奥克斯电气招股书解读：净利润大增72.5%，海外收入占比57.1%

Core Viewpoint - AUX Electric, one of the top five air conditioning providers globally, is attracting market attention with its recent IPO in Hong Kong, as detailed in its prospectus [1]. Business Model - The company employs a multi-brand strategy covering diverse markets, integrating design, R&D, production, sales, and service for both household and central air conditioning, operating in over 150 countries [2]. - The global air conditioning market is projected to reach RMB 1,312.8 billion by 2024, with AUX Electric holding a 7.1% market share as the fifth largest provider by volume [2]. Revenue Situation - AUX Electric has shown significant revenue growth, with a 27.2% increase from 2022 to 2023 and a projected 19.8% growth from 2023 to 2024. For the three months ending March 31, 2025, revenue is expected to grow by 27.0% compared to the same period in 2024 [4]. Net Profit - The net profit increased by 72.5% from 2022 to 2023, but the growth rate slowed to 17.0% from 2023 to 2024. For the three months ending March 31, 2025, net profit is expected to grow by 23.0% compared to the same period in 2024 [5]. Profitability Ratios - The gross margin has remained relatively stable around 21%, while the net margin peaked at 10.0% in 2023 before experiencing slight fluctuations [6]. Revenue Composition - Overseas revenue accounted for 57.1% of total revenue for the three months ending March 31, 2025, reflecting the company's global strategy to establish production bases and sales companies abroad [8]. Customer Concentration - The revenue concentration from the top five customers has remained low, with a stable share of around 17.5% to 18.9% from 2022 to 2025, indicating a lower risk from customer concentration [12]. Supplier Concentration - The procurement from the top five suppliers has shown relative stability, with their share of total operating costs fluctuating between 26.6% and 33.3% from 2022 to 2025 [13]. Management Team - The management team has extensive industry experience, although details regarding compensation and incentive mechanisms are not fully disclosed, which may impact long-term company performance [15].