Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 14.948 billion yuan for H1 2024, representing a year-on-year increase of 16.52%. The net profit attributable to shareholders was 415 million yuan, up 15.91% year-on-year [6][7] - The company is focusing on enhancing its product structure and channel layout, particularly in the refrigerator and air conditioning segments, which are expected to drive revenue growth [6][9] - The company aims to deepen its smart and high-end product offerings, particularly in the refrigerator segment, while also expanding its brand presence in overseas markets [7][9] Financial Performance - For H1 2024, the company achieved an operating cash flow of 2.728 billion yuan, a significant increase of 93.42% year-on-year [6] - The overall gross margin for H1 2024 slightly decreased by 1.58 percentage points to 11.28% [6] - The company expects net profits for 2024-2026 to be 830 million, 940 million, and 1.07 billion yuan respectively, with year-on-year growth rates of 12%, 14%, and 14% [7][14] Product Segmentation - Revenue from the refrigerator segment reached 4.739 billion yuan in H1 2024, up 12.18% year-on-year, while the air conditioning segment generated 8.5 billion yuan, a 21.47% increase [6] - The washing machine segment saw a revenue increase of 40.65% year-on-year, totaling 784 million yuan [6] - The company’s domestic and overseas revenues for H1 2024 were 10.13 billion yuan and 4.817 billion yuan, respectively, reflecting increases of 14.56% and 23.78% year-on-year [6] Market Comparison - The company’s stock price has fluctuated between 5.45 and 12.64 yuan over the past 52 weeks, with a closing price of 10.90 yuan as of September 30, 2024 [2] - The company’s performance has outpaced the market index, with a relative increase of 8.6% over the past month [4] Valuation - The company is expected to have a price-to-earnings (P/E) ratio of 13-16x for 2024, translating to a reasonable value range of 10.40 to 12.80 yuan per share [7][14]

MELiNG 美菱 证券代码：000521 200521 证券简称：长虹美菱 虹美菱 B 长虹美菱股份有限公司投资者关系活动记录表 编号：2024-31 | --- | --- | --- | |-----------------------|----------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | √特定对象调研 | □分析师会议 | | 投资者关系活 | | □媒体采访 □业绩说明会 | | 动类别 | | □新闻发布会 ...

MELiNG 美菱 证券代码：000521 200521 证券简称：长虹美菱 虹美菱 B 长虹美菱股份有限公司投资者关系活动记录表 编号：2024-30 | --- | --- | --- | |---------------------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | √特定对象调研 | □分析师会议 | | 投资者关系活 | | □媒体采访 □业绩说明会 | | 动类别 | | □新闻发布会 □路演活动 | | | | ...

Investment Rating - The report gives Changhong Meiling a "Buy" rating with a target price of 10.29 CNY per share, based on a 13x PE multiple for 2024 [4] Core Views - Changhong Meiling's revenue growth is stable, with profits continuously recovering and converting cash flow into high-quality earnings [2] - The company's net profit attributable to the parent company reached 740 million CNY in 2023 and 415 million CNY in H1 2024, with year-on-year growth of 203% and 15.91% respectively [2] - The gross profit margin for refrigerators is relatively high, with overall gross margins of 13.94% in 2023 and 11.28% in H1 2024 [2] - The company has a significant presence in both domestic and international markets, with strong growth potential in emerging markets [2] Domestic Sales - Refrigerator sales remain stable, with domestic revenue of 5.3 billion CNY in 2023 and 2.5 billion CNY in H1 2024 [2] - Air conditioner sales have shown steady growth, with domestic revenue increasing by 16.7% in 2023 and 23% in H1 2024, reaching 7.8 billion CNY and 5.9 billion CNY respectively [2] - The company's product strategy focuses on "fresh, thin, large, and embedded" features, which have been well-received in the market [2] International Sales - The company is focusing on emerging markets, with air conditioner export net profits of 160 million CNY in 2023 and 50 million CNY in H1 2024, with net profit margins of 4.29% and 1.81% respectively [2] - Refrigerator export revenue grew by 84% in 2023 and 29.4% in H1 2024, reaching 3.8 billion CNY and 2.2 billion CNY respectively [2] - The company's overseas refrigerator business is expected to continue growing, driven by product upgrades and market demand [2] Profit Forecast and Investment Recommendation - The company's net profit attributable to the parent company is expected to grow by 10%, 13.7%, and 12.2% from 2024 to 2026, with corresponding PE ratios of 12x, 10.56x, and 9.41x [2] - The company's cost reduction and efficiency improvement measures are expected to drive continuous profit recovery [2] Historical Performance and Strategic Initiatives - The company implemented a five-year performance incentive plan from 2012 to 2016, which significantly boosted employee motivation and contributed to profit growth [2] - The company has undergone management changes and strategic reforms, focusing on product innovation, brand promotion, and channel construction [50] - The company's strategy includes efficiency improvement, product leadership, and cost reduction through benchmarking and supply chain optimization [56]

MELiNG 美菱 证券代码：000521 200521 证券简称：长虹美菱 虹美菱 B 长虹美菱股份有限公司投资者关系活动记录表 编号：2024-29 | --- | --- | --- | --- | --- | |---------------------|------------------------------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | | | | | √特定对象调研 | □分析师会议 | | | | 投资者关系活 | | □媒体采访 □业绩说明会 | | | | 动类别 | | □新闻发布 ...

MELiNG 美菱 证券代码：000521 200521 证券简称：长虹美菱 虹美菱 B 长虹美菱股份有限公司投资者关系活动记录表 编号：2024-28 | --- | --- | |----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | √特定对象调研 □分析师会议 | | 投资者关 系活 | □媒体采访 □业绩说明会 | | 动类别 | ...

证券代码：000521 200521 证券简称：长虹美菱 虹美菱 B 长虹美菱股份有限公司投资者关系活动记录表 编号：2024-27 | --- | --- | --- | --- | --- | |---------------|-----------------------------|-------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | | | | | | √特定对象调研 □分析师会议 | | | | 投资者关 系活 | | □媒体采访 □业绩说明会 | | | | 动类别 | | □新闻发布会 □路演活动 | | | | | | | □现场参观 □其他（请文字说明其他活动内容 ...

MELiNG 美菱 证券代码：000521 200521 证券简称：长虹美菱 虹美菱 B 长虹美菱股份有限公司投资者关系活动记录表 编号：2024-26 | --- | --- | --- | |--------------|------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | √特定对象调研 | □分析师会议 | ...

Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of 10.9 CNY, compared to the current price of 8.72 CNY [1][6]. Core Insights - The report highlights the internal reforms and external business improvements of the company since 2019, focusing on marketing, logistics, channels, and procurement to enhance operational efficiency [5][14]. - The company is expected to benefit from domestic policy subsidies, particularly in the home appliance sector, with projected retail growth rates of 14% to 47% under different scenarios [1][5]. - The company has a strong growth trajectory in both domestic and international markets, with significant potential in emerging markets [1][5]. Summary by Sections Internal Governance - The company has implemented various reforms to improve operational efficiency, including the establishment of a China regional platform for marketing, which reduced the sales expense ratio from 15% in Q1 2018 to 5% in Q2 2024 [1][5]. - Logistics and supply chain management have been strengthened, leading to a doubling of inventory turnover from 2018 to 2023 [1][5]. - The company has shifted focus from traditional retail to e-commerce and lower-tier markets, enhancing sales growth [1][5]. Domestic Market - The company has seen a steady increase in market share for air conditioners, rising from 3% in early 2020 to approximately 5% in 2024, aided by partnerships with Xiaomi and competitive pricing [1][5]. - The refrigerator segment has benefited from product upgrades, with the proportion of high-capacity and embedded models increasing significantly, leading to a price increase exceeding 20% [1][5]. International Expansion - The company has experienced robust growth in appliance exports, particularly in Southeast Asia and the Middle East, with a focus on emerging markets to mitigate risks associated with potential tariffs [1][5]. - The export share of the company has increased from 21.3% in 2018 to 32.2% in the first half of 2024, indicating a successful international strategy [1][5]. Financial Projections - The company is projected to achieve net profits of 8.4 billion CNY, 9.7 billion CNY, and 11.0 billion CNY for the years 2024 to 2026, with corresponding growth rates of 12.94%, 15.69%, and 13.36% [6][1]. - The report anticipates a market capitalization of 110 billion CNY by 2026, representing a 23% increase from the market cap as of September 3, 2023 [1][6].

Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of 10.9 CNY, compared to the current price of 8.72 CNY [1][6]. Core Insights - The report highlights the internal governance reforms and external business improvements since 2019, which have enhanced operational efficiency and growth potential for the company [5][14]. - The company is positioned as a second-tier leader in the domestic white goods market, with significant growth driven by air conditioning and refrigerator segments [19][22]. - The report anticipates a robust increase in profitability and market capitalization, projecting a net profit of 11.0 billion CNY by 2026, with a corresponding market value of 110 billion CNY [1][6]. Summary by Sections Internal Governance - The company has implemented various reforms to improve operational efficiency, including the establishment of a China regional platform for marketing integration, which reduced the sales expense ratio from 15% in Q1 2018 to 5% in Q2 2024 [1][5]. - Logistics and supply chain management have been strengthened, leading to a doubling of inventory turnover from 2018 to 2023 [1][5]. - The company has shifted focus from traditional retail channels to e-commerce and lower-tier markets, enhancing sales growth [1][5]. Domestic Market - The company is expected to benefit from the recent "trade-in" policy, with projected retail growth in home appliances of 14% to 47% in the second half of 2024 [1][5]. - The air conditioning market share has increased from 3% in early 2020 to approximately 5% in 2024, supported by partnerships with Xiaomi and competitive pricing [1][5]. - The refrigerator segment has seen a shift towards high-capacity and embedded models, with price increases exceeding 20%, outperforming industry averages [1][5]. Export Expansion - The company has focused on expanding its export business, particularly in emerging markets, which are less saturated and present significant growth opportunities [1][5]. - The export revenue has shown strong growth, with air conditioning exports expected to continue double-digit growth in the second half of 2024 [1][5]. - The company has a low exposure to the U.S. market, mitigating risks associated with potential tariffs [1][5]. Financial Projections - The report forecasts net profits of 8.4 billion CNY, 9.7 billion CNY, and 11.0 billion CNY for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.81, 0.94, and 1.07 CNY [2][6]. - The company is expected to maintain a stable cash flow, with a DCF valuation method applied to reach the target price of 10.9 CNY, reflecting a PE ratio of 14 for 2024 [6][1].