Vatti(002035) 和讯网·2025-04-29 04:17Core Insights - In 2024, Vatti Corporation (SZ.002035) reported a total revenue of 6.372 billion yuan, marking a year-on-year increase of 2.23%, achieving a historical high [1] - The net profit attributable to shareholders increased by 8.39% to 485 million yuan [1] - The "Net Clean Kitchen" strategy significantly drove growth in the revenue of range hoods, gas stoves, and water heaters, with respective increases of 6.62%, 5.28%, and 10.40% [1] Revenue Breakdown - The revenue from the overseas channel reached 756 million yuan, reflecting a year-on-year growth of 20.29% [2] - The offline channel generated approximately 3.148 billion yuan, accounting for 49.40% of total revenue, with a growth rate of 11.07% [3] - The online channel reported 2.059 billion yuan, representing 32.32% of total revenue, but experienced a decline of 5.95% [3] - The engineering channel saw a significant drop of 40.46%, with revenue of 300 million yuan [3] - Other (non-main) channels contributed 105 million yuan, with a notable growth of 42.93% [3] Strategic Factors - The company's success in 2024 was attributed to two main factors: product structure optimization and marketing innovation [2] - Vatti focused on enhancing high-end product innovation and development, maintaining a leading market share in ultra-thin range hoods, gas stoves with over 5.2kW thermal load, and automatic cleaning range hoods [2] - The company capitalized on the "National Subsidy" policy, improving terminal store operations and engaging in brand rejuvenation marketing to stimulate demand [2] R&D and Innovation - Vatti's R&D expenditure was approximately 263 million yuan, reflecting a year-on-year increase of 6.05% [3] - The total number of R&D personnel reached 650, with an increase in the proportion of individuals holding bachelor's and master's degrees [3] - The company held 4,416 national patents, with 885 new patents added, positioning it among the industry leaders [4]