前十大AH股偏离值排行 | 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 安德利果汁(02218) | 19.660 | 51.81 | 215.67% | 37.63% | | 金力永磁(06680) | 18.400 | 27.36 | 78.10% | 22.60% | | 农业银行(01288) | 5.150 | 6.3 | 46.60% | 13.83% | | 康希诺生物(06185) | 44.800 | 80.46 | 115.11% | 11.56% | | 昭衍新药(06127) | 23.950 | 32.34 | 61.75% | 11.02% | | 北京北辰实业股份 (00588) | 0.870 | 1.78 | 144.83% | 10.74% | | 复旦张江(01349) | 4.090 | 10.86 | 218.09% | 10.71% | | 山东墨龙(00568) | 4.410 | 6.36 | 72.79% | 9.57% | | --- | --- | --- | -- ...

Investment Rating - The report maintains an "Accumulate" rating for the company [7][24]. Core Views - The company reported a total revenue of 49.34 billion yuan for the first half of 2025, a year-on-year increase of 1.44%, while the net profit attributable to the parent company was 2.077 billion yuan, up 3.01% year-on-year. However, the second quarter saw a decline in revenue and net profit, with a year-on-year decrease of 2.6% and 8.25%, respectively, primarily due to weak performance in the central air conditioning segment and increased asset impairment [1][2][3]. Summary by Sections Financial Performance - In the first half of 2025, the company's central air conditioning business faced pressure, with revenue from the subsidiary Hisense Hitachi declining by 6% year-on-year to 10.66 billion yuan, and net profit down by 4.9% to 1.86 billion yuan. Domestic sales of central air conditioning dropped by 15.9%, while external sales showed a growth of 24.9% [2][3]. - The home air conditioning segment performed positively, with a revenue increase of approximately 14% year-on-year. The company’s ice washing business also saw a modest revenue growth of 4.8% [3][4]. Profitability and Margins - The gross margin for the first half of 2025 was reported at 21.48%, an increase of 0.69 percentage points year-on-year, driven by improved overseas margins and rising margins in the ice washing segment [4][5]. - The report indicates a slight increase in expense ratios due to sports marketing and foreign exchange fluctuations, with the expense ratio rising by 0.51 percentage points year-on-year [4]. Future Outlook - The company forecasts net profits attributable to the parent company of 3.75 billion yuan, 4.20 billion yuan, and 4.70 billion yuan for 2025, 2026, and 2027, respectively. The report suggests that the company will benefit from the release of replacement demand and its strong brand presence [5][21]. - The target market capitalization is set at 490.98 billion yuan, with a target price of 35.42 yuan for A-shares and 30.62 HKD for H-shares, reflecting a valuation discount due to exchange rate and market volatility risks [5][24].

Core Insights - Hisense's refrigerators have achieved significant sales success in overseas markets, ranking first in sales volume or revenue in 12 countries and regions globally, showcasing the effectiveness of its user-centric approach and innovative vacuum preservation technology [1][3] - In May 2025, Hisense refrigerators led in sales volume in Canada, France, and Spain, while achieving the highest revenue share in the UK; they also secured top positions in the Czech Republic and South Africa for both volume and revenue [3] - The overall retail revenue of Hisense refrigerators in the domestic market grew by 9.5% year-on-year in the first half of 2025, with a market share increase of 1.64 percentage points, maintaining a position among the top three in the industry [3] Market Performance - Hisense's vacuum preservation technology has evolved to the "Vacuum 4.0" stage, leading the industry with its vacuum magnetic preservation technology, which is central to its flagship product offerings [5] - The company has developed a diverse product matrix, including the U series, to cater to various food preservation needs, ensuring freshness for up to seven days [5] - By integrating advanced AI models and a vast food ingredient database, Hisense provides users with tailored preservation settings based on food types, optimizing conditions for freshness [5]

Core Insights - Hisense Home Appliances reported a total revenue of 49.34 billion yuan for the first half of the year, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.077 billion yuan, up 3.01% year-on-year [1] - The growth in revenue was primarily driven by overseas markets, with domestic revenue declining by 0.31% to 25.249 billion yuan, while overseas revenue increased by 12.34% to 20.451 billion yuan [1] - The company announced significant personnel changes in its management, including the appointment of Gao Yuling as the new president [3] Business Performance - The HVAC (Heating, Ventilation, and Air Conditioning) segment remains the largest business unit, achieving a revenue growth of 4.07% to 23.694 billion yuan, accounting for 48.02% of total revenue [2] - Cash flow from operating activities reached 5.32 billion yuan, reflecting a substantial increase of 153.43% year-on-year [2] Market Trends - In the European market, revenue grew by 22.7%, with notable increases in refrigerator market share, air conditioning revenue up 34.5%, and washing machine revenue up 38.9% [1] - The Americas also saw a revenue increase of 26.2%, with home air conditioning revenue up 19.3%, washing machine revenue up 71%, and central air conditioning revenue up 59% [1] - The demand for energy-efficient and smart home appliances is driving market growth, particularly in emerging markets like Latin America and ASEAN [1] Management Changes - Key management changes include the departure of Hu Jianrong from his roles and the appointment of Gao Yuling as president [3] - Yin Bitong, previously the president of the Air Conditioning Division, has been elected as a representative director of the board [3] - The company is collaborating with Midea Group in areas such as AI and smart manufacturing, indicating a strategic focus on innovation [3] Stock Information - As of July 31, the stock price of Hisense Home Appliances was 25.3 yuan per share, with a total market capitalization of 35 billion yuan [4]

格隆汇7月31日｜国盛证券研报指出，海信家电2025H1实现归母净利润20.77亿元，同比增长3.01%。其 中，2025Q2归母净利润为9.49亿元，同比-8.25%。2025年上半年各品类增长稳健，外销持续增长。公司 始终坚持全球化战略，积极打造海外五大区域引擎，深耕体育营销，加速提升海外自有品牌影响力，深 化本地化建设，推进研产销协同发展。欧洲区深耕体育营销，美洲区利用墨西哥蒙特雷工厂布局优势， 补足美系产品阵容，中东非区以体育赛事赞助塑造品牌拉力，亚太区不断升级品牌与产品结构。同时， 公司不断加速数字化转型，持续践行以数智化为引领的先进制造，通过导入海信精益运营体系，构建精 益工厂夯实制造基础，持续开展精益改善，围绕自动化、工艺优化等多个方向降低企业运营成本。考虑 到公司2025年上半年业绩表现及行业整体环境，预计公司2025-2027年实现归母净利润37.5/41.86/46.02 亿元，同比增长12.0%/11.6%/9.9%，维持"增持"投资评级。 ...

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [9] Core Views - The company's Q2 revenue and profit have slowed down mainly due to pressure in the air conditioning business, while the profitability of the washing and refrigeration segment has improved significantly due to cost reduction and efficiency enhancements [11] - The company is expected to see a low single-digit decline in air conditioning sales in Q2, while the washing and refrigeration segment is projected to grow at a low single-digit rate [6][11] - The company has announced changes in its board of directors, which may lead to potential overseas growth opportunities [8] Financial Performance - Q2 revenue was 24.502 billion yuan, a year-on-year decrease of 2.6%, with a net profit attributable to shareholders of 949 million yuan, down 8.3% year-on-year [9] - For the first half of the year, revenue reached 49.34 billion yuan, an increase of 1.4% year-on-year, and net profit attributable to shareholders was 2.077 billion yuan, up 3.0% year-on-year [9] - The gross profit margin for Q2 was 21.55%, an increase of 1.1 percentage points year-on-year [10] Revenue Analysis - Domestic sales are expected to remain flat, while external sales are projected to grow by approximately 5% in Q2 [9] - The revenue growth ranking by product is expected to be washing and refrigeration > home air conditioning > central air conditioning [9] Profitability Analysis - The gross margin for the washing and refrigeration segment improved due to increased capacity utilization and structural improvements [10] - The net profit margin for Q2 was 3.9%, a decrease of 0.2 percentage points year-on-year, primarily impacted by the air conditioning business [10] Earnings Forecast - The company has adjusted its earnings forecast for 2025-2027, expecting revenues of 98.449 billion yuan, 104.069 billion yuan, and 109.518 billion yuan, with year-on-year growth rates of 6.1%, 5.7%, and 5.2% respectively [11] - The forecasted net profit attributable to shareholders for 2025-2027 is 3.561 billion yuan, 3.778 billion yuan, and 4.003 billion yuan, with year-on-year growth rates of 6.4%, 6.1%, and 5.9% respectively [11]

格隆汇7月30日丨海信家电(000921.SZ)公布2025年半年度报告，上半年公司实现营业收入493.40亿元， 同比增长1.44%；归属于上市公司股东的净利润20.77亿元，同比增长3.01%；归属于上市公司股东的扣 除非经常性损益的净利润18.18亿元，同比增长6.72%；基本每股收益1.52元。 ...

Market Performance - The Hang Seng Index (HSI) fell by 347 points or 1.4%, closing at 25,176 points[1] - The National Index dropped by 107 points or 1.2%, closing at 9,038 points[1] - The Hang Seng Tech Index decreased by 153 points or 2.7%, closing at 5,490 points[1] - Total market turnover was HKD 319.65 billion[1] Economic Indicators - The People's Bank of China conducted a 309 billion RMB seven-day reverse repurchase operation at a steady rate of 1.4%[2] - The Shanghai Composite Index rose by 6 points or 0.2%, closing at 3,615 points with a turnover of 819.6 billion RMB[2] - The Shenzhen Component Index fell by 86 points or 0.8%, closing at 11,203 points with a turnover exceeding 1.02 trillion RMB[2] Corporate Earnings - MGM China reported total revenue of HKD 8.667 billion for Q2, an increase of 8.9% year-on-year[4] - Budweiser APAC reported revenue of USD 3.136 billion for the first half of the year, a decrease of 7.7% year-on-year[5] - New Oriental Education reported net revenue of USD 4.9 billion for FY2025, an increase of 13.6% year-on-year[5]

另外，公司公布高管变动，因个人原因，胡剑涌先生不再担任公司董事、总裁职务以及战略委员会、 ESG委员会的委员职务；因工作安排调整，朱聃先生不再担任公司董事职务以及战略委员会的委员职 务。同时，聘任高玉玲女士为公司总裁。 海信家电（000921）(00921)绩后跌超6%，截至发稿，跌6.42%，报22.6港元，成交额1874.61万港元。 消息面上，海信家电发布2025年中期业绩，该集团营业总收入493.4亿元(人民币，下同)，同比增加 1.44%；归母净利润20.77亿元，同比增加3.01%。单计2025年第二季度，海信家电二季度实现营业总收 入为245.02亿元，同比减少2.60%；归母净利润为9.49亿元，同比减少8.25%。中金表示，公司业绩略低 于我们预期，主要由于日元汇率波动影响汇兑收益、三电业务人员调整，央空持续受到地产的负面影 响，空调内销竞争加剧，导致公司收入、利润均有承压。 ...

Core Viewpoint - The company reported its 2025 H1 financial results, showing stable growth across product categories and regions, with a slight decline in Q2 revenue and profit compared to the previous year [1][2][3][4]. Financial Performance - In H1 2025, the company achieved total 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% [1]. - Q2 2025 saw total revenue of 24.502 billion yuan, a decrease of 2.60% year-on-year, with a net profit of 949 million yuan, down 8.25% [1]. - The gross margin for Q2 2025 improved by 0.6 percentage points to 21.55% [2]. - The net profit margin for Q2 2025 decreased by 0.41 percentage points to 5.53% [3]. Product and Regional Performance - In H1 2025, revenue growth by product category was as follows: HVAC (Heating, Ventilation, and Air Conditioning) increased by 4.07%, washing machines by 4.76%, and other main products by 8.89% [1]. - Revenue from domestic sales in H1 2025 decreased by 0.31%, while international sales increased by 12.34% [1]. Cost and Cash Flow - The company's selling, administrative, research and development, and financial expense ratios for Q2 2025 were 10.19%, 2.60%, 3.47%, and 0.15%, respectively, with changes of -0.19 percentage points, +0.31 percentage points, +0.01 percentage points, and +0.28 percentage points year-on-year [3]. - Operating cash flow for Q2 2025 was 5.257 billion yuan, an increase of 170.43% year-on-year, with cash received from sales of goods amounting to 22.234 billion yuan, up 17.65% [3]. Management Changes - The company announced the resignation of Mr. Hu Jianrong as director and president, along with his roles in the strategic and ESG committees, due to personal reasons. Mr. Zhu Dang also resigned from his director position and the strategic committee due to work arrangements. Ms. Gao Yuling was appointed as the new president [3]. Strategic Initiatives - The company continues to pursue a globalization strategy, enhancing its overseas brand influence and localizing operations across five major regions. It is also accelerating digital transformation and implementing advanced manufacturing practices to reduce operational costs [4]. Profit Forecast - Based on the company's H1 2025 performance and the overall industry environment, the projected net profits for 2025-2027 are 3.75 billion yuan, 4.186 billion yuan, and 4.602 billion yuan, representing year-on-year growth of 12.0%, 11.6%, and 9.9%, respectively. The investment rating is maintained at "Accumulate" [4].