家用电器行业25W3周观点：奥克斯专题，全球空调前五，出海焕发新生

Investment Rating - The report maintains an "Outperform" rating for the industry [8] Core Insights - The report highlights the rapid growth of the company, with a sales growth rate of 38.6% in 2023, significantly outpacing the global air conditioning market's growth of 3.9% [18] - The company achieved a revenue of 24.8 billion yuan in 2023, representing a year-on-year increase of 27%, and a net profit of 2.5 billion yuan, up 72% year-on-year [18] - The company is positioned as the fifth largest air conditioning supplier globally, with a market share of 6.2%, and is the leading brand in the Chinese mass market for household air conditioners [3][13] Summary by Sections Company Overview - The company has over 30 years of experience in the air conditioning industry and operates in more than 140 countries [3] - It has established a strong influence in the domestic market through cost-effective products and has expanded into international markets since 2001 [13][14] Financial Performance - In 2023, the company reported a gross margin of 21.84% and a net profit margin of 10.01% [18] - For the first three quarters of 2024, the company achieved a revenue of 24.3 billion yuan, a 15% increase year-on-year, and a net profit of 2.7 billion yuan, an 18% increase year-on-year [18] Product and Market Strategy - The company focuses on energy-saving, comfort, health, and intelligent features in its air conditioning products, which include both household and central air conditioning systems [21][23] - The revenue structure for the first nine months of 2024 shows that household air conditioning accounts for 84% of total revenue, while central air conditioning contributes 10% [23] Global Expansion - The company has established production bases and R&D centers in various countries, including Malaysia, Thailand, the USA, UAE, Vietnam, and Saudi Arabia, to enhance its global presence [14][26] - The overseas revenue for the first nine months of 2024 was 11.1 billion yuan, a 28% increase year-on-year, accounting for 46% of total revenue [26] Sales Channels - The company has adopted a new retail model that integrates online and offline sales, significantly increasing its market share in lower-tier markets [31] - As of September 2024, the company had a total of 7,419 distributors, an increase of 2,395 compared to the previous year [36]