Investment Rating - The investment rating for the company is "Accumulate" with a target price based on a PE of 12.7x for 2024, 11.1x for 2025, and 10.3x for 2026 [3][10]. Core Insights - The company's main business continues to perform well, with an improvement in profitability levels. In Q1 2024, the gross margin was 9.99%, up 1.13 percentage points year-on-year, and the net profit margin was 3.46%, up 1.32 percentage points year-on-year [1][6]. - The company is focusing on its core compressor business, which is expected to grow alongside the demand for refrigerators. The decline in revenue is attributed to the reduction in non-core businesses and the exit from the floor cleaning machine business [7][8]. - The company has a strong cash position, with cash and cash equivalents plus trading financial assets amounting to 56.11 billion, a year-on-year increase of 32.17% [8]. Financial Performance - In Q1 2024, the company achieved operating revenue of 33.41 billion, a year-on-year decrease of 21.16%, while the net profit attributable to the parent company was 0.8 billion, an increase of 26.96% year-on-year [6][8]. - The company’s investment income for Q1 2024 was 0.19 billion, a significant increase of 340.53% year-on-year, mainly due to gains from foreign exchange contracts and equity sales [1]. - The company’s financial metrics indicate a decrease in operating costs and an improvement in financial expenses due to increased foreign exchange gains and interest income [1][8]. Future Outlook - The company is expected to see growth in its core compressor business, with commercial and variable frequency segments likely to enhance profitability in the medium to long term. New growth areas such as electric vehicle components are anticipated to contribute positively [3][10]. - Forecasted net profits for the company are 4.4 billion for 2024, 5 billion for 2025, and 5.3 billion for 2026, reflecting a positive growth trajectory [3][10].

Financial Performance - Total revenue for Q1 2024 was CNY 3,340,525,465.30, a decrease of 21.2% compared to CNY 4,237,222,935.89 in the same period last year[5] - In Q1 2024, the company reported a net profit of CNY 115,521,952.61, an increase of 27.6% compared to CNY 90,586,662.21 in the same period last year[7] - The total revenue from operating activities was CNY 2,039,971,135.29, down 27.5% from CNY 2,814,493,521.26 in Q1 2023[10] - Basic earnings per share increased to CNY 0.1148 from CNY 0.0904, reflecting a growth of 27.1%[9] - The total comprehensive income for the period was CNY 120,008,429.43, compared to CNY 96,079,716.84 in the previous year, marking a 24.8% increase[9] - Net profit attributable to shareholders was ¥79,921,685.50, an increase of 26.96% year-over-year[29] Operating Costs and Expenses - Total operating costs for Q1 2024 were CNY 3,208,222,199.33, down from CNY 4,105,012,036.60 year-over-year[5] - Research and development expenses amounted to CNY 83,855,047.49, a decrease of 17.2% from CNY 101,294,265.77 in the previous year[7] - The company reported a decrease in net profit margin due to rising costs and lower revenue[5] - The company’s tax expenses for the quarter were CNY 21,278,086.57, up from CNY 11,003,423.61 in the same period last year[7] - The financial expenses showed a notable change, with interest expenses rising to CNY 16,663,705.96 from CNY 13,342,319.17, while interest income increased to CNY 29,973,174.66 from CNY 18,938,311.61[7] Cash Flow and Liquidity - Cash and cash equivalents increased to CNY 5,609,812,539.26 from CNY 4,471,529,530.14, representing a growth of 25.4%[2] - The cash inflow from operating activities decreased significantly, totaling CNY 2,039,971,135.29 compared to CNY 2,814,493,521.26 in Q1 2023[10] - The net cash flow from operating activities was -441,797,769.69, compared to -406,548,101.79 in the previous period, indicating a decline in operational performance[12] - Cash inflow from investment activities totaled 721,744,293.81, up from 456,348,715.92, reflecting a significant increase in investment recovery[12] - The net cash flow from financing activities increased to 951,600,700.51 from 400,741,917.72, showing improved financing capabilities[12] - The total cash and cash equivalents at the end of the period reached 5,520,952,878.05, compared to 3,437,470,574.40 at the end of the previous period, marking a substantial increase of 60.5%[12] Assets and Liabilities - Total assets increased to CNY 14,760,428,222.38 from CNY 13,902,538,933.55, marking a growth of 6.2%[5] - Total liabilities rose to CNY 9,639,700,547.42 from CNY 8,708,735,530.90, an increase of 10.7%[5] - Accounts receivable rose to CNY 3,087,158,864.51, up from CNY 2,033,162,128.36, indicating a significant increase of 52%[2] - Inventory decreased to CNY 1,304,322,590.61 from CNY 1,695,362,012.95, reflecting a decline of 23%[2] Shareholder Information - The largest shareholder, Sichuan Changhong Electric Co., Ltd., holds 30.60% of the shares, totaling 212,994,972 shares[42] - Mianyang Science City Development Investment (Group) Co., Ltd. holds 4.13% of the shares, totaling 28,750,000 shares, with 14,370,000 shares pledged[42] - The total number of common shareholders at the end of the reporting period is 29,990[46] - The top ten shareholders collectively hold a significant portion of the company's shares, with the first two shareholders alone accounting for over 34%[42] - The report indicates that there are no changes in the participation of the top ten shareholders in the securities lending business compared to the previous period[50] Strategic Focus - The company plans to focus on market expansion and new product development in the upcoming quarters[5] - The company has allocated resources for research and development to enhance its technological capabilities[5] - The company has not disclosed any new product developments or market expansion strategies in the current report[21] - There were no significant mergers or acquisitions reported during this period[21] - There is no indication of any new strategies or market expansions discussed in the report[49]

证券代码：000404 证券简称：长虹华意 公告编号：2024-024 长虹华意压缩机股份有限公司 第九届董事会 2024 年第一次临时会议决议公告 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。 一、董事会会议召开情况 1、会议通知时间与方式 长虹华意压缩机股份有限公司（以下简称"公司"或"长虹华意"）第九届董 事会 2024 年第一次临时会议通知于 2024 年 4 月 16 日以电子邮件形式送达全体董 事。 2、会议召开的时间、地点和方式 （1）会议于 2024 年 4 月 19 日以通讯方式召开。 （2）董事出席会议情况:公司应参与表决的董 8 名，实际参与表决的董事 8 名。 （3）本次会议由董事长杨秀彪先生主持，董事肖文艺先生、史强先生、邵敏 先生、王勇先生、李余利女士、任世驰先生、林嵩先生以通讯表决方式出席了本次 董事会。 （4）会议列席人员：公司监事及高级管理人员。 （5）本次会议召开符合有关法律法规、部门规章、规范性文件和公司章程的 规定。 二、董事会会议审议情况 经与会董事充分讨论，以书面投票方式通过了以下议案： 1、审议通过《公司 202 ...

证券代码：000404 证券简称：长虹华意 公告编号：2024-025 长虹华意压缩机股份有限公司 第九届监事会 2024 年第一次临时会议决议公告 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。 一、监事会会议召开情况 1、会议通知时间与方式 经与会监事充分讨论，以书面投票方式通过了以下议案： 1、审议通过《公司 2024 年第一季度报告》 监事会认为：公司编制的 2024 年第一季度报告审议程序符合法律法规及深 圳证券交易所的规定，报告内容真实、准确、完整地反映了公司的实际情况，不 存在任何虚假记载、误导性陈述或者重大遗漏。 （2）监事出席会议情况：公司应参与表决的监事 3 名，实际参与表决的监事 3 名。 （3）本次会议由监事会主席邱锦先生主持，监事陈思远先生、周钰女士以通讯 表决方式出席了本次监事会。 （4）会议列席人员：董事会秘书史强先生。 （5）本次会议召开符合有关法律法规、部门规章、规范性文件和公司章程的规 定。 二、监事会会议审议情况 长虹华意压缩机股份有限公司（以下简称"公司"或"长虹华意"）第九届监 事会 2024 年第一次临时会议通知于 ...

证券代码：000404 证券简称：长虹华意 公告编号：2024-023 长虹华意压缩机股份有限公司 关于举办 2023 年度网上业绩说明会的公告 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。 长虹华意压缩机股份有限公司（以下简称"公司"）已于 2024 年 03 月 29 日在 巨潮资讯网上披露了《2023 年年度报告全文》及《2023 年年度报告摘要》。为进一 步加强与投资者的互动交流，公司将举办 2023 年度网上业绩说明会，现将有关事项 公告如下： 一、说明会召开的时间、地点和方式 会议召开时间：2024 年 04 月 22 日（星期一） 15:00-17:00 1 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 二、 参加人员 公司董事长杨秀彪先生、独立董事李余利女士、独立董事任世驰先生、副总经理 肖文艺先生、董事会秘书史强先生、总会计师余万春先生。 三、 投资者参加方式 投资者可于 2024 年 04 月 22 日（星期一） 15:00-17:00 通过网址 https://eseb.cn/1dvCp6qQV ...

分析师承诺 投资评级说明 | --- | --- | --- | |----------|-------|-----------------------------------------------------------------------------------------| | | | | | | | 买入：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅在 20% 以上 | | | | 持有：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 10% 与 20% 之间 | | 公司评级 | | 中性：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 -10% 与 10% 之间 | | | | 回避：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 -20% 与 -10% 之间 | | | | 卖出：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅在 -20% 以下 | | | | | | --- | --- | --- | |----------|--------------------|----------------------------- ...

证券代码：000404 证券简称：长虹华意 公告编号：2024-022 长虹华意压缩机股份有限公司 关于浙江威乐新能源压缩机有限公司 已核销知豆电动汽车有限公司应收账款债权清偿的进展公告 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。 一、核销应收账款的概述 长虹华意压缩机股份有限公司（以下简称"公司"）控股子公司的子公司浙江威乐新能 源压缩机有限公司（原名上海威乐汽车空调器有限公司，以下简称"威乐公司"）于 2016 年 10 月至 2018 年 7 月向知豆电动汽车有限公司（以下简称"知豆公司"）销售新能源汽车 空调电动压缩机及空调系统等相关产品,知豆公司受新能源补贴政策调整及自身经营问题等 影响陷入财务危机。 2019 年 6 月 18 日，威乐公司起诉与知豆公司买卖合同纠纷案获浙江省宁波市中级人民 法院受理。具体内容详见公司 2019 年 6 月 26 日在信息披露媒体《证券时报》和巨潮资讯网 （www.cninfo.com.cn）披露的《关于上海威乐汽车空调器有限公司重大诉讼公告》。 因考虑知豆公司经营困难、现金流严重不足，2019 年 10 月 1 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][11]. Core Views - The company focuses on its core business, with a significant increase in the sales of commercial and variable frequency compressors, which are expected to enhance profitability in the medium to long term [11][31]. - The company has experienced a decline in revenue due to a significant drop in the raw materials and components business, but the core compressor business has shown good growth [11][13]. - The company plans to exit the vacuum cleaner business in January 2024 to concentrate resources on strengthening its competitive advantages [13]. Financial Performance - In 2023, the company achieved revenue of 12.89 billion yuan, a year-on-year decrease of 1.58%, while the net profit attributable to the parent company was 360 million yuan, an increase of 37.8% [6][11]. - The company’s gross margin for 2023 was 13.22%, up 2.48 percentage points year-on-year, and the net margin was 4.12%, up 0.93 percentage points year-on-year [31]. - The company reported a significant asset impairment loss of 110 million yuan in 2023, primarily due to inventory write-downs and fixed asset impairments [9][31]. Business Segmentation - Revenue from various business segments in 2023 showed mixed results: refrigerator compressors decreased by 0.53%, raw materials and components by 15.36%, vacuum cleaners increased by 203.3%, batteries decreased by 30.7%, and new energy vehicle air conditioning compressors increased by 33.9% [7][11]. - The sales volume of commercial compressors reached 8.34 million units in 2023, a year-on-year increase of 14%, while variable frequency compressors sold 17.91 million units, up 10% year-on-year [8][11]. Future Outlook - The company has adjusted its revenue growth forecast, expecting net profits attributable to the parent company to be 440 million yuan in 2024, 500 million yuan in 2025, and 530 million yuan in 2026 [11][30]. - The company aims to ensure the production and sales of refrigerator compressors at 75 million units in 2024, with a target of 77 million units [15].

Dividend Distribution - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares to all shareholders, based on a total of 695,995,979 shares[6]. - The company reported a cash dividend of 2.5 yuan per 10 shares, amounting to a total cash dividend of 173,998,994.75 yuan, which represents 100% of the profit distribution[197]. - The company plans to distribute a cash dividend of 2.50 CNY per 10 shares, totaling 173,998,994.75 CNY, which represents 84.04% of the distributable profit for 2023 and 48.04% of the net profit attributable to shareholders[198]. - The cash dividend distribution plan is subject to approval at the shareholders' meeting[198]. Shareholder Information - The controlling shareholder, Sichuan Changhong, holds 30.60% of the company's total shares, amounting to 212,994,972 shares[22]. - The company reported a total share capital of 140 million shares, with 75% held by the controlling shareholder, Jingdezhen Huayi Electric[22]. - The company’s profit available for distribution to shareholders was 443,519,523.58 yuan[197]. Financial Performance - The company's operating revenue for 2023 was ¥12,889,012,389.22, a decrease of 1.58% compared to ¥13,095,484,579.32 in 2022[24]. - Net profit attributable to shareholders increased by 37.83% to ¥362,158,575.34 in 2023 from ¥262,750,915.73 in 2022[24]. - The net profit after deducting non-recurring gains and losses was ¥309,175,143.43, up 38.89% from ¥222,610,450.12 in the previous year[24]. - The basic earnings per share rose to ¥0.5203, reflecting a 37.83% increase from ¥0.3775 in 2022[24]. - Total assets at the end of 2023 reached ¥13,902,538,933.55, marking a 10.57% increase from ¥12,573,398,459.37 in 2022[24]. - The weighted average return on equity improved to 9.77%, up 2.29 percentage points from 7.48% in 2022[24]. Market Performance - The company reported a significant growth in the domestic refrigerator compressor market, with an 18.4% increase in domestic sales, while exports decreased by 1.4%[34]. - In the new energy vehicle air conditioning compressor sector, production and sales reached 9.587 million and 9.495 million units respectively, with year-on-year growth of 35.8% and 37.9%[36]. - The company achieved a record sales volume of 72.73 million refrigerator compressors in 2023, maintaining its position as the global leader for eleven consecutive years, with a compound annual growth rate of 9.3% over the past three years, significantly higher than the industry average of 1.2%[46]. - The company’s commercial compressor sales reached 8.34 million units in 2023, a year-on-year increase of 14%, while inverter compressor sales grew by 10% to 17.91 million units[46]. - In the new energy vehicle air conditioning sector, the company sold 380,000 compressors in 2023, marking a 62% increase, surpassing the industry growth rate of 34%[47]. Operational Efficiency - The company has successfully implemented digital factory initiatives, including the integration of 5G networks and various management systems, to improve operational efficiency[51]. - Lean production practices have been fully adopted across all bases, resulting in significant improvements in production efficiency through 197 projects focused on automation and quality enhancement[52]. - The company’s operating costs for the equipment manufacturing sector decreased by 4.36% to approximately ¥11.12 billion in 2023[63]. Research and Development - The company has established a joint R&D center with Zhejiang University, focusing on advanced technologies such as variable frequency control algorithms and high-efficiency motor performance optimization[41]. - Research and development expenses for 2023 were ¥476,958,124.73, a 2.24% increase compared to ¥466,503,469.63 in 2022[71]. - The number of R&D personnel decreased by 48.99% from 743 in 2022 to 379 in 2023[72]. Investment Activities - The company reported a significant increase in investment, with total investments amounting to ¥531,087,814.34, a 145.53% increase compared to ¥216,298,350.80 in the previous year[90]. - The company has ongoing non-equity investments totaling CNY 184,328,134.01, with CNY 125,164,199.50 invested during the reporting period[98]. - The company is pursuing market expansion through strategic investments in new technologies and products[93]. Corporate Governance - The company held 8 supervisory board meetings during the reporting period, reviewing 36 proposals, ensuring compliance and efficiency in operations[137]. - The company implemented a performance evaluation system and continued to promote the "14th Five-Year Performance Incentive Plan," enhancing management and employee motivation for high-quality development[138]. - The company disclosed 130 announcements during the reporting period, adhering to regulations for timely and accurate information disclosure[140]. - The company revised its governance documents to strengthen internal management and compliance, ensuring protection of shareholder rights[141]. - The company maintained fair and reasonable related party transactions, with independent directors reviewing and approving transactions to protect minority shareholders' interests[142]. Employee Information - The total number of employees at the end of the reporting period was 7,797, including 1,705 at the parent company and 6,092 at major subsidiaries[189]. - The company has a total of 83 employees with postgraduate degrees and 737 with bachelor's degrees, indicating a diverse educational background among staff[190]. - The company has implemented a sustainable salary management policy that combines basic and performance-based pay to enhance employee motivation[191]. - The company conducted various training programs covering management, technical skills, and safety training to improve employee competencies[192]. Future Outlook - For 2024, the company aims to ensure refrigerator compressor production and sales of 7,500,000 units, with a target of 7,700,000 units[120]. - The company plans to ensure sales revenue of 11 billion yuan for 2024, striving for 12 billion yuan[120]. - The company aims to enhance its manufacturing capabilities through digital factory upgrades, utilizing IoT, 5G, and AI technologies[124]. - The company is committed to green and low-carbon projects, including rooftop photovoltaic and energy storage projects, as well as carbon reduction management systems across its bases[127]. Risk Management - The company faces risks from macroeconomic fluctuations, which can impact disposable income and consumption levels, and plans to adjust strategies accordingly[128]. - The volatility in raw material prices, particularly steel and aluminum, poses a risk to cost control, prompting the company to implement lean production and management practices[129]. - The company is exposed to exchange rate fluctuations, with over 30% of its revenue coming from exports, primarily settled in USD and EUR, and it employs risk-neutral policies for management[131].

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