Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 36.50 for A-shares and HKD 32.50 for H-shares [1]. Core Views - The company's Q1 2025 performance met expectations, with revenue of RMB 24.838 billion, a year-on-year increase of 5.76%, and a net profit attributable to the parent company of RMB 1.127 billion, up 14.89% year-on-year [4][8]. - The report highlights the improvement in profitability driven by strict cost control and a favorable sales structure, achieving a net profit margin of 4.5% in Q1 2025, an increase of 0.36 percentage points year-on-year [7][8]. Financial Performance Summary - **Revenue and Profit Growth**: - Revenue for 2023 was RMB 85.6 billion, projected to grow to RMB 99.6 billion in 2025, reflecting a growth rate of 7.4% [3]. - Net profit attributable to the parent company was RMB 2.837 billion in 2023, expected to reach RMB 3.839 billion in 2025, with a growth rate of 14.7% [3]. - **Profitability Metrics**: - The gross margin for Q1 2025 was 21.4%, with a slight year-on-year increase of 0.3 percentage points [7]. - The report indicates a projected P/E ratio of 9.9x for 2025, suggesting a favorable valuation compared to industry peers [8]. - **Cash Flow and Dividends**: - Operating cash flow for Q1 2025 was RMB 65.08 million, a decrease of 58% year-on-year, attributed to currency fluctuations and revenue decline [7]. - The company plans to increase dividends, with projected dividends per share of RMB 1.41 in 2025, yielding a dividend rate of 5.2% [3]. Market Trends and Competitive Position - **Export Growth**: - The company experienced a strong growth in exports, with a 12.5% increase in appliance exports in Q1 2025, particularly in air conditioners and refrigerators [5]. - **Domestic Market Dynamics**: - The domestic market showed mixed results, with a slight decline in retail sales for air conditioners and refrigerators, while washing machines saw a 4.8% increase [6]. - The competitive landscape is intensifying, particularly in the online segment, with increased market share from competitors like Xiaomi [6]. - **Strategic Initiatives**: - The company is focusing on product differentiation and cost efficiency to maintain its competitive edge in a challenging market environment [6][7].

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Insights - The company reported a significant revenue growth in Q1, but the change in product structure has put pressure on the gross margin [1] - The company achieved a revenue of 2.83 billion yuan in 2024, a year-on-year decrease of 11.67%, and a net profit attributable to the parent company of 353.66 million yuan, down 14.39% year-on-year [8] - The company is expected to see a recovery in revenue growth from 2025 onwards, with projected revenues of 3.19 billion yuan in 2025, 3.63 billion yuan in 2026, and 3.99 billion yuan in 2027 [3][10] Financial Performance Summary - In 2024, the company achieved a gross margin of 27.8%, down 1.9 percentage points year-on-year, with specific margins for different product lines: 35.3% for frozen display cabinets, 14% for refrigerated display cabinets, 21.7% for supermarket display cabinets, and 22.1% for smart vending machines [8] - The company’s net profit margin for 2024 was 12.5%, a decrease of 0.4 percentage points year-on-year [8] - The company’s earnings per share (EPS) are projected to be 1.02 yuan in 2025, 1.18 yuan in 2026, and 1.35 yuan in 2027 [3][10] Revenue and Growth Projections - The company’s total revenue is expected to grow at a rate of 12.63% in 2025, 14.00% in 2026, and 9.77% in 2027 [3][10] - The revenue from frozen display cabinets is projected to grow by 5% in 2025, 15% in 2026, and 10% in 2027, while refrigerated display cabinets are expected to see growth rates of 30%, 15%, and 10% respectively during the same period [9][10] Market Position and Strategy - The company holds a leading market share and brand influence in the frozen display cabinet sector, with a comprehensive coverage of mainstream beverage brands in the domestic market [8] - The growth in refrigerated display cabinets is attributed to North American customers placing orders in anticipation of tariff changes [8]

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