中山大洋电机股份有限公司 证券代码：002249 证券简称：大洋电机 中山大洋电机股份有限公司投资者关系活动记录表 编号：2025-02 |  | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | 其他 | | 参与单位名称及 | 国信证券 李全 | | 人员姓名 | 招商证券 马显翠 | | | 大兴华旗资管 何海杰 | | 时间 2025 | 年 月 日 6 6 10:00-11:30 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事会秘书 肖亮满 | | 员姓名 | 证券事务主管 刘晚秋 | | | 公司董事会秘书向参会人员介绍了公司发展历程以及三大产业布局， | | | 包括各个关键发展节点以及相关的发展战略；同时，介绍了公司 2024 年各 | | | 业务板块的发展情况以及公司在全球的产业布局情况，包括在不同国家和 | | | 地区的工厂建设、业务分布、市场拓展等。主要交流内容如下： | | | 1．2024 年，公司 BHM 事业部营收同比 ...

千平方米特卖落地京城，东五环首站618大卖 作为家居奥特莱斯模式在北京的首个落地项目，红星美凯龙东五环商场以"城市家居奥莱"定位，打造1000平方米的家居电器特卖会。现场汇聚家具、电器、建材等全品类商品，顾家家居、芝华 2025年5月24日，北京红星美凯龙首届家居电器奥特莱斯特卖会在东五环商场启幕。活动以"焕新生活·品质特惠"为主题，集结60余家品牌、超3000件家居电器商品，以低至1折的折扣力度吸引 北京红星美凯龙首届家居电器奥特莱斯特卖会的成功，标志着其家居零售业迈入"折扣经济"与"体验经济"融合的新阶段。东五环商场以创新模式撬动消费活力，为行业探索出一条高性价比与品 如遇作品内容、版权等问题，请在相关文章刊发之日起30日内与本网联系。版权侵权联系电话：010-85202353 红星美凯龙方表示，奥莱模式不仅是品牌联合打造"一站式"购物的渠道，更是品牌价值延伸的阵地。此次北京红星美凯龙奥莱首站的亮眼表现，或为行业复苏注入强心剂。未来，奥莱模式或将向 作为家居以旧换新的主场地，特卖会现场客流如织，停车场一位难求，结账区排起长队。活动还未过半，部分品牌热门产品便已售罄。一位消费者兴奋地表示："这里既能一站式购 ...

Core Viewpoint - The company reported a solid financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit, indicating a positive outlook for the small home appliance industry. Financial Performance - In 2024, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 16.8 billion, 1.05 billion, and 1.08 billion yuan, respectively, representing year-on-year growth of 15%, 8%, and 9% [1] - For Q4 2024, the figures were 4.1 billion, 270 million, and 290 million yuan, with year-on-year growth of 6%, 11%, and 48% [1] - In Q1 2025, the revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 3.8 billion, 250 million, and 250 million yuan, showing year-on-year growth of 10%, 43%, and 15% [1] Sales Performance - In 2024, revenue from kitchen appliances, home appliances, and other products was 11.5 billion, 2.9 billion, and 2.1 billion yuan, with year-on-year growth of 16%, 17%, and 7% [2] - For Q4 2024, external sales and internal sales were 13.2 billion and 3.7 billion yuan, with year-on-year changes of +22% and -4% [2] - In Q1 2025, external sales grew by 16% while internal sales declined by 5%, indicating strong overseas demand despite ongoing domestic market challenges [2] Profitability and Cost Management - The gross profit margin for 2024 and Q1 2025 was 20.9% and 22.4%, with year-on-year changes of -1.83% and +0.5 percentage points [3] - The company managed to stabilize its expense ratios, with significant improvements in sales and management expense ratios in Q1 2025 compared to the previous year [3] - The net profit margin for 2024, Q4 2024, and Q1 2025 was 6.3%, 6.5%, and 6.4%, reflecting a notable increase in profitability in Q1 2025 [3] Investment Outlook - The company is a leading exporter in the small home appliance sector, with a strong customer base and scale advantages, actively expanding its customer and product categories [4] - The projected net profits for 2025 and 2026 are 1.2 billion and 1.3 billion yuan, with corresponding EPS of 1.5 and 1.6 yuan, indicating a favorable valuation with PE ratios of 9.7 and 8.7 times [4]

编者按 A股市场2024年年报和2025年一季报业绩披露已收官。正逢"五一"长假，证券时报记者精选了几大行业，对相关行业业绩和亮点进行了梳理，以飨读者。 2024年和2025年一季度，A股市场家电行业上市公司总体实现稳健增长，其中白色家电行业上市企业2025年一季度业绩表现亮眼。 白色家电：一季度业绩表现亮眼 按照申万行业分类，白色家电行业绝大多数上市公司2024年和2025年一季度业绩均实现增长。 比如美的集团（000333）披露的2024年年报显示，公司2024年实现营业总收入4091亿元，同比增长9.5%，实现归属于上市公司股东的净利润385亿元，同 比增长14.29%。2025年一季度，美的集团营业总收入1284.28亿元，同比增长逾两成，实现归属于上市公司股东的净利润124.22亿元，同比增长38.02%。 另一家年度营收超过千亿元的公司海尔智家（600690）2024年实现营业收入2859.81亿元，同比增长4.29%，实现归属于上市公司股东的净利润187.41亿 元，同比增长12.92%。2025年一季度海尔智家实现归属于上市公司股东的净利润54.87亿元，同比增长15.09%。 如果说2024 ...

编者按 A股市场2024年年报和2025年一季报业绩披露已收官。正逢"五一"长假，证券时报记者精选了几大行业，对相关行业业绩和亮点进行了梳理，以飨读 者。 2024年和2025年一季度，A股市场家电行业上市公司总体实现稳健增长，其中白色家电行业上市企业2025年一季度业绩表现亮眼。 白色家电：一季度业绩表现亮眼 按照申万行业分类，白色家电行业绝大多数上市公司2024年和2025年一季度业绩均实现增长。 比如美的集团披露的2024年年报显示，公司2024年实现营业总收入4091亿元，同比增长9.5%，实现归属于上市公司股东的净利润385亿元，同比增长 14.29%。2025年一季度，美的集团营业总收入1284.28亿元，同比增长逾两成，实现归属于上市公司股东的净利润124.22亿元，同比增长38.02%。 另一家年度营收超过千亿元的公司海尔智家2024年实现营业收入2859.81亿元，同比增长4.29%，实现归属于上市公司股东的净利润187.41亿元，同比增长 12.92%。2025年一季度海尔智家实现归属于上市公司股东的净利润54.87亿元，同比增长15.09%。 如果说2024年度白色家电行业中还有上市公司 ...

公司发布2024年 和25Q1业绩： 25Q1：收入38.34 亿（同比+10.4%），归母净利润2.47 亿（同比+43.0%），扣非归母净利润2.45 亿 （同比+15.3%）。 24Q4：收入41.31 亿（同比+6.2%），归母净利润2.68 亿（同比+11.1%），扣非归母净利润2.87 亿（同 比+47.5%）。 24 年：收入168.21 亿（同比+14.8%），归母净利润10.53 亿（同比+7.7%），扣非归母净利润10.84 亿 （同比+8.8%）。 分红：每10 股派发现金红利4.5 元（含税），叠加回购合计分红率42%（上年42%）。 收入分析 25Q1： 外销29.8 亿（同比+16%）相比Q4 同比+14%延续高增，抢出口叠加高景气，且公司公告拟向印尼子公 司增资5 千万美元夯实海外供应链能力。 Q1 收入符合预期，归母净利润增速较高主因衍生品投资及公允价值损失同比减少约4 千万。 投资建议： 我们的观点： 公司代工品类不断扩充，外销延续高增，已布局印尼基地应对关税扰动；内销品牌矩阵逐步完善，有望 受益国补加速修复。 盈利预测：我们预计 2025-2027 年公司收入190/209 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company continues to experience high growth in exports, with Q1 2025 external sales reaching 2.98 billion (up 16% year-on-year) [5] - Domestic sales in Q1 2025 were 860 million (down 5% year-on-year), showing a narrowing decline compared to Q4 [5] - The company plans to increase its investment in its Indonesian subsidiary by 50 million to strengthen its overseas supply chain capabilities [5] - The company has successfully expanded its product categories, with kitchen appliances and home appliances showing year-on-year revenue growth of 16% and 17% respectively in 2024 [5] - The company expects to benefit from domestic subsidies and a recovery in brand positioning, particularly in its self-owned brands [8] Revenue Analysis - In Q1 2025, total revenue was 3.834 billion (up 10.4% year-on-year), with a net profit attributable to the parent company of 247 million (up 43.0% year-on-year) [6] - For the full year 2024, total revenue was 16.821 billion (up 14.8% year-on-year), with a net profit of 1.053 billion (up 7.7% year-on-year) [6] - The company reported a cash dividend of 4.5 per 10 shares (including tax), resulting in a total dividend payout ratio of 42% [6] Profit Analysis - In Q1 2025, the gross margin increased by 0.5 percentage points year-on-year and 3.0 percentage points quarter-on-quarter, indicating an improvement in profitability [7] - The company’s gross margin for 2024 was 20.9%, reflecting a decrease due to increased export ratios and intensified domestic competition [7] Financial Forecast - The company forecasts revenues of 19 billion, 20.9 billion, and 22.8 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.8%, 10.2%, and 9.1% [8] - The net profit attributable to the parent company is projected to be 1.178 billion, 1.309 billion, and 1.435 billion for the same years, with growth rates of 11.9%, 11.2%, and 9.6% respectively [10]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 16.82 billion yuan in 2024, representing a year-on-year increase of 14.8%, and a net profit attributable to shareholders of 1.05 billion yuan, up 7.8% year-on-year [1] - The company experienced strong growth in overseas sales, with a 21.7% increase in foreign revenue for 2024, while domestic sales faced pressure with a decline of 4.4% [2] - The gross margin for 2024 decreased by 1.8 percentage points to 20.9%, primarily due to intensified market competition and changes in sales structure [3] - In Q1 2025, the company reported a net profit of 250 million yuan, a significant increase of 43.0% year-on-year, indicating improved profitability [4] Revenue Breakdown - In 2024, the company's revenue from kitchen appliances, home appliances, and other products was 11.51 billion yuan, 2.92 billion yuan, and 2.08 billion yuan respectively, with year-on-year growth rates of 16.3%, 17.4%, and 7.4% [2] - For Q1 2025, the company’s revenue from foreign and domestic markets showed a year-on-year increase of 15.8% and a decline of 4.9% respectively [2] Profitability Metrics - The gross margin for Q1 2025 improved by 0.5 percentage points to 22.4%, attributed to cost reduction and efficiency enhancement measures [4] - The net profit margin for Q1 2025 increased by 1.3 percentage points to 6.9% [4] Financial Forecast - The company is projected to achieve net profits of 1.16 billion yuan, 1.27 billion yuan, and 1.38 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.5%, 9.4%, and 8.5% [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 16.82 billion yuan in 2024, representing a year-on-year increase of 14.8%, and a net profit attributable to shareholders of 1.05 billion yuan, up 7.8% year-on-year [1] - The company experienced strong growth in overseas sales, with a 21.7% increase in foreign revenue for 2024, while domestic sales faced pressure with a decline of 4.4% [2] - The gross margin for 2024 decreased by 1.8 percentage points to 20.9%, primarily due to intensified market competition and changes in sales structure [3] - In Q1 2025, the company reported a revenue of 3.83 billion yuan, a year-on-year increase of 10.4%, and a net profit of 250 million yuan, up 43.0% year-on-year [1][4] Revenue Breakdown - For 2024, the company's revenue from kitchen appliances was 11.51 billion yuan, up 16.3%, while home appliances revenue was 2.92 billion yuan, up 17.4% [2] - The revenue from global ODM/OEM and proprietary brands in 2024 was 14.34 billion yuan and 2.48 billion yuan, respectively, with year-on-year changes of +20.1% and -8.3% [2] Profitability Metrics - The net profit margin for 2024 was 6.6%, down 0.5 percentage points year-on-year [3] - In Q1 2025, the gross margin improved to 22.4%, an increase of 0.5 percentage points year-on-year, attributed to cost reduction and efficiency enhancement measures [4] Future Profit Forecast - The company is expected to achieve net profits of 1.16 billion yuan, 1.27 billion yuan, and 1.38 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.5%, 9.4%, and 8.5% [4]

一、本人已经通过中山大洋电机股份有限公司第七届董事会提名委员会或者独立董事专门会议资格审 查，提名人与本人不存在利害关系或者其他可能影响独立履职情形的密切关系。 R是 □ 否 如否，请详细说明：_____________________________ 二、本人不存在《中华人民共和国公司法》第一百四十六条等规定不得担任公司董事的情形。 R是 □ 否 如否，请详细说明：_____________________________ 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002249 证券简称： 大洋电机 公告编号： 2025-035 声明人陈良作为中山大洋电机股份有限公司第七届董事会独立董事候选人，已充分了解并同意由提名人 中山大洋电机股份有限公司董事会提名为中山大洋电机股份有限公司（以下简称该公司）第七届董事会 独立董事候选人。现公开声明和保证，本人与该公司之间不存在任何影响本人独立性的关系，且符合相 关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独立董事候选人任职资格及独 立性的要求，具体声明并承诺如下事项： 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交 ...