公司研报 证券研究报告 2025.04.28 海信家电 1Q25 业绩点评：业绩符合预期，盈利持续改善 汤亚玮 分析员 褚君 分析员 李晶昕 分析员 家电与智慧家居 SAC 执证编号：S0080521110003 SFC CE Ref：BUD650 A 股维持跑赢行业 | 股票代码 | 股票评级 | 目标价 | | --- | --- | --- | | 000921.SZ | → 跑赢行业 | 人民币 36.50 | | 00921.HK | → 跑赢行业 | 港币 32.50 | | 股票代码 | 000921.SZ | 00921.HK | | --- | --- | --- | | 最新收盘价 | 人民币 27.33 | 港币 23.90 | | 52 周最高价/最低价 人民币 41.51~22.82 | | 港币 37.94~18.68 | | 总市值(亿) | 人民币 356.4 | 港币 379.4 | 61 74 87 100 113 126 2024-04 2024-07 2024-10 2025-01 2025-04 000921.SZ 沪深300 | (人民币 百万) | 2023A | ...

众所周知，作为房地产行业的二级服务市场，暖通空调行业深受房地产市场发展的影响，特别是新时代背景下，既带来存量市场的结构性机遇，也倒逼行业 在增量市场中探索新方向。 可以预见的是，2025年60%以上需求将来自改造与更新，暖通空调制造企业需强化旧房场景适配能力，聚焦核心城市，高端住宅、绿色建筑及新兴业态，同 时关注城中村改造、节能补贴、好房子等政策窗口，重点发力。但可以确定的是，中国中央空调市场向上增长的态势已经告一段落，而当竞争空间越来越 小，真正的考验也许才真正来临。 在暖通空调行业"向内卷"之际，资本市场对山友暖通（WXM.US）的发展自然不大乐观。自4月1日上市以来，山友暖通股价波动下行。截至目前，公司的股 价为1.92美元，较发行价（4美元）缩水52%，总市值为1325万美元。 业绩上行 毛利率增长有"水分"？ 山友暖通主要从事提供暖通空调系统及地暖系统的供应、安装、装修及/或维修服务。公司为大型商业项目提供了暖通空调系统的供应、安装和装修服务， 如中国各地的国际金融广场暖通空调项目、成都万科魅力城、成都来福士广场、成都银仕广场、成都地铁一号。十行、攀枝花金海大酒店。目前其专注于服 务于提供高端全装修 ...

Group 1 - The establishment of the China-UAE Investment Cooperation High-Level Committee aims to enhance investment cooperation and achieve more results between the two countries [2] - Manus's parent company, Butterfly Effect, completed a financing round of $75 million, increasing its valuation to nearly $500 million, with plans to expand into international markets including the US, Japan, and the Middle East [2] - The Shanghai Futures Exchange and the Gulf Commodity Exchange signed an agreement to strengthen cooperation in the commodity market [3] Group 2 - The UAE's total trade volume is projected to reach 5.23 trillion dirhams (approximately $1.424 trillion) in 2024, reflecting a 49% increase from 2021 [4] - A new large-scale data center project in Dubai, with an investment of approximately 2 billion dirhams, will be developed by "du" telecom company, with Microsoft as a major user [4] - The UAE plans to utilize artificial intelligence to assist in drafting new legislation, marking a significant step in AI application [4] Group 3 - Abu Dhabi's Hub71 reported a record high of 8.02 billion dirhams in funding for startups in 2024, a 44.7% increase from 2023 [5] - The establishment of the UAE's first AI doctoral program aims to cultivate talent in key areas such as smart city development and advanced healthcare [5] - Abu Dhabi ranked fifth in the 2025 IMD Smart City Index, reflecting significant achievements in digital governance and sustainable development [6] Group 4 - The Dubai Artificial Intelligence Week gathered over 10,000 experts and innovators from more than 100 countries to discuss AI technologies and industry applications [7] - The Dubai IFZA guide explains the opportunities and advantages of operating in mainland versus free zones, highlighting the growing preference for free zones among businesses [7] Group 5 - Qatar Media City signed a memorandum of understanding with Huawei to support the digital transformation of the media industry [9] - Qatar's Ministry of Interior simplified the process for Chinese citizens to apply for driving licenses, effective from April 2025 [10] - Qatar's POS and e-commerce transaction volume reached 13.8 billion Qatari riyals (approximately $3.8 billion) in March 2025 [10]

Core Viewpoint - Company reported a 25.07% year-on-year increase in revenue for Q1 2025, but net profit decreased by 22.53% due to delayed project acceptance affecting revenue recognition [63][34][15]. Group 1: Financial Performance - In Q1 2025, the company's revenue reached 933 million yuan, reflecting a 25.07% increase year-on-year [63]. - The net profit attributable to shareholders was 48.01 million yuan, down 22.53% compared to the previous year [63]. - The gross profit margin for the company was reported at 26.45% [63]. Group 2: Revenue Growth Factors - The company experienced a 30.04% revenue growth in 2024, with some projects not yet accepted impacting revenue recognition [2]. - The company maintains an optimistic outlook for 2025, citing strong demand in its main business areas and solid industry position [9]. Group 3: Market and Operational Insights - The company is closely monitoring changes in U.S. tariff policies, noting that overseas revenue accounted for 14.38% of total revenue in 2024, suggesting limited impact from tariffs [3]. - The company has a stable order book and production capacity across multiple bases, including Shenzhen and Suzhou, to meet current demand [13][52]. Group 4: R&D and Future Prospects - The company is increasing its R&D investments, with a 32.98% rise in R&D expenses in 2024, focusing on innovative products like ultra-thin dehumidifiers [27]. - The liquid cooling business is experiencing growing demand, although it is influenced by chip types [7]. Group 5: Stock Performance and Investor Relations - The company's stock has faced a continuous decline, with management emphasizing the importance of value enhancement and shareholder returns [16][50]. - The company adheres to consistent information disclosure principles and encourages investors to refer to official reports for updates [4][51].

前十大流通股东累计持有： 16928.11万股，累计占流通股比： 44.15%，较上期变化： 7.41万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 哈尔滨工业投资集团有限公司 | 13044.94 | 34.03 | 不变 | | 周爽 | 1281.85 | 3.34 | -76.70 | | 张寿清 | 555.02 | 1.45 | 不变 | | 刘锦英 | 544.98 | 1.42 | 16.34 | | 沈利冰 | 342.26 | 0.89 | 7.00 | | 张远航 | 241.24 | 0.63 | 0.24 | | 曾强 | 238.13 | 0.62 | 不变 | | MORGAN STANLEY & CO. INTERNATIONAL | 234.99 | 0.61 | 新进 | | PLC. | | | | | 张鑫 | 230.00 | 0.60 | 30.00 | | 尹世杰 | 214.70 | 0.56 | 新进 | | 较上个报告期退出前十大股东有 ...

金十数据4月28日讯，就美国关税政策对公司2025年的业绩会影响有多大的问题，英维克4月25日在业绩 说明会上表示，关税政策不断在变动，公司在密切跟踪情况，对影响尚未能做出准确的评估，由于公司 2024年海外收入占比14.38%，故影响不会很大。 （证券时报） 英维克：美国关税政策对公司业绩影响不会很大 ...

本报讯 （记者贾丽） 4月27日，第三十六届国际制冷、空调、供暖、通风及食品冷冻加工展览会（以下简称"2025中国制冷 展"）在上海新国际博览中心启幕。本届展会以"智联冷暖，共享未来"为主题，覆盖全产业链技术、产 品与解决方案。 青岛海信日立空调营销股份有限公司（以下简称"日立中央空调"）以"碳索适界 昱AI同行"为主题亮相 展会，针对建筑节能改造和工业低碳需求，全球首发SET-FREE RIII更新系列顶出风多联机与SET-FREE 极昱系列两大工装新品，展现了日立在制冷空调领域的深厚技术积累。 青岛海信日立空调营销股份有限公司总经理王学斌表示，日立中央空调以"社会创新"为使命，致力于实 现从技术先驱到生态构建者的跨越。目前公司已率先完成数字化转型，在AI能效优化、零碳算法模 型、新能源耦合技术等领域取得突破性进展。例如全球创新的冷凝热回收技术，不仅大幅提升综合能 效，还可通过余热回收为建筑提供免费生活热水，真正践行"能源零浪费"的承诺。 此外，为加速碳中和进程，日立中央空调于2024年建立行业首个"产品全生命周期碳管理平台"，携手全 球430家产业链伙伴，推动轻量化材料、低碳制造工艺的规模化应用。截至目前 ...

十年前的一个夜晚，深圳坂田的一间办公室里，陈跃云盯着电脑屏幕上的"Transpeed"商标抢注通知，指尖发冷。 这个靠低价策略一度冲上速卖通机顶盒品类TOP1的品牌，曾为他带来年销500万美元的业绩。但此刻，被人恶意抢注打乱了陈跃云的出海节奏，更致 命的是，市面上出现了许多同类型产品，价格战让利润越来越薄。 "没有品牌的白牌出海，终究是给他人做嫁衣。"他说。仓库里堆积的机顶盒零件，像一座座沉默的墓碑，祭奠着中国制造"薄利多销"时代的困局。 当年陈跃云面临的困局如今正摆在千千万万的出海中企前。 走低价路线，还行得通吗？这似乎是当下许多中国企业不得不面对的拷问。回望几年前，凭借极具性价比的产品，曾一度成为低价创新的典范。那 时，低价策略似乎是打开海外市场的金钥匙，凭借成本优势迅速抢占市场份额。 然而，时过境迁，全球贸易环境日渐复杂、地缘政治更为紧张。低价产品曾经依赖的政策红利也在逐渐消失。 出品｜虎嗅商业消费组 作者｜周月明 编辑｜苗正卿 题图｜AI生成 美国市场就是典型例子。当对华关税加征至145%以及800美元以下产品关税豁免政策取消后，已经有大量商家叫苦不迭。 "若取消800美元以下关税豁免政策，每件货物还 ...

十年前的一个夜晚，深圳坂田的一间办公室里，陈跃云盯着电脑屏幕上的"Transpeed"商标抢注通知， 指尖发冷。 这个靠低价策略一度冲上速卖通机顶盒品类TOP1的品牌，曾为他带来年销500万美元的业绩。但此刻， 被人恶意抢注打乱了陈跃云的出海节奏，更致命的是，市面上出现了许多同类型产品，价格战让利润越 来越薄。 "没有品牌的白牌出海，终究是给他人做嫁衣。"他说。仓库里堆积的机顶盒零件，像一座座沉默的墓 碑，祭奠着中国制造"薄利多销"时代的困局。 当年陈跃云面临的困局如今正摆在千千万万的出海中企前。 走低价路线，还行得通吗？这似乎是当下许多中国企业不得不面对的拷问。回望几年前，凭借极具性价 比的产品，曾一度成为低价创新的典范。那时，低价策略似乎是打开海外市场的金钥匙，凭借成本优势 迅速抢占市场份额。 然而，时过境迁，全球贸易环境日渐复杂、地缘政治更为紧张。低价产品曾经依赖的政策红利也在逐渐 消失。 美国市场就是典型例子。当对华关税加征至145%以及800美元以下产品关税豁免政策取消后，已经有大 量商家叫苦不迭。 "若取消800美元以下关税豁免政策，每件货物还会有大约3美元（约20元人民币）的清关费用，更不用 提 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company's Q1 2025 performance met expectations, with revenue of 3.021 billion yuan, a year-on-year increase of 15%, and a net profit attributable to the parent company of 218 million yuan, up 4% year-on-year [6] - The report highlights strong growth in the automotive thermal management segment, driven by the increasing production and sales of new energy vehicles, which saw a year-on-year growth of 50.4% and 47.1% respectively in Q1 2025 [6] - The report anticipates a recovery in profit margins in Q2 2025 as copper prices are expected to decline, which will help stabilize the company's gross margin [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are 14.383 billion yuan, with a year-on-year growth rate of 13.4% [2] - The net profit attributable to the parent company is forecasted to be 1.170 billion yuan in 2025, representing a year-on-year increase of 12% [2] - The earnings per share (EPS) is expected to be 1.10 yuan in 2025, with a projected gross margin of 18.9% [2] Market Data - As of April 25, 2025, the closing price of the stock is 12.12 yuan, with a market capitalization of 11.106 billion yuan [3] - The stock has a price-to-book ratio of 2.3 and a projected price-to-earnings ratio of 11 for 2025 [3] Business Segment Analysis - The report indicates that the refrigeration parts segment is experiencing growth, with domestic and export sales of household air conditioners increasing by 6.2% and 24.5% respectively in Q1 2025 [6] - The refrigeration equipment segment is expected to remain in a downward trend due to reduced capital expenditure in the lithium battery and photovoltaic sectors [6]