火星人：集成灶承压较多，公司盈利能力下滑-20250423

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company reported a significant decline in revenue and profit for 2024, with total revenue of 1.376 billion yuan, down 35.68% year-on-year, and a net profit attributable to shareholders of 11 million yuan, down 95.49% year-on-year [1] - The integrated stove industry is under pressure due to the downturn in the real estate market and changing consumer preferences, leading to a 30.6% decline in the overall market retail sales [1][2] - Despite the challenges in the integrated stove segment, the dishwasher market shows resilience with a 17.2% increase in retail sales [2] Financial Performance Summary - In 2024, the company's gross margin decreased by 4.6 percentage points to 43.03%, and the net profit margin fell by 10.58 percentage points to 0.91% [3] - The company expects a significant recovery in net profit from 2025 to 2027, projecting net profits of 103 million yuan, 111 million yuan, and 118 million yuan, representing year-on-year growth rates of 821.7%, 7.9%, and 6.4% respectively [3] - The company's total revenue is projected to gradually increase from 1.445 billion yuan in 2025 to 1.548 billion yuan in 2027, with growth rates of 5.0%, 4.0%, and 3.0% [5]