Triggered by the news that "the specific measures for the trade-in of household appliances were released, and the subsidy ratio was increased to 15-20% with the support of the central government", the listed companies with the concept of "kitchen and bathroom appliances" have strengthened recently. The main line of logic in the early stage of the concept plate is "going to sea", but as the market's concern about the potential tariff risk brought about by the United States election has led to a deep correction in the plate, the introduction of this round of trade-in policy has triggered a change in the plate, can it drive domestic demand to change the logic of the plate? Welcome to leave a message to discuss.
On July 26, the "kitchen and bathroom appliances" sector was among the top gainers, including:
Martian (300894, 14.18, 2.83%): one of the main drafting units of the "Integrated Stove" standard made in Zhejiang.
Vantage Co., Ltd. (002035, 6.18, -1.75%): China's No. 1 brand of cookware, China's representative enterprise of high-end smart kitchen appliances.
Robam Appliances (002508, 20.87, -3.74%): a leading enterprise in China's kitchen appliance industry.
Wanhe Electric (002543, 9.12, -1.19%): a domestic hot water system supplier focusing on the main business of kitchen and bathroom appliances.
Zhejiang Meida (002677, 7.23, -1.50%): It is a professional manufacturer of integrated stoves with strong R&D strength and large-scale production capacity.
Today, we dismantle the concept of "kitchen and bathroom appliances", and the core development indicators of the 2024 first quarter report of listed companies.
1. Ranking of total market capitalization
As of July 23, 2024, among the listed companies of kitchen and bathroom appliances, the market value of Robam Appliances is 20.468 billion yuan, ranking first, Wanhe Electric has a market value of 6.871 billion yuan, ranking second, and the market value of Martian is 5.643 billion yuan, ranking third.
数据来源：Choice，和恒整理
2. Ranking of total assets
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, Robam Appliances ranked first with total assets of 15.690 billion yuan, Wanhe Electric ranked second with total assets of 8.947 billion yuan, and Vantage Co., Ltd. ranked third with total assets of 7.040 billion yuan.
数据来源：Choice，和恒整理
3. Ranking of operating income
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, Robam Appliances ranked first with revenue of 2.237 billion yuan, Wanhe Electric ranked second with revenue of 1.980 billion yuan, and Vantage Co., Ltd. ranked third with revenue of 1.381 billion yuan.
数据来源：Choice，和恒整理
4. Net profit ranking
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, the net profit of Robam Appliances was 395 million yuan, ranking first, the net profit of Wanhe Electric was 166 million yuan, ranking second, and the net profit of Vantage was 123 million yuan, ranking third.
数据来源：Choice，和恒整理
5. Ranking of operating income growth rate
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, Wanhe Electric's revenue growth rate was 23.53%, ranking first; Vantage's revenue growth rate was 15.60%, ranking second; Aopu Technology's revenue growth rate was 10.06%, ranking third.
数据来源：Choice，和恒整理
6. Gross profit growth ranking
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, Wanhe Electric's gross profit growth rate was 31.96%, ranking first; Vantage's gross profit growth rate was 22.11%, ranking second; The gross profit growth rate of Aopu Technology was 12.57%, ranking third.
数据来源：Choice，和恒整理
7. Core profit growth ranking
Core profit refers to the operating results generated by the company's own business activities, excluding the impact of non-business activities such as investment income and government subsidies, and restoring the real profitability of the enterprise's business activities. Generally speaking, the higher the value, the better the growth of operating activities.
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, the core profit growth rate of Vantage Co., Ltd. was 53.86%, ranking first; Wanhe Electric's core profit growth rate was 52.01%, ranking second; The core profit growth rate of Robam Appliances was 1.69%, ranking third.
数据来源：Choice，和恒整理
8. ROE Leaderboard
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, Zhejiang Meida ranked first with 3.73%; Robam Appliances ROE 3.72%, ranking second; Wanhe Electric ROE was 3.59%, ranking third.
数据来源：Choice，和恒整理
9. Gross profit margin ranking
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, the gross profit margin of Robam Appliances was 50.65%, ranking first; Aopu Technology's gross profit margin was 47.42%, ranking second; Zhejiang Meida's gross profit margin was 46.16%, ranking third.
数据来源：Choice，和恒整理
10. Core Profit Margin Leaderboard
The core profit margin excludes the impact of non-operating activities such as investment activities and government subsidies, reflecting the profitability of the company's operating activities. Generally speaking, the higher the core profit margin, the more profitable the company's operating activities will be.
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, Zhejiang Meida has a core profit margin of 28.19%, ranking first; The core profit margin of Robam Appliances was 15.88%, ranking second; The core profit margin of Opple Technology was 11.86%, ranking third.
数据来源：Choice，和恒整理
11. R&D expense ratio ranking
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, Yitian Intelligent has a R&D expense rate of 7.33%, ranking first; The R&D expense rate of Martian was 6.95%, ranking second; The R&D expense ratio of Aopu Technology was 6.24%, ranking third.
数据来源：Choice，和恒整理
12. Total Asset Turnover Ranking
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, Wanhe Electric ranked first with a total asset turnover ratio of 0.25, Vantage Co., Ltd. ranked second with a total asset turnover ratio of 0.20, and Opus Technology ranked third with a total asset turnover ratio of 0.16.
数据来源：Choice，和恒整理
13. Core Profit Realization Rate Ranking
The higher the cash rate of core profits, the higher the gold content of operating profits, and the higher the profit quality.
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, Vantage Co., Ltd. ranked first with a core profit cash rate of 1.71, Wanhe Electric ranked second with a core profit cash rate of 1.38, and Zhejiang Meida core profit with a cash rate of 0.19, ranking third.
数据来源：Choice，和恒整理
14. Ranking of upstream and downstream capital occupation ratio
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, Sunrise East has a capital occupation ratio of 148.9%, ranking first; Yitian Intelligent Upstream and Downstream Capital Occupation Ratio was 124.5%, ranking second; The proportion of upstream and downstream capital occupation of Shuai Feng Electric was 121.5%, ranking third.
数据来源：Choice，和恒整理
15. Ranking of hematopoietic capacity scale
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, Wanhe Electric ranked first with a hematopoietic capacity of 321 million yuan, Vantage Co., Ltd. ranked second with a hematopoietic capacity of 236 million yuan, and Robam Electric ranked third with a hematopoietic capacity of 55 million yuan.
数据来源：Choice，和恒整理
16. Ranking of strategic investment scale
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, Robam Electric ranked first with a strategic investment of 94 million yuan, Wanhe Electric ranked second with a strategic investment of 89 million yuan, and Sunrise Oriental ranked third with a strategic investment of 49 million yuan.
数据来源：Choice，和恒整理
17. Ranking of the proportion of capacity expansion
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, Wanhe Electric ranked first with a capacity expansion ratio of 7.20%; The Martian production capacity expansion ratio was 5.00%, ranking second; The production capacity expansion ratio of Robam Appliances was 4.03%, ranking third.
数据来源：Choice，和恒整理
18. Ranking of financial asset-liability ratio
In the first quarter of 2024, among the listed companies of kitchen and bathroom appliances, the asset-liability ratio of Martian Financial was 27.12%, and the debt repayment pressure was the greatest; The asset-liability ratio of Yitian Intelligent Finance was 19.34%, followed by debt repayment pressure; Wanhe Electric's asset-liability ratio was 11.90%, ranking third in debt repayment pressure.
数据来源：Choice，和恒整理
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