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].

Investment Rating - The report maintains a "Buy" rating for the company, Ouma Electric [29]. Core Views - Ouma Electric is expected to benefit from export demand and the "old-for-new" policy, which will catalyze growth in the refrigerator sector. The integration with TCL is anticipated to enhance operational efficiency and profitability [29][12]. - The company has shown significant improvement in profitability, with a projected net profit of 8.76 billion RMB for 2024, increasing to 12.87 billion RMB by 2026, corresponding to EPS of 0.81, 0.93, and 1.19 RMB respectively [22][29]. Company Overview - Ouma Electric, established in 2002, focuses on ODM exports and has shifted back to its core refrigerator business after divesting its internet finance operations. The company has a strong market position, being one of the top four global refrigerator manufacturers and the leading exporter in China [29][46]. - The company’s revenue for 2023 is reported at 15.18 billion RMB, reflecting a year-on-year growth of 30.15%. The overseas business accounts for 67.44% of total revenue, indicating a strong reliance on international markets [42][54]. Industry Analysis - The global refrigerator market is experiencing steady growth, with production reaching 217 million units in 2023, a 5.9% increase year-on-year. The retail market is also expanding, with a 3.04% increase in revenue [58][82]. - Emerging markets are showing significant potential for growth, with the demand for refrigerators in regions like Africa increasing by 25.9% in 2023 [79][82]. Financial Analysis - The company has demonstrated a recovery in profitability, with a net profit of 787 million RMB in 2023, a 69.37% increase from the previous year. The gross and net profit margins have also improved to 23.68% and 10.13% respectively [54][69]. - The financial outlook for Ouma Electric is positive, with expected revenue growth driven by both export demand and domestic sales initiatives [67][29].

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 gives a "Buy" rating for the company, indicating a positive outlook for future performance [10]. Core Views - The company achieved a revenue of 15.18 billion yuan in 2023, representing a year-on-year growth of 30.15%, and a net profit of 0.787 billion yuan, which is a significant increase of 69.37% [1]. - The strategic acquisition of TCL Hefei Appliances is expected to enhance operational synergy and optimize the company's business structure, contributing to long-term growth [1][10]. - The company is positioned to benefit from the industry's growth, particularly in the ODM sector, and is likely to see continued revenue and profit increases due to rising domestic and international demand [1][10]. Financial Summary - For 2023, the company reported a total revenue of 15.18 billion yuan and a net profit of 0.787 billion yuan, with projections for 2024-2026 showing continued growth in revenue and net profit [3][4]. - The expected revenue for 2024 is 16.88 billion yuan, with a growth rate of 11.18%, and net profit is projected to reach 0.876 billion yuan, reflecting an 11.40% increase [3][4]. - The earnings per share (EPS) are forecasted to be 0.81 yuan in 2024, increasing to 1.19 yuan by 2026, with corresponding price-to-earnings (PE) ratios decreasing from 9.48 in 2024 to 6.45 in 2026 [3][4].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 10.01 CNY per share, indicating a potential upside from the current price of 7.91 CNY as of March 19, 2024 [25][30]. Core Insights - The company reported a revenue of 15.18 billion CNY for 2023, representing a year-on-year growth of 30.1%, and a net profit of 790 million CNY, which is a 69.4% increase year-on-year [28]. - The acquisition of TCL Home Appliances (Hefei) has positively impacted the company's financials, with the actual net profit exceeding the promised value by 25% [5]. - The company continues to benefit from a strong recovery in refrigerator exports, with a year-on-year growth of 103% in Q4 2023, significantly outpacing the industry average [29][30]. Financial Performance Summary - **Revenue Growth**: The company experienced a significant revenue increase in Q4 2023, with a reported revenue of approximately 27.2 billion CNY, marking a 42% year-on-year growth [29]. - **Profitability Metrics**: The net profit margin for Q4 remained stable, with a comparable net profit of around 1.3 billion CNY, despite previous financial pressures [21]. - **Future Projections**: The company is expected to achieve EPS of 0.77 CNY in 2024 and 0.90 CNY in 2025, with a projected dynamic P/E ratio of 13x for 2024 [30][34]. Financial Ratios and Estimates - **Key Financial Ratios**: The report indicates a projected net profit margin of 5.2% for 2023, with a return on equity (ROE) of 55.6% [34]. - **Valuation Metrics**: The company is expected to have a P/E ratio of 10.9 in 2023, decreasing to 7.5 by 2026, indicating improving valuation attractiveness [34]. - **Revenue Estimates**: The forecasted revenue for 2024 is 16.39 billion CNY, with continued growth expected in subsequent years [34].

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].

Financial Performance - In 2023, the company achieved a refrigerator and freezer sales volume of 14.19 million units, a year-on-year increase of 36%[2] - The washing machine sales reached 2.56 million units, representing a year-on-year growth of 19%[2] - The company's operating revenue surpassed 15 billion RMB, with a year-on-year growth of 30%[2] - Net profit attributable to shareholders was 787 million RMB, marking an increase of nearly 70% year-on-year[2] - The net cash flow from operating activities surged to nearly 2.8 billion RMB, a significant year-on-year increase of 547%[2] - The company's total revenue for 2023 reached ¥15.18 billion, a 30.15% increase compared to ¥11.66 billion in 2022[31] - Net profit attributable to shareholders was ¥786.59 million, representing a 69.37% increase from ¥464.43 million in the previous year[31] - Basic earnings per share increased to ¥0.73, a 69.37% rise from ¥0.43 in 2022[31] - Total assets at the end of 2023 amounted to ¥12.57 billion, a 24.53% increase from ¥10.10 billion in 2022[31] - The net assets attributable to shareholders grew by 45.87% to ¥1.41 billion, compared to ¥969.34 million in 2022[31] Strategic Acquisitions and Developments - The company completed a major strategic acquisition of Hefei Appliances in 2023, enhancing overall strength and optimizing business structure[3] - The company completed the acquisition of Hefei Home Appliances, which has been included in the consolidated financial statements since April 30, 2021[30] - The company acquired 100% equity of Hefei Home Appliances for ¥198 million, expanding its operational scope[94] - The company successfully completed the acquisition of 100% equity in TCL Home Appliances (Hefei) Co., Ltd., eliminating potential industry competition with its controlling shareholder[147] Market Position and Product Innovation - The company aims to become a global leader in smart home appliances, focusing on AI smart appliances and global expansion strategies[3] - The company is focusing on the development of new embedded refrigerators, which have seen a nearly 200% increase in online retail sales[46] - The company aims to become a global leader in smart home appliances, focusing on innovation and user-oriented principles[58] - The company introduced innovative molecular preservation technology, recognized as "internationally leading" by authoritative institutions[60] - The company has developed a strategic plan for future market expansion, focusing on new product development and technological innovation[1] Research and Development - Hefei Appliances established a comprehensive R&D system, obtaining 1,635 domestic patents by the end of 2023, including 156 invention patents[59] - Research and development expenses rose by 15.10% to ¥542,053,043.00, reflecting the company's commitment to enhancing product competitiveness and technological leadership[98] - R&D investment increased by 15.10% year-on-year, amounting to ¥542,053,043 in 2023, while the proportion of R&D investment to operating revenue decreased to 3.57% from 4.04%[99] Environmental and Social Responsibility - The Wind ESG rating of the company improved to "A", reflecting its commitment to social responsibility and environmental governance[2] - The company invested CNY 3.128 million in environmental governance and protection in 2023[193] - The company has established a wastewater treatment station that meets the Guangdong Province's discharge standards for electroplating wastewater[190] - The company has implemented measures to address any identified internal control deficiencies and has maintained compliance with relevant regulations[181] - The company emphasizes social responsibility and aims for win-win outcomes for stakeholders[197] Operational Efficiency and Cost Management - The company has implemented a series of cost control measures, optimizing production processes and supplier collaboration, contributing to its competitive advantage[77] - The company’s investment in digital transformation and smart manufacturing has led to a double-digit reduction in labor costs and overall manufacturing expenses[79] - The company has established a comprehensive internal audit system, revising 40 internal management regulations to enhance operational compliance and efficiency[142] Market Trends and Challenges - The company noted that the global inflation rate remains high, impacting consumer confidence despite a slight decrease in inflation levels[41] - The company faces risks from raw material price fluctuations, which significantly impact production costs and economic benefits[129] - Currency exchange rate fluctuations pose a risk to profitability, as export transactions are primarily denominated in USD and EUR[132] Corporate Governance and Management - The board of directors is composed of qualified members and operates under established rules, ensuring effective decision-making and oversight through specialized committees[141] - The company has established independent financial management practices, including separate bank accounts and independent tax obligations[146] - The company has implemented a transparent communication strategy with stakeholders, ensuring their rights and interests are respected and balanced[142] Future Outlook - The company provided a positive outlook for 2024, projecting a revenue growth of 25% based on new product launches and market expansion strategies[158] - The company has set a performance guidance of achieving a net profit margin of 12% for the upcoming fiscal year[158]

Investment Rating - The report assigns a "Buy" rating for the company, expecting the stock price to outperform the market by more than 10% over the next 12 months [15]. Core Insights - The company's profitability has significantly improved, with expectations for further synergy enhancements. The company, as an export OEM, has benefited from favorable changes in raw material costs, exchange rates, and shipping costs, leading to a notable increase in profitability. The adjusted gross margin for the refrigerator business in 2023 is 25.4%, up by 4.0 percentage points year-on-year, while the washing machine business gross margin is 12.3%, up by 1.1 percentage points year-on-year [14]. - The company is the largest refrigerator OEM in China, consistently ranking first in export volume. Short-term performance is supported by the favorable export environment for refrigerators, while long-term prospects are bolstered by the expected synergy from the integration of TCL's washing and refrigeration business. Projected net profits for 2024-2026 are 8.8 billion, 9.8 billion, and 10.9 billion yuan, respectively, with year-on-year growth rates of 11%, 12%, and 11% [14]. Financial Summary - In 2023, the company achieved a revenue of 15.18 billion yuan, representing a year-on-year increase of 30.1%. The net profit attributable to shareholders was 787 million yuan, up by 69.4%, with a net profit margin of 5.2%, an increase of 1.2 percentage points year-on-year [2][3]. - The company's revenue growth rates for the next few years are projected at 14.7% for 2024, 11.4% for 2025, and 10.0% for 2026. The EBITDA is expected to grow from 1.974 billion yuan in 2023 to 2.913 billion yuan by 2026 [3][14]. - The earnings per share (EPS) is projected to increase from 0.73 yuan in 2023 to 1.00 yuan in 2026, with a price-to-earnings (P/E) ratio decreasing from 9.05 in 2023 to 7.89 in 2026 [3][14].

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。 广东奥马电器股份有限公司（以下简称"公司"）已于 2024 年 3 月 20 日在巨 潮资讯网上披露了《2023 年年度报告》及《2023 年年度报告摘要》。为便于广 大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2024 年 03 月 26 日（星期二）15:00-16:00 在"价值在线"（www.ir-online.cn）举办 2023 年度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 一、说明会召开的时间、地点和方式 会议召开时间：2024 年 03 月 26 日（星期二）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 证券代码：002668 证券简称：奥马电器 公告编号：2024-018 广东奥马电器股份有限公司 关于举办2023年度业绩说明会的公告 三、投资者参加方式 投资者可于 2024 年 03 月 26 日（星期二）15:00-16:00 通过 网 址 https://eseb.cn/1cQe ...