Marssenger Kitchenware(300894) Huachuang Securities·2025-05-18 09:31Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [4][14]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 1.376 billion yuan, down 35.68% year-on-year, and a net profit of 11 million yuan, down 95.49% year-on-year. The first quarter of 2025 continued this trend with revenue of 163 million yuan, down 53.31% year-on-year, and a net loss of 54 million yuan [1][3]. - The integrated stove industry is under pressure due to a downturn in the real estate market, which has led to a decrease in new home renovation demand. The company is actively exploring the stock housing market and aims to establish over 200 demonstration stores for kitchen renovations by 2025 [7][8]. - Despite the challenges, the company is focusing on diversifying its product offerings, including the development of water-washing products and other kitchen appliances, to create new growth opportunities [7][8]. Financial Summary - For 2024, the company is projected to have total revenue of 1.376 billion yuan, with a year-on-year growth rate of -35.7%. The net profit is expected to be 11 million yuan, reflecting a -95.5% year-on-year growth rate. The earnings per share (EPS) for 2025 is estimated at 0.23 yuan, with a projected increase to 0.27 yuan in 2026 and 0.34 yuan in 2027 [3][8]. - The company's gross margin for the first quarter of 2025 was 40.18%, showing a slight improvement from the previous quarter despite a year-on-year decline. The report highlights a significant increase in financial expenses due to interest costs from bond issuance [7][8]. - The company's total market capitalization is approximately 5.296 billion yuan, with a circulating market value of 3.82 billion yuan. The price-to-earnings (P/E) ratio is projected to decrease from 475 in 2024 to 38 by 2027 [4][3].