Investment Rating - The report maintains a "Buy" rating for Changhong Meiling, expecting the stock to outperform the CSI 300 index by more than 15% over the next six months [7][8]. 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%. The net profit attributable to shareholders was 530 million yuan, up 6.35% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 7.810 billion yuan, reflecting a growth of 23.21%, primarily driven by strong export performance in regions such as Latin America, the Middle East, and Southeast Asia [2][3]. - The report highlights that while the gross margin decreased to 9.98% (down 4.66 percentage points), the net margin was 1.52% (down 0.83 percentage points), indicating effective cost control despite short-term profit pressure [2][3]. Summary by Sections Financial Performance - For Q3 2024, the company’s revenue was 78.10 billion yuan, with a year-on-year growth of 23.21%. The net profit for the same period was 1.15 billion yuan, down 17.99% year-on-year [2]. - The company’s total revenue for the first three quarters of 2024 was 227.58 billion yuan, with a net profit of 5.30 billion yuan [2]. Future Projections - The report forecasts the company's net profit attributable to shareholders for 2024-2026 to be 7.92 billion yuan, 9.12 billion yuan, and 10.28 billion yuan, respectively, with corresponding EPS of 0.77 yuan, 0.89 yuan, and 1.00 yuan [3][4]. - The expected PE ratios for the same period are 11.83, 10.28, and 9.11 times [4]. Market Position - The report emphasizes the favorable industry conditions, particularly in the air conditioning sector, which is experiencing high export demand. The domestic market is also supported by trade-in policies and channel expansion [3][4].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 10.4 CNY [1]. Core Views - The company reported a revenue of 22.76 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 18.7%. In Q3 alone, revenue reached 7.81 billion CNY, up 23.2% year-on-year. However, the net profit attributable to the parent company was 530 million CNY, a 6.4% increase year-on-year, but a decrease of 18.0% in Q3 [1]. - Despite strong revenue growth, profitability is under pressure due to rising raw material costs and increased competition leading to price declines. The gross margin in Q3 fell by 4.7 percentage points to 10.0% [1]. - The company is expected to benefit from ongoing internal reforms and external market dynamics, with a focus on improving operational efficiency and optimizing product and channel structures. This is anticipated to drive long-term growth [1]. Financial Summary - For 2024, the company is projected to achieve a revenue of 28.65 billion CNY, a growth rate of 18.2%. The net profit is expected to be 776 million CNY, reflecting a growth of 4.7% [2]. - The earnings per share (EPS) forecast for 2024 is 0.75 CNY, with a price-to-earnings (P/E) ratio of 12 [2]. - The company’s total assets are estimated to reach 21.54 billion CNY by 2024, with a debt-to-asset ratio of 68.9% [5].

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].

长虹美菱：前三季度净利润5.3亿元 同比增长6.35% 财联社10月22日电，长虹美菱发布2024年第三季度 报告，前三季度实现营业收入227.58亿元，同比增长18.73%；归属于上市公司股东的净利润5.3亿元， 同比增长6.35%。 其中，第三季度实现营业收入78.1亿元，同比增长23.21%；归属于上市公司股东的净利润1.15亿元，同 比下降17.99%。 查看公告原文 ...

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 ...

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 ...