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空调巨头奥克斯冲刺IPO,曾因虚假宣传被处罚
阿尔法工场研究院·2025-07-24 11:31

Core Viewpoint - The article discusses the potential for AUX Electric to rebound in the air conditioning market through its IPO, despite facing significant challenges and competition from industry giants like Gree and Haier [1][15]. Group 1: Company Background and Market Position - AUX Electric, established in 1994, has historically been a significant player in the air conditioning industry, once ranking among the top three in China [6][7]. - The company has shifted its focus towards overseas ODM (Original Design Manufacturer) business, which now accounts for 40% of its revenue, but with lower profit margins compared to competitors [2][17]. - AUX's sales volume in 2024 is projected to rank fourth in China, behind Gree, Midea, and Haier, while it has become the fifth-largest air conditioning supplier globally with a market share of 7.1% [18]. Group 2: Financial Performance - AUX's revenue is expected to grow from 195.28 billion yuan in 2022 to 297.59 billion yuan in 2024, with net profit increasing from 14.42 billion yuan to 29.10 billion yuan during the same period [16]. - The company's domestic revenue is projected to rise from 111.42 billion yuan in 2022 to 150.79 billion yuan in 2024, while overseas revenue is expected to grow from 83.86 billion yuan to 146.81 billion yuan [17]. Group 3: Competitive Landscape - AUX has faced intense competition, particularly from Gree, which has accused AUX of false advertising and patent infringement, leading to significant legal challenges [11][13][14]. - The average selling price of AUX's air conditioning products is significantly lower than that of its competitors, contributing to its lower gross margins, which are projected to be around 21% compared to Gree's 32% and Haier's 28% [22][23][24]. Group 4: Research and Development - AUX's R&D expenditure is relatively low, accounting for only 2.0% to 2.4% of total revenue from 2022 to 2024, which is below the industry average of over 3% for the top three competitors [30][31]. - The company has recently begun to invest in its own compressor manufacturing capabilities, partnering with Panasonic to establish a production facility, but it still lags behind competitors in terms of technology and production capacity [36][38].