Investment Rating - The report assigns a "Hold" rating for the company [1]. Core Insights - The company benefits from the increasing market share of large-capacity refrigerators, with a market share of 53.1% in 2022 [3]. - The growth in commercial display cabinets and overseas sales is expected to enhance profitability, as commercial display cabinets have a gross margin approximately 10 percentage points higher than refrigerators [3]. - The company plans to utilize raised funds for expanding production capacity, which is currently at 90% utilization, to further enhance profitability [3]. Summary by Sections Company Overview - The company, established in 2011, focuses on the research, production, and sales of large-capacity refrigerators, having launched its first production line in 2012 [13]. - It has become a leading manufacturer of large-capacity refrigerators, commercial display cabinets, and high-end built-in refrigerators in China [13]. Industry Analysis - The domestic refrigerator market is transitioning to a replacement demand phase, while overseas markets are experiencing growth due to increased demand [23]. - The average capacity of refrigerators sold online and offline has been increasing, indicating a shift towards larger models [24][25]. Company Analysis - The company maintains high production efficiency with a flexible manufacturing system, allowing for both large-scale and mixed production [54]. - The company has established partnerships with major enterprises in the commercial display cabinet sector, leading to a significant increase in sales from 2020 to 2022 [86]. - The company has a strong patent portfolio with 282 patents, enhancing its competitive edge in the market [90]. Financial Forecast and Valuation - The company expects a compound annual growth rate (CAGR) of 31.6% in net profit over the next three years, with projected earnings per share (EPS) of 1.03, 1.32, and 1.67 yuan for 2023, 2024, and 2025 respectively [2][95]. - The report highlights that the company's valuation is higher than the average of comparable companies due to its competitive advantages in the large-capacity refrigerator segment [95].
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