今年一季度，马来西亚空调行业消费景气度明显走弱。 多位经销商以及品牌商对《马来西亚智能家居网》表示，一季度空调销量较去年同期相比明显减少，主要有以下四个原因： 一是今年温度低于去年同期水平，尤其是1～2月温度较低，抑制了居民对空调的需求；二是消费市场呈现紧缩特征；三是电费上涨增加了家庭 支出，抑制了消费者对大件家电的需求；四是去库存压力影响了经销商引入新品策略。 在空调行业总体承压、甚至很多品牌市场份额下滑的背景下，海尔是行业为数不多保持增长的品牌。 海尔空调市场份额从2024年同期的15.1%小幅上升至16.7%。冷柜、冰箱、洗衣机等其他主要品类也实现全面增长，展现出强劲的品牌韧性和 结构性优势。 除空调以外，今年一季度，海尔冰箱销售收入同比增长 46%，其中多门和TM700增幅最大，分别增长43%和198%。这是海尔冰箱持续创新、 以中高端品类撬动市场的阶段性成果。 海尔高端产品持续放量 是结构性增长的必然 今年一季度，海尔空调在马来西亚逆势上扬，其主打的高端变频产品线成为增长主力，也是海尔早期锚定"高端产品才是未来"的阶段性成果展 现。 在马来西亚，海尔通过产品结构调整，迅速将变频节能、空气净化、智能调 ...

2025年5月7日，CSISC大数据研究实验室发布《2024年度中国家用冷柜品牌口碑研究报告》。报告基于 2024年3月1日至2025年4月1日的全网大数据监测，覆盖20个主流品牌，从品牌知名度、消费者互动度、 品牌美誉度、质量认可度、产品好评度、品牌健康度六大维度展开分析，揭示行业口碑格局。 一、整体格局：头部品牌表现稳健，荣事达成"黑马" (一)口碑总指数与排名变动 澳柯玛（600336）、美的、海尔占据口碑总指数前三，容声、星星、美菱等品牌连续两期稳居前十。本 期新晋品牌包括冰熊、华凌等，荣事达表现亮眼，从第16名跃升至第8名，成为最大"黑马。 (二)数据结构特征 二、核心维度分析：澳柯玛、美的、海尔多维度领跑 (一)品牌知名度：澳柯玛、美的、海尔居前三 澳柯玛以广泛的市场覆盖和营销声量位居榜首，美的、海尔紧随其后。荣事达、康佳本期进入前十，反 映出品牌传播策略的有效性差异。 (二)消费者互动度：社交热度决定传播深度 美的、澳柯玛、海尔在消费者互动度中持续领先，星星、荣事达本期跻身前十，显示其通过社交营销提 升了用户参与度。TCL、创维因互动量下滑掉出前十，凸显社交运营对口碑的重要性。 (三)品牌美誉度 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 13.37 yuan [5]. Core Views - The company has shown a good growth trend in Q1 2025, with revenue reaching 9.1 billion yuan, a year-on-year increase of 6.7%, despite a decline in net profit by 9.2% [1][2]. - The company is a leading player in the commercial refrigeration industry in China, with strong product development capabilities and flexible manufacturing [3][4]. - The company is expected to maintain a solid growth trajectory due to the gradual ramp-up of new customers in the refrigerated cabinet business and accelerated deployment of smart cabinets [3]. Financial Performance Summary - In 2024, the company achieved revenue of 28.3 billion yuan, down 11.7% year-on-year, and a net profit of 3.5 billion yuan, down 14.4% year-on-year [1][4]. - For Q1 2025, the company reported a net profit margin of 11.4%, reflecting a decrease of 2.0 percentage points year-on-year, primarily due to a decline in revenue from high-margin frozen cabinet products [2][10]. - The company's operating cash flow for Q1 2025 increased by 0.2 billion yuan year-on-year, attributed to a decrease in cash payments for goods and services [2][10]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.96 yuan, 1.06 yuan, and 1.18 yuan respectively [3][4]. - The company is forecasted to achieve a revenue of 31.5 billion yuan in 2025, with a net profit of 3.7 billion yuan, indicating a recovery from the previous year's decline [4][13]. Market Position - The company is focusing on differentiated and intelligent high-end products to expand its market share in the mid-to-high-end refrigerated cabinet segment [2][3]. - The company is strengthening partnerships with chain convenience stores and large supermarkets, which is expected to stabilize growth in the supermarket cabinet business [2][3].