证券代码：000521、200521 证券简称：长虹美菱、虹美菱 B 公告编号：2024-025 长虹美菱股份有限公司 关于长虹美菱股东感恩回馈节的自愿性信息披露公告 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。 四、活动咨询方式 1．长虹美菱股东感恩回馈咨询电话：0551-62219021、0816-2438126。 长虹美菱股份有限公司（以下简称"公司"、"本公司"或"长虹美菱"）自 成立 40 余年来始终坚持"自主创新，中国创造"，一直矢志不移地专注家电产业， 以技术创新、产品创新和服务创新等差异化创新举措精心打造企业核心竞争力， 致力于为用户提供一整套智慧家电系统解决方案及高品质、智能化的家电产品， 不断用更新鲜的产品给消费者带来更新鲜的生活方式。为了建立多样的股东回报 机制，答谢广大股东长期以来对公司的关心和支持，同时让股东体验到公司的新 产品和服务，提高投资者对公司内在价值的理解与认可，公司将举办"长虹美菱 股东感恩回馈节"。现将股东感恩回馈节内容公告如下： 一、活动时间 北京时间：2024 年 5 月 18 日至 2024 年 5 月 26 日 ...

证券研究报告 Q1 空调业务回暖，单季收入快速提升 Q1 盈利能力同比小幅提升：Q1 长虹美菱归母净利率 2.6%，同 比+0.2pct。公司盈利能力实现提升，主要因为：1）公司坚持价 值导向、全面提效的经营思路，持续提升资金效率、渠道效率、 产品效率、管理效率，Q1 公司期间费用率同比-1.5pct，其中销 售、管理、研发费用率同比-0.9pct、-0.4pct、-0.3pct。2）本 期公司坏账准备转回，Q1 信用减值损失/收入同比+0.3pct。后续， 随着公司持续坚持以价值为导向，逐步提升经营效率，公司盈利 能力有望稳步改善。 公司快报 2024 年 04 月 26 日 长虹美菱(000521.SZ) Q1 单季收入增速环比提升：Q1 长虹美菱收入 YoY+18.2%，增速 环比提升 13.2pct。分产品来看：1）Q1 空调内外销景气较高，公 司在国内市场持续完善渠道和产品布局，在海外市场加快拓展新 市场、新客户，我们推断 Q1 公司空调业务内外销收入同比快速增 长。据产业在线数据， Q1 长虹空调内销 / 外销出货量 YoY+33.7%/+19.3%（2023Q4 为-18.0%/+65.5%）。 ...

安徽承义律师事务所 关于长虹美菱股份有限公司 二、本次股东大会出席人员的资格 经核查，出席本次股东大会的长虹美菱股东和授权委托代表共 34 名， 持有长虹美菱 462,291,881 股，均为截至 2024 年 4 月 17 日下午收市时 在中国证券登记结算有限责任公司深圳分公司登记在册的长虹美菱股东。 长虹美菱部分董事、监事、高级管理人员及本律师也出席了本次股东大会。 出席本次股东大会的人员资格符合法律、法规、规范性文件和公司章程的 规定。 1 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公 司股东大会规则》等法律法规和其他规范性文件的要求，安徽承义律师事 务所接受长虹美菱股份有限公司（以下简称"长虹美菱"）的委托，指派 欧林玉律师、徐漫丽律师（以下简称"本律师"）就长虹美菱召开 2023 年 年度股东大会（以下简称"本次股东大会"）出具法律意见书。 召开 2023 年年度股东大会的法律意见书 一、本次股东大会召集人资格和召集、召开的程序 承义证字[2024]第 105 号 经核查，本次股东大会由长虹美菱第十届董事会召集，会议通知已于 2024 年 3 月 30 日刊登在中国证监会指定的信 ...

证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2024-024 长虹美菱股份有限公司 2023 年年度股东大会决议公告 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。 网络投票时间为：2024 年 4 月 25 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 4 月 25 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投票的具体 时间为 2024 年 4 月 25 日上午 9:15 至下午 15:00 期间的任意时间。 2.现场会议召开地点：安徽省合肥市经济技术开发区莲花路 2163 号行政中 心一号会议室。 3.会议召开方式：现场表决与网络投票相结合的方式。 特别提示:长虹美菱股份有限公司（以下简称"公司"或"本公司"）2023 年 年度股东大会通知及提示性公告已于 2024 年 3 月 30 日、4 月 18 日在《证券时 报》《中国证券报》及巨潮资讯网（http://www.cninfo.com.cn）进行了公告（公 ...

盈利预测与投资建议。公司 2023年贯彻"一个目标、三条主线"的经营方针， 主营业务空调、冰箱、洗衣机、厨卫等均取得了较好的经营业绩。预计公司 2024-2026 年 EPS 分别为 0.87 元、1.03 元、1.14 元，维持"买入"评级。 营收增速环比提升。我们推测公司整体维持 2023年趋势，外销业务维持快速增 长，内销业务维持稳健。相较于 2023Q4营收增长 5%，公司营收增速环比大幅 提升，我们推测主要系国内空调扭转了下滑趋势，同时海外冰洗维持快速增长 态势。 [Table_Author] 分析师：龚梦泓 执业证号：S1250518090001 电话：023-63786049 邮箱：gmh@swsc.com.cn 联系人：方建钊 电话：18428374714 邮箱：fjz@swsc.com.cn 附表：财务预测与估值 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，报告所采用的数据均 来自合法合规渠道，分析逻辑基于分析师的职业理解，通过合理判断得出结论，独立、客观地出具本报告。分析师承 诺不曾因，不因，也将不会因本报告中的具体推荐意见或观点而直接或间接获取任何形式 ...

远期拖累表观业绩，剔除后利润率稳健 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|--------------|---------------------------|--------|--------|--------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 10.04 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：姚玮 | 营业收入（百万元） | 20,215 | 24,248 | 27,072 | 30,020 | 32,850 | | | 增长率 yoy% | 12% | 20% | 12% | 11% | 9% | | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [20]. Core Views - The company achieved a revenue of 5.94 billion yuan in Q1 2024, representing a year-on-year increase of 18.20%. The net profit attributable to the parent company was 156 million yuan, up 26.93% year-on-year, with a non-recurring net profit of 186 million yuan, reflecting a significant increase of 79.64% year-on-year [15][16]. - The air conditioning segment showed robust growth, with production increasing by 48.84% year-on-year in Q1, and expectations for continued strong performance in Q2 [15]. - The refrigerator segment's domestic sales showed a mixed performance, with online sales up 17.07% and offline sales down 2.3%. However, exports performed well, with a 33% increase in volume and 26% in value [15]. - The company maintained effective cost control, resulting in a slight increase in net profit margin to 2.62% despite a decrease in gross margin to 13.39% [15]. - The company is preparing for the peak sales season in Q2, as indicated by an increase in inventory levels [15]. Financial Summary - The company's total revenue is projected to grow from 20.22 billion yuan in 2022 to 32.97 billion yuan by 2026, with year-on-year growth rates of 12.1%, 19.9%, 13.9%, 10.2%, and 8.3% respectively [9][16]. - The net profit attributable to the parent company is expected to rise from 245 million yuan in 2022 to 1.177 billion yuan in 2026, with significant growth rates of 371.2%, 203.0%, 20.2%, 15.0%, and 14.9% [9][16]. - The company's gross margin is projected to improve gradually from 13.7% in 2022 to 14.3% in 2026 [9]. - The return on equity (ROE) is expected to increase from 4.7% in 2022 to 13.2% in 2026 [9]. - The earnings per share (EPS) is forecasted to grow from 0.24 yuan in 2022 to 1.14 yuan in 2026 [9].

Investment Rating - The investment rating for Changhong Meiling is "Buy" (maintained) [2] Core Views - The report highlights that the company's Q1 2024 revenue reached 5.94 billion yuan, representing an 18.2% year-on-year increase, while the net profit attributable to shareholders was 156 million yuan, up 26.93% year-on-year [2] - The report indicates that external sales are driving revenue growth, with Q1 internal sales estimated at 4 billion yuan and external sales at 2 billion yuan, with external sales growing faster than internal sales [2] - The report anticipates continued improvement in profitability, with net profit margins for Q1 at 2.6% and 3.1% for attributable and non-attributable net profit respectively, both showing an increase [2] Revenue Analysis - Q1 revenue growth is primarily driven by external sales, with air conditioning internal sales up 34% and external sales up 19% [2] - The report expects Q1 internal sales pressure for air conditioning to improve compared to Q4 [2] - For refrigerators and washing machines, internal sales are projected to grow year-on-year, with external sales growth outpacing internal sales [2] Profitability Analysis - The gross margin for Q1 was 13.4%, showing a year-on-year and quarter-on-quarter decline of 1.3 percentage points and 0.6 percentage points respectively, attributed to rising commodity costs and structural changes [2] - The report projects that the net profit margin for air conditioning will be between 2-3% and for refrigerators and washing machines around 3%, indicating ongoing improvement [2] Future Outlook - The report suggests that the company has sufficient backlog, with contract liabilities at 470 million yuan, reflecting a 14% year-on-year increase [2] - The investment recommendation emphasizes the company's core focus on "profitability + incentives," suggesting significant room for improvement in gross and net profit margins compared to peers [2] Financial Forecast - Revenue forecasts for 2024-2026 are 28.1 billion, 31.0 billion, and 34.1 billion yuan respectively, with corresponding growth rates of 15.8%, 10.5%, and 9.9% [5] - The net profit attributable to shareholders is projected to be 900 million, 1.018 billion, and 1.153 billion yuan for the same period, with growth rates of 22%, 12%, and 13% respectively [5]

证券研究报告 | 季报点评 长虹美菱（000521.SZ） 事件：公司发布 2024 年一季报。2024Q1 实现营业收入 59.4 亿元，同 比增长 18.20%；实现归母净利润 1.56 亿元，同比增长 26.93%，扣非后 归母净利润 1.86 亿元，同比增长 79.64%。 公司盈利能力保持稳健。毛利率：2024Q1 公司毛利率同比-1.27pct 至 13.39%。费率端：2024Q1 销售/管理/研发/财务费率为 7.03%/1.19%/2.23%/-0.70%，同比变动-0.85pct/-0.36pct/- 0.32pct/0.07pct，费用管理能力较强。净利率：2024Q1 净利率同比变 动 0.12pct 至 2.67%。 现金流表现健康，利润蓄水池充足。从现金流量表来看，2024Q1 公司销 售商品收到的现金为 56.14 亿元，同比+23.07%；从资产负债表来看， 2024Q1公司合同负债同比+14.37%，环比+16.86%；存货同比+38.94%， 环比+68.21%。 | --- | --- | --- | --- | --- | --- | |---------------- ...

Financial Performance - The company's revenue for Q1 2024 reached ¥5,940,062,392.73, representing an 18.20% increase compared to ¥5,025,237,527.25 in the same period last year[3] - Net profit attributable to shareholders was ¥155,536,230.57, up 26.93% from ¥122,540,351.10 year-on-year[3] - The net profit after deducting non-recurring gains and losses increased by 79.64%, amounting to ¥185,949,135.46 compared to ¥103,510,051.94 in the previous year[3] - Total operating revenue for Q1 2024 reached CNY 5,940,062,392.73, an increase of 18.2% compared to CNY 5,025,237,527.25 in the same period last year[27] - Net profit for Q1 2024 was CNY 158,640,625.35, representing a 23.8% increase from CNY 128,087,358.76 in Q1 2023[27] - The total comprehensive income for Q1 2024 is ¥158,196,176.48, compared to ¥129,141,577.51 in Q1 2023, indicating a growth of approximately 22.5%[28] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥21,561,463,604.73, reflecting an 11.19% increase from ¥19,391,604,526.19 at the end of the previous year[3] - Total assets increased to CNY 21,561,463,604.73, compared to CNY 19,391,604,526.19 at the start of the year, marking an increase of 11.2%[25] - Total liabilities rose to CNY 15,207,976,406.66, up from CNY 13,197,569,739.73, indicating a growth of 15.2%[25] Cash Flow - Cash flow from operating activities improved significantly, with a net cash outflow of ¥114,083,183.60, a 69.33% reduction from a cash outflow of ¥372,008,676.48 in the same period last year[3] - Cash inflows from operating activities for Q1 2024 amount to ¥5,883,628,276.00, an increase of 25% from ¥4,705,291,318.55 in Q1 2023[31] - The net cash flow from operating activities for Q1 2024 is -¥114,083,183.60, an improvement from -¥372,008,676.48 in Q1 2023[31] - Cash outflows from investing activities for Q1 2024 total ¥1,055,706,154.21, compared to ¥629,836,259.40 in Q1 2023, representing a significant increase of 67.5%[32] - The net cash flow from financing activities for Q1 2024 is ¥123,868,197.59, a substantial increase from ¥13,757,275.02 in Q1 2023[32] - The cash and cash equivalents at the end of Q1 2024 stand at ¥7,506,224,942.56, up from ¥5,329,652,962.49 at the end of Q1 2023[32] Shareholder Information - The total number of common shareholders at the end of the reporting period is 42,282[17] - Sichuan Changhong Electric Co., Ltd. holds 24.12% of shares, totaling 248,457,724 shares[17] - Hong Kong Central Clearing Limited holds 6.42% of shares, totaling 66,131,044 shares[17] - Hefei Industrial Investment Holding Group Co., Ltd. holds 3.68% of shares, totaling 37,923,401 shares[17] - The total number of preferred shareholders is not applicable[19] - The company has not disclosed any significant changes in the top 10 shareholders or their shareholding status compared to the previous period[18] - The company has no known related party relationships among the top shareholders[18] - There are no changes in the lending/borrowing of shares among the top shareholders due to margin financing[18] Investments and Developments - The company invested ¥980,000,000.00 in financial products and large deposits, a 75.00% increase compared to ¥560,000,000.00 in the previous year[15] - 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[20] - The company established a new wholly-owned subsidiary, Sichuan Changhong Air Conditioning Intelligent Home Appliance Technology Co., Ltd., with an investment of 100 million RMB, focusing on manufacturing and selling variable frequency drive control boards for the air conditioning industry[20] - The company is focused on expanding its market presence through strategic investments and new product development initiatives[20] - The company has not reported any new product or technology developments in this quarter[18] - There are no updates on market expansion or mergers and acquisitions in the current report[18] Tax and Refunds - The company reported a significant increase in tax refunds received, totaling ¥256,947,465.72, which is a 114.37% increase from ¥119,861,984.88 in the same period last year[14] - The total cash inflow from operating activities includes ¥256,947,465.72 received from tax refunds, which is a significant increase from ¥119,861,984.88 in Q1 2023[31] Research and Development - Research and development expenses for Q1 2024 were CNY 132,424,604.27, slightly up from CNY 127,905,030.12 in the previous year[27] Corporate Governance - The company established an ESG management committee under the board of directors to enhance its environmental, social, and governance practices[20]