冰柜

Search documents
长虹美菱上半年增收不增利 扣非净利润同比下滑9.81%
Nan Fang Du Shi Bao· 2025-08-21 14:21
8月21日,白电上市公司长虹美菱发布2025年半年度报告,上半年长虹美菱的经营业绩呈现增收不增利的态势,该 公司收入180.72亿元,同比增长20.8%,不过净利润4.17亿元,同比增长0.26%。更让人在意的是,长虹美菱今年 上半年扣非净利润同比下滑9.81%,为3.9亿元,而且现金流量净额更是大幅下滑超过50%。 长虹美菱称,于2025年8月19日召开会议审议通过相关议案,为真实准确反映财务状况等,对可能发生资产减值损 失的相关资产进行处置及计提减值准备,2025年1-6月资产报废处置及计提的各项资产减值准备金额合计为1.3亿 元,将减少公司2025年半年度合并利润总额1.3亿元。 财报显示,长虹美菱的盈利能力有所下滑。净利率由2024年上半年的2.84%下滑至2.38%,下降了0.47个百分点; 毛利率从11.28%下滑至10.44%,下降了0.83个百分点;净资产收益率为6.63%,同比下降了0.25个百分点。 虽然长虹美菱的家用电器制造板块营收同比增长20.79%,但增收不增利的情况仍然存在。南都湾财社记者注意 到,如占据家用电器制造第二、第四多营收的冰箱/冰柜业务,和小家电及厨卫业务均出现不同程度 ...
长虹美菱(000521):外销收入规模高速增长,减值影响利润
Southwest Securities· 2025-08-21 11:28
[ T able_StockInfo] 2025 年 08 月 21 日 证券研究报告•2025 年半年报点评 长虹美菱(000521)家用电器 目标价:——元(6 个月) 买入 (维持) 当前价:7.67 元 外销收入规模高速增长,减值影响利润 投资要点 西南证券研究院 [Table_Author] 分析师:龚梦泓 执业证号:S1250518090001 电话:023-63786049 邮箱:gmh@swsc.com.cn 分析师:方建钊 执业证号:S1250525070008 电话:18428374714 邮箱:fjz@swsc.com.cn [Table_QuotePic] 相对指数表现 -6% 5% 17% 28% 40% 51% 24/8 24/10 24/12 25/2 25/4 25/6 25/8 长虹美菱 沪深300 数据来源:聚源数据 | 基础数据 | | | --- | --- | | [Table_BaseData] 总股本(亿股) | 10.30 | | 流通 A 股(亿股) | 8.76 | | 52 周内股价区间(元) | 6.83-11.12 | | 总市值(亿元) | 79.0 ...
长虹美菱上半年营收180.72亿元,归母净利润4.17亿元
Guo Ji Jin Rong Bao· 2025-08-20 13:33
Core Insights - Changhong Meiling reported a total revenue of 18.072 billion yuan for the first half of 2025, representing a year-on-year increase of 20.80% [1] - The net profit attributable to shareholders was 417 million yuan, showing a slight increase of 0.26% year-on-year, while the net profit after deducting non-recurring items decreased by 9.81% to 391 million yuan [1] Revenue Breakdown - The majority of the company's revenue, 17.934 billion yuan, came from home appliance manufacturing, accounting for 99.24% of total revenue [2] - Air conditioning was the largest revenue contributor, generating approximately 11.575 billion yuan, which is 64.05% of total revenue and a year-on-year growth of 36.18% [2] - Refrigerator and freezer sales amounted to about 4.545 billion yuan, a decline of 4.17% year-on-year [1][2] - Washing machines generated revenue of approximately 1.040 billion yuan, reflecting a year-on-year increase of 32.70% [1][2] - Small appliances and kitchen products brought in around 698 million yuan, down 6.14% year-on-year [1][2] - The biomedical segment achieved revenue of about 149 million yuan, up 3.89% year-on-year [1] Regional Performance - Domestic market revenue reached 11.704 billion yuan, a year-on-year increase of 15.40%, representing 64.77% of total revenue [1][2] - The overseas market generated 6.367 billion yuan, marking a significant year-on-year growth of 32.17%, accounting for 35.23% of total revenue [1]
中国成为全球贸易“稳定之锚”
Xin Hua Wang· 2025-08-12 05:57
Core Insights - China's economic performance in the first quarter exceeded expectations, with a GDP growth of 5.4% year-on-year, which is significantly higher than analysts' forecasts [4][5][10] - The 137th Canton Fair and the 5th China International Consumer Products Expo showcased China's role as a global trade stabilizer, attracting a record number of international buyers and exhibitors [3][4][9] Economic Data - In the first quarter, China's import and export scale reached a historical high, exceeding 10 trillion yuan for eight consecutive quarters [4][6] - The Canton Fair attracted 148,585 overseas buyers from 216 countries and regions, marking a 20.2% increase compared to the previous session [3][4] - The Consumer Expo featured over 1,700 companies and 4,200 brands, with participation from 65 Fortune 500 companies, setting a new record for scale [4][9] Trade Relations - ASEAN remains China's largest trading partner, with a year-on-year growth of 7.1% in trade volume [6] - Trade with the EU grew by 1.4%, while trade with Belt and Road Initiative countries reached 5.26 trillion yuan, a 2.2% increase year-on-year [6][7] Policy and Market Outlook - China is implementing policies to boost domestic demand and consumption, aiming to stabilize and expand consumer spending [7][10] - The government is committed to high-level opening-up and expanding institutional openness, which is expected to create greater opportunities for global enterprises [8][10] Global Impact - China's contribution to global economic growth remains around 30%, reinforcing its role as a key engine for world economic recovery [10] - The Consumer Expo serves as a platform for global consumption, facilitating the entry of international products into the Chinese market and promoting Chinese goods abroad [9][10]
宏观经济专题:7月出口或有韧性
KAIYUAN SECURITIES· 2025-08-04 13:43
Supply and Demand - Industrial production shows marginal weakening, with construction activity at seasonal lows, particularly in asphalt and cement operations[2] - Some chemical chains and automotive steel tire production rates have declined, with PX operating rates returning to historical midpoints[2] - Construction demand remains weak, with apparent demand for rebar, wire rod, and building materials below historical levels[2] Prices - International commodity prices are fluctuating, with oil, copper, aluminum, and gold showing a generally strong trend[3] - Domestic industrial products, excluding some building materials, are experiencing a rebound in prices, with the South China comprehensive index showing an upward trend[3] Real Estate - New housing transactions remain at historical lows, with a 16% week-on-week increase in transaction area, but still down 38% and 17% compared to 2023 and 2024 respectively[4] - Second-hand housing transactions are also weak, with prices declining and transaction volumes in major cities like Beijing and Shanghai showing year-on-year decreases of 8% and 2% respectively[4] Exports - July exports are expected to show resilience, with a projected year-on-year increase of approximately 2.8%, and container shipping data indicating a potential increase of around 7%[5] Liquidity - Recent weeks have seen a rise in funding rates, with R007 at 1.49% and DR007 at 1.42% as of August 1[70] - The central bank has conducted a net withdrawal of 15,675 billion yuan through reverse repos in the same period[70] Risk Factors - Potential risks include unexpected fluctuations in commodity prices and stronger-than-expected policy measures[75]
中泰证券:头部品牌加码冰柜陈列 提前布局形成渠道壁垒
Zhi Tong Cai Jing· 2025-07-30 06:45
Core Viewpoint - The report from Zhongtai Securities highlights the importance of freezer displays in driving instant consumption of soft drinks, emphasizing that product exposure and taste are key factors for consumers [1][3]. Group 1: Freezer Impact on Consumption - Freezer displays enhance instant consumption by improving product exposure and maintaining taste quality, leading to increased sales for brands like Nongfu Spring, which saw a rise in freezer numbers from 360,000 in 2019 to approximately 800,000 in 2022, correlating with significant revenue growth in ready-to-drink tea products [1][2]. - Dongpeng has also prioritized freezer investments, planning to increase its freezer count from 74,000 in 2022 to 300,000 by 2024, with projected sales revenue growth of 32.42% and 140.63% for 2023 and 2024, respectively [2]. Group 2: Inventory Management and New Product Launches - Freezer displays facilitate inventory pre-positioning, with an estimated inventory value of 200 million yuan for every 100,000 freezers, allowing traditional brands to quickly replenish stock and shorten supply chain response times [3]. - The strategic placement of new products in freezers helps avoid promotional pressure, enhancing their sales and survival rates through effective resource planning [3]. Group 3: Competitive Landscape and Brand Strategies - Leading brands like Nongfu Spring and Coca-Cola dominate core freezer locations in first- and second-tier cities, creating barriers for newer entrants [4]. - Nongfu Spring employs a strategy of using multi-door freezers to secure prime locations, allowing for a mix of its products and those of other brands, thereby enhancing channel profitability and brand loyalty [4]. Group 4: Accounting Practices for Freezer Investments - There are two main accounting methods for freezer costs: Nongfu Spring uses a depreciation model, while Dongpeng records these costs as current sales expenses [5][6]. - Nongfu Spring's depreciation and amortization expenses increased from 1.2% of total revenue in 2018 to 1.6% in 2019, alongside a rise in deposit income from 574 million yuan to 789 million yuan, a 37.46% increase [5]. Group 5: Investment Recommendations - The report suggests focusing on companies with early investments and substantial freezer inventories, such as Nongfu Spring and Master Kong, as well as Dongpeng, which has aggressively expanded its freezer presence with notable results [7].
趋势研判!2025年中国冰柜行业产业链、发展历程、产销规模、竞争格局及行业发展趋势分析:冰柜市场呈现出蓬勃发展的态势,市场需求将持续增长[图]
Chan Ye Xin Xi Wang· 2025-07-21 01:28
Core Viewpoint - The Chinese freezer industry has experienced significant technological advancements since the introduction of freezer technology in the 1980s, leading to a robust market growth driven by rising consumer demand and supportive policies. China has become the world's largest producer and consumer of freezers, with production expected to exceed 30 million units by 2025 [1][3][6]. Industry Definition and Classification - Freezers, also known as freezing cabinets, are devices that maintain low temperatures (typically below -18°C) to extend the shelf life of items. They can be classified by usage (household, commercial, medical/research), cooling method (compressor, absorption, semiconductor), structure (upright, chest, built-in), functionality (single-temperature, dual-temperature, smart), and energy efficiency [2]. Current Industry Status - The Chinese freezer market is thriving, with a production forecast of 27.615 million units in 2024, an increase of 3.242 million units from 2023. The retail scale is projected to reach approximately 11 billion yuan, with sales volume around 8.46 million units [3][6]. Industry Value Chain - The upstream of the freezer industry includes raw materials (metal, plastic, glass, chemical materials) and core components (compressors, condensers/evaporators, control systems). The midstream involves research and manufacturing, while the downstream encompasses sales through various channels, serving households, supermarkets, restaurants, and medical institutions [9]. Industry Development History - The Chinese freezer industry has evolved from imitation to innovation, undergoing four stages: technology introduction, domestic rise, large-scale production, and intelligent development. The industry is now globally leading in technology, with ongoing advancements expected in cold chain logistics and medical applications [11]. Competitive Landscape - The Chinese freezer market features numerous leading manufacturers, including Aucma, Haier, Midea, and Meiling. The competition is characterized by brand segmentation and differentiated market strategies, with major players targeting high-end household and commercial cold chain markets, while smaller brands focus on specific commercial applications [13]. Industry Development Trends - The Chinese freezer industry is entering a phase of technological upgrades and market segmentation, driven by urbanization and evolving consumer preferences. There is an increasing demand for performance, design, and smart features in both household and commercial sectors. Innovation will be the key driver for future growth, with companies focusing on smart, energy-efficient, and customized solutions [15].
中国“清凉”商品助力全球通过高温“烤”验
Xiao Fei Ri Bao Wang· 2025-07-10 02:52
Group 1 - The demand for cooling products is surging globally due to rising temperatures, with both small and large cooling appliances gaining popularity in international markets [1][2] - Portable fans, mobile air conditioners, ice makers, double-door refrigerators, and freezers have seen a sales increase of nearly 77% year-on-year, indicating strong competitiveness of Chinese small cooling products [2] - Companies like Jiangsu Tengpo Leisure Products Co., Ltd. are innovating by integrating smart technology into traditional products, resulting in a 50% increase in export value, reaching nearly 80 million yuan [2] Group 2 - The export of large cooling appliances is also on the rise, with home air conditioner exports totaling $9.45 billion, a year-on-year increase of 17.8%, and fan exports reaching $5.65 billion, up 7.1% [3] - Companies are adapting their products for specific markets, such as the "giant" freezers designed for regions with unstable voltage, which have seen a monthly growth rate of 324% [3] - The ice cream machine exports from Ningbo reached 1.86 billion yuan from January to April, marking a 76.7% increase, with products being well-received in over 115 countries [5]
宏观经济专题:工业生产趋缓,地产成交趋弱
KAIYUAN SECURITIES· 2025-07-08 01:16
Supply and Demand - Industrial production is slowing down, with some chemical and automotive sectors experiencing a decline in operating rates[2] - Construction activity has decreased, with cement dispatch rates and oil asphalt plant operating rates falling to historical lows[2] - Building demand is weak, with apparent demand for rebar, wire rods, and construction materials lower than historical levels[3] Prices - Geopolitical tensions have eased, leading to a decline in oil and gold prices, while copper and aluminum prices continue to rise[4] - Domestic industrial products are experiencing strong fluctuations, with the Nanhua Comprehensive Index showing a rebound[4] Real Estate - New housing transactions in first-tier cities have seen an expanded year-on-year decline, with a drop of 19% compared to 2023 and 17% compared to 2024[5] - Second-hand housing transaction volumes have weakened, with Beijing, Shanghai, and Shenzhen showing year-on-year declines of 9%, 19%, and a slight increase of 5% respectively compared to 2024[5] Exports - June exports are expected to show a year-on-year increase of around 2%, with early July exports projected to rise by approximately 3%[6] Liquidity - Recent weeks have seen a rise in funding rates, with R007 at 1.49% and DR007 at 1.42% as of July 4[5] - The central bank has implemented a net withdrawal of 14,808 billion yuan in monetary policy[5]
“巧思+科技”成亮点!从“小玩意儿”到“巨无霸”中国“降温神器”走俏海外
Yang Shi Wang· 2025-07-02 08:21
Core Viewpoint - The global demand for cooling products is surging due to rising temperatures, with various innovative cooling items like fan hats and pet cooling mats gaining popularity among overseas customers [1][12]. Group 1: Small Cooling Products - In Yiwu International Trade City, unique small cooling items attract foreign buyers, including solar-powered fan hats [4]. - Traditional rechargeable products require power banks when out of battery, while solar-powered options eliminate this concern [6]. - A variety of creative products, such as fan-equipped sun umbrellas, are quickly sold out upon arrival [9]. - The international e-commerce platform Alibaba International Station reports a nearly 77% year-on-year increase in sales for portable fans, mobile air conditioners, ice makers, and other cooling appliances over the past 30 days [14]. Group 2: Large Cooling Appliances - Larger appliances, such as customized refrigerators, are also experiencing a strong export surge, with a single-month growth rate of 324% in April 2025 and orders in the first half of the year exceeding 90% of the total orders for 2024 [15]. - Companies are adapting their products to meet specific regional needs, such as adjusting voltage compatibility for unstable power supplies in Africa [18]. - Mobile air conditioners are gaining traction globally, with a 10% year-on-year increase in orders, reaching over 150 countries and regions by the end of May [19]. - From January to May 2025, China's exports of household air conditioners reached $9.45 billion, a 17.8% increase year-on-year, while fans and refrigerators also saw significant growth [19]. Group 3: Innovative Materials and Technologies - Companies are focusing on global development and enhancing R&D efforts to meet diverse consumer needs with intelligent, energy-efficient, and personalized products [24]. - The fourth-generation refrigerants, previously dominated by Western countries, are now being produced in Shandong, with a 50% year-on-year increase in European orders due to their low global warming potential [25].