36W2025周报：财通证券黑色家电-20250915

Core Insights - The report maintains a positive outlook on the white goods industry, particularly focusing on the air conditioning sector, highlighting the growth potential and market dynamics [1][2] Company Overview - The company, Aux Electric, is one of the top five air conditioning providers globally, with a market share of 7.1% as of 2024, and has experienced a compound annual growth rate (CAGR) of 30% in sales from 2022 to 2024, significantly outpacing the global market growth rate of 4.6% [10][14] - Aux Electric offers a diverse product range, including home air conditioners and central air conditioning systems, designed to meet various consumer needs and application scenarios [14][15] Financial Performance - From 2022 to 2024, the company's revenue increased from 19.53 billion to 29.76 billion RMB, while net profit rose from 1.44 billion to 2.91 billion RMB, indicating robust financial health and operational efficiency [43][44] Product Strategy - The company has developed a comprehensive product matrix that includes various air conditioning models focusing on energy efficiency, comfort, health, and smart technology [27][28] - The flagship model, Aux Zhi Yin II Pro, incorporates advanced AI technology for enhanced user interaction and energy management [29][30] Marketing and Sales Strategy - Aux Electric employs a dual-channel strategy, integrating online and offline marketing efforts to enhance brand visibility and consumer engagement, achieving a digital procurement process for 97.8% of its distributors [32][33] - The company has established strategic partnerships for targeted marketing, such as collaborating with high-tech platforms to drive consumer traffic to physical stores [34] Supply Chain and Manufacturing - The company utilizes an intelligent production system that has led to a 30% reduction in energy consumption and improved product quality, supporting scalable production [36][38] - By collaborating with Panasonic for compressor development, Aux Electric aims to enhance its supply chain stability and reduce dependency on external suppliers [37][38] Global Market Position - Aux Electric's international revenue share reached 45.9% in 2024, with a focus on localizing operations in key markets such as Southeast Asia and the Middle East to mitigate domestic competition pressures [40][41] - The company maintains a strong brand presence in the domestic market, particularly in the budget segment, reinforcing its competitive edge in global markets [41][42]