Core Viewpoint - Hisense Home Appliances reported a slowdown in revenue and net profit growth in its latest 2024 semi-annual report, despite achieving positive growth figures [2][6][7]. Financial Performance - For the first half of 2024, Hisense Home Appliances recorded revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.077 billion yuan, up 3.01% [6]. - The growth rates have significantly slowed compared to previous years, with 2022 net profit growth at 141.45% and 2024 first-half net profit growth at 34.61% [7]. Domestic vs. Overseas Business - Domestic revenue accounted for 50% of total revenue, amounting to 25.249 billion yuan, a slight decline of 0.31%, while overseas revenue made up 40%, reaching 20.451 billion yuan, a growth of 12.34% [8]. - The gross margin for domestic business was 31.02%, down 0.06 percentage points, while the overseas gross margin was 12.33%, up 1.35 percentage points [8]. Product Segmentation - The HVAC (Heating, Ventilation, and Air Conditioning) segment generated revenue of 23.694 billion yuan, a growth of 4.07%, while the washing and refrigeration segment accounted for 30% of total revenue, with 15.392 billion yuan, up 4.76% [10]. - Despite revenue growth in the HVAC segment, the gross margin decreased to 27.12%, down 1.56 percentage points [10]. Management Changes and Strategic Initiatives - High Yuling was appointed as the new chairman and president of Hisense Home Appliances, marking a significant leadership change [3][4]. - The company is undergoing a transformation, including the integration of various brands under the Hisense Air Conditioning division and the hiring of former Midea executive Yin Bitong to lead the air conditioning business [10][11]. - Hisense Home Appliances is also streamlining its workforce, reducing over 500 positions, particularly in sales and technical roles, while hiring more employees with master's and doctoral degrees [12].

2024年接任董事长的总会计师高玉玲揽下海信家电CEO，实现董事长、CEO"一肩挑"。 "薪酬王"胡剑涌两年赚了1135万 7月30日盘后，海信家电（000921）公告，胡剑涌辞任CEO、董事职务，朱聃也辞任董事。 《财中社》注意到，在海信家电做了30年的胡剑涌只在任上呆了两年就匆匆辞任。 胡剑涌是海信家电的老人，自1995年加入公司以来，已经为海信家电工作了30年。2023年2月28日胡剑涌接任公司CEO，此前，胡剑涌在2014年开始担任海 信视象（600060，原海信电器）副总经理，2016年，他就从前董事长代慧忠手中接过海信视象CEO一职，并且历任海信营销管理有限公司总经理助理、副总 裁，擅长营销，接近用户端。 海信并没有亏待老将。胡剑涌在海信家电拿的薪酬要高于新任董事长高玉玲。2024年，胡剑涌年薪406万元，较担任董事长的高玉玲还高170万元，仅次于退 下来的前董事长代慧忠。 这还是"降薪"的结果。2023年2月底，胡剑涌当上CEO，2023年其只任职了10个月，当年薪酬达到729万元，是海信家电的"薪资王"，比当年在任的董事长代 慧忠的642万还要高。2024年海信家电全面降薪，管理层总薪酬共19 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a slight decline in revenue but an improvement in operating profit margin. For the first half of 2025, the company achieved operating revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit attributable to the parent company of 2.08 billion yuan, a year-on-year increase of 3.01% [2][6]. - In the second quarter of 2025, the company experienced a revenue decline of 2.60% year-on-year, with a net profit decrease of 8.25% [2][6]. - The company is focusing on optimizing its product structure and enhancing operational efficiency to achieve sustainable growth [12]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin increase of 0.69 percentage points to 21.48%. The air conditioning segment saw a gross margin decrease of 1.56 percentage points, while the washing and refrigeration segment improved by 2.12 percentage points [12]. - The operating profit for H1 2025 was 2.63 billion yuan, a year-on-year increase of 9.67%, with an operating profit margin of 5.32%, up 0.40 percentage points [12]. - The company’s cash flow from operating activities increased by 153.43% year-on-year, indicating significant improvement in operational quality [12]. Business Segments - The air conditioning business grew by 4.07% year-on-year, while the washing and refrigeration business increased by 4.76%. Domestic sales saw a slight decline of 0.31%, whereas overseas sales grew by 12.34% [12]. - In Q2 2025, the company’s revenue decline was attributed mainly to weak domestic sales performance [12]. Future Outlook - The company aims to enhance its brand synergy and supply chain optimization to achieve efficient market penetration and rapid growth. It is also expanding into automotive compressor and thermal management systems [12]. - The projected net profits for 2025-2027 are 3.77 billion, 4.17 billion, and 4.71 billion yuan, respectively, with corresponding price-to-earnings ratios of 10.00, 9.03, and 7.99 [12].

Group 1 - The core viewpoint of the report indicates that Hisense Home Appliances has shown steady growth in overseas revenue, although the net profit attributable to the parent company faced short-term pressure in Q2 [1] - The company offers a diverse range of products under eight major brands, including Hisense, Rongsheng, Kelon, Hitachi, and York, catering to differentiated customer needs [1] - Hisense's brand equity and recognition continue to improve, supported by its ongoing internationalization strategy, which includes sponsorship of major global sporting events from 2016 to 2024 [1] Group 2 - The report highlights that Hisense's brand influence in international markets is expected to increase, particularly with the announcement of sponsorship for the 2025 FIFA Club World Cup [1] - As of July 31, 2025, the closing price of 25.69 yuan corresponds to price-to-earnings ratios of 10, 8, and 8 times for the next three years [1] - The report maintains an "overweight" rating for the company, indicating a positive outlook on its performance [1]

Group 1 - Hisense Home Appliances Group Co., Ltd. reported a steady growth in core business driven by technological innovation in its 2025 semi-annual report [1] - The multi-split central air conditioning system from Hisense holds over 20% market share, ranking first in the industry [3] - Hisense's new air conditioning products achieved a sales revenue market share of 43.9% in the fresh air segment, an increase of 12.3 percentage points year-on-year [3] Group 2 - The refrigerator business showed robust performance with a retail sales revenue growth of 9.5% year-on-year, and market share increased by 1.64 percentage points [3] - Hisense's washing machine domestic main business revenue grew by 37.58%, leading the industry, with a doubling of market share in the mid-to-high-end segment [5] - The launch of the world's first 4-in-1 heat pump washing and drying machine, the Cotton Candy Ultra, showcases Hisense's innovation in washing technology [5] Group 3 - Hisense's kitchen appliances saw a 52% year-on-year increase in offline retail revenue, reflecting product strength and channel synergy [5] - The company accelerated its overseas business expansion, achieving overseas revenue of 20.451 billion yuan, a year-on-year growth of 12.34% [5] - Revenue growth in Europe, the Middle East, and Africa exceeded 22.7%, while the Americas saw a 26.2% increase [5] Group 4 - Hisense washing machines achieved the highest market share in the UK, with over 30% market share in several European countries [7] - Hisense refrigerators ranked first in sales volume or revenue share in 12 countries, marking a historical high [7] - The company’s products gained significant recognition among overseas users, enhancing its brand presence globally [7]

Investment Rating - The investment rating for Hisense Home Appliances is "Buy-A" with a target price of 31.41 CNY for the next six months [4][6]. Core Views - Hisense Home Appliances reported a revenue of 49.34 billion CNY for the first half of 2025, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 2.08 billion CNY, up 3.0% year-on-year. The second quarter saw a revenue of 24.50 billion CNY, down 2.6% year-on-year, and a net profit of 0.95 billion CNY, down 8.3% year-on-year [1][2]. - The company is accelerating its overseas diversification and digital transformation to enhance production efficiency, which is expected to improve operational performance [1][3]. Summary by Sections Financial Performance - In H1 2025, domestic sales revenue decreased by 0.3% while export revenue increased by 12.3%. The second quarter's domestic sales remained flat, and export growth slowed [2]. - The air conditioning segment saw a revenue decline of 6.0% for Hisense Hitachi, attributed to a downturn in the real estate market affecting domestic sales, while exports continued to grow [2]. - The home appliance segment (ice and washing machines) experienced a revenue increase of 4.8% in H1 2025, with domestic sales benefiting from trade-in policies [2][3]. Profitability - The gross margin for Q2 was 21.5%, an increase of 1.1 percentage points year-on-year, mainly due to improved profitability in the ice and washing machine segment [3]. - The net profit margin for Q2 was 3.9%, a decrease of 0.2 percentage points year-on-year, influenced by an increase in expense ratios [3]. Cash Flow - Operating cash flow for Q2 was 5.26 billion CNY, a significant increase of 170.4% year-on-year, primarily due to a 17.6% increase in cash received from sales [3]. Future Outlook - The company is expected to improve profitability through ongoing upgrades in product structure and benefits from trade-in policies driving domestic sales [3][4]. - The projected EPS for 2025 is 2.62 CNY, with a PE valuation of 12x, supporting the target price of 31.41 CNY [6][11].

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%。 智通财经APP获悉，美银证券发布研报称，海信家电(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。 ...

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]