13 May 2025 | 7:00PM HKT Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Asia Economics Analyst Manufactured exports continue to drive China's growth (Tilton/Shan) Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. Lisheng Wang +852-3 ...

Company Participation - Whirlpool Corporation will participate in the J.P. Morgan 18th Annual Homebuilding & Building Products Conference on May 20th at 2:00 p.m. ET [1] - Jim Peters, Executive Vice President and Chief Financial and Administrative Officer, will be presenting for Whirlpool Corporation [1] Investor Engagement - The company invites investors and the general public to view the webcast of the fireside chat, available on the events & presentations page of the Company's Investor Relations website [2] - An archived recording of the event will be accessible for at least 30 days on the company's website [2] Company Overview - Whirlpool Corporation is a leading home appliance company, focusing on improving life at home [3] - It is the last major U.S.-based manufacturer of kitchen and laundry appliances, with a strong emphasis on innovation [3] - In 2024, the company reported approximately $17 billion in annual sales, with nearly 90% of sales generated in the Americas [3] - The company employs 44,000 individuals and operates 40 manufacturing and technology research centers [3]

截至5月初，A股和港股上市公司2024年财报披露已经收官，中国家电四巨头分别交出了颇为亮眼的"成绩单"。 美的、海尔、TCL、海信在过去的一年里，均经历了不同程度的增长。其中，美的2024年全年营收达到4091亿元，同比增长达到9.5%，是营收增长最快的 企业，也是唯一一家营收超过4000亿的企业。 换句话说，中国家电企业过去一年的高增长成绩单，推力主要来自两点：1.全球化；2.高端化。 | | | | 2024年中国主要家电上市公司海外成绩单 | | | | --- | --- | --- | --- | --- | --- | | 序号 | 企业名称 | 海外营收(亿元) | 变动 | 总营收(亿元) | 占比 | | 1 | 美的集团 | 1690.34 | 12.01% | 4090.84 | 41.32% | | 2 | 海尔智家 | 1439.14 | 5.43% | 2859.81 | 50.32% | | 3 | 格力电器 | 282.03 | 13.25% | 1891.64 | 14.91% | | 4 | 海信家电 | 356.29 | 28% | 927.46 | 38.42% | | ...

"我们至今尚未知道山东人的冰箱里都有什么。" 如果提名一个"互联网常驻热梗大省"，你首先想到的会是谁？ 冬天限定霸占热搜的东北，起号和呼吸一样简单的云南，还是一生抽象的川渝…… 如果只能想到这几个，你就错了，大错特错，完全忽略了在不经意的地方，山东人，正从互联网热点的全世界路过。 春天，挖野菜挖成现象级；夏天，吃豆橛子吃上热搜；秋天，种葱种出两米高震撼全网。 就连今年315晚会，蜜雪冰城因为隔夜柠檬片上热搜，评论区也全是"严查山东人冰箱"的呼声。 网友：查吧，查完山东没人了 最让人意外的，在食物中毒大省的调查里，山东都能超越云南"意外登顶"。 你以为这些话题是各火各的？ 殊不知，是山东人的草蛇灰线伏脉千里，早留下了共同线索。 翻一次山东人的冰箱，才懂了时间静止 如何判断一个山东人是不是热爱生活？ 爱挖野菜，爱在阳台种菜，爱去菜市场买菜……这些终究只是表面功夫。 真正务实的山东人，早就将对生活的热情落实到了冰箱里—— 春天挖多了吃不完的野菜，放冰箱冻起来；夏天吃不完的豆橛子，吃不完放冰箱冻起来； 2006年进冰箱的鱼，可以冻到参加高考的年纪。 生命只短短几天的知了猴，只要进了山东人的冰箱，就能得到永生的待遇。 ...

Company Overview - Viomi Technology Co., Ltd is focused on home water solutions and is based in Guangzhou, China [1] - The company's mission is "AI for Better Water," utilizing AI technology to enhance drinking water solutions for households globally [4] Recent Performance - Viomi achieved a significant turnaround in 2024, with net revenue increasing by 29.3% year over year [3] - The company reported a net income of RMB62.3 million in 2024, compared to a net loss of RMB89.3 million in 2023 [3] - Viomi is positioned for high-quality growth and is ready to capitalize on new market opportunities [3] Business Model and Innovations - Viomi operates a distinctive "Equipment + Consumables" business model, leveraging AI technology and intelligent hardware to improve water quality monitoring and filter replacement [5] - The company has developed a world-leading "Water Purifier Gigafactory," which enhances operational efficiency and supports continuous innovation in water purification [5] - Technological advancements by Viomi extend filter lifespan and reduce user costs, promoting the adoption of water purifiers [5] Upcoming Events - Viomi will present at the dbVIC - Deutsche Bank American Depositary Receipt (ADR) Virtual Investor Conference on May 15, 2025 [1] - The event will be interactive, allowing investors to ask questions in real-time, with an archived webcast available post-event [2]

Core Viewpoint - The implementation of the home appliance trade-in subsidy policy in Jinan has significantly stimulated consumer demand and improved sales in the home appliance market, particularly for mid-to-high-end products [1][8]. Group 1: Impact of the Policy - Since the launch of the trade-in subsidy policy on January 23, over 100 days have passed, leading to increased consumer interest and sales in the home appliance sector [1]. - Consumers are taking advantage of the subsidies, with discounts of up to 20% on products like air conditioners, resulting in substantial savings [3][5]. - The policy has encouraged consumers to purchase multiple appliances, with reports of increased transaction rates and a shift towards bundled purchases [5][6]. Group 2: Sales Performance - Sales data indicates a significant increase in home appliance sales, with Gree's air conditioner sales in Shandong province rising by 30% year-on-year from January to April [8]. - Hisense reported a remarkable 78.4% increase in retail sales in Jinan during the first quarter [8]. - The trade-in policy has also positively impacted the sales of mid-to-high-end products, with their market share increasing from 40% to 60% for Gree's air conditioners [8]. Group 3: Consumer Trends - There is a noticeable shift in consumer preferences towards high-quality, smart, and environmentally friendly appliances, with a growing demand for energy-efficient products [9][10]. - The trend towards larger and more advanced appliances, such as big-screen TVs and high-capacity refrigerators, is evident, with significant sales growth reported [12]. - The policy has not only reduced purchase costs but also encouraged consumers to upgrade to higher-quality products, enhancing overall consumer experience [12]. Group 4: Future Outlook - Experts suggest that the trade-in policy will promote long-term upgrades in the home appliance industry, encouraging companies to invest in research and development for greener and smarter products [12]. - Recommendations for the government include optimizing the subsidy policy to better benefit consumers and enhancing awareness of the program to stimulate further market engagement [12].

Core CPI held up, for now: Core CPI YoY remained robust at 0.5%Y (vs. 0.5% in March) and 0.7% MoM SAAR. In April, core goods prices (home appliances, cars and mobile phones) were largely stable on the back of the trade-in program; tourism- related prices slightly improved, such as tourism services (-0.5%Y vs. -0.9% in March) and hotel rooms, which is included in miscellaneous services (6.6%Y vs. 6.2% in March). Apart from core prices, food inflation was the highest in 5 months, led by fruit and beef amid co ...

Investment Rating - The investment rating for Gree Electric Appliances Inc of Zhuhai is Overweight [2][12][13]. Core Views - The report indicates a price target of Rmb54.00, with the stock currently trading at Rmb45.56, suggesting an upside potential of approximately 18.53% [2][9]. - The earnings per share (EPS) estimates for fiscal years 2025, 2026, and 2027 are projected to be Rmb6.31, Rmb6.69, and Rmb7.22 respectively, reflecting an increase from prior estimates [2][20]. - The report highlights a solid balance sheet and a sustainable high dividend payout ratio, which supports long-term returns [16]. Revenue and Earnings Estimates - Revenue for 2025 is slightly reduced by 2-3% due to a fading trade-in effect amid macro uncertainties, while earnings estimates are lifted by 5-6% due to better margin trends observed in Q1 2025 [1][2]. - The projected domestic air conditioner volume growth for 2025 is 8%, with an average selling price (ASP) growth of 2% [17]. Valuation Metrics - The price-to-earnings (P/E) multiple is adjusted from 9x to 8.5x, reflecting a market derating amid high global macro uncertainties [1][6]. - The stock is currently trading at an attractive valuation of approximately 7x 2025e P/E, which is about 1 standard deviation below its average of 10x since 2017 [16]. Risk Reward Scenarios - The bull case scenario assumes an 11x target P/E with EPS growth of 17% and 6% for 2025 and 2026 respectively, while the bear case assumes a 5x target P/E with lower EPS growth of 3% and 6% [10][15]. - The report identifies positive themes in pricing power and special situations for Gree Electric Appliances [14].

华泰证券研报称，2024 年家电板块累计上涨约 25.4%，涨幅居行业前列，表现明显优于上证综指与沪 深 300。得益于内需"以旧换新"政策红利以及出口补库，全年板块收入同比增长 5.6%，归母净利润增长 7.1%，盈利能力稳健。2025 年 1—4 月家电"换新"维持拉动力，但出口面临关税挑战，板块承压回调约 1.6%。展望 2025 年二季度，政策持续发力、内需具备支撑，叠加前期高基数效应减退，预计板块将呈 结构性修复态势，机会主要来自内销需求回暖与出口预期修复两端。 家电板块相关港股： TCL电子(01070)、海信家电(00921)、海尔智家(06690)、美的集团(00300)、小米集团（01810）、JS环球 生活（01691）等。 智通财经APP获悉，家电板块2024年整体收入、归母净利润分别同比+6%、+9%;25Q1收入、归母净利 润分别同比+14%、+22%。2024Q4国补集中发力下，板块收入端有明显提速。 内销受益补贴程度分化，海外抢出口明显。 自24Q3需求低点以来，同比增速逐季度改善，其中24Q4主要受益于国补政策的集中发力以及海外旺盛 需求的双重拉动； 25Q1内销依旧有国补拖底 ...

近日，董明珠的年薪引发行业关注。 格力电器在最新发布的2024年财报中全面披露了高管薪酬与公司业绩数据。其中，董事长兼总裁董明珠的薪酬情况格外引人关注。 据智通财经报道，数据显示董明珠去年从格力电器获得的税前报酬总额为1437.2万元，较2023年的1213.8万元上涨了18%。董明珠此前曾公开表示："不要 只想看工资的人，这种思维阻碍了我们的成长和进步。" 据智通财经报道，2024年格力电器全年实现营业总收入1900.38亿元，同比下降7.31%，但归属股东的净利润为321.85亿元，同比增长10.91%。在公司最新 披露的派息方案中，拟向全体股东每10股派发现金红利20元（含税），总派息金额高达111.7亿元。董明珠因持股超过1亿股，预计可获得约2亿元的现金 分红。 该公司2024年共有17位董事与高级管理人员，总计获得税前报酬4505.18万元。在核心管理层中，董明珠的薪酬远高于其他高管，位列第一；董事、党委 书记张伟以862.32万元的税前薪酬紧随其后。 从近三年数据来看，2022年董事和高级管理人员薪酬总额为3015.82万元，2023年为3253.80万元，2024年提升至4354.31万元，呈现 ...