Changhong Meiling (000521) 信达证券·2024-04-22 01:00Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [20]. Core Views - The company achieved a revenue of 5.94 billion yuan in Q1 2024, representing a year-on-year increase of 18.20%. The net profit attributable to the parent company was 156 million yuan, up 26.93% year-on-year, with a non-recurring net profit of 186 million yuan, reflecting a significant increase of 79.64% year-on-year [15][16]. - The air conditioning segment showed robust growth, with production increasing by 48.84% year-on-year in Q1, and expectations for continued strong performance in Q2 [15]. - The refrigerator segment's domestic sales showed a mixed performance, with online sales up 17.07% and offline sales down 2.3%. However, exports performed well, with a 33% increase in volume and 26% in value [15]. - The company maintained effective cost control, resulting in a slight increase in net profit margin to 2.62% despite a decrease in gross margin to 13.39% [15]. - The company is preparing for the peak sales season in Q2, as indicated by an increase in inventory levels [15]. Financial Summary - The company's total revenue is projected to grow from 20.22 billion yuan in 2022 to 32.97 billion yuan by 2026, with year-on-year growth rates of 12.1%, 19.9%, 13.9%, 10.2%, and 8.3% respectively [9][16]. - The net profit attributable to the parent company is expected to rise from 245 million yuan in 2022 to 1.177 billion yuan in 2026, with significant growth rates of 371.2%, 203.0%, 20.2%, 15.0%, and 14.9% [9][16]. - The company's gross margin is projected to improve gradually from 13.7% in 2022 to 14.3% in 2026 [9]. - The return on equity (ROE) is expected to increase from 4.7% in 2022 to 13.2% in 2026 [9]. - The earnings per share (EPS) is forecasted to grow from 0.24 yuan in 2022 to 1.14 yuan in 2026 [9].