY 983,860,214.54 in the first half of 2023[76]. - The company reported a net profit margin of approximately 18.77% for the first half of 2024, down from 19.71% in the same period of 2023[74]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 15,983,377,229.74, a decrease of 4.74% from CNY 16,779,531,315.72 at the end of the previous year[11]. - Cash and cash equivalents at the end of the reporting period were CNY 1,147,837,731.76, a decrease of 4.65% from CNY 1,985,050,745.11 at the end of the previous year[26]. - Accounts receivable increased to CNY 1,863,130,927.89, accounting for 11.66% of total assets, up 0.87% from the previous year[26]. - Inventory decreased to CNY 1,399,070,238.66, representing 8.75% of total assets, down 0.33% year-on-year[26]. - Total liabilities decreased from CNY 6,148,935,267.79 to CNY 5,067,198,018.16, a reduction of approximately 17.6%[70]. Market Position and Competition - The retail market share for the company's range hood was 31.9% and for gas stoves was 31.3%, maintaining the leading position in the industry[15]. - The company’s kitchen appliance package retail market share was 27.0%, ranking first in the industry[17]. - The company faced risks related to fluctuations in the real estate market, which could impact kitchen appliance demand[32]. - The company is focused on enhancing its market position amidst increasing competition in the kitchen appliance sector[32]. Research and Development - The company launched new products including the salt series and multiple core items, focusing on innovation in AI cooking models and IoT platforms[18]. - The company holds a total of 5,064 authorized patents, including 261 invention patents, and has participated in the formulation of 155 standards[18]. - The company’s R&D investment increased by 3.26% to CNY 178,373,820.48, compared to CNY 172,734,141.15 in the previous year[23]. - Research and development expenses increased to CNY 178,373,820.48, up from CNY 172,734,141.15, reflecting a focus on innovation[74]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of CNY 5 per 10 shares, totaling CNY 472,935,000.80 based on 944,127,316 shares[2]. - The company reported a cash dividend of CNY 5 per 10 shares, totaling CNY 472.06 million, representing 100% of the profit distribution[37]. - The company has a significant amount of undistributed profits amounting to CNY 9.35 billion as of June 30, 2024[37]. - The company plans to implement a shareholder return plan for 2024-2026, ensuring stable and generous returns for investors[21]. Corporate Governance and Compliance - The company received an MSCI ESG rating of BBB, reflecting its strong performance in corporate governance and employee welfare[21]. - The company has not faced any significant administrative penalties related to environmental issues during the reporting period[46][47]. - There were no major lawsuits or arbitration matters reported during the period[49]. - The company has not engaged in any significant related party transactions during the reporting period[50]. Stock Options and Incentives - The company has implemented a stock option incentive plan to motivate employees and align their interests with shareholders[38]. - A total of 126.4 million stock options were canceled, accounting for 0.13% of the company's total share capital[39]. - The independent directors and supervisory board have consistently provided approval for the stock option plans and cancellations[41][42]. Future Outlook and Strategy - The company aims to enhance its global presence and brand internationalization through steady overseas market expansion[18]. - The company continues to focus on market expansion strategies, although specific details were not disclosed in the report[91]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market share, with a budget allocation of 500 million RMB for strategic investments[106]. Financial Instruments and Accounting Policies - The company measures financial assets and liabilities at fair value based on the prices in the main market, or the most advantageous market if no main market exists[112]. - Financial liabilities are classified as either measured at fair value with changes recognized in profit or loss, or other financial liabilities measured at amortized cost[113]. - The company recognizes expected credit losses based on the weighted average of credit losses for financial instruments[116]. - The company has established specific accounting policies for expected credit losses based on historical data and forward-looking information[120].

杭州老板电器股份有限公司（以下简称"公司"或"老板电器"）第六届监 事会第九次会议通知于 2024 年 8 月 16 日以专人送达方式发出，会议于 2024 年 8 月 26 日以现场表决的方式召开。会议应出席监事 5 人，实际出席监事 5 人。 本次会议的召开符合《中华人民共和国公司法》、《公司章程》等有关法律、法 规的规定。经与会监事审议并表决通过了以下议案： 一、审议通过了《关于 2024 年半年度报告及摘要的议案》； 证券代码：002508 证券简称：老板电器 公告编号：2024-056 杭州老板电器股份有限公司 第六届监事会第九次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 《老板电器关于实施 2024 年中期分红的公告》已于本公告日披露于《中国 证券报》、《证券时报》、《证券日报》、《上海证券报》及巨潮资讯网 （www.cninfo.com.cn）。 特此公告。 杭州老板电器股份有限公司监事会 2024 年 8 月 27 日 - 1 - 表决情况：同意 5 票，反对 0 票，弃权 0 票；表决结果：通过。 《老板电器 2024 年半 ...

Investment Rating - The investment rating for the company is "Buy" with a 12-month target price of RMB 26, down from RMB 27, based on a 14x exit P/E multiple applied to the expected EPS for 2026 [1][8]. Core Insights - The company is expected to maintain industry-leading performance due to its strong brand, extensive distribution network, and comprehensive product/brand portfolio, despite a slight downward adjustment in EPS forecasts for 2024-2026 by 3-5% due to weak consumer demand [1][6][7]. - The company is positioned as a leader in the high-end kitchen appliance market in China, expanding into rapidly growing categories such as dishwashers and integrated cooking appliances, with projected revenue and net profit growth in the high single to double digits from 2022 to 2026 [6][7]. Financial Summary - Revenue projections for 2024E are RMB 11,386 million, with a year-over-year growth of 1.6%. The 2025E revenue is projected at RMB 11,998 million, reflecting a growth of 5.4%, and 2026E at RMB 12,653 million, with a growth of 5.5% [3][5]. - The gross profit margin (GPM) is expected to be 50.6% in 2024E, slightly decreasing from previous years, while the net income for 2024E is projected at RMB 1,790 million, with a year-over-year growth of 3.3% [3][5]. - The company’s EPS is forecasted to be RMB 1.89 for 2024E, with a growth of 3.3% from the previous year, and is expected to reach RMB 2.15 by 2026E [3][5]. Market Position and Competitive Landscape - The company has a dominant position in the high-end range hood and gas hob markets, with stable growth in core products. The focus on independent product development since 2019 has allowed the company to expand its market share in structural growth categories, particularly in dishwashers [6][7]. - Potential short-term catalysts for growth include the successful launch of new products in emerging categories and a rebound in real estate market demand [7][8].

证券代码：002508 证券简称：老板电器 公告编号：2024-054 杭州老板电器股份有限公司 关于回购A股股份注销实施公告 本公司及董事会全体成员保证公司公告内容的真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 2024 年 6 月 19 日，公司召开 2024 年第一次临时股东大会，审议通过了《关于注销 回购 A 股股份并减少注册资本修订公司章程的议案》，同意公司上述注销回购 A 股股份 事项，授权董事会并同意董事会进一步授权公司经营管理层具体办理上述注销回购 A 股 股份并减少注册资本相关事宜，包括但不限于在注销该部分股份后具体办理公司注册资 本工商变更手续，并相应修订公司章程中的相关条款。 二、本次注销回购股份的原因及数量 根据《中华人民共和国公司法》、《上市公司股份回购规则》、《深圳证券交易所 上市公司自律监管指引第 9 号——回购股份》等相关规定及公司董事会通过的股份回购 方案，此次回购的股份将全部用于实施公司股权激励计划。公司如未能在股份回购完成 之后 36 个月内实施前述用途，未使用部分将履行相关程序予以注销。考虑上述 36 个月 1 的期限已届满，公司拟注销回购 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：002508 证券简称：老板电器 公告编号：2024-053 杭州老板电器股份有限公司 特别提示： 关于 2023 年股票期权激励计划第一个行权期采用自 主行权模式的提示性公告 1、2023 年股票期权激励计划期权简称：老板 JLC3，期权代码：037366。 2、2023 年股票期权激励计划符合本次行权条件的 293 名激励对象在第一 个行权期可行权的股票期权数量共计 901,800 份，行权价格为 21.01 元/股。 3、本次行权采用自主行权模式。 4、公司 2023 年股票期权激励第一个行权期可行权期限为 2024 年 7 月 1 日 至 2025 年 6 月 19 日。截至本公告日，中国证券登记结算有限责任公司深圳分 公司的手续已办理完成。 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 杭州老板电器股份有限公司（以下简称"公司"）于 2024 年 6 月 20 日分 别召开第六届董事会第八次会议和第六届监事会第八次会议审议通过了《关于 2023 年股票期权激励计划第一个行权期行权 ...

证券代码：002508 证券简称：老板电器 公告编号：2024-052 杭州老板电器股份有限公司 关于使用部分自有闲置资金进行投资理财的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 杭州老板电器股份有限公司（以下简称"公司"）分别于 2024 年 4 月 24 日、 2024 年 5 月 16 日召开第六届董事会第五次会议及第六届监事会第五次会议和 2023 年年度股东大会审议通过了《关于使用自有闲置资金进行投资理财的议案》， 同意公司使用自有闲置资金不超过 65 亿元人民币购买安全性高、流动性好的理 财产品，在额度内资金可以循环滚动使用。同时，授权公司管理层具体实施上述 投资理财，授权期限自 2023 年年度股东大会通过之日起至 2024 年年度股东大会 召开之日止。 具体内容详见 2024 年 4 月 25 日、2024 年 5 月 17 日刊登于《证券时报》、 《中国证券报》、《证券 日 报 》 、 《 上海证券报 》 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《第六届董事会第五次会议决议公告》（公告 编号 ...

证券代码：002508 证券简称：老板电器 公告编号：2024-051 杭州老板电器股份有限公司 2024 年股票期权激励计划授予登记完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1、本次股票期权股票来源：公司向激励对象定向发行公司A股普通股。 2、本次股票期权的授予日：2024 年 5 月 20 日。 3、本次股票期权的授予登记人数：337 人。 4、本次股票期权的授予登记数量：569 万份，约占公司当前股本总额的 0.60%。 5、本次股票期权自授予日起 12 个月后满足行权条件的，激励对象可以分 3 期申 请行权，有效期为 48 个月。 6、行权价格：本次股票期权行权价格为 18.92 元/份。 7、本次期权简称：老板JLC4，期权代码：037438。 根据中国证监会《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 深圳证券交易所、中国证券登记结算有限责任公司深圳分公司有关规则的规定，杭州 老板电器股份有限公司（以下简称"公司"）于近日完成了本激励计划股票期权授予 登记工作，有关具体情况公告如下： 一、本激励计划的 ...

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