高股息锚定长期价值，25Q1 盈利强化 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 白色家电 | 公司披露 2024 年报及 25 一季报：2024 年实现总营收 1900.38 亿元，同比 -7.31%，归母净利 321.85 亿元，同比+10.91%，25Q1 总营收/归母净利分 别同比+13.78%/+26.29%。24 年公司归母净利基本符合预期（预期 333.96 亿元），而 25Q1 净利表现较强，主要受益于费用率优化。虽有美国加征关 税挑战，但以旧换新稳固内销需求，公司份额稳定，有望享受政策红利。同 时公司在中期每股分红 1 元的基础上，年报每股再分红 2 元，股息率达 6.66%，结合公司股东回报规划，我们认为公司有望保持较高分红率水平， 仍是家电板块低估值、高股息标杆。维持"买入"评级。 24 年空调主业具备韧性，25Q1 政策红利继续释放 主业表现稳健，24 年消费电器收入为 1486 亿元，同比-4.29%，我们认为 主要受到内销量下滑及线上均价波动影响。1）出货量：根据产业在线数据 ...

数据显示，截至2025年3月31日，沪深300红利低波动指数前十大权重股分别为中国神华、格力电器、大 秦铁路、中国石化、宝钢股份、双汇发展、宁沪高速、海螺水泥、华域汽车、中国电信，前十大权重股 合计占比37.95%。 今年一季度，尽管红利指数出现一些震荡，但红利基金仍然受到资金青睐，规模创历史新高。Wind数 据显示，截至今年一季度末，红利基金总规模达2513.67亿元，较去年四季度末增加约270亿元。 中信证券研报指出，"对等关税"政策的实施直接引发全球资本避险模式，风险资产持续大幅下跌，避险 资产或成较大赢家，关税风暴所带来的催化与红利基本面的坚实逻辑有望形成向上共振。 没有股票账户的场外投资者可通过对应的沪深300红利低波动ETF联接基金（007606）把握投资机会。 截至2025年4月28日 10:52，沪深300红利低波动指数上涨0.94%，成分股宝钢股份上涨5.72%，格力电器 上涨4.09%，国投电力上涨2.34%，江苏银行上涨1.81%，华能水电上涨1.80%。红利低波ETF基金 (515300)涨近1%。 流动性方面，红利低波ETF基金盘中成交2287.42万元。规模方面，红利低波ETF基金 ...

Investment Rating - The investment rating for Gree Electric Appliances is "Buy-A" with a target price of 61.64 CNY for the next six months [5]. Core Views - Gree Electric Appliances reported a strong operational performance in Q1 2025, with a year-on-year revenue increase of 13.8% and a net profit increase of 26.3% [1][4]. - The company is expected to benefit from the ongoing "old-for-new" air conditioning subsidy policy, which is anticipated to boost sales during the peak season [2]. - Gree's profitability has significantly improved, with a net profit margin of 24.0% in Q4 2024, marking a new high since its listing [3]. Financial Performance Summary - In 2024, Gree achieved total revenue of 1900.4 billion CNY, a decrease of 7.3% year-on-year, while net profit reached 321.8 billion CNY, an increase of 10.9% [1]. - For Q4 2024, the company reported a revenue of 426.2 billion CNY, down 13.4% year-on-year, but net profit increased by 14.5% to 102.2 billion CNY [1]. - In Q1 2025, Gree's revenue was 416.4 billion CNY, up 13.8% year-on-year, with a net profit of 59.0 billion CNY, reflecting a 26.3% increase [1]. - The operating cash flow for Q1 2025 improved significantly, reaching 110.0 billion CNY, a year-on-year increase of 474.1% [4]. Profitability and Efficiency - Gree's net profit margin for Q4 2024 was 24.0%, an increase of 5.8 percentage points year-on-year, attributed to improved tax efficiency and reduced impairment losses [3]. - The management expense ratio decreased by 1.0 percentage points in Q4 2024, indicating effective cost control measures [3]. - The company has maintained stable product gross margins and marketing efficiency, with a slight decrease in gross sales difference in Q1 2025 [3]. Dividend Policy - Gree plans to distribute a cash dividend of 20 CNY per 10 shares, totaling 117.7 billion CNY, resulting in a dividend payout ratio of 52.1%, which is an increase of 6.8 percentage points year-on-year [8].

Group 1 - Jinchengxin signed a mining production contract with Western Mining for approximately 377 million yuan [1] - Weishinkang's subsidiary received a drug registration certificate for compound amino acid injection (18AA-Ⅸ) [1] - Kangyuan Pharmaceutical obtained a drug registration certificate for Yunu Jian granules [2] Group 2 - Zongheng Communication reported a net profit of 3.42 million yuan in Q1 2025, turning from loss to profit [3] - Phoenix Holdings achieved a net profit of 1.39 million yuan in Q1 2025, also turning from loss to profit [3] - Dayuan Pump Industry reported a net profit of 39.21 million yuan in Q1 2025, a decrease of 3.95% year-on-year [5] Group 3 - Shuo Beid reported a net profit of 14.53 million yuan in Q1 2025, an increase of 276.05% year-on-year [7] - Tongde Chemical reported a net profit of 10.31 million yuan in Q1 2025, a decrease of 51.51% year-on-year [8] - Vanadium Titanium Co. reported a net loss of 98 million yuan in Q1 2025, a decline of 40.84% in revenue [9] Group 4 - Xineng Taishan reported a net profit of 16.23 million yuan in Q1 2025, turning from loss to profit [10] - Andavil reported a net profit of 13.83 million yuan in 2024, a decrease of 87.82% year-on-year [12] - Xingyuan Environment reported a net loss of 302 million yuan in 2024, a reduction in loss by 69.46% [14] Group 5 - China Rare Earth reported a net loss of 287 million yuan in 2024, turning from profit to loss [15] - Zhejiang Huaye reported a net profit of 92.94 million yuan in 2024, an increase of 32.21% year-on-year [16] - Mengjie Co. reported a net profit of 24.88 million yuan in 2024, an increase of 10.99% year-on-year [18] Group 6 - Tongde Chemical reported a net loss of 71.99 million yuan in 2024, turning from profit to loss [19] - Rongsheng Development reported a net loss of 8.44 billion yuan in 2024, turning from profit to loss [21] - Sanwei Communication reported a net loss of 27.1 million yuan in 2024, turning from profit to loss [22] Group 7 - Wankang Technology reported a net loss of 16.3 million yuan in 2024, turning from profit to loss [24] - Huitian New Materials reported a net profit of 1.02 billion yuan in 2024, a decrease of 65.91% year-on-year [25] - Luzhou Laojiao reported a net profit of 13.47 billion yuan in 2024, an increase of 1.71% year-on-year [27] Group 8 - Haiyuan Composite reported a net loss of 16 million yuan in 2024 [29] - Hongchuan Wisdom reported a net profit of 15.8 million yuan in 2024, a decrease of 46.57% year-on-year [30] - Gree Electric reported a net profit of 32.18 billion yuan in 2024, an increase of 10.91% year-on-year [30]

Core Viewpoint - The contrasting public images of JD founder Liu Qiangdong and Gree Electric chairman Dong Mingzhu highlight the impact of personal behavior on brand perception in the internet age, where empathy resonates more with the public than authoritative preaching [1][12]. Group 1: Liu Qiangdong's Approach - Liu Qiangdong gained significant public support by personally delivering food, showcasing a relatable and empathetic image that aligns with the expectations of modern consumers [4][6]. - His actions reflect a shift in public sentiment, where entrepreneurs are expected to connect with ordinary people rather than maintain a distant, authoritative stance [6][12]. - The positive reception of Liu's actions indicates that the public favors business leaders who demonstrate a human side and engage in grassroots activities [14][16]. Group 2: Dong Mingzhu's Approach - Dong Mingzhu's recent controversial statements, such as labeling returnees as spies, have led to widespread criticism and a negative public image, contrasting sharply with Liu's popularity [8][11]. - Her marketing style, characterized by a "preaching" approach, fails to resonate with the public, leading to a decline in brand favorability among younger consumers [11][12]. - Dong's history of confrontational remarks and lack of empathy, particularly towards younger generations, has resulted in a growing disconnect with her audience [8][11]. Group 3: Implications for Entrepreneurs - The comparison between Liu and Dong illustrates the importance of managing personal brand and public expectations in the internet era, emphasizing that empathy is more effective than authoritative messaging [12][16]. - Entrepreneurs are encouraged to adopt a more inclusive and understanding communication style to maintain a positive public image and avoid creating divisions [14][16]. - The actions of business leaders, such as Liu's delivery stunts, are seen as more impactful than mere rhetoric, reinforcing the need for genuine engagement with the public [14][16].

事件：2025 年4 月21 日，长虹美菱发布2025 年一季报。25Q1 公司营收/归母净利润/扣非归母净利润分 别为73.60/1.82/1.74 亿元，同比分别为+23.78/+16.92/-6.18%。非经常性损益主要系25Q1 收到政府补助 1028 万元。 毛利率：25Q1 为11.83%，同比-1.11pct。 费用率：25Q1 销售/管理/研发/财务费用率分别为5.40/1.31/2.05/-0.11%，同比分 别-1.10/+0.08/-0.18/+0.60pct。公司费用控制良好。 归母净利率：25Q1 为2.47%，同比-0.14pct。 公司及子公司合肥美菱物联科技有限公司于2024 年10 月以自有资金收购了控股股东四川长虹电器股份 有限公司持有的合肥实业99%股权和四川长虹电器股份有限公司下属子公司四川长虹创新投资有限公司 持有的合肥实业1%股权。本次股权过户完成后，公司直接和间接持有合肥实业100%的股权。 投资建议：国内市场，以自有品牌经营的冰洗产品结构和渠道结构不断提升，空调自主品牌借助冰洗、 电视优势品类拓展渠道，空调代工受益于小米空调快速发展；海外市场，代工业务巩固欧洲市 ...

彩电老大哥深康佳，麻烦缠身。 作者： Chong Lei,CFA 来源： 金角财经（ID：F-Jinjiao) 4 月 13 日，江西康佳新材料前董事长朱新明连续发布实名举报视频，剑指康佳集团现任董事长 周彬、前高管刘某涉嫌操纵上市公司业绩 ， 直指 2018 年两笔异常资金流动 ，包括 通过关联 交易虚增利润 4000 万元， 以及 有 5000 万上市公司资金经多层空壳公司转入河南农民账户。 这次举报迅速引发关注，因为 朱新明 与深康佳渊源甚深。他 是康佳集团 2018 年并购标的 " 金凤凰 " 的创始人 ，多 年前他亲手将微晶石行业龙头九江金凤凰 51% 股权售予康佳。 对于深康佳来说，这次举报可以说是 屋漏偏逢连夜雨 ，因为发生在自己走到退市边缘的敏感时 刻。 财报显示， 2024 年，深康佳归母净利润为亏损 32.96 亿元，同比扩大 52.31% 。而深康佳已 经连续亏损了三年，且亏损金额不断扩大。同时，截至去年末，深康佳的净资产只有 23.7 亿 元。 根据深交所相关退市规则，若上市公司最近一个会计年度经审计的净资产为负值，会被实施退市 风险警示。 基于这一点，参考深康佳去年亏损超过 30 亿 ...

Core Viewpoint - The leading home appliance companies in China, including Midea Group, Haier Smart Home, and Gree Electric Appliances, are initiating share buybacks to boost investor confidence amid market fluctuations and external pressures such as tariffs from the U.S. [2][3] Group 1: Midea Group - Midea Group announced a share buyback plan to spend between 1.5 billion to 3 billion yuan over the next year, aiming to repurchase 15 million to 30 million shares, which represents approximately 0.2% to 0.39% of its total share capital [2] - The company reported a revenue of 409.1 billion yuan and a net profit of 38.5 billion yuan last year, with a low revenue contribution from the U.S. market [2] - Midea has established 22 R&D centers and 23 major manufacturing bases across various regions, including North America, South America, Asia-Pacific, Europe, and the Middle East [2] Group 2: Haier Smart Home - Haier Smart Home executed its first share buyback by repurchasing 610,000 shares at prices between 23.6 yuan and 23.95 yuan, totaling approximately 14.48 million yuan [3] - The company plans to spend between 1 billion to 2 billion yuan on share buybacks over the next year [3] - A shareholding increase plan was announced, with executives intending to invest between 20.85 million to 41.7 million yuan in the company's A-shares or H-shares [3] Group 3: Gree Electric Appliances - Gree Electric Appliances stated that its products serve over 190 countries, with stable growth in markets such as the Middle East, Europe, and Southeast Asia, while the U.S. market contributes a low revenue share [3] - The stock prices of Midea Group, Haier Smart Home, and Gree Electric Appliances experienced significant declines before the buyback announcements, followed by recoveries on April 8 [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company's profitability is expected to continue improving due to multiple reforms, with a focus on enhancing operational efficiency and adapting to market demands [4]. - The company has shown steady revenue and profit growth, with projected net profits for 2024-2026 at 703 million, 807 million, and 911 million yuan respectively, corresponding to EPS of 0.68, 0.78, and 0.88 yuan [4][5]. - The report highlights the company's strong performance in both domestic and international markets, with a significant focus on product quality and price competitiveness [4]. Company Overview - The company, originally established as a refrigerator manufacturer, has diversified into a range of home appliances following a strategic restructuring with Sichuan Changhong [14]. - The current major revenue sources are air conditioning and refrigerators, which together account for nearly 95% of total revenue [17][34]. - The company has a professional management structure, with a significant portion of its executives having backgrounds in Sichuan Changhong, enhancing operational efficiency [20][23]. Financial Performance - The company reported revenues of 24.25 billion yuan and a net profit of 741 million yuan in 2023, with a CAGR of 6.75% for revenue and 80.52% for net profit from 2018 to 2023 [25]. - The gross profit margin has been gradually recovering, reaching 13.9% in 2023, although it is expected to face pressure in 2024 due to rising raw material costs and increased competition [39][44]. - The company maintains a strong cash flow position, with operating cash flow net amounting to 2.75 billion yuan in the first three quarters of 2024, reflecting a 14.1% increase [54]. Industry Insights - The home appliance industry is witnessing a trend towards high-end products in the domestic market, while the international market is experiencing a recovery in demand [57]. - The refrigerator market is projected to see a total shipment of approximately 96.71 million units in 2024, with exports growing faster than domestic sales [57][64]. - The company is focusing on health preservation and innovative designs in its refrigerator offerings, aligning with consumer preferences for quality and aesthetics [64].

Investment Rating - The investment rating for Haier Smart Home is maintained at "Buy" [4] Core Views - The company achieved a revenue of 285.98 billion yuan in 2024, representing a year-on-year growth of 4.3%, and a net profit attributable to shareholders of 18.74 billion yuan, up 12.9% [15][17] - The dividend payout ratio increased to 48.01%, with a cash dividend amounting to 8.997 billion yuan [15] - The company is focusing on high-end product strategies and expanding its market share both domestically and internationally, with significant growth in emerging markets [34][40] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 285.98 billion yuan and a net profit of 18.74 billion yuan, with a quarterly revenue of 83.01 billion yuan in Q4, reflecting a 9.9% year-on-year increase [15][19] - The gross profit margin for 2024 was 27.8%, while the net profit margin was 6.8% [55][57] Domestic Market - Domestic revenue reached 141.68 billion yuan in 2024, growing by 13.7% and accounting for 49.8% of total revenue [22][28] - The company continues to enhance its market share in various product categories, with significant growth in high-end brands [27][29] International Market - The overseas revenue for 2024 was 142.9 billion yuan, marking a 5.3% increase and representing 50.2% of total revenue [34][35] - The company is expanding its presence in emerging markets, with notable growth in South Asia and the Middle East [40][41] Product Segmentation - Revenue from air conditioning, refrigeration, and water appliances showed positive growth, with air conditioning revenue increasing by 7.4% [52][57] - The company is focusing on high-end product offerings and has seen a rise in market share across various segments [41][50] Strategic Initiatives - The company is implementing digital transformation and cost-reduction strategies to enhance operational efficiency [55] - Ongoing mergers and acquisitions are aimed at strengthening the company's position in the HVAC industry and expanding its product portfolio [15][34]