研报掘金丨国盛证券：首予惠而浦“买入”评级，格兰仕赋能+惠而浦集团订单开拓

Core Viewpoint - The report from Guosheng Securities highlights the significant changes in the ownership structure and management of Whirlpool, particularly after the acquisition by Galanz, which has led to a comprehensive takeover of management responsibilities and is expected to drive revenue recovery and profit growth starting in 2024 [1] Group 1: Company Development - Whirlpool's development has involved optimizing its ownership structure, integrating brand resources, and iterating product technology [1] - Before the acquisition, the company was primarily centered around Whirlpool Group, but post-acquisition, Galanz has fully taken over management [1] Group 2: Financial Projections - Starting in 2024, the company's revenue is expected to rebound significantly, with continuous release of profit elasticity [1] - The company is projected to achieve a net profit attributable to shareholders of 505 million, 616 million, and 743 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 150.5%, 21.8%, and 20.7% respectively [1] Group 3: Future Growth Drivers - Future growth is anticipated due to several factors: the company taking on orders from Whirlpool Group, increased OEM releases from Japan and Southeast Asia, cost reduction and efficiency improvements post-Galanz acquisition, and changes in competitive dynamics within the industry [1]