美银证券发布研报称，海信家电（000921）(00921)第二季营收未达预期，将其评级由"买入"下调至"中 性"，目标价由30.4港元降至24.9港元。 报告指，第二季的主要拖累因素可能会持续至下半年，并影响营收成长，但影响程度可能小于第二季， 因为有些因素是一次性的，例如出口订单提前出货、中央空调2C渠道去库存等。然而，其他一些因素 仍会对成长前景构成压力，例如出口正常化、中央空调增长的不确定性。此外，9月起国内营收基数较 高，可能造成额外压力。该行预期下半年的营收/税后利润增长率为分别为2%/5%，相较于上半年的 1%/2%。 ...

Core Viewpoint - Bank of America Securities has downgraded Hisense Home Appliances' rating from "Buy" to "Neutral" and reduced the target price from HKD 30.4 to HKD 24.9 due to second-quarter revenue falling short of expectations [1] Revenue Performance - The report indicates that the main factors dragging down second-quarter performance may persist into the second half of the year, impacting revenue growth, although the extent of the impact may be less severe than in Q2 [1] - Some factors affecting performance are considered one-time events, such as early shipment of export orders and inventory clearance in the central air conditioning consumer channel [1] Growth Outlook - Other factors continue to pose pressure on growth prospects, including the normalization of exports and uncertainty regarding the growth of central air conditioning [1] - Starting from September, the high domestic revenue base may create additional pressure on performance [1] Forecasts - The bank expects revenue and net profit growth rates for the second half of the year to be 2% and 5%, respectively, compared to 1% and 2% in the first half [1]

Investment Rating - The investment rating for Hisense Home Appliances is "Accumulate" [1] Core Views - The company achieved revenue of 49.34 billion yuan in H1 2025, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.08 billion yuan, up 3.01% year-on-year. However, in Q2 2025, revenue was 24.50 billion yuan, down 2.60% year-on-year, and net profit was 949 million yuan, down 8.25% year-on-year [2] Summary by Sections Business Performance - External sales revenue showed steady growth, while domestic sales faced short-term pressure. In H1 2025, the HVAC segment generated revenue of 23.69 billion yuan, up 4.07% year-on-year, with the central air conditioning business affected by the real estate renovation market, leading to a decline in Hisense Hitachi's revenue by 6.0% year-on-year. The new air conditioning segment saw rapid growth, with a 48% increase in revenue for the high-end series [3] - The washing and refrigeration segment achieved revenue of 15.39 billion yuan, up 4.76% year-on-year, with retail sales of Rongsheng refrigerators and Hisense refrigerators increasing by 9.7% and 8.6% respectively. Hisense washing machines focused on technological upgrades and scenario-based innovations, with domestic revenue up 37.6% year-on-year [3] - Other main businesses generated revenue of 6.61 billion yuan, up 8.89% year-on-year, with the three electric companies achieving a 3% year-on-year revenue increase and new business rights of 6.9 billion yuan, laying a foundation for future order growth [3] - By region, domestic revenue in H1 2025 was 25.25 billion yuan, down 0.31% year-on-year, while overseas revenue was 20.45 billion yuan, up 12.34% year-on-year, with significant growth in Europe (22.7%), the Americas (26.2%), and the Middle East and Africa (22.8%) [3] Profitability Analysis - The gross margin for H1 2025 was 21.48%, up 0.2 percentage points year-on-year. The HVAC segment's gross margin was 27.12%, down 1.56 percentage points, while the washing and refrigeration segment's gross margin was 18.74%, up 2.12 percentage points. The gross margin for other main businesses was 15.80%, up 0.99 percentage points [4] - Domestic gross margin was 31.02%, down 0.06 percentage points, while overseas gross margin was 12.33%, up 1.35 percentage points, attributed to scale effects and product improvements [4] - The net profit margin for H1 2025 was 6.06%, down 0.17 percentage points, and for Q2 2025, it was 5.53%, down 0.41 percentage points, influenced by exchange losses and increased operational costs due to organizational restructuring [5] Strategic Initiatives - The company is focusing on smart living strategies and technological innovation, with a diverse brand matrix including Hisense, Rongsheng, Kelon, Hitachi, and York, catering to differentiated customer needs. Hisense's brand value and recognition continue to rise, supported by sponsorship of major international sports events, enhancing its global brand influence [6] Financial Forecast - The company adjusted its profit forecast, expecting revenues of 99.2 billion yuan, 106.8 billion yuan, and 114.2 billion yuan for 2025-2027, with net profits of 3.72 billion yuan, 4.21 billion yuan, and 4.66 billion yuan respectively. The corresponding EPS is projected to be 2.68 yuan, 3.04 yuan, and 3.36 yuan, maintaining a PE ratio of 10, 8, and 8 times for the respective years [8]

Group 1 - The article highlights that on July 31, several listed companies received target price upgrades from brokerages, with notable increases for Ningde Times, Su Shi Testing, and Yonghui Supermarket, showing target price increases of 66.28%, 48.13%, and 47.99% respectively [1][3] - Ningde Times received a "Buy" rating from Dongwu Securities with a target price of 440.00 yuan, indicating a significant potential upside [3] - Su Shi Testing was rated "Strong Buy" by Huachuang Securities with a target price of 24.22 yuan, reflecting a robust growth outlook [3] Group 2 - A total of 26 listed companies were recommended by brokerages on July 31, with Hisense Home Appliances receiving the most recommendations at four, followed by Su Shi Testing with three, and Yonghui Supermarket with two [4][5] - Hisense Home Appliances closed at 25.69 yuan and was recommended by four brokerages, indicating strong market interest in the white goods sector [5] - The article also mentions that Hunan Haili received its first coverage with a "Buy" rating from Great Wall Securities, indicating a positive outlook for the agricultural chemical products industry [7]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with significant growth potential identified for Ningde Times, Su Shi Testing, and Yonghui Supermarket, showing target price increases of 66.28%, 48.13%, and 47.99% respectively [1][3] - Ningde Times is rated as "Buy" by Dongwu Securities with a high target price of 440.00 yuan, indicating a strong bullish sentiment in the battery industry [3] - Su Shi Testing received a "Strong Buy" rating from Huachuang Securities with a target price of 24.22 yuan, reflecting optimism in the professional services sector [3] Group 2 - Yonghui Supermarket is rated to "Outperform Industry" by China International Capital Corporation with a target price of 7.00 yuan, showcasing positive expectations in the general retail sector [3] - Haier Smart Home received four recommendations from different brokerages, indicating strong interest in the white goods industry, while Su Shi Testing and Yonghui Supermarket received three and two recommendations respectively [4][5] - On July 31, a total of 26 listed companies received brokerage recommendations, with the highest number of recommendations going to Haier Smart Home [4][5] Group 3 - The article mentions that on July 31, there was one instance of initial coverage, where Hunan Haili was given a "Buy" rating by Great Wall Securities, indicating potential interest in the agricultural chemical products sector [7]

Core Viewpoint - The first half of 2025 financial report from Hisense Home Appliances shows disappointing results, with revenue growth at 1.44%, the lowest since 2020, and net profit growth at 3.01%, the lowest in three years, leading to a significant drop in stock price following the report [2][7][14]. Financial Performance - In the first half of 2025, Hisense Home Appliances achieved revenue of 49.34 billion yuan, marking a year-on-year increase of 1.44% [2]. - The net profit attributable to shareholders was 2.077 billion yuan, reflecting a year-on-year growth of 3.01% [2]. - The stock price fell by 5.55% the day after the report was released, and since the new chairman took office, the stock has decreased by 13.53%, resulting in a market value loss of 5.568 billion yuan [2][14]. Leadership Transition - Gao Yuling, the new chairman, took over from Dai Huizhong on November 21, 2024, and this report is her first as chairman [3][9]. - Dai Huizhong, who served for nearly 20 years, was instrumental in optimizing the supply chain and improving operational efficiency during his tenure [4][6]. Background of New Chairman - Gao Yuling, born in the 1980s, has a strong financial background and extensive experience in mergers and acquisitions, having joined Hisense in 2007 [9][10]. - She has held various financial roles within the company, including financial manager and chief accountant, and played a key role in significant acquisitions [10][11]. Market Position and Competition - Hisense Home Appliances has seen steady growth but still lags behind major competitors like Midea and Haier, which reported revenues of 409.08 billion yuan and 285.98 billion yuan respectively in 2024 [18][20]. - The company aims to enhance its competitiveness in the air conditioning market, especially during peak seasons [14]. Future Outlook - The leadership change is part of a broader trend in the home appliance industry towards younger management teams, which is expected to bring vitality and adaptability to the company [21].

Core Insights - Hisense Home Appliances reported a strong performance in its 2025 semi-annual report, driven by technological innovation and steady growth in core businesses [2] - The company maintained a leading position in the multi-split central air conditioning market with over 20% market share [2] - Hisense's air conditioning products achieved the highest market share in the fresh air segment, with a sales share of 43.9%, an increase of 12.3 percentage points year-on-year [2] Air Conditioning Business - Hisense's air conditioning segment showed significant growth, leading the fresh air market with a 43.9% sales share [2] - The company’s multi-split central air conditioning maintained over 20% market share, solidifying its industry leadership [2] Refrigerator Business - The refrigerator segment demonstrated robust performance, with retail sales increasing by 9.5% year-on-year and market share rising by 1.64 percentage points [2] - Rongsheng refrigerators saw a retail sales increase of 9.7%, while Hisense refrigerators experienced an 8.6% growth in retail sales [2] Washing Machine Business - Hisense's washing machine domestic revenue grew by 37.58% year-on-year, outpacing industry growth [2] - The company launched the world's first 4-in-1 heat pump washing and drying machine, showcasing significant technological advancements [2] Kitchen Appliances - Hisense's kitchen appliance business saw a 52% year-on-year increase in offline retail revenue, reflecting successful product upgrades and channel integration [2]

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [6] Core Views - Despite short-term pressure on revenue and profitability in Q2 2025, primarily due to a decrease in central air conditioning business share, intense competition in the home air conditioning sector, and adjustments in the three-electric business, the company is expected to achieve significant growth through its proactive overseas expansion, steady growth in overseas revenue, continuous upgrading of domestic and international product structures, and improved profitability in the ice-washing business. There is a considerable probability that the company will meet the performance assessment targets of its employee stock ownership plan, and recent personnel adjustments may bring new opportunities for the HVAC business [4][14]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 49.34 billion, a year-on-year increase of 1.4%, and a net profit attributable to the parent company of 2.077 billion, up 3.0%. In Q2 2025, revenue was 24.502 billion, down 2.6%, with a net profit of 949 million, down 8.3% [12]. - The Q2 revenue decline was attributed to a decrease in central air conditioning sales amid real estate pressures, while external sales continued to grow rapidly, supported by brand expansion. The home air conditioning business faced fierce domestic competition, leading to slight fluctuations in sales [12][14]. Business Segments - The HVAC segment's profit margin decreased by 1.3 percentage points in H1 2025, while the ice-washing segment's profit margin improved by 0.8 percentage points to 4.2%. The three-electric segment experienced losses in Q2 2025, primarily due to personnel optimization and currency exchange impacts [13][18]. Future Outlook - The company is projected to achieve net profits of 3.594 billion and 4.116 billion in 2025 and 2026, respectively, corresponding to a current PE ratio of approximately 9.9 and 8.6, indicating a favorable valuation. The "Buy" rating is maintained based on these projections [14][15].

Investment Rating - The report maintains an "Outperform" rating for Hisense Home Appliances Group with a target price of RMB34.58, indicating an expected upside from the current price of RMB25.69 [2][6]. Core Insights - The company reported stable growth in revenue and net profit for the first half of 2025, achieving revenue of RMB49.34 billion (YoY +1.44%) and net profit of RMB2.08 billion (YoY +3.01%) [3][11]. - The overseas market continues to show strong performance, with overseas revenue reaching RMB20.45 billion, a growth of 12.3% YoY, driven by significant increases in Europe, America, Middle East Africa, and Asia Pacific regions [4][11]. - Domestic revenue slightly declined to RMB25.25 billion (YoY -0.31%), primarily due to a downturn in the central air conditioning industry, although the company maintains a strong market position with Hisense Hitachi [12]. Financial Performance Summary - Revenue projections for the next few years are as follows: RMB97.05 billion in 2025, RMB102.73 billion in 2026, and RMB112.62 billion in 2027, reflecting growth rates of 5%, 6%, and 10% respectively [2][10]. - Net profit is expected to grow from RMB3.69 billion in 2025 to RMB4.62 billion in 2027, with corresponding growth rates of 10%, 11%, and 13% [2][10]. - The company's gross profit margin is projected to improve slightly from 21.1% in 2025 to 21.4% in 2026 and remain stable thereafter [2][10]. Valuation - The report anticipates an EPS of RMB2.66 for 2025, RMB2.95 for 2026, and RMB3.34 for 2027, with a PE ratio of 13x for 2025 [6][13]. - The valuation reflects the company's ongoing global expansion and product optimization strategies under national subsidy policies, which are expected to enhance profitability [6][13].

Core Insights - Hisense Home Appliances reported a strong performance in its 2025 semi-annual report, driven by technological innovation and steady growth in core business segments [2] - The company maintained a leading position in the multi-split central air conditioning market with over 20% market share [2] - Hisense's air conditioning products achieved the highest market share in the fresh air segment, with a sales share of 43.9%, an increase of 12.3 percentage points year-on-year [2] Air Conditioning Segment - Hisense's air conditioning business led the fresh air market with a 43.9% sales share, reflecting a significant year-on-year improvement [2] - The multi-split central air conditioning segment holds over 20% market share, reinforcing the company's industry leadership [2] Refrigerator Segment - The refrigerator business showed robust performance with a retail sales increase of 9.5% year-on-year, and market share grew by 1.64 percentage points [2] - Rongsheng refrigerators experienced a retail sales growth of 9.7%, while Hisense refrigerators saw an 8.6% increase in retail sales [2] Washing Machine Segment - Domestic revenue for Hisense washing machines grew by 37.58% year-on-year, outpacing industry growth [2] - The company introduced the world's first 4-in-1 heat pump washing and drying machine, showcasing significant technological advancements [2] Kitchen Appliances Segment - Hisense's kitchen appliance business saw a 52% year-on-year increase in offline retail revenue, indicating successful product upgrades and channel integration [2]