2025.05. 20 本文字数：2097，阅读时长大约4分钟 作者、封面 | 第一财经 王珍 5月20日，海信集团有关人士向第一财经记者确认，原美的集团副总裁、空调事业部总裁殷必彤5月 19日晚正式出任海信空气产业（筹）总裁。目前，海信空气产业在海信家电（000921.SZ、 00921.HK）下，负责海信集团与空调相关的产业和品牌。 从竞争层面看，小米集团（01810.HK）在国内空调市场的份额上升较快，去年已经跃升至国内线上 空调市场销售额的第四名。此前，美的、格力、海尔、海信在国内整体空调市场居前四位。此次请 来"外援"，折射出海信不甘心被挤出国内家用空调市场的前四。 海信欲进一步做强空调业务 "（邀请殷总加盟）目的就是把空调产业做好"，海信家电一位相关人士向第一财经记者说，海信的 商用空调、家用空调业务"都要更强"。 有意思的是，海信集团董事长贾少谦两周前率队到广东省佛山市，与美的集团董事长兼总裁方洪波及 其团队，签订战略合作协议，双方将在智慧物流、全球制造、AI应用等方面合作。 殷必彤1999年加入美的，曾任美的空调国内营销公司总经理助理和市场总监、小天鹅（美的洗衣机 业务）董事兼总经理，以及美的 ...

Core Insights - The domestic air conditioning market is struggling despite claims of increased sales from some companies, while the export market shows positive growth, providing hope for air conditioning manufacturers [1] - The average price of air conditioners in the domestic e-commerce market has decreased by 1.9% year-on-year, with some prices dropping over 10%, leading to a price war among brands [3] - The price war has not significantly boosted sales, with domestic air conditioning sales only growing by 2.8% in the first quarter, indicating that consumers are not swayed by lower prices [5] Market Dynamics - The intense price competition has resulted in a significant inventory buildup, with domestic air conditioning inventory reportedly reaching 50 million units, posing a serious challenge for manufacturers [5] - Major traditional air conditioning companies like Midea, Gree, and Haier have not been adversely affected by the price war, showing substantial profit growth in the first quarter [5] - These traditional companies are benefiting from strong export performance, with air conditioning exports growing by over 20%, providing them with a buffer against domestic market challenges [5] Industry Concerns - The current lack of heat in the domestic market is exacerbating the inventory issue, as the industry heavily relies on seasonal demand [6] - There are concerns regarding product quality, as some companies are reportedly cutting costs by using inferior materials, which could lead to higher energy consumption and reduced durability of air conditioners [8]

Group 1 - The peak season for air conditioning usage has begun, and health experts recommend thorough cleaning before reactivation to prevent the spread of germs [1] - For home air conditioning cleaning, it is essential to turn off the power and unplug the unit before starting [2] - Cleaning the air filter involves removing it, rinsing the back side with water, and allowing it to dry in a shaded area [4] Group 2 - The evaporator can be cleaned using a specialized cleaning agent, but care must be taken to avoid spraying other parts to prevent short circuits [4] - After cleaning, the dry filter and panel should be reinstalled, and the unit should run for 20 to 30 minutes to flush out any remaining water [6] - For vehicle air conditioning systems, cleaning is recommended every six months to a year, or more frequently in poor environmental conditions [8] Group 3 - Cleaning the air conditioning filter in vehicles involves removing it and using a brush or blower to eliminate dust and debris, with replacement recommended if excessively dirty [8] - The air conditioning ducts require a specialized cleaning agent, which should be applied according to product instructions [8] - Cleaning the evaporator is complex and may require professional assistance for those without experience [10]

Core Insights - The "New Wind Air Conditioning Sleep White Paper" was officially released, providing new solutions for improving sleep quality through collaboration between Hisense, the China Sleep Research Society, and the China Household Electrical Appliances Research Institute [1][3] - Hisense's new wind air conditioning system significantly enhances sleep environment quality, leading to improved sleep comfort and efficiency, as evidenced by experimental data [3][4] Group 1: Product Features and Benefits - Hisense's new wind air conditioning system features new wind oxygenation, efficient purification, and extreme quietness, which collectively optimize air quality for better sleep [3] - Experimental results showed that the proportion of deep sleep duration for users of Hisense's new wind air conditioning reached 20.4%, compared to 15.6% for the control group, with deep sleep duration increasing from 74.7 minutes to 85.6 minutes, a rise of 14.6% [3] Group 2: Market Position and Strategy - Hisense is positioned as a leader in the new wind air conditioning sector, focusing on user needs and continuous technological innovation [4] - The company launched a "One More Hour of Sleep with Hisense New Wind Air Conditioning" campaign, aiming to promote sleep health for families and has shown strong market performance with leading sales figures in the first four months of 2025 [4]

盈利预测与投资建议。预计2025-2027 年EPS 分别为0.10 元、0.14 元、0.17元，对应PE 分别为34 倍、24 倍、20 倍。公司综合竞争力强劲，增长动力多源，成长空间广阔，看好公司长期成长性，给予公司 2026 年30 倍估值，对应目标价4.20 元，首次覆盖给予"买入"评级。 风险提示：宏观经济波动风险；贸易摩擦风险；业务开拓进度或不及预期。 毛利率持平，费用率下降。24 年：1）毛利率：在下游需求疲软背景下，公司持续优化产品结构，较大 程度对冲需求下行影响，毛利率同比基本持平。2）费用率：公司持续推进降本增效，销售费用率同比 下降0.3 个百分点至3.0%、管理费用率同比下降0.6 个百分点至6.2%、财务费用率同比下降0.4 个百分点 至0.8%；公司持续加大研发投入，不断强化核心竞争力，研发费用率同比增加0.5个百分点至6.0%，综 合费用率同比下降0.8个百分点。3）2024 年减值计提同比减少0.35 亿元，综上影响，销售净利率同比增 加4.3 个百分点至7.1%，盈利能力改善显著。 长期聚焦干净空气，战略布局无尘空调。公司战略聚焦无尘空调，持续深耕"干净空气材料"、"高效节 ...

SHMET 网讯： 4月中旬后，消费旺季刺激国内铜库存去化明显，沪铜也随之迎来反弹行情。近日沪铜上行动能减弱，主力合约期价在78000元/吨一线附近徘徊。 全球铜矿市场延续偏紧局面 智利作为全球主要的铜矿生产国和出口国，过去十年中其在全球铜的市场份额从30%下降到24%。这主要由于受到采矿条件严峻、矿石品位降低、水资源短 缺以及重大投资项目推迟等问题影响。智利3月铜产量为477049吨，同比增长9.1%。智利国家矿业协会预计2025年铜产量将达到540万至560万吨。 继刚果民主共和国在2023年取代秘鲁成为全球第二大铜生产国之后，秘鲁的市场地位受到挑战，目前秘鲁铜矿产量位于智利和刚果（金）之后。秘鲁矿业部 数据显示， 2月份秘鲁铜产量为21.7万吨，较去年增长0.01%。产量增长主要来自五矿资源公司（MMG）的班巴斯（Las Bambas）铜矿。虽然遭遇两天的中 断，但该矿产量仍然增长了58.4%。秘鲁矿业部长预计2025年铜产量将超过290万吨。 2025年2月全球矿山产量同比下滑6.09%至180.3万吨。2月全球矿山产能222.9万吨，同比下滑9.43%。4月份以来全球多家矿商公布一季报，其中多家矿企 ...

天眼查资料显示，青岛海尔空调器有限总公司，成立于1996年，位于青岛市，是一家以从事批发业为主 的企业。企业注册资本93638.162532万人民币。通过天眼查大数据分析，青岛海尔空调器有限总公司共 对外投资了19家企业，参与招投标项目2829次，财产线索方面有商标信息255条，专利信息5000条，此 外企业还拥有行政许可19个。 青岛海尔空调电子有限公司，成立于1999年，位于青岛市，是一家以从事建筑安装业为主的企业。企业 注册资本96709.088914万人民币。通过天眼查大数据分析，青岛海尔空调电子有限公司共对外投资了14 家企业，参与招投标项目4043次，财产线索方面有商标信息116条，专利信息5000条，此外企业还拥有 行政许可29个。 海尔智家股份有限公司，成立于1994年，位于青岛市，是一家以从事其他制造业为主的企业。企业注册 资本943811.4893万人民币。通过天眼查大数据分析，海尔智家股份有限公司共对外投资了58家企业， 参与招投标项目1600次，财产线索方面有商标信息285条，专利信息5000条，此外企业还拥有行政许可 10个。 金融界 2025 年 5 月 3 日消息，国家知识产权局 ...

Core Viewpoint - The collaboration between Tuhu and Mann+Hummel aims to establish a standardized grading system for automotive air conditioning filters, enhancing consumer understanding and promoting healthy market development [1][2]. Group 1: Standardization and Consumer Benefits - The "放芯滤标准" introduces a grading system (SSS/SS/S) for air conditioning filters, simplifying the selection process for consumers by providing clear performance metrics [2][3]. - The standard incorporates key performance dimensions such as PM0.3 filtration efficiency, dust holding capacity, and harmful gas adsorption, ensuring high-quality filter performance [2][3]. Group 2: Industry Impact and Quality Improvement - The introduction of a unified grading standard is expected to combat low-quality products in the market, shifting the focus from price competition to quality enhancement among manufacturers [3]. - The collaboration emphasizes the importance of technical standards and integrity in the industry, aiming to elevate product quality and service levels across the sector [4]. Group 3: Company Profiles and Initiatives - Tuhu is recognized as the largest integrated automotive service platform in China, with over 7,000 service centers and nearly 140 million registered users, focusing on quality products and services [4]. - Mann+Hummel, a leader in the filtration industry with 80 years of experience, operates 15 R&D centers globally and holds over 2,000 patents, reinforcing the technical foundation of the partnership [4].

2025年4月27日，格力电器（000651.SZ）发布了2024年年度报告。财报表示，奥维云网数据显示，2024年，格力品牌家用空调线上零售额份额为 25.40%，位居行业第一。 | 报告期内，格力中央空调销售规模稳居行业第一。i 传媒旗下《暖通空调与热泵》杂志发布的《2024 年中国中央空 | | --- | | 调行业发展报告》显示，格力以超 15%的占有率取得国内中央空调市场销售规模第一的成绩，连续 13 年在中央空调市场 | | 拔得头筹。 | 图源：格力电器财报截图 有趣的是，2025年3月28日，美的集团（000333.SZ）发布的财报中也表示，据奥维云网数据显示，在家用空调等9个品类中，美的系产品在国内线上与线 下市场份额均位列行业第一。根据美的集团引用的数据，2024年，其家用空调的线下市场份额为35.9%，排名第一；家用空调的线上市场份额为33.2%， 排名第一。 对此情况，"九派财经"向奥维云网进行了求证，奥维云网表示，两家公司财报中的数据均真实且来源于奥维云网监测数据，但两家公司财报引用数据维度 有所不同。美的集团内容表示"美的系产品在国内线上与线下市场份额均位列行业第一"，引用的品牌 ...

Core Viewpoint - Shun'an Environment reported a strong Q1 performance with revenue of 3.02 billion yuan, a year-on-year increase of 15.0%, and a net profit attributable to shareholders of 220 million yuan, up 4.3% year-on-year, driven by the old-for-new subsidy policy stimulating domestic air conditioning sales [1][2] Group 1: Financial Performance - Q1 revenue reached 3.02 billion yuan, reflecting a 15.0% year-on-year growth [1] - Net profit attributable to shareholders was 220 million yuan, representing a 4.3% year-on-year increase [1] - The company's net profit margin for Q1 was 7.2%, down 0.7 percentage points year-on-year, primarily due to rising copper prices [2] Group 2: Market Dynamics - The old-for-new subsidy policy has positively impacted air conditioning sales, leading to increased demand for upstream valve components [1] - Industry sales data shows that the sales of key components like shut-off valves, four-way valves, and electronic expansion valves increased by 7.1%, 7.5%, and 14.4% year-on-year, respectively [1] - Looking ahead, the combination of national subsidy policies and the peak season for air conditioning is expected to further stimulate sales performance [1] Group 3: Operational Efficiency - Q1 operating cash flow net amount was 150 million yuan, a significant year-on-year increase of 118.4% [2] - The company managed to reduce cash payments for goods and services by 18.2% year-on-year, while cash received from sales increased by 1.0% [2] - The company's cash balance at the end of the period was 2.9 billion yuan, up 7.4% year-on-year, indicating a strong liquidity position [2] Group 4: Future Outlook - The company is expected to continue its rapid revenue growth, with projections for EPS of 1.05, 1.17, and 1.35 yuan for 2025 to 2027 [2] - The company is actively expanding into high-margin commercial refrigeration components and automotive thermal management businesses, which is anticipated to improve profitability [2] - A target price of 15.68 yuan is set based on a 15 times dynamic price-to-earnings ratio for 2025 [2]