Group 1 - The core viewpoint of the article is that Whirlpool (600983) has potential for increased capacity utilization and the injection of washing machine assets will benefit the company's future washing machine business, particularly in the dryer segment [1] Group 2 - The company indicates that there is still room for growth in its capacity utilization [1] - The addition of washing machine assets enhances the product line of the listed company [1] - The development of the washing machine business, especially dryers, is expected to be positively impacted by this asset injection [1]

Group 1 - The white goods sector increased by 2.29% on February 4, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the white goods sector showed varied performance, with Whirlpool rising by 7.62% to a closing price of 12.00 [1] Group 2 - The net inflow of main funds in the white goods sector was 629 million yuan, while retail funds saw a net outflow of 378 million yuan [1] - Midea Group had a main fund net inflow of 296 million yuan, but also experienced a retail net outflow of 205 million yuan [2] - Gree Electric experienced a main fund net inflow of 168 million yuan, with a retail net outflow of 118 million yuan [2]

Market Overview - The white goods sector increased by 0.05% on February 3, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up by 1.29%, while the Shenzhen Component Index closed at 14127.1, up by 2.19% [1] Stock Performance - Whirlpool (600983) closed at 11.15, with a rise of 2.39% and a trading volume of 77,200 shares, amounting to a transaction value of 85.91 million yuan [1] - Snowball Electric (001387) closed at 14.80, up by 1.86%, with a trading volume of 34,200 shares and a transaction value of 50.25 million yuan [1] - Hisense Home Appliances (000921) closed at 23.94, increasing by 1.70%, with a trading volume of 76,300 shares and a transaction value of 182 million yuan [1] - Haier Smart Home (600690) closed at 25.20, up by 0.80%, with a trading volume of 388,500 shares and a transaction value of 977 million yuan [1] - Midea Group (000333) closed at 77.91, with a slight increase of 0.08%, trading 345,000 shares for a total of 2.692 billion yuan [1] - Other notable performances include Gree Electric (000651) down by 0.47% and TCL Smart Home (002668) down by 0.81% [1] Capital Flow - The white goods sector saw a net inflow of 137 million yuan from institutional investors, while retail investors experienced a net outflow of 61.62 million yuan [1] - The capital flow for major stocks indicates that Midea Group had a net inflow of 26.3 million yuan from institutional investors, but a net outflow of 79.25 million yuan from retail investors [2] - Haier Smart Home had a net inflow of 38.57 million yuan from institutional investors, with a net outflow of 1.88 million yuan from retail investors [2] - Gree Electric experienced a significant net outflow of 143 million yuan from institutional investors [2] - Deep Kangjia A (000016) faced a substantial net outflow of 15.33 million yuan from institutional investors, while retail investors had a net inflow of 1.22 million yuan [2]

Market Overview - The white goods sector experienced a decline of 0.14% on February 2, with the Shanghai Composite Index closing at 4015.75, down 2.48%, and the Shenzhen Component Index at 13824.35, down 2.69% [1] Individual Stock Performance - Aokema (600336) closed at 7.88, up 1.42% with a trading volume of 252,000 shares and a turnover of 202 million yuan - Midea Group (000333) closed at 77.85, up 0.34% with a trading volume of 345,900 shares and a turnover of 2.696 billion yuan - Gree Electric (000651) closed at 38.54, down 0.41% with a trading volume of 367,200 shares and a turnover of 1.424 billion yuan - Haier Smart Home (600690) closed at 25.00, down 0.44% with a trading volume of 471,000 shares and a turnover of 1.189 billion yuan - Deep Kangjia A (000016) led the decline, closing at 4.48, down 10.04% with a trading volume of 93,400 shares and a turnover of 41.824 million yuan [1] Capital Flow Analysis - The white goods sector saw a net inflow of 402 million yuan from institutional investors, while retail investors experienced a net outflow of 158 million yuan [1] - Midea Group had a net inflow of 508 million yuan from institutional investors, but a net outflow of 328 million yuan from retail investors [2] - Haier Smart Home recorded a net inflow of 29.328 million yuan from institutional investors, with a net outflow of 37.224 million yuan from retail investors [2] - Deep Kangjia A experienced a significant net outflow of 20.7661 million yuan from institutional investors, while retail investors had a net inflow of 15.3664 million yuan [2]

Core Viewpoint - The company is focused on enhancing its competitiveness and ensuring sustainable shareholder returns while navigating a complex external environment [2][3]. Group 1: Company Performance and Market Position - As of January 30, 2026, the company's stock price closed at 11.19 yuan, up 3.23% from the previous week, with a total market capitalization of 8.576 billion yuan, ranking 7th in the white goods sector [1]. - The company will continue to prioritize high-quality, high-standard, and efficient operations, maintaining its high-end brand positioning and focusing on its core business to improve competitiveness and operational results [1]. Group 2: Strategic Developments - The company has resolved the issue of competition with its controlling shareholder by purchasing relevant assets related to the washing machine business for cash, eliminating substantial competition in this area [1][3]. - The company plans to conduct foreign exchange hedging activities based on actual business needs to mitigate and prevent exchange rate risks [2][3]. Group 3: Shareholder Returns - The company places significant emphasis on shareholder returns and aims to enhance operational efficiency while considering profitability and cash flow to provide sustainable returns to investors [2][3].

Group 1 - The core viewpoint of the report indicates that Whirlpool's development has been characterized by optimization of its equity structure, integration of brand resources, and iteration of product technology [1] - Significant changes in the equity structure and management occurred before and after Galanz took over, with Whirlpool Group being the core before the takeover and Galanz fully managing Whirlpool thereafter [1] - Starting from 2024, the company's revenue is expected to rebound significantly, with continuous release of profit elasticity [1] Group 2 - The company is expected to benefit from multiple factors including orders from Whirlpool Group, increased OEM releases from Japan and Southeast Asia, cost reduction and efficiency improvements post-Galanz takeover, and changes in competitive dynamics [1] - Future growth is anticipated, with projected net profit attributable to shareholders reaching 505 million, 616 million, and 743 million yuan for 2025-2027, representing year-on-year growth of 150.5%, 21.8%, and 20.7% respectively [1] - The report initiates coverage with a "buy" rating for the company [1]

Core Viewpoint - The report from Guosheng Securities highlights the significant changes in the ownership structure and management of Whirlpool, particularly after the acquisition by Galanz, which has led to a comprehensive takeover of management responsibilities and is expected to drive revenue recovery and profit growth starting in 2024 [1] Group 1: Company Development - Whirlpool's development has involved optimizing its ownership structure, integrating brand resources, and iterating product technology [1] - Before the acquisition, the company was primarily centered around Whirlpool Group, but post-acquisition, Galanz has fully taken over management [1] Group 2: Financial Projections - Starting in 2024, the company's revenue is expected to rebound significantly, with continuous release of profit elasticity [1] - The company is projected to achieve a net profit attributable to shareholders of 505 million, 616 million, and 743 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 150.5%, 21.8%, and 20.7% respectively [1] Group 3: Future Growth Drivers - Future growth is anticipated due to several factors: the company taking on orders from Whirlpool Group, increased OEM releases from Japan and Southeast Asia, cost reduction and efficiency improvements post-Galanz acquisition, and changes in competitive dynamics within the industry [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Insights - The company has shown significant improvement in revenue and performance under the control of Galanz, with a notable rebound expected starting in 2024 [1] - Galanz, as the global leader in microwave ovens, has effectively addressed industry competition through its acquisition of Whirlpool, which is anticipated to enhance operational efficiency and market positioning [2] - The company is expected to benefit from ongoing collaboration with Whirlpool Group, leading to increased orders and stable growth projected for 2026 [3] Company Overview - The company has undergone substantial changes in its ownership structure and management, transitioning to full control by Galanz, which has led to improved operational management and financial performance [1][20] - The revenue is expected to recover significantly, with a projected total revenue of 4,455 million yuan in 2025, reflecting a year-on-year growth of 22.1% [6] Financial Analysis - The company is projected to achieve a net profit of 505 million yuan in 2025, representing a year-on-year increase of 150.5% [4] - The gross margin has steadily improved from 13.40% in 2022 to an expected 17.24% in 2025, driven by product structure optimization and enhanced supply chain efficiency [35] - The company has seen a significant reduction in employee numbers, leading to increased revenue per employee, which is expected to reach 1.3266 million yuan by 2024 [3] Market Position - Galanz holds a dominant position in the global microwave oven market with a 47% market share, and its total revenue for 2024 is projected to be 62.8 billion yuan, marking a 12.3% year-on-year growth [2][44] - The collaboration with Whirlpool is expected to enhance the company's order volume, with Whirlpool's contribution to total revenue increasing from 61% in 2023 to 73% in 2024 [3]

证券日报网1月28日讯 ，惠而浦（600983）在接受调研者提问时表示，公司非常重视股东回报。未来， 公司将聚焦主业，全力提升经营效益，综合考量盈利水平、现金流状况等多重因素，在保障公司健康发 展的前提下，致力于以更好的业绩和可持续的股东回报来回馈广大投资者的信任和支持。 ...

Core Viewpoint - Whirlpool (600983) emphasizes its commitment to high-quality, high-standard, and efficient daily operations while maintaining its high-end brand positioning and focusing on its core business to enhance competitiveness and operational results [1] Group 1 - The company will continue to advance its daily production and operations with a focus on quality and efficiency [1] - Whirlpool aims to strengthen its competitive edge by concentrating on its main business activities [1] - The company is dedicated to improving its operational outcomes [1]