Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company achieved a revenue of 325 million yuan in Q1 2025, representing a year-on-year increase of 21.37%, while the net profit attributable to shareholders decreased by 12.18% to 17.88 million yuan [5] - The continuation of the "old-for-new" policy in the home appliance sector is expected to drive performance growth, with profit forecasts for 2024-2026 set at 81 million, 94 million, and 112 million yuan respectively [5] - The company is expanding its production capacity in the refrigerator hinge sector and making breakthroughs in energy storage and commercial equipment [5][6] Financial Summary - Revenue is projected to grow from 1,049 million yuan in 2023 to 1,653 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.1% [8][11] - The net profit attributable to shareholders is expected to increase from 62 million yuan in 2023 to 112 million yuan in 2027, with a CAGR of approximately 18.7% [8][11] - The earnings per share (EPS) are forecasted to rise from 0.69 yuan in 2023 to 1.23 yuan in 2027, indicating a positive growth trajectory [8][11] Market Trends - The home appliance market in China is expected to see significant growth in 2024, with retail sales projected to reach 1,030.7 billion yuan, a year-on-year increase of 12.3% [6] - The total export of home appliances is anticipated to reach 100.1 billion USD in 2024, reflecting a year-on-year growth of 14.04% [6] - The sales volume of refrigerators in China is projected to reach 96.71 million units in 2024, marking a year-on-year increase of 10.87% [6] Business Expansion - The company is actively expanding into non-home appliance sectors, with projects such as commercial refrigerators and ecological planting boxes expected to commence production in Q3 2025 [7] - The company is also establishing a super factory in the refrigerator hinge segment, with equipment installation planned for Q3 2025 and production expected to start by the end of 2025 [7]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company is expected to achieve a revenue of 1.198 billion yuan in 2024, representing a year-on-year growth of 14.13%, with a net profit of 76 million yuan, up 21.43% [3] - The continuation of the "old-for-new" policy for home appliances in 2025 is anticipated to drive performance growth, alongside the production launch of new projects [3][4] - The company is actively expanding into non-home appliance sectors, with new projects such as commercial refrigerators and ecological planting boxes expected to commence production in the third quarter of 2025 [5] Financial Summary - The total revenue for 2022 was 919 million yuan, with projections of 1.049 billion yuan for 2023, 1.198 billion yuan for 2024, 1.312 billion yuan for 2025, and 1.477 billion yuan for 2026 [6] - The net profit for 2022 was 45 million yuan, with forecasts of 62 million yuan for 2023, 76 million yuan for 2024, 81 million yuan for 2025, and 94 million yuan for 2026 [6] - The company's EPS is projected to be 0.84 yuan in 2024, 0.90 yuan in 2025, and 1.04 yuan in 2026, with corresponding P/E ratios of 22.8, 21.2, and 18.4 respectively [3][6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company is expected to achieve a revenue of 1.198 billion yuan in 2024, representing a year-on-year growth of 14.13%, with a net profit of 76 million yuan, up 21.43% [3] - The continuation of the "old-for-new" policy for home appliances in 2025 is anticipated to drive performance growth, alongside the expected mass production of new projects [3][4] - The company is actively expanding into non-home appliance sectors, with new projects such as commercial refrigerators and ecological planting boxes expected to commence production in the third quarter of 2025 [5] Financial Summary - The total revenue for 2022 was 919 million yuan, with projections of 1.049 billion yuan for 2023, 1.198 billion yuan for 2024, 1.312 billion yuan for 2025, and 1.477 billion yuan for 2026, indicating a compound annual growth rate [6][11] - The net profit for 2022 was 45 million yuan, projected to grow to 62 million yuan in 2023, 76 million yuan in 2024, 81 million yuan in 2025, and 94 million yuan in 2026 [6][11] - The company's earnings per share (EPS) are expected to be 0.84 yuan for 2024, 0.90 yuan for 2025, and 1.04 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 22.8, 21.2, and 18.4 respectively [3][6]