北京市嘉源律师事务所 关于广东奥马电器股份有限公司 2023 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：广东奥马电器股份有限公司 北京市嘉源律师事务所 关于广东奥马电器股份有限公司 2023 年年度股东大会的 法律意见书 嘉源(2024)-04-222 北京市嘉源律师事务所（以下简称"本所"）接受广东奥马电器股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东大会规则》（以下简称"《股东大会规则》"）等 现行有效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"） 以及《广东奥马电器股份有限公司章程》（以下简称"《公司章程》"）的有关 规定，指派本所律师对公司2023年年度股东大会（以下简称"本次股东大会"） 进行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料， ...

证券代码：002668 证券简称：奥马电器 公告编号：2024-019 广东奥马电器股份有限公司 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、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 1、本次股东大会不存在否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、 会议召开和出席情况 1、 召开时间：2024 年 4 月 9 日（星期二）14:30 2、 召开地点：广东省中山市南头镇南头大道中 59 号 2 楼（公司会议室） 3、 召开方式：现场结合网络 4、 召集人：董事会 5、 主持人：董事长胡殿謙先生 6、 本次会议的召集、召开符合《中华人民共和国公司法》《上市公司股东大 会规则》《深圳证券交易所股票上市规则》等有关法律、行政法规、部门规章、 规范性文件和《广东奥马电器股份有限公司章程》的有关规定。 通过现场和网络投票的股东 105 人，代表股份 629,042,716 股，占上市公司 有表决权股份总数的 61.1747%。 其中：通过现场投票的股东 8 人，代表股份 485,516,542 股，占上市公司有 表决权股份总数的 4 ...

风险提示：原材料价格波动、并购整合风险、汇率波动、行业竞 争加剧、假设及预测不及预期 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|-------------------------------|----------|----------|----------|----------| | [Table_Finance1] (百万元) 2022A 2023A 2024E 2025E 2026E | | | | | | | 主营收入 | 7,842.7 | 15,179.6 | 17,355.7 | 19,026.6 | 20,862.1 | | 净利润 423.7 | | 786.6 | 864.1 | 1,014.0 | 1,155.2 | | 每股收益(元 | ) 0.39 | 0.73 | 0.80 | 0.94 | 1.07 | | 每股净资产(元 | ) 0.78 | 1.30 | 2.33 | 3.27 | 4.33 | | | | | | | | ...

Investment Rating - The report gives a "Hold" rating for the company, with a current price of 7.77 CNY and a target price not specified for the next six months [2][86]. Core Viewpoints - The company is a leading refrigerator exporter in China, having maintained its position as the top exporter for 15 consecutive years. It has focused on its core business after divesting from financial services and has made significant acquisitions to enhance its operational structure [11][23][86]. - In 2023, the company achieved a revenue of 15.18 billion CNY, a year-on-year increase of 93.6%, and a net profit of 790 million CNY, up 85.7% from the previous year. The acquisition of Hefei Appliances has significantly contributed to revenue growth [14][29][86]. - The company has improved its gross margin to 23.7%, an increase of 3.8 percentage points year-on-year, driven by a higher proportion of overseas sales and a decrease in raw material costs [14][33][49]. Summary by Sections Company Overview - The company has transitioned through three phases, with a focus on refrigerator manufacturing since TCL's acquisition in 2021. The divestment of financial services has allowed the company to concentrate on its core business [12][23]. Financial Performance - In 2023, the company reported a revenue of 15.18 billion CNY, with a net profit of 790 million CNY. The revenue from refrigerator products reached 12.99 billion CNY, reflecting a 67.8% year-on-year growth [14][49]. - The company’s gross margin for refrigerator products was 25.4%, showing a slight increase due to improved sales and cost management [33][49]. Business Segments - The company operates through two main entities: Hefei Appliances and Oma Refrigerators, with a diverse product range including various types of refrigerators and washing machines. The acquisition of Hefei Appliances has enhanced the product matrix and operational efficiency [13][26][42]. Future Outlook - The company is expected to continue its growth trajectory, with projected EPS of 0.82 CNY, 0.96 CNY, and 1.11 CNY for 2024, 2025, and 2026 respectively. The ongoing synergy from the Hefei Appliances acquisition is anticipated to further boost performance [14][86].

请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 国际局势不确定性催化渠道补库存需求，ODM 企业短期排产有望受益。2023 年红海危机再起， 亚非欧交通要道受阻，迫使亚欧航线上的集装箱船绕行，导致商品交付周期延长。随着红海局势 日益紧张，此前欧洲企业采取低库存供应链模式，现为避免海运等潜在风险或增加采购计划。 | --- | --- | --- | --- | --- | |-------|----------------------------------------------|-------|-------|-------| | | | | | | | | 图表24：欧洲为公司出口的第一大市场，收入占比 | | 23% | | | | 拉美 , 8% | | | | | | 中东非 , 11% | | 内销 | , 23% | | | 北美 , 13% | | 欧洲 | , 23% | | | 亚太 , 19% | | | | 公司深度研究 P18 奥马电器：出口红利+以旧换新催化，冰冷 ODM 龙头整合 TCL 白 电焕发新生 | --- | --- | --- | --- | --- | ...

证券代码：002668 证券简称：奥马电器 广东奥马电器股份有限公司 投资者关系活动记录表 编号：2024-01 ☐特定对象调研 ☐分析师会议 ☐媒体采访 业绩说明会 投资者关系活 ☐新闻发布会 ☐路演活动 动类别 ☐现场参观 ☐其他（请文字说明其他活动内容） 投资者参会人员：线上参与公司2023年度业绩说明会的投资者 上市公司参会人员： 活动参与人员 独立董事 文建平先生 总经理兼财务总监 王浩先生 董事会秘书 温晓瑞女士 时间 2024年03月26日 15:00-16:00 地点 价值在线（https://www.ir-online.cn/）网络互动 形式 线上文字交流 1.收购TCL冰洗后，奥马电器今年发展有什么新规划？ 答：尊敬的投资者，您好！面向未来，公司致力于成为全球领先的智慧家电企业，坚定 推进全球化战略，以AI智慧家电为发展方向，通过科技创新全面实现家电产品的互联互通、 协同运作及自我学习优化，为用户带来前瞻性的科技体验和智慧健康生活，以科技推动行业 进一步发展。展望2024年，合肥家电将聚焦产品组合优化与内部效率提升，以效率驱动有质 量的规模扩张和利润增长；奥马冰箱将坚定不移地践行“全球专 ...

| --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------|----------------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price of 9.72 CNY, reflecting a positive outlook for the stock [24][47]. Core Insights - The company has shown strong growth in its refrigerator and freezer exports, benefiting from overseas inventory replenishment and a favorable shipping cost environment. In 2023, the company achieved a revenue of 12.99 billion CNY from its refrigerator and freezer business, representing a year-on-year increase of 32% [20][41]. - The overall gross margin improved to 23.7%, up by 3.8 percentage points year-on-year, while the net profit margin reached 10.1%, an increase of 1.9 percentage points [21][32]. - The company’s operating cash flow significantly improved, with a net inflow of 2.798 billion CNY, a year-on-year increase of 546.75% [34][46]. Summary by Sections Revenue - The company benefited from a low base in the previous year and a strong recovery in overseas markets, leading to a 21.9% year-on-year increase in refrigerator and freezer exports, totaling 65.07 million units in 2023 [20][31]. - The company ranked first in the industry in export scale, with a total sales volume of 14.19 million units, up 36% year-on-year [20][41]. Profitability - The gross margin for the company's refrigerator segment is projected to be between 27% and 28%, with a net profit margin of 14.0%, reflecting a year-on-year increase of 1.1 percentage points [32][43]. - The integration with TCL has led to improved operational efficiencies, contributing to the overall profitability of the company [24][44]. Cash Flow and Financial Health - The company reported a significant improvement in operating cash flow, with a net inflow of 2.798 billion CNY, driven by increased sales and faster accounts receivable turnover [34][45]. - The total cash and cash equivalents, along with trading financial assets, reached 3.543 billion CNY, an increase of 807 million CNY year-on-year [45][46]. Future Outlook - The company expects to maintain a growth trajectory, with projected net profits of 8.76 billion CNY, 9.89 billion CNY, and 10.84 billion CNY for the years 2024 to 2026, representing year-on-year growth rates of 11%, 13%, and 10% respectively [47][49].

出口高景气，全年业绩实现高增 ⚫ 出口高景气，冰洗业务增长均优于行业。（1）冰箱：根据公司年报披 露，2023 年中国冰箱冷柜行业销量同比+12%，其中内销+3%、外销 +22%，23Q2 以来出口增速由负转正且呈现逐季提速态势。2023 年公 司冰箱冷柜业务实现收入 129.9 亿元，同比+32%；总销量 1419 万台， 同比+36%（奥马 1214 万台，同比+44%；TCL 合肥 216 万台，同比 +8%），显著优于行业整体。（2）洗衣机：根据公司年报披露，2023 年 中国洗衣机行业销量同比+17%，其中内销+3%、外销+37%。2023 年 公司洗衣机业务实现收入 20.3 亿元，同比+21%；总销量 256 万台， 同比+19%。 0755-82771936 [Table_Title] 奥马电器（002668.SZ） ⚫ 公司披露 2023 年年报。2023 年实现收入 151.8 亿元（YoY+30.1%）， 归母净利润 7.9 亿元（YoY+69.4%），归母净利率 5.2%（YoY+1.2pct）。 （以上数据及同比变动情况均为合肥家电并表调整后口径） | --- | --- | --- ...

SAC 执业证书编号：S1450520020001 相关报告 数据来源：Wind 资讯，国投证券研究中心预测 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------|--------|--------|--------|----------|--------|--------|--------|--------| | 表1：财务指标分析 % 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 | | | | | | | | | | 营业收入 YoY | -10.9 | -24.8 | -30.8 | -21.0 | 19.6 | 45.7 | 44.6 | 23.6 | | 归母净利 YoY | 115.4 | 220.6 | 12.0 | 324.0 | 660.1 | 72.8 | 13.6 | 39.3 | | 扣非归母净利 Yo ...