风险提示：原材料价格波动、房地产市场波动、市场竞争加剧。 P.3 请仔细阅读本报告末页声明 证券研究报告 | 季报点评 2024 年 04 月 28 日 亿田智能（300911.SZ） 行业量额齐跌，公司经营承压 集成灶行业量额齐跌，公司零售端短期承压。受地产环境变动及消 费降级影响，2024Q1 集成灶行业继续承压，据奥维云网，2024 年 一季度我国集成灶市场累计零售额、量分别为 42 亿元、45 万台， 同别分别下滑 11.9%、10.5%；受行业影响，亿田智能零售端也出 现下滑，据奥维云网，2024Q1 亿田智能线上销额增速为-45.77%。 收入大幅下滑影响短期利润率水平。毛利率：2024Q1 公司毛利率 同比-4.84pct 至 44.64%。费率端：2024Q1 销售/管理/研发/财务 费率为 29.76%/9.57%/7.33%/-1.45% ，同比变动 9.94pct/4.19pct/1.75pct/0.4pct，财务费用变动主要系可转债利息 费增加所致。净利率：公司 2024Q1 净利率同比变动-14.25pct 至 3.57%。同时，净利率变动还受到资产减值损失增加影响，2024Q1 公 ...

Financial Performance - The company's revenue for Q1 2024 was ¥126,798,495.76, a decrease of 44.49% compared to ¥228,414,228.25 in the same period last year[5] - Net profit attributable to shareholders was ¥4,527,079.27, down 88.88% from ¥40,695,378.12 year-on-year[5] - Basic earnings per share decreased to ¥0.0424, down 88.76% from ¥0.3773 in the same period last year[5] - Total operating revenue for Q1 2024 was ¥126,798,495.76, a decrease of 44.4% compared to ¥228,414,228.25 in the same period last year[20] - Net profit for Q1 2024 was ¥4,527,079.27, a decline of 88.9% from ¥40,695,378.12 in Q1 2023[21] - Basic earnings per share for Q1 2024 were ¥0.0424, compared to ¥0.3773 in the previous year[22] Cash Flow and Liquidity - The net cash flow from operating activities was ¥375,097.88, a significant decline of 98.84% compared to ¥32,222,463.45 in the previous year[5] - Cash inflow from operating activities was ¥118,463,576.60, significantly lower than ¥269,137,582.68 in Q1 2023[24] - The net cash flow from operating activities for Q1 2024 was CNY 375,097.88, a significant decrease from CNY 32,222,463.45 in Q1 2023[25] - Total cash outflow from operating activities amounted to CNY 118,088,478.72, down from CNY 236,915,119.23 year-over-year[25] - The company reported a net decrease in cash and cash equivalents of -CNY 291,115,481.41 for Q1 2024, compared to -CNY 498,548,694.46 in Q1 2023[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,297,486,632.54, a decrease of 3.28% from ¥2,375,458,814.91 at the end of the previous year[5] - Total liabilities decreased to ¥798,394,868.10 from ¥843,398,831.56 year-over-year, indicating a reduction of 5.3%[21] - Total equity attributable to shareholders was ¥1,499,091,764.44, down from ¥1,532,059,983.35 in the previous year, a decrease of 2.2%[21] - Cash and cash equivalents decreased from CNY 1,455,311,205.81 to CNY 1,162,671,616.27, representing a decrease of about 20.14%[16] - Accounts receivable decreased by 41.16% to ¥65,232,439.45, primarily due to cash collections[9] Operational Highlights - The company reported a significant increase in other income, which rose by 106.59% to ¥6,349,287.21 due to increased government subsidies[9] - The company experienced a 50.27% reduction in notes payable, which decreased to ¥68,903,816.15, attributed to the repayment of bank acceptance bills[9] - The company reported a 45.51% increase in contract liabilities, reaching ¥40,585,399.91, due to an increase in advance payments received[9] - Inventory increased from CNY 88,227,985.66 to CNY 95,852,118.66, an increase of about 8.5%[17] - Research and development expenses for Q1 2024 were ¥9,299,829.91, down 27.1% from ¥12,759,607.89 in the same period last year[21] Corporate Governance - The company completed the registration of changes to its articles of association and obtained a new business license, reflecting corporate governance updates[13] - The number of common shareholders at the end of the reporting period was 10,801, indicating a stable shareholder base[12] - The largest shareholder, Zhejiang Yitian Investment Management Co., Ltd., holds 44.22% of the shares, indicating significant ownership concentration[12] - The company has not reported any changes in the top 10 shareholders or their participation in margin trading activities[13] Accounting and Reporting - The company has not disclosed any new product developments or market expansion strategies in this report[5] - The company has not undergone an audit for the Q1 2024 report[27] - The company has implemented new accounting standards starting from 2024, affecting the financial statements[26]

亿田智能（300911.SZ） 买入 经营有所承压，Q4 盈利受募投项目转固影响。公司 2023 年实现营收 12.3 亿/-3.8%，归母净利润 1.8 亿/-14.6%，扣非归母净利润 1.6 亿/-6.0%。其 中 Q4 收入 2.8 亿/-9.6%，归母净利润 0.04 亿/-91.9%，扣非归母净利润 0.1 亿/-65.2%。公司拟每 10 股派发现金股利 10 元，现金分红率为 59%，并每 10 股转增 3 股。受到地产及集成灶行业需求影响，公司收入有所下滑；Q4 净利润受到募投项目转固后折旧费用增加影响，出现较大下滑。 集成灶行业需求受地产拖累。2023 年国内商品房住宅销售面积同比下降 8.2%，对厨电的新增需求产生负面影响，集成灶零售额有所下滑。奥维云网 数据显示，2023 年我国集成灶零售额同比下降 4.0%至 249 亿，其中销量同 比下降 4.2%；2024Q1 集成灶零售额同比下降11.9%至 42 亿，销量下降 10.5%。 电商及直营收入增长较快。公司 2023 年在京东及天猫的合计成交金额同比 增长 10.7%至 9.0 亿元，其中 H1/H2 分别+3.5%/+18.4% ...

公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------|----------|------------------------------------|----------------------------------------------|--------------|-------------|-------------------| | [Table_OtherInfo] [Table_Industry] 模型更新时间： | | 2024.04.24 | \n[Table_Forcast] 财务预测（单位：百万元） | [Table_Page] | | 亿田智能 (300911) | | | | | 损益表 | 2022A | 2023A | 2024E | | 股票研究 | | | 营业总收入 | 1,276 | 1,227 | 1,289 | | | | | 营业成本 | 681 | 630 | 657 | | 可选消费品 | | | ...

证券研究报告 | 年报点评报告 经营承压，费用变动影响盈利水平 毛利率同比提升，管理费用变动影响净利率水平。毛利率：2023 年公司 毛利率同比提升 2.04pct 至 48.66%。其中，集成灶毛利率同比提升 1.54pct。2023Q4 公司毛利率同比提升 0.11pct 至 45.35%。费率端： 2023Q4 销售/管理/研发/财务费率为 29.40%/9.99%/6.50%/-2.06%，同 比变动 0.79pct/8.04pct/2.74pct/-0.59pct。管理费用同比大幅提升主要系 募投项目转固后折旧费用增加所致。净利率：2023 年净利率同比变动- 1.85pct 至 14.59%。公司 2023Q4 净利率同比变动-14.16pct 至 1.40%。 | --- | --- | --- | --- | --- | --- | |---------------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | ...

营收短期承压，费用超支拖累业绩 新品类&直销渠道毛利率改善，费用端超支。2023 年公司毛利率同比+2.0pct 至 48.7%，分品类看集成灶/其他业务毛利率分别+1.5/+9.6pct 至 49.9%/ 38.1%；分渠道看，经销/直销毛利率分别同比+1.1/+4.2pct 至 46.7%/56.5%。 费 用 端 ， 公 司 23 年销售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 为 23.5%/6.2%/5.2%/-1.5%，同比+1.2/+2.4/+0.5/+0.05pct，公司 23 年管理费用 同比增加 2800 万，主要系募投项目转固后折旧费用增加以及股份支付费用 导致。费用率的提升导致公司 23 年归母净利率同比-1.9pct 至 14.6%。 风险提示：集成灶品类需求不及预期；新品需求不及预期；原材料价格上 涨的风险；房地产市场波动的风险；市场竞争加剧的风险。 | --- | --- | |----------------------------|-------------------------------| | | 2024 年 04 月 24 日 | | 投资评级 | ...

上 市 公 司 证 券 研 究 报 告 家用电器 2024 年 04 月 24 日 亿田智能 (300911) ——2023 年报点评：业绩承压，分红比例提升 公 司 研 究 / 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 23 日 | | 收盘价（元） | 29.24 | | 一年内最高 / 最低（元） | 43.3/21.63 | | 市净率 | 2.0 | | 息率（分红/ 股价） | - | | 流通 A 股市值（百万元） | 2914 3021.98/9183.14 | | 上证指数/深证成指 | | | --- | --- | |----------------------------------|-------------------------------| | | | | 基础数据 : | 2023 年 12 月 31 日 | | | 14.35 | | 每股净资产（元） | | | 资产负债率 % | 35.50 | | ...

| 证券代码：300911 | 证券简称：亿田智能 | 公告编号：2024-038 | | --- | --- | --- | | 债券代码：123235 | 债券简称：亿田转债 | | 2、公司于 2024 年 4 月 23 日召开第三届董事会第八次会议审议通过了《关 于不向下修正"亿田转债"转股价格的议案》，公司董事会决定本次不向下修正 "亿田转债"转股价格，且自本次董事会审议通过的次一交易日起至 2024 年 6 月 30 日，如再次触发"亿田转债"转股价格向下修正条款，亦不提出向下修正 方案。下一触发转股价格修正条件的期间从 2024 年 7 月 1 日重新起算，若再次 触发"亿田转债"转股价格向下修正条款，届时公司董事会将再次召开会议决定 是否行使"亿田转债"转股价格的向下修正权利。 一、可转换公司债券基本情况 经中国证券监督管理委员会《关于同意浙江亿田智能厨电股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕2601 号）同意注 册，公司于 2023 年 12 月 21 日向不特定对象发行可转换公司债券（以下简称"可 转债"）5,202,100 张，每张面值为人民币 1 ...

| 证券代码：300911 | 证券简称：亿田智能 | 公告编号：2024-037 | | --- | --- | --- | | 债券代码：123235 | 债券简称：亿田转债 | | 浙江亿田智能厨电股份有限公司 第三届董事会第八次会议决议公告 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。 一、董事会会议召开情况 特此公告。 鉴于"亿田转债"发行上市时间较短，距离六年的存续期届满尚远，综合考 虑公司的基本情况、市场环境、股价走势等诸多因素，以及对公司长期稳健发展 与内在价值的信心，为维护全体投资者的利益，公司董事会决定本次不向下修正 "亿田转债"转股价格，且自本次董事会审议通过的次一交易日起至 2024 年 6 月 30 日，如再次触发"亿田转债"转股价格向下修正条款，亦不提出向下修正 方案。下一触发转股价格修正条件的期间从 2024 年 7 月 1 日重新起算，若再次 触发"亿田转债"转股价格向下修正条款，届时公司董事会将再次召开会议决定 是否行使"亿田转债"转股价格的向下修正权利。 表决结果：7 票同意，0 票反对，0 票弃权。 具体内容详见公司同日 ...

Financial Performance - In 2023, the company's operating revenue was CNY 1,227,258,178.24, a decrease of 3.80% compared to 2022[18]. - The net profit attributable to shareholders was CNY 179,018,655.43, down 14.64% from the previous year[18]. - The basic earnings per share decreased by 14.29% to CNY 1.68[18]. - The total revenue for 2023 was 630,019,848 CNY, representing a decrease of 7.48% compared to 680,935,713 CNY in 2022[57]. - The company achieved operating revenue of 1,227,258,178.2 CNY in 2023, a decrease of 3.8% year-on-year[48]. - The company reported a net profit of 12,642 million RMB, reflecting a significant increase compared to the previous year[79]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB in 2023, representing a year-over-year growth of 15%[105]. - The company achieved a net profit margin of 10%, reflecting a 2% improvement compared to the previous year[102]. Shareholder Returns - The company plans to distribute a cash dividend of 10 RMB per 10 shares (including tax) to all shareholders, with a capital reserve conversion of 3 shares for every 10 shares held[3]. - The company’s cash dividend policy aims for a minimum of 20% of profits to be distributed as cash dividends during profit distribution[159]. - The company plans to distribute at least 20% of its annual distributable profits in cash dividends over the next three years[182]. - The profit distribution plan was approved by the shareholders' meeting, ensuring compliance with relevant regulations and protecting minority shareholders' rights[157]. Market and Industry Trends - The integrated stove retail sales in the industry reached CNY 24.9 billion, a year-on-year decrease of 4.0%[28]. - The residential sales area of commercial housing decreased by 8.2% in 2023, impacting market demand for kitchen appliances[28]. - The urbanization rate in China reached 66.16% by the end of 2023, indicating potential growth in market capacity for kitchen appliances[29]. - The company recognizes the correlation between the real estate market and kitchen appliance demand, indicating potential risks to performance due to fluctuations in the real estate sector[98]. Research and Development - The company has established a strong R&D system for integrated stoves and a comprehensive production line, with the brand "Yitian" becoming popular among consumers[30]. - Research and development investment reached 6,395.21 CNY, an increase of 6.44%, accounting for 5.21% of operating revenue[48]. - The company is investing 100 million CNY in R&D for new technologies in smart kitchen appliances[101]. - The company aims to enhance its product development and technological innovation, focusing on integrated kitchen technology and accelerating the R&D of new products in 2024[95]. Operational Strategy - The company operates under a "sales-driven production" model, primarily using in-house production for core processes while outsourcing non-core processes[34]. - The company has over 1,500 distributors covering all 31 provinces in China, enhancing its market reach and brand recognition[36]. - The company is actively expanding its online and offline sales channels, integrating traditional and new media for comprehensive brand promotion[35]. - The company has established a smart kitchen appliance industrial internet platform to enhance operational efficiency and data utilization[46]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report, highlighting potential risks in future development[3]. - The company faces risks from intensified market competition, which may lead to a decline in average profit margins due to the influx of new competitors in the integrated stove industry[97]. - The company is exposed to risks from fluctuations in raw material prices, which could significantly impact profitability if prices rise sharply[98]. - The company is committed to enhancing procurement management and establishing good relationships with suppliers to mitigate raw material price volatility risks[98]. Corporate Governance - The company has a well-defined corporate governance structure, including a shareholders' meeting, board of directors, and supervisory board, ensuring operational independence[122]. - The company maintains complete independence in assets, personnel, finance, organization, and business from its controlling shareholders and actual controllers[117]. - The company has established a comprehensive internal control system to ensure compliance, asset security, and the authenticity of financial reporting[167]. - The company is committed to adhering to relevant laws and regulations in its governance practices[147]. Future Outlook - The company aims to enhance its brand influence and consumer recognition through a multi-faceted marketing strategy, promoting the integrated cooking center concept[35]. - Future guidance suggests a continued growth trajectory, with expectations of increased market share in the smart kitchen appliance industry[128]. - The company has set a future revenue target of 60,844 million RMB for 2026, indicating a strategic growth plan[79]. - The company plans to strengthen its market marketing efforts, optimize channel structures, and enhance brand building to improve sales capabilities and brand influence in 2024[95].