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].

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].

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 ...

Investment Rating and Core Views - The report assigns an "Overweight" rating to the company with a target price of 9.72 CNY, compared to the current price of 6.69 CNY [91] - The core view is that the company, as a leading refrigerator exporter, will benefit from the integration of TCL's white goods business, which is expected to improve scale and efficiency, leading to a revaluation of the company's market value [97] Financial Projections and Valuation - Revenue for 2023-2025 is projected to grow by +93%/+15%/+11%, with net profit attributable to shareholders increasing by +86%/+11%/+13% [108] - The company's valuation is based on a PE multiple of 12X for 2024, resulting in a target market capitalization of 10.51 billion CNY [111] - A DCF valuation suggests a higher equity value of 13.32 billion CNY, but the more conservative PE-based target price of 9.72 CNY is used [113][115] Business Overview and Strategy - The company has refocused on its core refrigerator business after divesting its fintech operations, with TCL taking control in 2021 and integrating its white goods assets [120] - The integration of TCL's white goods is expected to enhance the company's manufacturing efficiency and scale, particularly in the refrigerator segment [80] - The company plans to leverage TCL's brand and channel resources to strengthen its domestic market presence and expand its overseas market share [29] Market and Industry Analysis - The domestic refrigerator market is expected to remain stable, driven by product upgrades, with high-end refrigerators (priced above 7,000 CNY) accounting for 30.03% of sales in 2022, up 16 percentage points from 2018 [10] - The export market is projected to grow by +28% in 2023, with slower growth of +5%/+2% in 2024-2025, driven by recovery in demand and TCL's overseas channel expansion [107] - The company's export business is highly competitive, with a 19.7% market share in 2023, and it has established long-term relationships with over 250 global brands and retailers [76] Operational Efficiency and Profitability - The company's refrigerator business has maintained high profitability, with a net profit margin of 12.9% in 2022, ranking first among white goods companies [72] - Operational efficiency is supported by a strong manufacturing base, with 9 production facilities and 13 automated production lines, capable of producing 15 million units annually [75] - The company's cost control and streamlined product portfolio (130 SKUs) contribute to its competitive advantage in both domestic and export markets [75][76] Risks and Catalysts - Key catalysts include the expected recovery of 49% equity in the refrigerator subsidiary, which could double the company's net profit [97] - Risks include potential trade disputes, fluctuations in raw material prices, and the possibility of failing to complete the minority equity buyback by the 2025 deadline [53]

证券代码：002668 证券简称：奥马电器 公告编号：2024-003 广东奥马电器股份有限公司 关于公司与高榕资本的股权转让纠纷 暨重大诉讼事项的公告 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。 截止本公告披露日，上述案件均未开庭。 特别提示： 1、诉讼阶段：已立案受理。 2、涉案金额： 案件一：公司请求判令高榕资本返还公司已支付的案涉股权转让款项与股权 交易时案涉股权经审计账面价值之差额及差额款项利息共合计 140,447,133.20 元； 案件二：高榕资本请求判令公司支付剩余股权转让款及利息 55,048,515.06 元。 3、截止本公告披露日，上述案件均未开庭，未产生具有法律效力的判决， 故公司尚无法判断其对公司本期利润或期后利润产生的影响。 广东奥马电器股份有限公司（以下简称"公司"）因股权转让纠纷向深圳市 中级人民法院（以下简称"深圳中院"）起诉高榕资本（深圳）投资中心（有限 合伙）（以下简称"高榕资本"）。2024 年 2 月 21 日，公司收到深圳中院发来 的《受理案件通知书》（案号：（2024）粤 03 民初 2570 号），该案件已 ...

证券代码：002668 证券简称：奥马电器 公告编号：2024-001 广东奥马电器股份有限公司 一、本次司法拍卖情况 广东奥马电器股份有限公司于 2023 年 11 月 7 日在巨潮资讯网披露了《关于 持股 5%以上股东所持公司股份被司法拍卖的提示性公告》（公告编号：2023-061）， 公司持股 5%以上股东株信睿康持有的公司 1,500 万股股票被福田法院于 2023 年 12 月 7 日 10 时至 2023 年 12 月 20 日 10 时在淘宝网司法拍卖网络平台（网址： https://sf.taobao.com）上公开拍卖。 二、本次拍卖的竞买结果 经查询淘宝网司法拍卖网络平台公示的《网络竞价成功确认书》，本次株信 睿康 1,500 万股被拍卖股票中，除 150 万股流拍外，其余 1,350 万股已完成拍卖， 关于持股 5%以上股东所持股份司法拍卖完成过户登记 暨变动超 1%的公告 本公司及董事会全体成员保证公告的内容真实、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、2023 年 12 月 7 日至 2023 年 12 月 20 日，广东奥马电器股份有限公司 （以下简称"公 ...

二、本次交易进展情况 2023年12月20日，公司根据《广东奥马电器股份有限公司与TCL实业控股 股份有限公司关于TCL家用电器（合肥）有限公司之股权转让协议》的约定足 额支付了第一期股权转让价款19,800万元整，合肥家电纳入公司合并报表范围。 详见公司在巨潮资讯网披露的《关于收购TCL家用电器（合肥）有限公司100% 股权的进展公告》（公告编号：2023-067）。 证券代码：002668 证券简称：奥马电器 公告编号：2023-068 广东奥马电器股份有限公司 关于收购TCL家用电器（合肥）有限公司100%股权进展 暨完成工商变更登记的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、交易概述 广东奥马电器股份有限公司（以下简称"公司"）于2023年10月28日召开 了第五届董事会第二十四次会议、于2023年12月18日召开了2023年第二次临时 股东大会，审议通过了《关于收购TCL家用电器（合肥）有限公司100%股权暨 关联交易的议案》，同意公司通过现金方式收购TCL家用电器（合肥）有限公 司（以下简称"合肥家电"）100%股权。详见公司在巨潮资 ...

关于收购TCL家用电器（合肥）有限公司100%股权的 证券代码：002668 证券简称：奥马电器 公告编号：2023-067 广东奥马电器股份有限公司 进展公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、交易概述 广东奥马电器股份有限公司（以下简称"公司"）于2023年10月28日召开 了第五届董事会第二十四次会议、于2023年12月18日召开了2023年第二次临时 股东大会，审议通过了《关于收购TCL家用电器（合肥）有限公司100%股权暨 关联交易的议案》，同意公司通过现金方式收购TCL家用电器（合肥）有限公 司（以下简称"合肥家电"）100%股权。具体情况详见公司在巨潮资讯网 （www.cninfo.com.cn）披露的《关于收购TCL家用电器（合肥）有限公司100% 股权暨关联交易的公告》（公告编号：2023-053）及《2023年第二次临时股东 大会决议公告》（公告编号：2023-066）。本次交易无需取得其他有关部门批 准。 二、交易进展情况 2023年12月20日，公司根据《广东奥马电器股份有限公司与TCL实业控股 股份有限公司关于TCL家 ...