Changhong Meiling (SZ:000521) Chang Jiang Shang Bao·2025-06-20 00:05Core Viewpoint - Changhong Meiling plans to increase the production capacity of large-capacity refrigerators through a new investment project, aiming to capture market opportunities driven by domestic policies and international standards upgrades [1][2][3]. Investment Project - The company announced an investment of 877 million yuan in the Hefei Changhong Smart Home Appliance Industrial Park project, which will cover an area of approximately 89,000 square meters and have a construction area of about 168,300 square meters [2]. - The project is expected to start in August 2025 and will take 24 months to complete, resulting in an annual production capacity of 900,000 large-capacity refrigerators [2]. Business Performance - In 2024, the refrigerator business is projected to generate approximately 9.296 billion yuan in revenue, with a year-on-year growth of about 5.53% and a gross margin of 15.43% [2][4]. - The company reported a total revenue of 28.601 billion yuan in 2024, a year-on-year increase of 17.32%, while net profit slightly decreased by 4.97% to 699 million yuan [4][5]. Market Trends - The refrigerator industry is transitioning to a high-quality development phase, primarily driven by the "old-for-new" policy, leading to a structural recovery in the market [2][4]. - Demand for mid-to-high-end refrigerator products is increasing, particularly in the online price range of 4,000 to 5,000 yuan and offline products priced above 8,000 yuan [2]. Future Goals - For 2025, the company aims to achieve both scale and profit growth, ensuring a positive development trend with profitable scale growth [1][5]. - The company has also been actively engaging in shareholder returns, including a share buyback plan and promotional activities for various home appliance products [5].