奥克斯号称全球市场份额7.1%，这数字到底怎么得来的？｜IPO观察

Core Viewpoint - Aux Electric Co., Ltd. (referred to as "Aux") is pursuing a listing on the Hong Kong Stock Exchange and has updated its prospectus with 2024 financial data, claiming to be the fifth largest air conditioning company globally by sales volume with a market share of 7.1% [1][2]. Financial Performance - Aux reported a revenue of approximately 298 billion RMB for 2024, which represents about 2.25% of the global air conditioning market size of over 1.3 trillion RMB [1][2]. - The company's net profit increased from 1.44 billion RMB in 2022 to 2.49 billion RMB in 2023, and is projected to reach 2.91 billion RMB in 2024, reflecting a growth of 72.5% and 17.0% respectively [8][11]. - The net profit margin for 2024 is estimated at 9.8%, with a slight decrease in gross margin to 21.0% due to increased competition and a higher proportion of lower-margin ODM sales [8][11]. Market Position - Aux claims to hold a 25.7% market share in the Chinese home air conditioning mass market, ranking first by sales volume [3]. - The company is positioned as a low-cost provider, with its average product price being lower than that of its competitors, which may impact its ability to pass on rising raw material costs [2][3][8]. Industry Context - The Chinese home air conditioning market is expected to grow, with total production reaching 195 million units in 2024, a year-on-year increase of 19.5% [4]. - Aux's online market share in China is reported at 7.35%, ranking fifth, while its offline market share is only 1.36%, indicating a disparity in performance across sales channels [4]. Raw Material Costs - The primary raw materials for air conditioning production include copper, aluminum, steel, and plastic, with rising prices since 2020 posing significant cost pressures on Aux [8][9]. - The company has noted that the increase in raw material costs has affected its operational performance, necessitating strategic adjustments [9]. Strategic Initiatives - Aux plans to expand its global business by investing in capacity, enhancing R&D, and broadening sales channels, including establishing a research center in Japan and a production base in Thailand [9][10]. - The company aims to leverage its listing on the Hong Kong Stock Exchange to improve its financing capabilities and brand recognition, which is expected to attract new customers and strategic investors [10].