Investment Rating - Initiate with OUTPERFORM rating [2] Core Views - The company has a well-established product layout in air conditioning, with flexible capacity management effectively controlling risks [3] - The implementation of a new retail model in the Chinese market enhances channel efficiency [4] - The company is advancing its ODM and OBM strategies in overseas markets, with expectations for global market share growth [5] - The company is poised for steady revenue and profit growth due to strong domestic and international performance [6] Summary by Sections Section 1: Steady Revenue and Profit Growth - The company has over 30 years of experience in the air conditioning sector, achieving revenue of RMB 195.3 billion, RMB 248.3 billion, and RMB 297.6 billion from 2022 to 2024, with a compound annual growth rate (CAGR) of 23.4% [12] - In Q1 2025, the company reported revenue of RMB 93.52 billion and a net profit of RMB 9.25 billion, representing year-on-year growth of 27% and 23% respectively [12] Section 2: Comprehensive Product Layout and Efficient Channel Operations - The company has established four major manufacturing bases, with a capacity utilization rate of 91.3% for home air conditioners and 90.6% for central air conditioners as of 2024 [21] - The new retail model has effectively integrated online and offline channels, enhancing overall efficiency and enabling better management of retail prices [32] Section 3: Global Market Growth Potential - The global air conditioning market is expected to grow, with household and central air conditioning sales projected to reach 193 million and 69 million units respectively by 2024 [35] - The company has expanded its overseas presence to over 150 countries, with significant growth in both OBM and ODM revenues [28] Section 4: Profit Forecast and Valuation Comparison - The company plans to maintain a dividend payout ratio of no less than 75% from 2025 to 2027, with an expected dividend yield exceeding 10% in 2025 [7] - The projected EPS for 2025, 2026, and 2027 is RMB 1.96, RMB 2.14, and RMB 2.45 respectively, with corresponding year-on-year growth rates of 7%, 9%, and 14% [7][55]
奥克斯电气（02580）：首次覆盖：空调头部品牌企业，全球业务稳步扩张