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

Group 1 - The core viewpoint of the report indicates that Whirlpool's development has been characterized by optimization of its equity structure, integration of brand resources, and iteration of product technology [1] - Significant changes in the equity structure and management occurred before and after Galanz took over, with Whirlpool Group being the core before the takeover and Galanz fully managing Whirlpool thereafter [1] - Starting from 2024, the company's revenue is expected to rebound significantly, with continuous release of profit elasticity [1] Group 2 - The company is expected to benefit from multiple factors including orders from Whirlpool Group, increased OEM releases from Japan and Southeast Asia, cost reduction and efficiency improvements post-Galanz takeover, and changes in competitive dynamics [1] - Future growth is anticipated, with projected net profit attributable to shareholders reaching 505 million, 616 million, and 743 million yuan for 2025-2027, representing year-on-year growth of 150.5%, 21.8%, and 20.7% respectively [1] - The report initiates coverage with a "buy" rating for the company [1]