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合肥高科:冰箱铰链龙头扩产+储能/商用设备突破,2025Q1营收同比+21%-20250518

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company achieved a revenue of 325 million yuan in Q1 2025, representing a year-on-year increase of 21.37%, while the net profit attributable to shareholders decreased by 12.18% to 17.88 million yuan [5] - The continuation of the "old-for-new" policy in the home appliance sector is expected to drive performance growth, with profit forecasts for 2024-2026 set at 81 million, 94 million, and 112 million yuan respectively [5] - The company is expanding its production capacity in the refrigerator hinge sector and making breakthroughs in energy storage and commercial equipment [5][6] Financial Summary - Revenue is projected to grow from 1,049 million yuan in 2023 to 1,653 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.1% [8][11] - The net profit attributable to shareholders is expected to increase from 62 million yuan in 2023 to 112 million yuan in 2027, with a CAGR of approximately 18.7% [8][11] - The earnings per share (EPS) are forecasted to rise from 0.69 yuan in 2023 to 1.23 yuan in 2027, indicating a positive growth trajectory [8][11] Market Trends - The home appliance market in China is expected to see significant growth in 2024, with retail sales projected to reach 1,030.7 billion yuan, a year-on-year increase of 12.3% [6] - The total export of home appliances is anticipated to reach 100.1 billion USD in 2024, reflecting a year-on-year growth of 14.04% [6] - The sales volume of refrigerators in China is projected to reach 96.71 million units in 2024, marking a year-on-year increase of 10.87% [6] Business Expansion - The company is actively expanding into non-home appliance sectors, with projects such as commercial refrigerators and ecological planting boxes expected to commence production in Q3 2025 [7] - The company is also establishing a super factory in the refrigerator hinge segment, with equipment installation planned for Q3 2025 and production expected to start by the end of 2025 [7]