证券研究报告 奥克斯电气 (2580 HK) 供应链效率领先，中国制造出海典范 据弗若斯特沙利文预测，全球空调市场规模将从 2024 年的 1.31 万亿元增 长至 2028 年的 1.53 万亿元，期间 CAGR+4.0%（中国/北美/欧洲/东南亚 CAGR 分别为+3.7/3.8/3.8/5.7%）。1）外销端，公司积极开拓海外尤其是 需求尚未饱和的新兴市场，同海外客户合作关系紧密，ODM 业务贡献稳健 现金流，并通过国家代理和销售公司两大模式发展 OBM 自主品牌业务，我 们预计 25-27 年海外收入为 188.9/234.6/281.8 亿元，占公司总营收比重为 54.3/58.5/62.6%；2）内销端，短期受益于以旧换新补贴对更新需求的拉动， 我们预计 25-27 年国内收入分别为 158.7/166.2/168.4 亿元，保持稳健增长。 我们与市场观点不同之处 1）市场对代工业务的弱壁垒和客户高依赖度有所担忧，我们认为奥克斯海 外 ODM 高速增长的背后，是公司强大的制造效率和成本控制能力作为支撑 （24 年产能利用率：奥克斯 91.3%，中国空调行业 74.4%），公司现有境 内外 4 大空 ...

Core Viewpoint - AUX Electric has announced its IPO, planning to issue approximately 207 million shares globally, with an expected pricing date of August 29, and a share price range of HKD 16.00 to HKD 17.42, with trading expected to commence on September 2, 2025 [1][3]. Company Overview - AUX Electric is one of the top five air conditioning providers globally, integrating design, research and development, production, sales, and service for both household and central air conditioning systems. The company operates in over 150 countries and regions, seizing opportunities in the global air conditioning market, which is projected to reach RMB 1.3128 trillion by 2024 [4][25]. Market Position - According to Frost & Sullivan, AUX Electric is projected to hold a 7.1% market share by sales volume in 2024, ranking as the fifth largest air conditioning provider globally [4][17]. Product and Brand Strategy - The company utilizes the "AUX" brand for its domestic and international markets, while also developing sub-brands such as "HuaSuan" and "AUFIT," along with high-end brands like "ShinFlow" [5]. Sales and Distribution Model - AUX Electric has implemented a new retail model that integrates online and offline sales, enhancing communication and cooperation with small and medium-sized retailers. This model simplifies the distribution structure and optimizes the supply chain through digital means [17][24]. Research and Development - The company has established a comprehensive global R&D network with centers in Ningbo, Zhuhai, and Japan, focusing on energy efficiency, comfort, health, and smart technology. As of March 31, 2025, AUX Electric has over 1,600 dedicated R&D personnel and has obtained more than 12,000 registered patents [18][21]. Financial Performance - AUX Electric's revenue for the first quarter of 2024 was RMB 297.59 million, reflecting a growth of 19.8% compared to the same period in 2023. The gross profit for the same period was RMB 62.40 million, with a net profit of RMB 29.10 million [35][38].

来源：新浪港股-好仓工作室 由于未提供招股书中"重要提示""预期时间表""释义""有关本招股章程及全球发售的资料""董事、监事及 参与全球发售的各方""基石投资者""未来计划及所得款用途"等章节的内容，以下仅为基于已有业务内 容的公司介绍部分，你可补充相关信息，以便我为你生成完整内容。 奥克斯专注空调行业三十余载，以"奥克斯AUX"主品牌布局海内外市场，并通过多品牌战略满足全球 消费者不同需求。其产品矩阵围绕家用空调和中央空调，在节能、舒适、健康、智能四大方向深耕，快 速迭代产品且持续丰富产品矩阵，覆盖家庭住宅、办公楼宇等众多应用场景。 奥克斯构建了完善的全球研发网络，在宁波、珠海和日本设立研发中心，拥有超1600名专职研发人员。 同时，创新推出网批新零售模式，打造"小奥直卖"生态系统，实现线上线下融合，提升经营效率。此 外，奥克斯搭建了奥克斯工业互联网平台，实现全价值链精细化管理，提升各业务板块效率。在业绩记 录期内，奥克斯收入和净利润保持强劲增长，展现出良好的发展态势。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股 ...