Core Insights - Changhong Meiling achieved a net profit attributable to shareholders of 417 million yuan in H1 2025, representing a year-on-year growth of 0.26% [1] - The net profit for Q2 2025 was 236 million yuan, showing a decline of 9.66% year-on-year [1] - The company experienced steady growth in the first half of the year, with faster growth in exports compared to domestic sales [1] Performance by Product Category - In H1 2025, the year-on-year growth rates for various product categories were as follows: air conditioners +36.18%, refrigerators -4.10%, washing machines +32.70%, small appliances and kitchenware -6.14% [1] Performance by Region - In H1 2025, domestic sales increased by 15.40% year-on-year, while exports saw a significant increase of 32.17% [1] Future Profit Projections - The company is expected to achieve net profits attributable to shareholders of 770 million yuan, 858 million yuan, and 949 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.1%, 11.4%, and 10.6% [1] - The investment rating is maintained at "Buy" based on the company's performance and the overall industry environment [1]
研报掘金丨国盛证券:长虹美菱上半年增长稳健,外销增速更快,维持“增持”评级