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]

证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2024-023 长虹美菱股份有限公司 关于为全资子公司提供担保的公告 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。 特别提示: 本次担保后，长虹美菱股份有限公司(以下简称"公司"或"本公司")对下 属全资及控股子公司、公司控股子公司对其全资子公司提供的信用担保额度合计 为 592,500 万元，占公司最近一期经审计净资产的比例为 101.72%，其中，对资 产负债率超过 70%（截止 2023 年 12 月 31 日）的被担保对象提供信用担保额度 合计为 213,000 万元，占公司最近一期经审计净资产的比例 36.57%。请投资者 充分关注担保风险。 一、本次担保情况概述 （一）基本情况 根据《证券法》《公司法》和《深圳证券交易所股票上市规则》等有关规定， 为保证公司下属全资子公司四川长虹空调有限公司（以下简称"长虹空调"）生 产经营和日常业务开展需求，增强其与原材料供应商的战略合作，公司拟为下属 全资子公司长虹空调向其供应商采购原材料提供总额不超过 60,000 万元人民币 ...

证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2024-021 长虹美菱股份有限公司 第十届监事会第三十一次会议决议公告 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 1.长虹美菱股份有限公司（以下简称"公司"或"本公司"）第十届监事会 第三十一次会议通知于 2024 年 4 月 17 日以电子邮件方式送达全体监事。 2.会议于2024年4月19日以通讯方式召开。 3.会议应出席监事5名，实际出席监事5名。 5.本次会议的召开符合《公司法》及《公司章程》的有关规定。 4.会议由监事会主席邵敏先生主持，监事何心坦先生、黄红女士、季阁女士、 孙红英女士以通讯表决方式出席了本次监事会。 二、监事会会议审议情况 1.审议通过《2024 年第一季度报告》 监事会认为：公司董事会编制和审议《2024 年第一季度报告》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 5 票，反对 0 票，弃权 0 票。 2.审 ...

1.长虹美菱股份有限公司（以下简称"公司"或"本公司"）第十届董事会 第四十三次会议通知于 2024 年 4 月 17 日以电子邮件方式送达全体董事。 证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2024-020 长虹美菱股份有限公司 第十届董事会第四十三次会议决议公告 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 2.会议于 2024 年 4 月 19 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、雍凤山 先生、洪远嘉先生、牟文女士、赵刚先生、胡照贵先生、寇化梦先生以通讯表决 方式出席了本次董事会。 5.本次会议的召开符合《公司法》及《公司章程》等有关规定。 二、董事会会议审议情况 1.审议通过《2024 年第一季度报告》 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 ...

证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2024-019 （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4月25日（星期四）下午13:30开始 2.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。 （三）A股股权登记日/B股最后交易日：2024年4月17日（星期三），其中， B股股东应在2024年4月17日（即B股股东能参会的最后交易日）或更早买入公司 股票方可参会。 长虹美菱股份有限公司 关于召开 2023 年年度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 3 月 30 日在《证券时报》《中国证券报》及巨潮资讯网（http://www.cni ...

长虹美菱股份有限公司 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"）已于 2024 年 3 月 30 日在《证券时报》《中国证券报》和巨潮资讯网（www.cninfo.com.cn）披露了 公司 2023 年年度报告。为了让广大投资者进一步了解公司经营业绩、财务状况 等，公司定于 2024 年 4 月 15 日（星期一）下午 15:30-17:00 在全景网举办 2023 年度业绩说明会。现将本次业绩说明会的相关内容公告如下： 一、业绩会说明安排 证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2024-018 关于召开 2023 年度业绩说明会的公告 公司本次业绩说明会以网络互动形式召开，将就公司所处行业状况、发展战 略、2023 年度的经营成果及财务指标等具体情况与投资者进行互动交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、征集问题事项 为了做好中小投资者保护工作，本公司现就本次业绩说明会提前向投资者征 集相关问题，广泛听取投资者意见和建议。 投 ...

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 公司点评 | --- | --- | --- | --- | --- | |--------------------|---------|--------|--------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 24,248 | 27,718 | 30,902 | 34,054 | | 营业收入增长率 (%) | 19.95% | 14.31% | 11.49% | 10.20% | | 归母净利（百万元） | 741 | 910 | 1,071 | 1,212 | | 净利润增长率 (%) | 203.04% | 22.79% | 17.67% | 13.18% | | 摊薄每股收益（元） | 0.72 | 0.88 | 1.04 | 1.18 | | 市盈率（PE） | 7.82 | 10.52 | 8.94 | 7.90 | 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 投资评级说明 1、行业评级 2、公司评级 太平洋研究院 请务必阅读正文之后 ...