证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2024-053 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通知 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。 经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 会第三次会议审议通过,公司决定于2024年10月29日召开2024年第二次临时股东 大会。现将会议的有关事项公告如下： 一、召开会议的基本情况 （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 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 （七）投票规则：股东投票表决时同一股份只能选择现场投票、深圳证券交 易所交易系统投票、深圳证券交易所互联网系统投票中的一种，不能重复投票。 具体规则为：同一股东通过深圳证券交易所交易系统、互联网投票系统和现场投 票辅助系统中任意两种以上方式重复投票的，以第一次有效投票结果为准。 （八）本次股东大会出席对象 1.在股权登记日持有公司股份的普通股股东或其代理人，本次股东大会的A 股股权登 ...

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、日常关联交易基本情况 （一）关联交易概述 证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2024-049 长虹美菱股份有限公司 关于增加预计 2024 年日常关联交易额度的公告 长虹美菱股份有限公司（以下简称"公司"、"本公司"或"长虹美菱"）及 下属子公司因日常经营需要，将增加预计与四川长虹电器股份有限公司（以下简 称"四川长虹"）及其子公司之间发生接受或提供服务、劳务、融资租赁、商业 保理及融单等日常关联交易金额不超过 102,500 万元（不含税）。其中，增加预 计 2024 年度公司及子公司与四川长虹及其子公司发生接受或提供服务、劳务等 日常关联交易金额不超过 2,500 万元（不含税）；增加预计 2024 年度公司及子公 司与四川长虹下属全资子公司远信融资租赁有限公司（以下简称"远信租赁"） 之间发生的融资租赁、商业保理及融单等日常关联交易金额不超过 100,000 万元 （不含税）。 （二）前期预计的日常关联交易及实际发生情况 经 2023 年 12 月 4 日、2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 14.948 billion yuan for H1 2024, representing a year-on-year increase of 16.52%. The net profit attributable to shareholders was 415 million yuan, up 15.91% year-on-year [6][7] - The company is focusing on enhancing its product structure and channel layout, particularly in the refrigerator and air conditioning segments, which are expected to drive revenue growth [6][9] - The company aims to deepen its smart and high-end product offerings, particularly in the refrigerator segment, while also expanding its brand presence in overseas markets [7][9] Financial Performance - For H1 2024, the company achieved an operating cash flow of 2.728 billion yuan, a significant increase of 93.42% year-on-year [6] - The overall gross margin for H1 2024 slightly decreased by 1.58 percentage points to 11.28% [6] - The company expects net profits for 2024-2026 to be 830 million, 940 million, and 1.07 billion yuan respectively, with year-on-year growth rates of 12%, 14%, and 14% [7][14] Product Segmentation - Revenue from the refrigerator segment reached 4.739 billion yuan in H1 2024, up 12.18% year-on-year, while the air conditioning segment generated 8.5 billion yuan, a 21.47% increase [6] - The washing machine segment saw a revenue increase of 40.65% year-on-year, totaling 784 million yuan [6] - The company’s domestic and overseas revenues for H1 2024 were 10.13 billion yuan and 4.817 billion yuan, respectively, reflecting increases of 14.56% and 23.78% year-on-year [6] Market Comparison - The company’s stock price has fluctuated between 5.45 and 12.64 yuan over the past 52 weeks, with a closing price of 10.90 yuan as of September 30, 2024 [2] - The company’s performance has outpaced the market index, with a relative increase of 8.6% over the past month [4] Valuation - The company is expected to have a price-to-earnings (P/E) ratio of 13-16x for 2024, translating to a reasonable value range of 10.40 to 12.80 yuan per share [7][14]

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：2024-31 | --- | --- | --- | |-----------------------|----------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | √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 ...

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：2024-30 | --- | --- | --- | |---------------------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | √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 | | | | ...

Investment Rating - The report gives Changhong Meiling a "Buy" rating with a target price of 10.29 CNY per share, based on a 13x PE multiple for 2024 [4] Core Views - Changhong Meiling's revenue growth is stable, with profits continuously recovering and converting cash flow into high-quality earnings [2] - The company's net profit attributable to the parent company reached 740 million CNY in 2023 and 415 million CNY in H1 2024, with year-on-year growth of 203% and 15.91% respectively [2] - The gross profit margin for refrigerators is relatively high, with overall gross margins of 13.94% in 2023 and 11.28% in H1 2024 [2] - The company has a significant presence in both domestic and international markets, with strong growth potential in emerging markets [2] Domestic Sales - Refrigerator sales remain stable, with domestic revenue of 5.3 billion CNY in 2023 and 2.5 billion CNY in H1 2024 [2] - Air conditioner sales have shown steady growth, with domestic revenue increasing by 16.7% in 2023 and 23% in H1 2024, reaching 7.8 billion CNY and 5.9 billion CNY respectively [2] - The company's product strategy focuses on "fresh, thin, large, and embedded" features, which have been well-received in the market [2] International Sales - The company is focusing on emerging markets, with air conditioner export net profits of 160 million CNY in 2023 and 50 million CNY in H1 2024, with net profit margins of 4.29% and 1.81% respectively [2] - Refrigerator export revenue grew by 84% in 2023 and 29.4% in H1 2024, reaching 3.8 billion CNY and 2.2 billion CNY respectively [2] - The company's overseas refrigerator business is expected to continue growing, driven by product upgrades and market demand [2] Profit Forecast and Investment Recommendation - The company's net profit attributable to the parent company is expected to grow by 10%, 13.7%, and 12.2% from 2024 to 2026, with corresponding PE ratios of 12x, 10.56x, and 9.41x [2] - The company's cost reduction and efficiency improvement measures are expected to drive continuous profit recovery [2] Historical Performance and Strategic Initiatives - The company implemented a five-year performance incentive plan from 2012 to 2016, which significantly boosted employee motivation and contributed to profit growth [2] - The company has undergone management changes and strategic reforms, focusing on product innovation, brand promotion, and channel construction [50] - The company's strategy includes efficiency improvement, product leadership, and cost reduction through benchmarking and supply chain optimization [56]

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：2024-29 | --- | --- | --- | --- | --- | |---------------------|------------------------------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | | | | | √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 ...

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：2024-28 | --- | --- | |----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | √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 | ...

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：2024-27 | --- | --- | --- | --- | --- | |---------------|-----------------------------|-------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | | | | | | √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 ...

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 | ...