证 券 研 究 报 告 长虹美菱（000521）2024 年三季报点评 强推（维持） 收入延续高增，盈利能力承压 目标价：10.4 元 事项： 公司发布 2024 年三季报，24Q1-Q3 公司实现营收 227.6 亿元，同比增长 18.7%； 归母净利润 5.3 亿元，同比增长 6.4%。单季度来看，24Q3 公司实现营收 78.1 亿元，同比增长 23.2%，归母净利润 1.2 亿元，同比减少 18.0%。 评论： 收入延续高增，外销预计表现亮眼。24Q1-Q3 公司实现营收 227.6 亿元，同比 +18.7%，单 Q3 营收 78.1 亿元，同比+23.2%，收入延续高增态势。分品类看， 家空业务在小米代工+自主品牌共同驱动下预计持续增长，根据产业在线数 据，7-8 月空调内销/外销同比-14.9%/+37.5%，尽管国内需求低迷，但得益于小 米代工业务预计公司空调内销或仍有双位数以上增长，外销在行业高增背景下 表现或优于行业。冰洗行业景气度相对走弱，7-8 月冰箱内销/外销同比8.1%/+17.9%，我们判断公司冰洗业务内外销表现或与行业趋势一致。 业绩增速同比转负，盈利能力承压。24Q1-Q3 公 ...

Investment Rating - The report maintains a "Buy" rating for Changhong Meiling (000521) [1][2]. Core Views - The company achieved a revenue of 22.76 billion yuan in the first three quarters of 2024, representing an 18.7% year-on-year increase. The net profit attributable to shareholders was 530 million yuan, up 6.3% year-on-year, while the net profit after deducting non-recurring gains and losses was 510 million yuan, a slight increase of 0.2% year-on-year [1]. - In Q3 2024, the company reported a revenue of 7.81 billion yuan, a 23.2% year-on-year growth, but the net profit attributable to shareholders decreased by 18% to 120 million yuan, and the net profit after deducting non-recurring gains and losses fell by 37.7% to 80 million yuan [1]. - The company’s revenue growth is attributed to strong external sales, which outperformed domestic sales. The report suggests that the company is aligned with industry trends, where external sales are performing better than internal sales [1][2]. - The gross margin in Q3 2024 decreased by 4.7 percentage points to 10%, primarily due to fluctuations in raw material prices and a higher proportion of lower-margin overseas sales [1]. - The report highlights that the "old-for-new" policy is alleviating competitive pressure in the domestic market, leading to a recovery in industry demand and a shift from price competition to quality enhancement [2]. Financial Summary - For 2024-2026, the earnings per share (EPS) estimates are adjusted to 0.74 yuan, 0.86 yuan, and 1.00 yuan respectively. The report maintains the "Buy" rating based on these projections [2]. - The company’s revenue is projected to grow from 24.25 billion yuan in 2023 to 35.27 billion yuan in 2026, with corresponding growth rates of 19.95%, 16.13%, 13.14%, and 10.71% [3]. - The net profit attributable to shareholders is expected to increase from 741.04 million yuan in 2023 to 1.03 billion yuan in 2026, with growth rates of 203.04%, 3.33%, 15.24%, and 17.05% respectively [3]. - The report indicates a decrease in the net profit margin, with the net profit margin in Q3 2024 at 1.5%, down 0.8 percentage points year-on-year [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：2024-32 | --- | --- | --- | |-----------------------------|-------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公司快报 2024 年 10 月 23 日 长虹美菱(000521.SZ) Q3 外销高景气，内销表现平稳 事件：长虹美菱公布 2024 年三季报。公司 2024 年前三季度实 现收入 227.6 亿元，YoY+18.7%；实现归母净利润 5.3 亿元， YoY+6.3%；实现扣非归母净利润 5.1 亿元，YoY+0.2%。经折算， 公司 2024Q3 实现收入 78.1 亿元，YoY+23.2%；实现归母净利润 1.2 亿元，YoY-18.0%；实现扣非归母净利润 0.8 亿元，YoY-37.7%。 我们认为，Q3 长虹美菱外销持续高景气，内销受益于以旧换新政 策，单季收入快速增长。 Q3 单季收入持续快速增长：分产品来看：1）8 月以来，各地家 电"以旧换新"政策陆续落地，刺激空调更新需求释放，我们推 断 Q3 公司空调内销收入快速增长。拉美、中东市场空调景气较 高，公司加快拓展新市场、新客户。我们认为 Q3 公司空调外销收 入持续高增长。据产业在线数据显示，Q3 长虹空调内、外销出货 量 YoY+34.4%、+146.9%。2）我们推测 Q3 公司冰洗内销业务有所 承压，外销收入延续增长。据产业在线数据 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a total revenue of 22.758 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.73%. However, the net profit attributable to shareholders was 530 million yuan, a growth of only 6.35% [1]. - In Q3 2024, the company achieved a single-quarter revenue of 7.81 billion yuan, up 23.21% year-on-year, but the net profit decreased by 17.99% to 115 million yuan [1]. - The gross margin in Q3 2024 fell by 4.65 percentage points to 9.98%, while the net margin decreased by 0.83 percentage points to 1.52% [1]. - The report highlights external factors affecting operations, including a significant increase in the tax rate from 3% to 15% year-on-year and a 308% rise in non-operating expenses, primarily due to relocation costs [1]. - The company is expected to achieve net profits of 750 million, 867 million, and 982 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 1.2%, 15.6%, and 13.3% [1][2]. Financial Summary - For 2024E, the projected revenue is 28.698 billion yuan, with a year-on-year growth rate of 18.4% [2]. - The projected net profit for 2024E is 750 million yuan, reflecting a modest growth of 1.2% compared to 2023 [2]. - The report indicates an EPS of 0.73 yuan for 2024E, with a P/E ratio of 13.3 [2]. - The company’s net asset return rate is projected to be 12.2% for 2024E [2]. Cash Flow Situation - In Q3 2024, the company's operating cash flow net amount was 17 million yuan, a significant decline of 98% year-on-year, despite cash received from sales increasing by 3.8% to 7.777 billion yuan [1].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥7,810,029,557.25, representing a 23.21% increase year-over-year[2]. - Net profit attributable to shareholders decreased by 17.99% to ¥115,406,948.15 compared to the same period last year[2]. - The net profit after deducting non-recurring gains and losses fell by 37.66% to ¥81,836,690.17[2]. - The basic earnings per share decreased by 17.94% to ¥0.1121[3]. - Net profit for the current period was ¥543,278,883.64, compared to ¥518,975,128.41 in the previous period, representing an increase of 4.7%[21]. - The profit attributable to shareholders of the parent company was ¥530,440,364.03, up from ¥498,774,154.38, marking a growth of 6.4%[21]. Assets and Liabilities - Total assets increased by 16.70% to ¥22,630,704,631.07 compared to the end of the previous year[3]. - The total assets of Changhong Meiling Co., Ltd. reached CNY 22.63 billion at the end of the period, an increase from CNY 19.39 billion at the beginning of the period, reflecting a growth of approximately 16.5%[16]. - The total liabilities increased to CNY 16.89 billion from CNY 14.67 billion, marking a rise of approximately 15%[17]. - Total liabilities reached ¥16,205,891,885.49, compared to ¥13,197,569,739.73 at the beginning of the period, indicating a growth of 22.7%[18]. Cash Flow - The company's cash flow from operating activities for the year-to-date increased by 14.09% to ¥2,745,427,803.45[2]. - Cash inflow from operating activities totaled 24,019,630,811.99 CNY, up from 20,309,712,655.70 CNY, representing an increase of about 8.4% year-over-year[22]. - The net cash flow from operating activities was 2,745,427,803.45 CNY, an increase from 2,406,267,035.85 CNY, marking a growth of around 14.1%[22]. - Cash inflow from investment activities was 7,629,810,130.35 CNY, significantly higher than 803,428,693.81 CNY in the previous period[23]. - The net cash flow from investment activities was -2,473,421,453.37 CNY, compared to -874,325,022.58 CNY in the previous period, indicating a decline in investment cash flow[23]. - Cash inflow from financing activities was 1,857,030,248.54 CNY, up from 1,385,723,998.52 CNY, reflecting an increase of approximately 34%[23]. Investments and Expenses - The company reported a significant increase in trading financial assets, rising by 3,644.32% to ¥1,469,136,701.27 due to increased investment in financial products[6]. - Investment income increased to ¥21,041,038.63, a 243.75% increase compared to ¥6,121,002.68 in the same period last year, primarily due to higher returns from financial products[8]. - Research and development expenses increased to ¥448,349,808.47 from ¥414,730,110.25, reflecting a rise of 8.1%[20]. - Tax expenses surged by 1,563.61% to ¥73,975,762.36 from ¥4,446,696.74, driven by an increase in taxable income[8]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 55,993[10]. - The largest shareholder, Sichuan Changhong Electric Co., Ltd., holds 24.12% of the shares, totaling 248,457,724 shares[11]. - The company will distribute a cash dividend of 3 RMB per 10 shares, totaling approximately 308.98 million RMB, which represents 41.70% of the net profit attributable to shareholders for 2023[12]. Corporate Governance and Future Plans - The company established an ESG management committee under the board of directors to enhance its ESG governance structure[12]. - The company approved an investment of 88 million RMB to upgrade the refrigerator production line at the Hefei manufacturing base to enhance production capacity and market competitiveness[12]. - The company plans to invest 100 million RMB to establish a wholly-owned subsidiary focused on manufacturing and selling variable frequency drive control boards for the air conditioning industry[12]. - The company approved a budget of up to 600 million RMB for guarantees related to raw material procurement for its wholly-owned subsidiary, Changhong Air Conditioning[13]. - The company plans to engage in forward foreign exchange transactions with a maximum balance of 1.199 billion USD from July 1, 2024, to June 30, 2025[13]. Audit and Reporting - The report for the third quarter was not audited[24].

证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2024-056 长虹美菱股份有限公司 第十一届监事会第四次会议决议公告 本公司及监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 监事会认为：公司董事会编制和审议《2024 年第三季度报告》的程序符合 法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上市 公司的实际情况，不存在虚假记载、误导性陈述或者重大遗漏。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 2.审议通过《关于计提信用减值准备的议案》 监事会认为：公司对截至 2024 年 9 月 30 日的金融工具情况进行了全面的清 查和减值测试，对相关金融工具计提信用损失准备，符合公司的实际情况和相关 政策规定，计提信用减值准备能够使公司关于资产价值的会计信息更加公允、合 理。 1.长虹美菱股份有限公司（以下简称"公司"或"本公司"）第十一届监事 会第四次会议通知于 2024 年 10 月 18 日以电子邮件方式送达全体监事。 2.会议于2024年10月22日以通讯会议方式召开。 3.会议应 ...

（一）股东大会届次：2024年第二次临时股东大会 （二）本次股东大会召开的日期、时间 证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2024-059 长虹美菱股份有限公司 关于召开 2024 年第二次临时股东大会的提示性公告 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。 长虹美菱股份有限公司（以下简称"公司"或"本公司"）于2024年10月12 日在《证券时报》《中国证券报》及巨潮资讯网（http://www.cninfo.com.cn） 上刊登了《关于召开2024年第二次临时股东大会的通知》。本次股东大会将采用 现场和网络投票相结合的方式召开，现将召开本次股东大会有关事宜提示性公告 如下： 一、召开会议的基本情况 1.现场会议召开时间为：2024年10月29日（星期二）下午13:30开始 2.网络投票时间为：2024年10月29日，其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为2024年10月29日上午9:15—9:25，9:30—11:30，下 午13:00～15:00；通过深圳证券交易所互联网投票系统进行网络 ...

证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2024-055 长虹美菱股份有限公司 第十一届董事会第四次会议决议公告 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.长虹美菱股份有限公司（以下简称"公司"或"本公司"）第十一届董事 会第四次会议通知于 2024 年 10 月 18 日以电子邮件方式送达全体董事。 2.会议于 2024 年 10 月 22 日以通讯方式召开。 3.本次会议应出席董事 9 名，实际出席董事 9 名。 4.本次会议由董事长吴定刚先生主持，董事钟明先生、赵其林先生、易素琴 女士、程平先生、方炜先生、牟文女士、洪远嘉先生、程文龙先生以通讯表决方 式出席了本次董事会。 1.审议通过《2024 年第三季度报告》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 2.审议通过《关于计提信用减值准备的议案》 根据新金融工具准则要求，以及公司会计政策、内部控制制度规定，本着审 慎经营、有效防范并化解资产损失风险的原则，公司对截至 2024 年 9 月 30 日的 金融工具进行了全面的 ...

长虹美菱股份有限公司（以下简称"公司"）于2024年10月22日召开了公司 第十一届董事会第四次会议及第十一届监事会第四次会议，会议审议通过了《关 于计提信用减值准备的议案》《关于计提资产减值准备的议案》《关于处置非流动 资产的议案》。根据《企业会计准则》《深圳证券交易所股票上市规则》相关规定 的要求，为真实、准确地反映公司的财务状况、资产价值及经营成果，现将本次 资产处置及计提减值准备相关事项公告如下： 一、本次资产处置及计提减值准备情况概述 证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2024-058 长虹美菱股份有限公司 关于 2024 年第三季度资产处置及计提减值准备的公告 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。 （一）本次资产处置及计提减值准备的原因 根据《企业会计准则》《深圳证券交易所股票上市规则》等相关行政法规、 规范性文件以及公司会计政策、会计估计的相关规定，为了更加真实、准确地反 映公司截至2024年9月30日的财务状况、资产价值及经营成果，本着谨慎性原则， 公司对可能发生资产减值损失的相关资产进行处 ...