Marssenger Kitchenware(300894) 新浪财经· Xin Lang Cai Jing·2025-04-23 06:42Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, reflecting the challenging conditions in the integrated stove industry and the overall market environment [1][2]. Financial Performance - In 2024, the company achieved total revenue of 1.376 billion yuan, a year-on-year decrease of 35.68% [1]. - The net profit attributable to shareholders was 11 million yuan, down 95.49% year-on-year [1]. - For Q4 2024, the single-quarter revenue was 363 million yuan, a decline of 36.15% year-on-year, while the net profit was -4 million yuan, a drop of 116.00% year-on-year [1]. Industry Trends - The integrated stove industry in China faced significant pressure, with a total retail market value of 17.3 billion yuan in 2024, down 30.6% year-on-year [1]. - Online retail sales in the integrated stove market reached 2.647 billion yuan, a decrease of 38.84% year-on-year, while the offline market also experienced a deep adjustment [1]. - The dishwasher market showed resilience, with a retail market size of 13.2 billion yuan in 2024, growing by 17.2% year-on-year, and retail volume reaching 2.29 million units, up 18.0% year-on-year [1]. Product Performance - Revenue from integrated stove products decreased by 37.94% year-on-year, while revenue from water-washing products fell by 12.35% year-on-year [2]. - The company had over 2,100 exclusive stores by the end of 2024, establishing a multi-tiered sales network across core cities and rural markets [2]. Profitability Metrics - The company's gross margin declined by 4.6 percentage points to 43.03% in 2024 [2]. - The net profit margin decreased by 10.58 percentage points to 0.91% [2]. - The company recorded asset impairment provisions totaling 4.696 million yuan after a comprehensive review of assets showing impairment signs [2]. Future Outlook - The company forecasts net profits of 103 million yuan, 111 million yuan, and 118 million yuan for 2025, 2026, and 2027, respectively, indicating substantial growth of 821.7%, 7.9%, and 6.4% year-on-year [2].