国投家电一周看图：奥克斯电气计划在港交所上市

Investment Rating - The industry rating is "Leading the Market - A" indicating a projected investment return exceeding the CSI 300 Index by 10% or more over the next six months [2][63]. Core Insights - The report highlights that Aokai Electric is a rapidly growing provider of household and central air conditioning, ranking as the fifth largest air conditioning supplier globally by sales volume in 2023 [2][3]. - The company has experienced significant revenue growth, with a revenue increase of 27% in 2023 and 15% in the first three quarters of 2024, driven by an expanding sales network and an increase in overseas customers [2][3]. - Aokai Electric aims to accelerate its global expansion, enhance its own brand sales, particularly overseas, and continue to develop its central air conditioning business [2]. Revenue Sources - The primary revenue source for Aokai Electric is household air conditioning, while central air conditioning revenue has been growing rapidly, with revenue growth rates of 46% in 2023 and 16% in the first three quarters of 2024 [6]. Profitability - The gross margin for central air conditioning is higher than that of household air conditioning, and the report indicates an upward trend in the gross margin for central air conditioning due to improved product mix and increased sales of higher-margin products [10]. Sales Channels - Aokai Electric has diversified its sales channels, with overseas revenue accounting for over 40% of total revenue. The company is actively promoting its OBM business in various countries, including Malaysia, Thailand, and the United States [13].