核心观点 海信家电发布 2025 年一季报，Q1 业绩表现靓丽，治理红利兑现+产品结构提升共铸增长。展望未来， 我们认为海信日立央空业务有望企稳改善，同时公司整体盈利能力较头部公司仍有较大空间，股权激励 后公司正处经营红利释放期，差异化与高端化战略收获良好成效，看好治理改善背景下公司业绩增长的 长期持续性，重申海信家电长期投资价值。 事件 2025 年4 月28 日，海信家电发布2025 年第一季度报告。 毛利方面， Q1 毛利率为21.41%，同比下降0.22pct，其中内外销毛利率预计均有改善，综合毛利率下降 主因结构变动所致。 费用方面，25Q1 公司销售费用率为9.55%，同比下降0.45pct，主要得益于公司深化数字化营销体系， 通过精准广告投放与智能物流系统优化，减少冗余营销开支，同时海外代工厂协同降低仓储成本；管理 费用率为2.39%，同比下降0.26pct，主要系增强运营能力和效率，人力效能显著提升；研发费用率为 3.32%，同比上升0.02pct，；财务费用率为0.02%，同比上升0.33pct。 综合影响下，公司25Q1 实现净利率4.54%，同比提升0.36pct。 三、央空业务企稳回暖 ...

证券研究报告|公司点评报告 ► 外销驱动整体收入增长，Q1 收入增长稳健。 2024 年年报：2024 年，分产品看，暖通空调产品收入 402.84 亿元，同比+4.22%，其中，中央空调国内多联机 市场份额超 20%（根据公司官方公众号），持续引领行业；日立品牌天氟地水智享系列 2024 年销量增长近 20%；约克品牌 2024 年在天氟地水细分领域占有率突破 20%，持续领跑行业；家用空调业务聚焦海信、科龙双 品牌实现技术和产品升级，据奥维云网（AVC）全渠道监测数据，2024 年公司家用空调线上和线下零售额分别 同比+10.8%和+21.2%。冰洗产品收入 308.39 亿元，同比+18.29%，其中，冰冷业务依托于容声与海信双品牌战 略，实现量质齐升，据奥维云网（AVC）全渠道监测数据，2024 全年海信系冰箱零售额同比+21%，市占率+0.8 pct，占有率位居行业第二,中高端零售额同比+19.8%,海信系冷柜整体市占率同比+1.1 pct。其他主营业务收入 125.00 亿元，同比+2.15%。分地区看，境内地区收入 479.94 亿元，同比-2.12%；境外地区收入 356.29 亿元， 同比+ ...

尤为亮眼的是，汽车压缩机及热管理业务取得重大突破，旗下三电公司斩获新能源车HVAC大单，获评核心客户"最佳供应商合作伙伴"，标志着海信家电从 家电向新能源产业链延伸的布局初见成效。 海信家电加速推进AI技术与家电深度融合，基于"海信星海大模型+DeepSeek+专家模型"技术底座，推出AI空气管家、AI洗护管家、AI美食管家三大垂类智 能体，覆盖空气健康、衣物洗护、食材保鲜等全场景。2025年AWE期间，搭载AI智能体的世俱杯新品阵容亮相，通过精准解析复杂语音指令、主动管理室 内环境、定制个性化洗护方案等功能，实现从"人找服务"到"服务找人"的体验升级。 【环球网财经综合报道】4月28日，海信家电发布2025年一季度财报，公司实现营业收入248.38亿元，同比增长5.76%；扣非归母净利润10.08亿元，同比大 增20.27%。在行业整体增速放缓背景下，海信家电凭借全品类技术突破与AI战略深化，实现盈利质量与市场份额双提升，为家电行业智能化转型提供新范 式。 财报显示，海信家电各业务线均实现突破性增长：暖通空调业务中，海信系多联机市占率超20%，家用空调蝉联新风品类销额榜首，全渠道销售额占有率达 42.8%， ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 海信家电（000921.SZ） 收入业绩增长稳健，净利率稳步提升 事件：公司发布 2025 年一季报。2025Q1 实现营业收入 248.38 亿 元，同比增长 5.76%；实现归母净利润 11.27 亿元，同比增长 14.89%。 净利率稳步提升。毛利率：2025Q1 公司毛利率同比-0.22pct 至 21.41% 。费率端： 2025Q1 销 售 / 管 理 / 研 发 / 财 务 费 率 为 9.55%/2.39%/3.32%/0.02% ， 同 比 变 动 -0.45pct/- 0.25pct/+0.02pct/+0.33pct。财务费用变动主要系汇兑损益波动所 致。净利率：公司 2025Q1 净利率同比+0.03pct 至 6.58%。 销售商品收到的现金稳步增长。2025Q1 公司经营性现金流净额 0.65 亿元，同比-58.3%。其中销售商品收到的现金为 193.06 亿元， 同比+10.81%。 一季度空调行业产销稳步增长，出口表现优于内销。据奥维云网数 据，2025 年一季度空调生产 5597.2 万台 ...

海信家电 20250428 摘要 • 海信家电 2025 年一季度营收 197.81 亿元，同比增长 14.89%；扣非净 利润 10.07 亿元，同比增长 20%。外销增长显著，但结构性因素导致整 体毛利率略有下降，需关注外销占比提升对利润结构的影响。 • 一季度经营活动现金流同比减少，主要受日元汇率波动、三电业务收入下 降及去年底原材料储备付款影响。预计二季度及后续将逐步改善，中期业 绩有望提升，但短期现金流压力值得关注。 • 中央空调系统一季度整体增长，ToC 端表现良好，工装领域增长弥补了精 装配套下降。海兴电力精装配套收入占比降至 11%，家装和非地产类公建 业务收入占比接近 90%，业务结构转型效果显著。 • 家用空调和冰洗业务外销增速优于内销，欧洲大区收入占比最高，达 45% 以上。各区域保持双位数增长，但接单增速有所收缩，下半年成熟市场与 新兴市场需求预计维持稳定，需警惕外销增速放缓风险。 • 中央空调系统毛利率和净利率同比提升，净利率超过 17%，得益于毛利率 提升、费用率优化及少数股权回收。全年目标是实现个位数收入增长，并 保持利润率相对稳定，盈利能力预计维持稳定。 Q&A 海信家电 20 ...

公司研报 证券研究报告 2025.04.28 海信家电 1Q25 业绩点评：业绩符合预期，盈利持续改善 汤亚玮 分析员 褚君 分析员 李晶昕 分析员 家电与智慧家居 SAC 执证编号：S0080521110003 SFC CE Ref：BUD650 A 股维持跑赢行业 | 股票代码 | 股票评级 | 目标价 | | --- | --- | --- | | 000921.SZ | → 跑赢行业 | 人民币 36.50 | | 00921.HK | → 跑赢行业 | 港币 32.50 | | 股票代码 | 000921.SZ | 00921.HK | | --- | --- | --- | | 最新收盘价 | 人民币 27.33 | 港币 23.90 | | 52 周最高价/最低价 人民币 41.51~22.82 | | 港币 37.94~18.68 | | 总市值(亿) | 人民币 356.4 | 港币 379.4 | 61 74 87 100 113 126 2024-04 2024-07 2024-10 2025-01 2025-04 000921.SZ 沪深300 | (人民币 百万) | 2023A | ...

智通财经APP获悉，截止4月17日，未平仓空单比位列前三位为药明康德（02359）、赣锋锂业 （01772）、万科企业（02202），空仓比分别为15.63%、14.23%、13.24%。 未平仓空单比（绝对值）较上一次减少最多为再鼎医药（09688）、美的集团（00300）、康龙化成 （03759），分别减少-1.31%、-0.80%、-0.76%。 前10大未平仓空仓比 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 药明康德(02359) | 6168.69 万股 | 6050.95 万股 | 15.63% | | 赣锋锂业(01772) | 5893.42 万股 | 5743.15 万股 | 14.23% | | 万科企业(02202) | 2.59 亿股 | 2.92 亿股 | 13.24% | | 中兴通讯(00763) | 9237.00 万股 | 9472.26 万股 | 12.54% | | BRILLIANCE CHI(01114) | 6.18 亿股 | 6.15 亿股 | 12.18% | | 福莱特玻璃(06 ...

Financial Performance - In 2024, Hisense achieved a revenue of RMB 92.746 billion, representing a year-on-year growth of 8.35%[8] - The net profit attributable to shareholders reached RMB 3.348 billion, with a growth rate of 17.99%[8] - The compound annual growth rate (CAGR) for revenue over the past decade was 16%, while the CAGR for net profit attributable to shareholders was 21%[8] - Hisense has increased its dividend payout ratio from 30% to 50% of net profit, with a 95.9% year-on-year increase in dividends per share for 2023[15] - The company has cumulatively distributed approximately 5.05 billion yuan in dividends over the past ten years[15] - The company's cash flow from operating activities decreased by 51.64% year-on-year, amounting to approximately RMB 5.13 billion[64] - The weighted average return on equity is expected to rise to 23.27%, an increase of 0.63 percentage points from the previous year[64] - Hisense's total assets at the end of 2024 are projected to be approximately RMB 69.70 billion, a 5.69% increase from the end of 2023[64] - Total operating revenue for 2024 reached RMB 92.75 billion, an increase of 8.35% compared to RMB 85.60 billion in 2023[70] - Net profit attributable to shareholders for Q1 2024 was RMB 981.25 million, while Q4 2023 saw a decline to RMB 554.89 million[66] Market Expansion and Sales Growth - Hisense's overseas revenue exceeded RMB 35.6 billion, marking a year-on-year increase of 28%[12] - The market share of Hisense refrigerators in Europe reached 10.3%, while in South Africa it surpassed 34%[12] - The high-end product series, "Brilliant Series," saw a year-on-year growth of 52%[10] - The company plans to achieve peak carbon emissions by 2026 and carbon neutrality by 2050, as stated in its 2024 carbon neutrality white paper[14] - The overall market capacity for central air conditioning is expected to decline by 12.5% in 2024, influenced by a decrease in large public construction projects[17] - The domestic air conditioning market is projected to see a retail volume decline of 1.7% and a retail value decrease of 2.1% in 2024[18] - The refrigerator market is anticipated to grow by 4.9% in retail volume and 7.6% in retail value in 2024, driven by national subsidy policies[19] - The global automotive sales are expected to reach 89 million units in 2024, with a 24.4% increase in new energy vehicle sales[22] - In 2024, the penetration rate of smart air conditioners in the offline market reached 94.3%, an increase of 4.2%, while smart refrigerators reached 57.6%, an increase of 10.5%[23] - The export volume of cold products is expected to grow by 20% year-on-year in 2024, with air conditioning exports increasing by 28% and washing machine exports by 17%[24] Product Innovation and Technology - The company launched over 400 new technological achievements in 2024, enhancing its product innovation capabilities[9] - The "AI Air Butler" service for air quality management achieved the highest sales and revenue in the industry[10] - Hisense's new air conditioning products, including the Brilliant C3 series, are expected to lead the industry in both sales volume and revenue in 2024, with the Brilliant 72C310 dominating the fresh air cabinet segment[34] - The new M3 series solution can operate in extreme temperatures ranging from -30 to 58 degrees Celsius, providing stability in complex environments[30] - The smart building business experienced a growth rate of 22.5%, reflecting the company's ability to replace manual control with intelligent algorithms[31] - The company's new wind indoor unit meets ultra-energy-saving and high static pressure fresh air demands, showcasing innovation in the heat pump fresh air business[31] - Hisense's vacuum preservation technology has led to a 1.6 percentage point increase in high-end market share for its refrigerators in 2024[40] - The AI air management system can automatically adjust temperature and air quality based on user commands and environmental conditions[49] - The AI washing and care system can respond to specific user needs, such as removing pet hair or de-wrinkling suits, with tailored washing programs[50] - The AI food management system optimizes food preservation and cooking processes, enhancing user experience with smart features[51] Corporate Governance and Management - The company has established 22 leadership principles to improve strategic execution and organizational leadership among its management team[101] - The board consists of nine members, including six executive directors and three independent non-executive directors[124] - The company has established five specialized committees: Compensation and Assessment Committee, Nomination Committee, Strategy Committee, Audit Committee, and ESG Committee, with defined work guidelines[134] - The board has adopted a diversity policy, currently including one female director, Gao Yuling, who was appointed as an executive director on January 19, 2022, and as chairperson on November 21, 2024[126] - The board held 14 meetings in 2024, with a 100% attendance rate from all directors[128] - The company has implemented a system to ensure timely disclosure of interests and potential conflicts of interest by directors[128] - The company has committed to regular reviews of its corporate governance policies and compliance with relevant laws and regulations[131] - The independent non-executive directors' terms are set to expire on June 23, 2027[132] - The company has engaged Shinewing Certified Public Accountants to conduct independent audits of its internal control and risk management systems, with audit fees of approximately RMB 2.1 million for financial reporting and RMB 900,000 for internal control[185] Sustainability and Environmental Initiatives - Hisense has initiated a digital transformation, achieving a 37.59% reduction in material numbers and a 25.8% year-on-year decrease in order fulfillment cycle[13] - The company aims for a 10% improvement in manufacturing costs per unit by 2024 and a 14.9% increase in output per hour[13] - Hisense's Qingdao factory has been recognized as a global "lighthouse factory," marking a significant achievement in green manufacturing[14] - The company has achieved a 36% improvement in energy efficiency through systematic technological innovation in home air conditioning, establishing a comprehensive ecosystem covering product development and industry standards[94] - In the refrigerator segment, the company has reached a 30% increase in overall energy efficiency, meeting European A-level standards, while achieving a 14.2% reduction in carbon footprint through the use of recycled materials[95] - Hisense is focused on building a green and low-carbon transformation, implementing carbon neutrality strategies and improving ESG risk management mechanisms[108] Risks and Challenges - The company faces risks from macroeconomic fluctuations, rising costs, exchange rate volatility, and trade protectionism that could impact its operational performance[111]

海信家电集团股份有限公司 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会与管治报告 2024 / 向善共赢 智造绿色未来 / 目录 CONTENT 致利益相关方的信 001 前篇 业务布局 品牌布局 产品布局 002 004 004 走进海信家电 ESG关键绩效 奖项与荣誉 2024里程碑扫描 007 010 内控合规体系 ESG风险管理 020 021 经营韧性·ESG风险与机遇 商业向善·卓越治理 科技向善·技术立企 智造向善·永续发展 生态向善·同创未来 伙伴向善·携手共赢 028 032 042 060 070 向善共赢·ESG行动策略 稳健前行·ESG指标与目标 后篇 | 关于本报告 | 091 | | --- | --- | | 法律法规及主要内部政策 | 092 | | 指标索引表 | 094 | | 读者意见反馈 | 103 | ESG价值承诺 ESG管理方针 ESG治理基石 长期价值·ESG战略蓝图 012 013 016 海信家电集团股份有限公司 前篇 2024 里程碑扫描 长期价值·ESG 战略蓝图 经营韧性·ESG 风险与机遇 向善共 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-024 海信家电集团股份有限公司 第十二届董事会 2025 年第二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 （一）会议通知的时间和方式 1、会议于 2025 年 4 月 28 日以通讯方式召开； 2、董事出席会议情况： 会议应到董事 9 人，实到 9 人。 （三）会议的召开及表决符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，会议形成以下决议： （一）审议及批准本公司《2025 年第一季度报告》（本公司《2025 年第一季度报 告》的具体内容已于同日登载在巨潮资讯网）。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 （二）审议及批准本公司《2024 年度环境、社会及管治报告》（本议案的具体内容 请见本公司于同日在巨潮资讯网登载的《2024 年度环境、社会及管治报告》）。 海信家电集团股份有限公司(「本公司」)第十二届董事会于 2025 年 4 月 11 日以通 讯方式向全体董事发出召开第十二届董事会 202 ...