编号：25-02 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 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） | | 参与单位名称及 | 天弘基金管理有限公司 | | 人员姓名 | | | 时间 | 2025 年 5 月 14 日（星期三）上午 10:00-11:00 | | 地点 | 公司四楼会议室 | | 上市公司接待人 | | | 员姓名 | 卢宇凡、李小霞 | | | 1、问：目前公司在海外市场的布局情况如何？在泰国和埃及 | | | 建立生产基地的进展如何？ | | | 答：您好！感谢您的关注！ | | | 公司积极拓展海外市场，并投入泰国和埃及两大生产基地，泰 | | | 国工厂一期已于 2024 年 4 月正式投产，二期则在今年 4 月顺 | | | 利进入试产阶段。公司于 2025 年 4 月 24 日召开的董事会五届 | | | 二十次会议审议通过了《关于再次向泰国生产基地增加投资额 | | | 度暨泰国子公司增资的议案》，为满足泰国生产基地客户订单 ...

21世纪经济报道记者 翁榕涛 实习生 张欣 广州报道 5月8日，广东万和新电气股份有限公司（下称"万和电气"，002543.SZ）在线上召开2024年业绩说明 会。 对等关税政策是投资者关心的热门话题，2024年万和电气在海外市场的营收取得较大增幅，有投资者提 问关税政策可能带来的不利影响。 财报显示，境外市场销售的增幅大幅超过国内市场销售。期内出口销售营收为26.63亿元，同比增长 41.43%；而国内销售为45.34亿元，同比增长10.23%。出口销售占总营收比重从23年的30.85%提升到 36.27%， 值得注意的是，从2024年再到2025年一季度，尽管营收和净利润都在持续增加，但是公司经营性现金流 净额却在同比减少。 "公司出口主要销往欧美和东南亚国家，公司向美国地区出口的产品主要包括燃气烤炉、烟熏机及脱水 类产品，与主要客户以FOB（离岸价）贸易模式进行交易，关税成本由客户承担。尽管当前关税政策仍 存在高度不确定性，但对公司的影响尚在可控范围内。"万和电气总裁赖育文在业绩说明会上表示。 据万和电气年报显示，2024年，公司全年实现营业收入73.42亿元，同比增长20.29%；归母净利润6.58 ...

证券代码：002543 证券简称：万和电气 广东万和新电气股份有限公司 投资者关系活动记录表 8、问：公司在新能源领域的研发投入和市场推广上有什么具 体的计划？如何确保在新能源市场中占据一席之地？ 答：公司在 23 年 8 月提出 121 产业发展战略，坚定培育新能 源产业，以现有的电热、空气能研发、制造、品质平台为基础， 在国内市场，通过发展新能源产业，补强国内北方弱势区域， 拓展品牌影响力；海外市场，加快布局欧盟、澳洲、北美等海 外市场，从目前以燃气具产品为主的出口结构升级成燃气、新 能源并重，从而实现产业升级和打造新的增长点，启动增长的 第二引擎；近几年公司持续投入项目实验室、研发人才、专业 生产线以及品质可靠性，并在内外销全面布局空气能市场的拓 展，内销通过升级组织架构，提升管理决策效率，不断丰富家 用、商业产品线及全屋空气解决系统，深耕专业暖通渠道，加 大市场人员的配置，实现南北方市场的均衡发展；出口重点聚 焦欧洲、澳洲等重点需求市场，通过多样化的产品阵容满足客 户的差异化需求。 9、问：看到公司 2024 年净利润增长了 15.73%，这个增长主要 得益于哪些产品或业务板块？ 答：2024 年公司 ...

"公司出口主要销往欧美和东南亚国家，公司向美国地区出口的产品主要包括燃气烤炉、烟熏机及脱水 类产品，与主要客户以FOB(离岸价)贸易模式进行交易，关税成本由客户承担。尽管当前关税政策仍存 在高度不确定性，但对公司的影响尚在可控范围内。"5月8日，万和电气（002543）总裁赖育文在2024 年度业绩说明会上表示。 有投资者还关注到万和电气当前的现金流和分红情况。万和电气董事长卢宇聪回应称，公司目前资产负 债表健康、现金流充沛，为持续发展提供了坚实基础。公司会在保障稳健运营、实现战略目标的前提 下，审慎评估分红政策。未来若有分红比例调整计划，会及时按规定披露。截至目前，公司已累计向股 东实施现金分红约31.40亿元。 万和电气是国内热水器、厨房电器及热水系统领域龙头企业，是国内仅有的两个"全球十大热水器品 牌"之一，其燃气热水器市场综合占有率连续21年位居国内行业榜首，燃气采暖炉、燃气灶、吸油烟 机、电热水器的市场占有率也均处于行业前列。 另外在产品结构方面，早在2023年，万和电气就提出121产业发展战略，坚定培育和发展空气能产业， 以现有的电热、空气能研发、制造、品质平台为基础，在国内市场通过发展新能源产业 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4][7]. Core Insights - The company's Q1 performance exceeded expectations, driven by national subsidies and global expansion efforts [7]. - Domestic revenue is projected to grow by 10% in 2024, with e-commerce sales increasing by 20% and offline sales by 4.6% [7]. - The company has accelerated its global expansion, with exports increasing by 41% in 2024, and is actively addressing potential tariff impacts by enhancing international manufacturing capabilities [7]. Financial Data and Valuation - Total revenue is forecasted to reach 6,104 million yuan in 2023, with a projected growth of 20% in 2024 [3][15]. - Operating profit is expected to grow from 651 million yuan in 2023 to 769 million yuan in 2024, reflecting an 18% increase [3][15]. - Net profit attributable to shareholders is anticipated to rise from 568 million yuan in 2023 to 658 million yuan in 2024, a 16% increase [3][15]. - The company’s PE ratio is projected to decrease from 13.3 in 2023 to 11.5 in 2024, indicating improved valuation metrics [3][15]. Key Financial Ratios - The company's gross margin is expected to be 31.6% in 2023, decreasing to 28.1% in 2024, while the net margin is projected to be 9.3% in 2023 and 9.0% in 2024 [15]. - Return on equity (ROE) is forecasted to improve from 12.8% in 2023 to 14.2% in 2024 [15]. - The debt-to-asset ratio is expected to decrease from 45.9% in 2023 to 43.4% in 2025, indicating a strengthening balance sheet [15].

战略主轴升级，构建国际化运营体系和能力。面对国内经济下行、消费疲软、行业饱和内卷以及竞争对 手全球布局速度加快等挑战，公司加速全球布局，将三大战略主轴（产品驱动、效率增长、数智升级） 调整为四大战略主轴（产品驱动、效率增长、数智升级、全球运营）。产品驱动方面，公司在巩固燃 热、空气能等品类的既有优势外，加速补齐油烟机、灶具、净水和洗碗机等产品线，刷新273 个新品， 荣获国内29 项设计大奖，全面提升产品形象，推动中高端产品销量达163 万台，实现产品结构提升。效 率增长方面，公司以终端和零售为主，推行DTC 变革，坚持以销定产、积极改善产品结构、提升渠道 效率、互联网手段提升用户运营，推动零售转型，存销比、超期比例、呆滞库存、生产交付率、订单全 周期、下线直发率、物流费用等关键效率指标取得突破。数智升级方面，公司以用户为中心，积极推 动"硬件+软件+内容+服务"的融合，推进业务数智化；依托消费互联网和工业互联网，利用"产品 +AIoT+内容+服务"的业务模式，逐步实现"智能单品-智能套系-智能化场景-智能化生态空间"的智能化 演进；通过"精益化推进、自动化导入、数字化应用"三者相融合，实现"智能设备-数字化 ...

Core Viewpoint - Wanhe Electric reported significant revenue and profit growth for 2024 and Q1 2025, driven by a dual strategy of high-end and green product development [2][3] Financial Performance - In 2024, Wanhe Electric achieved total revenue of 7.342 billion yuan, a year-on-year increase of 20.29% - The net profit attributable to shareholders was 658 million yuan, up 15.73% - The net profit after deducting non-recurring items was 656 million yuan, reflecting an 8.45% increase - For Q1 2025, revenue reached 2.295 billion yuan, a 15.94% year-on-year growth - The net profit attributable to shareholders for Q1 was 179 million yuan, an 8.01% increase, while the net profit after deducting non-recurring items was 215 million yuan, up 14.40% [2] Product Strategy - Wanhe Electric launched 273 new products in 2024, with 1.63 million units sold in the mid-to-high-end category - The company is focusing on high-end products to increase average transaction value and gross margin, contributing to revenue growth - Green technology products align with policy directions and consumer upgrades, opening new market opportunities [3] Innovation and Standards - In 2024, Wanhe Electric led the formulation of two national hydrogen energy standards and was recognized as a pilot unit for hydrogen energy standardization in Foshan, Guangdong - The company is actively involved in the "Hydrogen-Ammonia Integration" technology project in Guangdong, exploring more hydrogen energy application scenarios [3] Efficiency and International Expansion - The increase in net profit is attributed to both revenue growth and the implementation of an "efficiency growth" strategy through digital transformation and lean management - Export sales grew by 41.43%, indicating the success of the "manufacturing going abroad" strategy - Wanhe Electric is building an international system capability, leveraging infrastructure upgrades and consumer upgrades along the Belt and Road countries [3] Future Outlook - The company plans to continue and deepen its existing strategic focus, particularly in emerging fields such as hydrogen energy and heat pumps - Wanhe Electric aims to cultivate product categories like heat pumps and dishwashers, expanding through brand licensing and cross-border e-commerce to create greater growth opportunities [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7]. Core Insights - The company's Q1 2025 revenue slightly exceeded expectations, achieving 2.295 billion yuan, a year-on-year increase of 15.94%. The net profit attributable to the parent company for Q1 2025 was 179 million yuan, up 8.01% year-on-year [7]. - The company is upgrading its strategic focus to build an international operational system, responding to domestic economic challenges and increasing competition. The new strategic pillars include product-driven growth, efficiency enhancement, digital intelligence upgrades, and global operations [7]. - The company has launched 273 new products and won 29 domestic design awards, enhancing its product image and driving sales of mid-to-high-end products [7]. - The company reported a gross profit margin of 28.06% for 2024 and a net profit margin of 8.96%. For Q1 2025, the gross profit margin was 29.88% and the net profit margin was 7.81%, indicating stable profitability [7]. - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 759 million yuan, 848 million yuan, and 955 million yuan respectively, with corresponding P/E ratios of 10, 9, and 8 times [7]. Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 7.342 billion yuan, with a year-on-year growth rate of 20.3%. For Q1 2025, the revenue was 2.295 billion yuan, with a growth rate of 15.9% [6][9]. - The net profit attributable to the parent company for 2024 is expected to be 658 million yuan, with a growth rate of 15.7%. The forecast for 2025 is 759 million yuan, reflecting a growth rate of 15.4% [6][9]. - The company aims to maintain a stable gross profit margin, with projections of 29.1% for 2025 and 30.1% for 2027 [6].

Core Viewpoint - Guangdong Vanward New Electric Co., Ltd. reported a strong financial performance for 2024, with total revenue of 7.342 billion yuan, a year-on-year increase of 20.29%, and a net profit attributable to shareholders of 658 million yuan, up 15.73% [1] Financial Performance - In 2024, the company achieved total revenue of 7.342 billion yuan, representing a 20.29% increase year-on-year [1] - The net profit attributable to shareholders for 2024 was 658 million yuan, reflecting a 15.73% year-on-year growth [1] - For Q1 2025, the company continued its growth trajectory with revenue of 2.295 billion yuan, a 15.94% increase year-on-year, and a net profit of 179 million yuan, up 8.01% [1] Strategic Initiatives - The revenue growth is attributed to the company's dual strategy of "high-end + green" product development, which includes launching high-end products to increase average transaction value and gross margin, as well as green technology products that align with policy directions and consumer upgrades [1] - The company invested 289 million yuan in R&D for the year, marking a 25.23% increase, emphasizing product innovation as a key driver for growth [2] Manufacturing and Market Expansion - Vanward established a Lean Manufacturing Center to optimize production lines for heating and kitchen appliances, achieving a 20% increase in production efficiency and a 30% improvement in inventory turnover rate [2] - The company saw a significant increase in customer acquisition through digital channels, with a 439.72% year-on-year growth in customer numbers via the Douyin OMO platform [2] - In the international market, the company reported a 41.43% year-on-year increase in export sales, indicating the success of its "manufacturing going global" strategy [2] Future Outlook - The company plans to deepen its existing strategic focus on emerging fields such as hydrogen energy and heat pumps, while expanding product categories like dishwashers through brand licensing and cross-border e-commerce [3] - There is a commitment to enhance global capacity coordination and brand value, leveraging technological innovation and supply chain optimization to strengthen its core competitiveness [3] - The company aims to progress towards its vision of becoming a "global leader in gas appliances" [3]

证券代码：002543 证券简称：万和电气 公告编号：2025-016 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广东万和新电气股份有限公司（以下简称"公司"或"万和电气"）董事会 五届二十次会议于2025年4月24日审议通过了《关于提请召开公司2024年年度股东 大会的议案》，现就召开公司2024年年度股东大会（以下简称"本次股东大会"） 有关事宜通知如下： 一、召开会议的基本情况 1、股东大会届次：广东万和新电气股份有限公司2024年年度股东大会 2、股东大会的召集人：公司第五届董事会 公司董事会五届二十次会议审议通过了《关于提请召开公司2024年年度股东 大会的议案》，决定召开本次股东大会。 3、本次股东大会会议的召集、召开符合《公司法》《证券法》《深圳证券 交易所股票上市规则》《公司章程》等有关法律法规、部门规章、规范性文件的 规定。 4、会议召开的日期、时间 广东万和新电气股份有限公司 关于召开2024年年度股东大会的通知 ②通过深圳证券交易所互联网投票系统进行投票的具体时间为：2025年5月 21日09:15-15:00。 5、会议的召开方式 ...