20230830_华创证券_家电行业深度研究报告：大金的井上礼之时代困境重生变革开拓_37页.pdf

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7.12-15%-10%-5%0%5%10%15%20%25%024681012141618201979198119831985198719891991199319951997199920012003200520072009201120132015201720192021/YOY-10%0%10%20%30%40%50%60%050100150200250300350197119741977198019831986198919921995199820012004200720102013201620192022/YOY 2009 1210 13 93 2137 2023.08.25 6.99 3487 21 1994 Bloomberg Mariko Tatsuki 90 1 94 94 6 1994 10 4 2009 1210 14 22 1994 Mariko Tatsuki 90 94 94 97 1998 1999 GMS Ururu Sarara GMS Global Mini Split GMS Ururu Sarara 19 30%25 2009 1210 15 23 Mariko Tatsuki 90 1994 20 03 GMS 1999 2000 GMS 02 2 2 94 2009 1210 16 30%1993 9%94 12%96 22%Sky Air 60”24 Mariko Tatsuki 90 30 1995 90 365 24h 2000 365 24h AIRNET 1998 4 2009 1210 17 25 Mariko Tatsuki 90 94 93 94 94+3 SBU 2009 1210 18 26 27 SBU 28 2009 1210 19 2 4 10 29 94 1994 1995 2 1”1999 22 83%62%30 22 Bloomberg 2009 1210 20 1 1997 90 95 97 3 1 31 1 2+2021 23%2009 1210 21 32 Mariko Tatsuki 90 1/3 1/3 1/3 1 01 03 365 24 2009 1210 22 33 2000 05 5 29 3 1 744 11%37%2009 1210 23 34 Mariko Tatsuki 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