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].

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：2024-25 √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） 富国基金：毕天宇、李元博、刘莉莉、武明戈、汪孟海、顾飞飞、 参与单位 名称 方竹静、樊博文；万家基金：孙远慧；安联基金：赵耀；西南家 及人员 电：龚梦泓；民生证券：汪海洋 时间 2024 年 8 月 23 日 地点 公司行政中心二号会议室 上市公司 接待 副总裁兼董事会秘书：李霞 人员姓名 财务管理部主管：段平 证券事务主管：肖莉 证券事务经理：吕明 投资者与公司代表互动交流问答 1.公司业绩持续向好，请简要介绍下公司下半年经营计划 答：2024 年下半年，公司将继续以围绕"坚持价值导向、全 面提效，围绕一个目标，提升六项能力，深化内外协同、强化合 规风控，促进公司持续高质量发展"的经营思路开展工作，在损 投资者关系活 益持续改善的前提下，力争规模增长超行业平均水平。 动主要内容介 2.请介绍下公司的运营能力 绍 | --- | ...

证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2024-045 长虹美菱股份有限公司 关于参与投资设立四川虹云信息科技创业投资基金暨关联交易 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）基于基金管理人目前引入新合伙人的进度及提高资金使用效率的要求， 同意在决议生效当日起 3 个工作日内，将全体合伙人已实缴出资的款项及对该等 款项现金管理的收益，按照全体合伙人持有份额比例暂时返还至合伙人提供的账 户，最终分配金额以分配日的实际账户余额为准。具体明细如下： | 份额比 | | --- | | 认缴金额 | | 出资人 | | 分类 首缴已出 基金账户余额 退回本金 分配收益 | | | | （万元） | 例 | 资金额 | （截至2024年 | （万元） | （万元） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （万元） | 7月31日）（万 元） | | | | 有限合伙 | 四川长虹电子控股集团 有限公司 | 5,000.00 ...

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：2024-24 √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） 碧云资本：贾凡；惠正投资：陈哲；财通资管：赵雯；宏利基金： 陈富坤；合远投资：刘颜；长盛基金：廖琛烯；循远资产：刘琳 玲；华安合鑫：卢慧语；上银基金：蒋纯文；汇添富：赵鹏飞； 京管泰富：王欣伟；路博迈：吴瑾；相生资产：苏文晶；大成基 参与单位名称 金：黄万青；方正富邦基金：姚轩杰；中信资管；肖云凯；信达 及人员 澳亚：马绮雯；金鹰基金：蒋程浩；华夏基金：陈伟彦；金鹰基 金：李敏晗：淳厚基金：李天诚；润晖投资：刘娜；国盛证券： 徐程颖；西南证券：龚梦泓；申万证券：刘正；国泰证券：蔡雯 娟等 时间 2024 年 8 月 21 日 地点 公司行政中心三号会议室 上市公司接待 副总裁兼董事会秘书：李霞 人员姓名 财务管理部部长：杨俊 董秘室主任：章咪 证券事务主管：肖莉 证券事务经理：吕明 证券事务经理：方鑫 投资者与公司代表互动交流问答 ...

公 司 研 究 | --- | |-----------| | | | | | 2024 年 | | | 长虹美菱(000521) 目标价: 昨收盘:8.00 长虹美菱：2024Q2 业绩双位数增长，洗衣机收入持续高增 ◼ 走势比较 (20%) 6% 32% 58% 84% 110% 23/8/2123/11/124/1/1224/3/2424/6/424/8/15 长虹美菱 沪深300 ◼ 股票数据 总股本/流通(亿股) 10.3/10.3 总市值/流通(亿元) 82.39/82.39 12 个月内最高/最低价 (元) 12.64/5.45 相关研究报告 <<长虹美菱：2023Q4 业绩表现亮眼， 洗衣机和海外业务收入持续高增>>- -2024-04-02 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1190124030010 事件：2 ...

[ T able_StockInfo] 2024 年 08 月 19 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：8.00 元 长虹美菱（000521）家用电器 目标价：——元（6 个月） 外销拉动增长，盈利能力维持稳健 [Table_Summary 事件：公司发布] 2024 年半年报，2024 年上半年公司实现营收 149.5 亿元，同 比增长 16.5%；实现归母净利润 4.2 亿元，同比增长 15.9%；实现扣非净利润 4.3亿元，同比增长 13.2%，非经常性损益主要系本期公司远期外汇合约及尚未 确认的确定承诺评估损失所致。单季度来看，Q2 公司实现营收 90.1 亿元，同 比增长 15.4%；实现归母净利润 2.6 亿元，同比增长 10.2%；实现扣非后归母 净利润 2.5 亿，同比下降 11.5%。 外销带动营收增长，空调深化核心客户战略合作。分产品来看，上半年公司冰 箱（冰柜）/空调/洗衣机/小家电及厨卫分别实现营业收入 47.4亿元/85亿元/7.8 亿元/7.4 亿元，分别同比+12.2%/+21.5%/+40.7%/-12.7%；分区域来看，内外 销分别实现营业收入 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 18 年 月 日 长虹美菱（000521.SZ） 2024Q2 业绩略超预期，现金流健康 事件：公司发布 2024 年中报。公司 2024H1 实现营业总收入 149.48 亿 元，同比增长 16.52%；实现归母净利润 4.15 亿元，同比增长 15.91%； 扣非归母净利润 4.33 亿元，同比+13.22%。其中，2024Q2 单季营业总收 入为 90.08 亿元，同比增长 15.43%；归母净利润为 2.59 亿元，同比增长 10.18%；扣非归母净利润 2.47 亿元，同比-11.46%。 核心品类增速较快，外销快速增长。分产品：2024H1 冰箱（（冰冰））、空 调、洗衣机、小家电及厨卫收入同增 12.18%、21.47%、40.65%、-12.69%。 分区域：23 年国内、国外收入同增 13.43%、23.59%。 利润率略降，或受原材料影响。毛利率：2024Q2 公司毛利率同比-1.82pct 至 9.89%。考虑到二季度铜价涨幅较大，我们预计毛利率变动受大宗价格 上涨影响。 费率端： 2024Q2 销 售 / 管 理 ...

- 收入高增及费用优化，带动归母超预期 ——长虹美菱 2024H1 点评 长虹美菱（000521）/家电 证券研究报告/公司点评 2024 年 8 月 17 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|--------------|-------------------------------------------------------------------------------|------------------------------------|----------------------------------------------------------|--------------------------------------------------------|---------------------------- ...