[Table_Main] 证券研究报告 [Table_Title] 百尺竿头聚焦高质量，生态聚合谱写新篇章 ——"深耕安徽"专题系列报告之智能家电篇 [Table_Summary] 报告要点： 传统优势产业，40 余年铸就数千亿规模产业集群 行业研究|深耕安徽 2025 年 08 月 06 日 家电产业是安徽传统优势产业，全产业链总产值约 3000 亿，到 2027 年有望达到 5000 亿元。回顾安徽家电产业发展历程，始于改革开放 之初，经过 40 多年发展，历经改制创牌→资本引入规模扩张→承接 产业转移三大阶段，已经成为全球重要的家电产业基地，尤其在大家 电领域产业优势明显。2024 年，全省家电"四大件"产量 10206 万 台，同比增长 6.85%，居于全国第二。其中冰箱产量居全国第一，洗 衣机、空调产量居全国第二，彩电产量居全国第四。 多重区位优势集聚，政策赋能打造产业引进样板 安徽省位于中国中东部，地处长三角和中西部的交汇点，紧邻家电销 售大省的长三角及胶东地区，为家电产业的发展提供了广阔的市场腹 地。完善的集装箱运输体系以及中欧班列常态化开行奠定了坚实的物 流基础。丰富的铜、铁等矿产资源，以铜陵 ...

就年龄结构而言，2024年白色家电上市公司董秘平均年龄为45.42岁，40-50岁群体约占41.7%，50岁以 上群体约占33.3%，30-40岁群体约占25.0%。其中，男性占比41.7%，平均年龄为48.20岁；女性占比 58.3%，平均年龄为43.43岁。 年龄最大的董秘为惠而浦的孙亚萍，现已56岁。值得关注的是，孙亚萍同时也是公司董事会证券事务代 表。新生代代表雪祺电气董秘刘杰出生于1993年，年仅32岁，成为年轻董秘的典型。 就任职期限而言，2024年白色家电上市公司董秘任职期在1-3年的占比最高，约为41.7%；任期1年以内 和10年以上的董秘排名紧随其后，分别为25.0%和16.7%；任期3-5年和5-10年的董秘占比最少，各占 8.3%。任职时间最长的是长虹美菱李霞，她从2009年起担任董事会秘书一职，至今已有16年。 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万 ...

2025年上半年，彩电市场在多重因素交织作用下展现出稳步复苏的态势，推动着彩电行业在上半场实现 量额双增，不过行业企业继续分化。 上游面板企业表现不错，TCL科技预计上半年营收826亿元～906亿元，同比增长3%～13%；实现归母 净利润18亿元～20亿元，同比增长81%～101%。 半导体显示业务强势增长成为驱动TCL科技营收、利润增长的有利因素。公告指出，TCL科技半导体显 示业务上半年净利润预计超过46亿元，同比增长超70%。 TCL电子预期上半年经调整归母净利润约9.5亿港元至10.8亿港元，同比增长45%至65%。增长的主要原 因包括公司持续加大对MiniLED等高端显示技术及人工智能方面的研发投入，以提升产品竞争力，并推 动全球中高端化战略落地。 四川长虹预计半年度归母净利润4.39亿元到5.71亿元，同比增加56.53%～103.59%。主要因非经常性损 益显著增长，由被投资企业四川华丰科技股份有限公司公允价值增加引起。 扣除非经常性损益的净利润预计同比减少2.17%到25.82%，主要为公司房地产业务毛利空间收窄，导致 利润同比下降；家电业务方面受海外地区冲突、关税政策变化、行业内卷加剧等因素 ...

Market Overview - US stock index futures are all up, with Dow futures rising by 0.13%, S&P 500 futures by 0.30%, and Nasdaq futures by 0.47% [1] - European indices also show positive movement, with Germany's DAX up 1.17%, UK's FTSE 100 up 0.55%, France's CAC40 up 1.10%, and the Euro Stoxx 50 up 1.02% [2][3] - WTI crude oil increased by 0.07% to $66.76 per barrel, while Brent crude oil rose by 0.13% to $69.41 per barrel [3][4] Federal Reserve Insights - The Federal Reserve is not yet prepared to lower interest rates, with officials divided on the timing and evidence needed for such a decision [5] - The upcoming cryptocurrency policy report from the White House is anticipated to be a catalyst for the crypto market, alongside the Fed's interest rate decision [5] Company News - Oppenheimer raised its year-end target for the S&P 500 to 7100 points, citing easing trade tensions and strong corporate earnings, indicating an 11% upside from the latest closing price [6] - Novo Nordisk lowered its 2025 sales growth and profit expectations, projecting sales growth of 8%-14% compared to a previous forecast of 13%-21% [7] - UnitedHealth's second-quarter earnings guidance fell short of expectations, forecasting adjusted EPS of at least $16, significantly below the analyst consensus of $20.40 [8] - UPS refrained from providing earnings guidance due to market volatility, reporting Q2 revenue of $21.2 billion, a 2.8% year-over-year decline [8][9] - Stellantis restored its earnings guidance but warned of a €1.2 billion (approximately $1.4 billion) tariff impact in the second half of the year [9] - Nomura Holdings reported a 52% year-over-year increase in Q1 net profit, driven by strong trading and investment banking performance [10] - Barclays announced a 23% increase in first-half profits and a $1.3 billion stock buyback plan, benefiting from market trading activity [11] - Whirlpool's Q2 sales fell 5.4% to $3.77 billion, below market expectations, and it lowered its full-year EPS guidance [12] - Philips slightly raised its adjusted operating margin forecast for the year, indicating that the impact of trade tensions was less severe than previously feared [13] Economic Data and Events - Upcoming economic data includes the US wholesale inventory month-on-month change and the Conference Board Consumer Confidence Index [14][15] - Earnings reports are expected from Visa, Booking, Starbucks, UBS, Rio Tinto, UMC, New Oriental, and HSBC [17]

Group 1 - The core point of the article is that Whirlpool's second-quarter net sales reached $3.77 billion, which fell short of analysts' expectations of $3.85 billion [1]

Core Viewpoint - The "Fresh Journey" public welfare activity initiated by Rongsheng Refrigerator in Ningxia Zhongwei aims to support local farmers and promote the preservation of regional agricultural products through advanced technology and ESG commitment [2] Group 1: Company Initiatives - Rongsheng Refrigerator collaborates with local landmark agricultural products, such as selenium sand melons and goji berries, to create a fresh preservation chain from farm to table [2] - The company emphasizes its "fresh-keeping" philosophy, which aligns with the exploration of fresh and healthy sources from different regions [2] - The showcased Rongsheng 515WILL fresh-keeping refrigerator features three core technologies: SUPL four-season multi-frequency light preservation, smart water mist dynamic moisture maintenance, and AI negative ion high-energy sterilization [2] Group 2: Product Technology - The W60 series refrigerator utilizes multi-frequency light to simulate natural light, allowing goji berries to retain polysaccharides, while maintaining 70% humidity to prevent drying or spoilage [3] - For selenium sand melons, the W60's light preservation technology delays sugar conversion, and its moisture retention system locks in over 90% of water content, keeping the fruit fresh for days [3] - Testing shows that fruits and vegetables stored in the refrigerator not only remain fresh but also continue to generate nutrients, with lutein retention increasing by 70.3% and vitamin C retention rising by 36.3%, while weight loss is nearly 50% lower compared to ordinary refrigerators [3] Group 3: Social Responsibility - The "Fresh Journey" initiative reflects the company's commitment to using technology to protect natural resources, transforming the freshness of the land into income for farmers and benefiting countless households [5]

Core Viewpoint - Whirlpool's impressive interim performance forecast masks underlying structural concerns, with a projected net profit increase of 559% to 205 million yuan and a non-recurring net profit growth of 857% [1] Group 1: Financial Performance - The company reported a significant reliance on related party transactions for its revenue, with 73.52% of its income coming from the parent company and other affiliates [2][3] - Accounts receivable have surged to 1.67 billion yuan, ten times the net profit for the same year, indicating severe cash flow erosion [1][4] - In 2024, accounts receivable accounted for 45.79% of total revenue, up from 26.85% in 2022, highlighting deteriorating cash flow capabilities [5] Group 2: Business Model and Strategy - Since the acquisition by Galanz in 2021, Whirlpool has shifted to a model heavily reliant on OEM orders from its parent company, leading to a loss of brand value and market influence [3][11] - The company's sales expenses have decreased significantly, down 64.5% year-on-year, while net profit surged 148.72%, raising concerns about the sustainability of this growth [3][4] - The organizational structure has become extremely flat, with a significant reduction in management layers, which may impair strategic decision-making and operational efficiency [8][9] Group 3: Market Position and Challenges - Domestic sales have plummeted, with revenue from the Chinese market dropping 77.02% year-on-year, now constituting only 3.43% of total revenue [2][11] - The company faces increasing dependency on a few major clients, with the top five customers accounting for 90.59% of sales, raising risks if these relationships falter [2][15] - The operational challenges are compounded by a significant reduction in sales personnel and R&D staff, which may hinder future growth and innovation [12][11] Group 4: Corporate Governance and Financial Practices - The company has engaged in controversial dividend practices, distributing 744.69% of its net profit in dividends in 2023, raising concerns about potential profit extraction by the parent company [16] - The management's decision to forgo salaries and drastically cut costs has led to skepticism among investors regarding the long-term viability of such strategies [8][9]

Group 1 - A-share market is experiencing a wave of positive earnings forecasts, with 83 out of 107 companies predicting better-than-expected results, accounting for nearly 80% [1] - Among the companies, 61 are expected to report net profits exceeding 100 million yuan, representing nearly 60% of the total [1] - Notable performers include Industrial Fulian, Lixun Precision, Xinhecheng, and Yun Aluminum, all of which are expected to report net profits exceeding 1 billion yuan [1] Group 2 - Industrial Fulian anticipates a net profit of over 12 billion yuan for the first half of the year, a year-on-year increase of nearly 40%, driven by strong growth in cloud computing and AI server businesses [1] - Lixun Precision expects a profit range of 6.475 billion to 6.745 billion yuan, reflecting a year-on-year growth of 20% to 25% [1] - Xinhecheng forecasts a net profit between 3.3 billion and 3.75 billion yuan, with a year-on-year increase of 50% to 70%, mainly due to rising sales and prices of vitamins [1] Group 3 - 24 companies are predicting a year-on-year net profit increase of over 100%, with Huayin Power expecting a staggering increase of 3600% to 4.423 billion yuan [3] - Other companies like Shen Shen Fang A and Saint Farm are also projecting significant profit increases, with some exceeding 400% [3] - The average stock price of companies that have released earnings forecasts has risen by 27.03% this year, significantly outperforming the market [3] Group 4 - Financing activities have accelerated towards companies with positive earnings forecasts, with 49 companies experiencing net capital inflows [3] - Notably, Xiaoshangpin City has received a net capital inflow of 373 million yuan since July, with an expected net profit growth of over 12% [3] - Overall, despite macroeconomic challenges, leading companies are achieving stable growth due to their core competitiveness [3]

Core Viewpoint - Whirlpool (China) has successfully transformed its business strategy under the ownership of Galanz, shifting focus from domestic competition to overseas markets, resulting in significant profit growth and operational efficiency improvements [2][4][11]. Financial Performance - In the first half of this year, Whirlpool (China) expects a net profit of approximately 205 million yuan, a year-on-year increase of about 559%, with a net profit of 194 million yuan after excluding non-recurring gains, reflecting an 857% increase [3]. - For the fiscal year 2024, the company reported total revenue of 3.649 billion yuan, a decline of 8.85%, but net profit increased by 148.72% to 202 million yuan, and net profit excluding non-recurring items rose by 74.80% to 179 million yuan [3][4]. Strategic Shift - The company has strategically abandoned direct competition in the Chinese market, focusing instead on contract manufacturing and expansion in overseas markets, particularly for its major shareholder, Whirlpool USA [4][11]. - The revenue from overseas markets accounts for 93.85% of total revenue, indicating a significant pivot towards international operations [6]. Cost Control and Management - Whirlpool (China) has implemented extreme cost-cutting measures, including a flat management structure where the president oversees all major operations, leading to enhanced efficiency [6][9]. - The management team is notably lean, with minimal executive positions, which allows for better cost management but may impact team development [9][8]. Client Dependency - The top five clients account for 90.59% of total sales, with a significant portion of sales coming from related parties, indicating a high dependency on a limited number of customers [6][7]. Product Development - The company is focusing on developing new products tailored for the U.S. and South American markets, including a series of high-standard dishwashers and innovative washing machines [11].

Core Insights - The company, Whirlpool, has experienced a significant increase in its net profit for the first half of the year, with an estimated year-on-year growth of approximately 559% [1] Financial Performance - Whirlpool's net profit for the first half of the year is projected to increase by around 559% compared to the same period last year [1]