20240315_东方证券_家电行业央国企改革专题研究：长虹系公司出海的借鉴意义_16页.pdf
|2023 2024 1 88 14 1 13 PE 2020 OEM OEM 14 1 13 PE(000404)(600839)(000521)(600690)(000921)(600060)/2024 03 15 S0860523070002 2024-02-24 2024 5 2024-02-03 Tik Tok Shop 2024-01-12 2.4.5.10.11“”.12.13.14 0YAZzQtOsRqRsMpMrMsNqR8ObPaQsQrRtRqMkPpPsOiNqQxObRqQzQuOmQpPvPqRsQ 3 1“”.4 2.4 3.5 4.5 5.5 6.6 7.6 8.6 9.6 10.7 11.7 12 2023.8 13 2023.8 14.8 15.9 16.9 17.9 18.9 19.9 20.9 21.10 22.10 23.11 24 CHIQ.12 25.12 26.13 27.13 28“”.13 4 2023 2024 1 2024 1 88 14 1 13 PE TTM 15.54 2024 3 4 PE 2 Wind 2020 9JheiTCUhjEQp8XWg2e1YMiCYydMK33bsDsO0TSEcfb2TibdSvgynGMiMy5TP920 5 3 4 Wind Wind 2018 17.94%2022 23.74%2018 42.49%2022 36.67%TV 2018 30.76%2022 44.19%2018 20.41%2022 29.17%2018 43.22%2022 24.37%5 Wind 2023 48.77%49.92%36.68%27.98%2023 57.32%-1.82%0.79%-10.07%5.22%2019 2020 2021 2022兆驰股份 3%52%12%-33%四川长虹 6%6%5%-7%四川九洲-21%10%7%10%长虹美菱-5%-7%17%12%佛山照明-12%12%27%84%深康佳A 19%-9%-2%-40%天银机电 27%-5%16%-19%海立股份 4%-9%42%5%长虹华意 8%9%26%-1%秀强股份-9%1%13%3%澳柯玛 14%10%22%11%顺威股份 4%3%23%-2%奇精机械 21%-6%29%-10%高斯贝尔-20%-34%38%-34%行业平均-1%-7%11%-3%2019 2020 2021 2022兆驰股份 152%57%-81%244%四川长虹-81%-25%527%64%四川九洲-69%183%89%37%长虹美菱 46%-252%161%371%佛山照明-20%5%-21%-8%深康佳A-48%125%90%-263%天银机电 45%-10%-22%-92%海立股份-8%-43%99%-89%长虹华意-58%279%60%42%秀强股份 154%-2%12%34%澳柯玛 176%61%-42%-19%顺威股份 60%200%24%24%奇精机械-2%-26%58%-28%高斯贝尔 114%-3724%66%96%行业平均 22%3%1%7%2018 2019 2020 2021 2022长虹美菱 21.21%23.61%32.36%26.67%25.56%澳柯玛 14.66%20.30%23.16%17.80%21.92%深康佳A 63.43%63.13%60.45%55.13%49.86%四川长虹 20%21.09%22.93%20.30%21.23%高斯贝尔 78.77%60.76%57.73%41.41%48.44%兆驰股份 30.76%33.03%43.36%44.94%44.19%四川九州 19.47%15.74%15.70%17.63%19.61%海立股份 19.15%12.49%10.69%29.09%34.14%长虹华意 34.72%36.27%33.47%34.07%38.20%秀强股份 24.70%30.17%34.62%43.69%50.07%顺威股份 13.12%15.93%16.84%15.72%14.21%天银机电 5.36%5.08%4.57%6.42%3.80%奇精机械 25.40%26.07%30.95%34.51%34.61%照明 佛山照明 43.22%40.58%39.53%31.41%24.37%白电黑电零部件 6 6 7 8 9 90%10%BG BG BG BG BG BG A-40%-20%0%20%40%60%80%100%120%051015202530352022/12022/32022/52022/72022/92022/112023/12023/32023/52023/72023/92023/11-60%-40%-20%0%20%40%60%80%100%120%2022/12022/32022/52022/72022/92022/112023/12023/32023/52023/72023/92023/11-60%-40%-20%0%20%40%60%80%100%120%051015202530352022/12022/32022/52022/72022/92022/112023/12023/32023/52023/72023/92023/11-100%-50%0%50%100%150%2022/12022/32022/52022/72022/92022/112023/12023/32023/52023/72023/92023/11 7 10 2023 Q3 23.22%27.36%11 8 12 2023 13 2023 14 2023 191.68 25%4.99 208%2023 700.60 4%4.79 112%9 2023 107.26 8%2.75 90%15 16 Wind Wind 17 18 Wind Wind 19 20 Wind Wind-10%-5%0%5%10%15%20%25%30%0501001502002502019 2020 2021 2022 2023Q1-3 YOY-300%-200%-100%0%100%200%300%400%500%-2-101234562019 2020 2021 2022 2023Q1-3 YOY-8%-6%-4%-2%0%2%4%6%8%02004006008001,0001,2002019 2020 2021 2022 2023Q1-3 YOY-200%-100%0%100%200%300%400%500%600%01234562019 2020 2021 2022 2023Q1-3 YOY-5%0%5%10%15%20%25%30%0204060801001201402019 2020 2021 2022 2023Q1-3 YOY-100%-50%0%50%100%150%200%250%300%01122332019 2020 2021 2022 2023Q1-3 YOY 10 21 22 Wind 1998 2019 6 010000200003000040000500006000070000800002019 2020 2021 2022 OrionPDP 11 25 OEM ODM OEM 2012 Cubigel,5 TOP CHINAS BRAND 23 2017 CHiQ 2023 CHiQ 40 30 Amazon Shopee 12 24 CHIQ 160 30 11 25 2023 37.53 11.36%888.76 3.75%02004006008001000120014001600180020002022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 13 26 27 OEM,OEM 28 14 1 13 PE-15%-10%-5%0%5%10%15%20%313233343536373839402020 2021 2022 2023 YoY-20%-10%0%10%20%30%40%50%60%02004006008001,0001,2002020 2021 2022 2023 YoY 14(000404)(600839)(000521)(600690)(000921)(600060)1 2 3 15 Tabl e_Disclai mer 12 A 300 500 15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer
