报告公司投资评级 - 行业为家用电器/小家电，6个月评级为买入（维持评级） [6] 报告的核心观点 - 2024年公司营收224.27亿元同比+5.27%，归母净利润22.44亿元同比+2.97%；2024Q4营收59.15亿元同比-0.37%，归母净利润8.12亿元同比-0.73%；向全体股东每10股派发现金红利28.10元（含税），分红比例100%，股息率5.06% [1] - 内销增长基本稳定，外销增加与SEB关联交易金额全年增长有保障；预计25 - 27年归母净利润分别为24/25.8/27.4亿，对应动态PE分别为18.5x/17.3x/16.2x，维持“买入”评级 [4] 根据相关目录分别进行总结 经营业绩 - 2024年营业收入224.27亿元同比+5.27%，归母净利润22.44亿元同比+2.97%；2024Q4营业收入59.15亿元同比-0.37%，归母净利润8.12亿元同比-0.73% [1] 产品与地区销售情况 - 分产品24A仅烹饪电器收入同比-2.6%，食物料理电器/炊具及用具收入同比分别为+9.1%/+12.9% [2] - 分地区24A内外销收入同比-1.2%/+21.1%，推测24Q4内销同比略下滑，外销延续24Q3趋势增长 [2] - 25年公司预计代工金额为73.69亿元，同比24年实际发生金额+4.6% [2] 毛利率与费用率情况 - 2024年公司毛利率24.65%同比-1.65pct，净利率10.01%同比-0.22pct；2024Q4毛利率25.16%同比-3.47pct，净利率13.75%同比-0.03pct [3] - 分品类24A各品类毛利率同比有不同程度下降，炊具及用具毛利率同比降幅最大为-1.35pct [3] - 分地区24A内外销毛利率同比+0.43/-1.84pct，外销毛利率同比下降明显 [3] - 2024年销售、管理、研发、财务费用率分别为9.73%、1.77%、2.09%、-0.32%，同比-1.06、-0.08、+0.07、-0.01pct；24Q4销售、管理、研发、财务费用率分别为8.69%、1.72%、2.41%、-0.41%，同比-1.98、-0.01、-0.09、-0.22pct [4] 财务数据与估值 |项目|2023|2024|2025E|2026E|2027E| |----|----|----|----|----|----| |营业收入(百万元)|21,303.95|22,427.34|23,625.30|24,889.09|26,133.54| |增长率(%)|5.62|5.27|5.34|5.35|5.00| |EBITDA(百万元)|2,973.64|3,002.79|2,786.34|3,019.16|3,147.12| |归属母公司净利润(百万元)|2,179.80|2,244.44|2,399.74|2,575.99|2,743.31| |增长率(%)|5.42|2.97|6.92|7.34|6.50| |EPS(元/股)|2.72|2.80|2.99|3.21|3.42| |市盈率(P/E)|20.40|19.81|18.53|17.26|16.21| |市净率(P/B)|7.01|6.92|6.68|5.88|4.96| |市销率(P/S)|2.09|1.98|1.88|1.79|1.70| |EV/EBITDA|12.63|12.48|13.60|12.60|11.15| [5] 基本数据 - A股总股本801.36百万股，流通A股股本800.40百万股，A股总市值44,459.44百万元，流通A股市值44,406.04百万元 [7] - 每股净资产8.02元，资产负债率51.29%，一年内最高/最低64.30/45.70元 [7] 财务预测摘要 |项目|2023|2024|2025E|2026E|2027E| |----|----|----|----|----|----| |非流动负债合计|200.38|280.48|215.24|100.00|80.00| |负债合计|6,724.87|6,804.33|7,374.62|6,267.95|7,151.15| |股本|806.71|801.36|801.36|801.36|801.36| |股东权益合计|6,381.83|6,461.53|6,698.11|7,595.66|9,002.41| |现金流量表(百万元)| | | | | | |营运资金变动|534.96|205.29|654.19|(1,107.39)|1,442.11| |长期投资|(0.52)|(0.94)|0.00|0.00|0.00| |股权融资|(2,516.77)|257.35|(2,163.96)|(1,679.24)|(1,337.36)| [11] 资产负债表与利润表 |项目|2023|2024|2025E|2026E|2027E| |----|----|----|----|----|----| |资产负债表(百万元)| | | | | | |货币资金|3,548.28|2,480.01|4,555.44|4,449.68|7,328.26| |应收票据及应收账款|2,873.56|2,694.09|2,293.48|2,684.34|2,252.00| |预付账款|193.17|272.88|377.56|231.77|397.38| |存货|2,262.68|2,565.96|2,364.06|2,291.44|2,034.86| |其他|1,159.00|2,591.00|1,614.34|1,610.69|1,752.39| |流动资产合计|10,036.69|10,603.93|11,204.88|11,267.92|13,764.89| |长期股权投资|61.68|60.74|60.74|60.74|60.74| |固定资产|1,243.21|1,265.77|1,132.82|999.86|866.90| |在建工程|26.86|13.03|13.03|13.03|13.03| |无形资产|428.98|408.01|381.06|354.10|327.15| |其他|1,309.28|914.38|1,280.22|1,167.96|1,120.85| |非流动资产合计|3,070.01|2,661.93|2,867.85|2,595.69|2,388.67| |资产总计|13,106.70|13,265.86|14,072.73|13,863.61|16,153.56| |短期借款|199.74|0.00|150.00|100.00|80.00| |应付票据及应付账款|4,440.61|4,443.94|4,878.50|3,915.23|4,737.38| |其他|1,021.44|991.51|2,130.88|2,152.72|2,253.77| |流动负债合计|5,661.79|5,435.45|7,159.38|6,167.95|7,071.15| |长期借款|0.00|0.00|0.00|0.00|0.00| |应付债券|0.00|0.00|0.00|0.00|0.00| |其他|200.38|280.48|215.24|100.00|80.00| |少数股东权益|36.50|37.11|40.11|40.41|40.80| |股本|806.71|801.36|801.36|801.36|801.36| |资本公积|173.11|191.29|191.29|191.29|191.29| |留存收益|5,872.75|5,694.48|5,962.06|6,918.15|8,273.95| |其他|(507.23)|(262.72)|(296.71)|(355.56)|(305.00)| |股东权益合计|6,381.83|6,461.53|6,698.11|7,595.66|9,002.41| |负债和股东权益总计|13,106.70|13,265.86|14,072.73|13,863.61|16,153.56| |利润表(百万元)| | | | | | |营业收入|21,303.95|22,427.34|23,625.30|24,889.09|26,133.54| |营业成本|15,700.13|16,898.27|17,748.06|18,622.01|19,468.37| |营业税金及附加|142.25|148.21|155.93|164.27|172.48| |销售费用|2,297.85|2,181.96|2,244.40|2,364.46|2,482.69| |管理费用|393.60|396.03|413.44|423.11|444.27| |研发费用|431.29|469.66|484.32|497.78|522.67| |财务费用|(67.63)|(72.45)|(47.25)|(49.78)|(52.27)| |资产/信用减值损失|(19.95)|9.07|9.21|6.42|82.00| |公允价值变动收益|1.14|1.23|1.02|1.19|1.14| |投资净收益|48.81|31.33|56.27|47.61|50.00| |其他|(304.86)|(368.25)|(223.56)|(225.26)|(89.53)| |营业利润|2,681.32|2,732.27|2,916.45|3,147.70|3,318.01| |营业外收入|15.27|10.28|0.00|0.00|0.00| |营业外支出|11.87|10.19|0.00|0.00|0.00| |利润总额|2,684.72|2,732.36|2,945.45|3,161.70|3,367.01| |所得税|505.30|487.11|544.91|584.91|622.90| |净利润|2,179.42|2,245.24|2,400.54|2,576.79|2,744.11| |少数股东损益|(0.38)|0.80|0.80|0.80|0.80| |归属于母公司净利润|2,179.80|2,244.44|2,399.74|2,575.99|2,743.31| |每股收益（元）|2.72|2.80|2.99|3.21|3.42| [12] 主要财务比率 |项目|2023|2024|2025E|2026E|2027E| |----|----|----|----|----|----| |成长能力| | | | | | |营业收入|5.62%|5.27%|5.34%|5.35%|5.00%| |营业利润|5.76%|1.90%|6.74%|7.93%|5.41%| |归属于母公司净利润|5.42%|2.97%|6.92%|7.34%|6.50%| |获利能力| | | | | | |毛利率|26.30%|24.65%|24.88%|25.18%|25.50%| |净利率|10.23%|10.01%|10.16%|10.35%|10.50%| |ROE|34.35%|34.94%|36.