奥马电器：2024Q1业绩快速增长，运营效率有所提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6][24]. Core Views - The company is expected to benefit from industry growth, particularly in the refrigerator export sector, and the implementation of a "replace old with new" policy is likely to boost domestic demand for white goods [24]. - The company's Q1 2024 performance showed significant revenue growth of 24.60% year-on-year, reaching 4.198 billion yuan, driven by both external and internal factors [1]. - The net profit attributable to shareholders for Q1 2024 was 225 million yuan, reflecting a year-on-year increase of 27.83%, indicating improved operational efficiency and a rise in export and ODM orders [1]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a gross margin of 20.28%, a slight decrease of 1.88 percentage points year-on-year, while the net margin was 10.08%, down 0.41 percentage points, showing better cost management [9]. - The company’s operating expenses as a percentage of revenue decreased across various categories, including sales, management, and R&D expenses [9]. Revenue and Profit Forecast - The projected revenues for the company from 2023 to 2026 are as follows: 15.18 billion yuan in 2023, 16.88 billion yuan in 2024, 18.88 billion yuan in 2025, and 21.24 billion yuan in 2026, with growth rates of 30.15% in 2023 and 11.18% in 2024 [10]. - The forecasted net profit for the same period is 787 million yuan in 2023, 876 million yuan in 2024, 1.004 billion yuan in 2025, and 1.286 billion yuan in 2026, with corresponding growth rates of 69.37% in 2023 and 11.34% in 2024 [10]. Market Position and Strategy - The company is positioned as a leading ODM in the refrigerator sector, with expectations of continued growth due to strategic acquisitions and market conditions [24]. - The report highlights the potential for revenue growth driven by the integration of TCL's Hefei home appliances, which may enhance operational synergies [24].