1 股票代码：000921 股票简称：海信家电 公告编号：2024-081 海信家电集团股份有限公司 关于参加广东辖区 2024 年投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，海信家电集团股份有限公司(「本公司」)将参 加由广东证监局、广东上市公司协会联合举办的"坚定信心 携手共进 助力上市公司提 升投资价值——2024广东辖区上市公司投资者关系管理月活动投资者集体接待日"，现 将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为 2024 年 9 月 12 日（周四） 15:30-16:30。届时本公司董事长代慧忠先生，董事、总裁胡剑涌先生，董事、财务负 责人高玉玲女士，董事会秘书张裕欣女士将在线就 2024 年半年度业绩、公司治理、发 展战略、经营状况、融资计划、股权激励和可持续发展等投资者关心的问题，与投资者 进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告！ 海信家电集团股份有限公司 ...

中央空调撑起 7 成利润，3 成海外业务只够看热闹：集齐八 大品牌，海信家电却无力召唤神龙！ 导语：手握八大品牌：海信、容声、科龙、日立"HITACHI"、约克"YORK"、 作者：市值风云 App：白猫 2018-23 年中国家电行业销售数据显示：国内家电市场需求疲弱、零售额整体 呈下滑态势。 出海是破局的一大关键，2024 年 1-7 月，我国家用电器出口额达 4091.9 亿元， 同比增长 18.1%，家用电器出口呈现出高速增长势头。 （来源：中国家用电器研究院、全国家用电器工业信息中心——中国家电行业年度报告,制图： 市值风云 APP） 在内卷加剧的压力下，三大巨头的日子并不好过，2018-23 年三大白电巨头的 营收 CAGR 均为个位数，其中主要依靠国内市场的格力仅为 0.5%。 尽管第一梯队的增长有所放缓，但令风云君惊讶的是，第二梯队代表海信家电 （000921.SZ）竟实现了逆势增长。 2018-23 年，海信家电的营收 CAGR 为 18.9%，2023 年海信家电的营收为 856 亿，今年一季度继续增长 20.9%，远快于三大白电巨头。 2023 年美的集团营收为 3737 亿，海尔智家为 ...

股票代码：000921 股票简称：海信家电 公告编号：2024-080 海信家电集团股份有限公司 H 股公告-认购理财产品 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。 海信家电集团股份有限公司（「本公司」）于 2024 年 9 月 5 日在香港联合交易所有限 公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市规则》 16.1 条关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 海信家电集团股份有限公司董事会 2024 年 9 月 5 日 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 董事會宣佈，於 2023 年 11 月 16 日至 ...

Investment Rating - The investment rating for Hisense Home Appliances is "Outperform the Market" [3][12]. Core Views - The company reported a steady revenue growth of 13.3% year-on-year in H1 2024, reaching RMB 48.64 billion, with a net profit of RMB 2.02 billion, reflecting a 34.6% increase [1]. - The air conditioning segment showed a stable growth of 7.6%, while the washing machine revenue surged by 49.8% in the same period [1]. - The overseas white goods revenue grew significantly by 36.9%, with strong performance across various regions including Europe and the Americas [1]. - The company has adjusted its profit forecast upwards, expecting net profits of RMB 3.41 billion, RMB 3.78 billion, and RMB 4.19 billion for 2024, 2025, and 2026 respectively, indicating a year-on-year growth of 20%, 11%, and 11% [1]. Summary by Sections Revenue and Profitability - In H1 2024, Hisense achieved a revenue of RMB 48.64 billion, with a net profit of RMB 2.02 billion, marking a 34.6% increase year-on-year [1]. - The Q2 revenue was RMB 25.16 billion, with a net profit of RMB 1.03 billion, reflecting a 17.3% increase [1]. Business Segments - The HVAC segment's revenue reached RMB 22.77 billion, with a net profit margin improvement of 3.0 percentage points to 17.3% for Hisense Hitachi [1]. - The washing machine segment saw a revenue increase of 49.8%, contributing to a total ice washing revenue of RMB 14.69 billion, with a slight decline in operating profit margin [1]. Export Performance - The company's export revenue grew by 27.9% to RMB 18.21 billion, with overseas white goods revenue increasing by 36.9% to RMB 14.78 billion [1]. - Revenue growth was noted across various regions, with the Americas showing a 40% increase [1]. Financial Forecasts - The updated profit forecasts for 2024-2026 are RMB 3.41 billion, RMB 3.78 billion, and RMB 4.19 billion, with corresponding PE ratios of 10, 9, and 8 times [1].

证券研究报告 公司点评 海信家电(000921.SZ) 家用电器｜ 白色家电 出口维持高景气，盈利能力稳健 2024 年 09 月 02 日 评级 买入 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 24.75 | | 52 周价格区间（元） | 19.71-42.99 | | 总市值（百万） | 31573.93 | | 流通市值（百万） | 22567.83 | | 总股本（万股） | 138716.74 | | 流通股（万股） | 137142.20 | 涨跌幅比较 海信家电 白色家电 -20% 30% 80% 130% 2023-09 2023-12 2024-03 2024-06 2024-09 % 1M 3M 12M 周心怡 分析师 执业证书编号:S0530524030001 zhouxinyi67@hnchasing.com 相关报告 海信家电 -12.50 -37.59 5.78 白色家电 -1.00 -4.43 9.30 | --- | --- | --- | --- | --- | --- | |---- ...

海信家电（000921）/家电 证券研究报告/公司点评 2024 年 9 月 1 日 外销收入高增，利润稳健释放 ——海信家电 2024H1 点评 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------|-----------------------------------------------|--------------|--------|--------|--------------|---------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 24.3 元/股 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：姚玮 | 营业收入（百万元） | 74,115 | 85,600 | 94,913 | 103,052 | 109,613 ...

Investment Rating - The report maintains a "Strong Buy" rating for Hisense Home Appliances, with a target price of 34 CNY, compared to the current price of 26.24 CNY [1]. Core Views - The company's performance in H1 2024 met expectations, with revenue of 48.64 billion CNY, a year-on-year increase of 13.3%, and a net profit of 2.02 billion CNY, up 34.6% year-on-year. The second quarter saw revenue of 25.16 billion CNY, growing 7.0% year-on-year, and a net profit of 1.03 billion CNY, up 17.3% year-on-year [1]. - Revenue growth has slowed, but the export market continues to show high growth. Domestic revenue grew by 3.5%, while overseas revenue surged by 27.9% in H1 2024 [1]. - The air conditioning segment reported revenue of 22.77 billion CNY, a 7.6% increase, while the washing machine segment saw a significant increase of 26.8% in revenue, driven by technological innovation and product upgrades [1]. - The company is focusing on high-growth and competitive emerging categories to drive growth, with overseas white goods revenue increasing by 36.9% in H1 2024 [1]. Summary by Sections Financial Performance - H1 2024 revenue reached 48.64 billion CNY, up 13.3% year-on-year, with Q2 revenue at 25.16 billion CNY, a 7.0% increase. Net profit for H1 was 2.02 billion CNY, a 34.6% increase, with Q2 net profit at 1.03 billion CNY, up 17.3% [1]. - Gross margin for Q2 2024 was 21.0%, down 0.9 percentage points year-on-year, primarily due to rising raw material costs and intensified competition in the domestic air conditioning market [1]. Business Segments - Air Conditioning: H1 2024 revenue of 22.77 billion CNY, up 7.6%, with central air conditioning growth at 0.3% due to a weak real estate market. However, the home appliance category is expected to achieve double-digit growth [1]. - Washing Machines: H1 2024 revenue of 14.69 billion CNY, up 26.8%, with significant contributions from washing machine innovations leading to a 49.8% increase in revenue [1]. - Automotive Thermal Management: Revenue of 94.18 billion JPY in H1 2024, up 2.0%, with expectations for revenue and profit growth as new energy orders are fulfilled [1]. Future Outlook - The company anticipates a potential boost in domestic market demand due to the implementation of replacement policies, while overseas market expansion continues to accelerate [1]. - Adjusted EPS forecasts for 2024, 2025, and 2026 are 2.38 CNY, 2.73 CNY, and 3.10 CNY, respectively, with corresponding P/E ratios of 11, 10, and 8 [1][2].

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" and is maintained [3] Core Views - Hisense Home Appliances, established in 1984, has evolved into a diversified home appliance enterprise with a strong brand matrix, achieving a revenue of 85.6 billion yuan in 2023, a year-on-year increase of 15.5%, and a net profit of 2.837 billion yuan, a significant growth of 97.73% [4][18][19] - The company has undergone a mixed-ownership reform, optimizing its internal mechanisms and enhancing operational performance, which is reflected in its financial results [4][22][23] - The white goods segment is stabilizing its market share through differentiated strategies, while the central air conditioning business is leading the market with a 19.75% share [5][6][68] - The acquisition of Sanden has positioned the company in the automotive thermal management sector, which is expected to contribute to future revenue growth [7][84][107] Summary by Sections Company Overview - Hisense Home Appliances has a comprehensive brand matrix including eight major brands, covering traditional white goods, central air conditioning, kitchen appliances, and thermal management systems [4][19] - The company has achieved a compound annual growth rate (CAGR) of 18.9% in revenue from 2018 to 2023, driven by overseas expansion and business diversification [18] White Goods Segment - The company maintains a strong market presence in the refrigerator sector, with a 10.7% market share in 2023, ranking third in China [35] - The differentiated pricing strategy of high-quality, low-cost refrigerators has helped stabilize market share [35][37] Central Air Conditioning - Hisense's central air conditioning brands, including Hitachi, have a combined market share of 19.75% in the multi-split air conditioning market, leading the industry [6][77] - The central air conditioning market in China has reached a scale of over 110.8 billion yuan, with a growing share of public installation projects [68][69] Thermal Management - The acquisition of Sanden has allowed Hisense to enter the automotive thermal management market, which is expected to grow significantly due to the increasing demand for electric vehicles [7][84] - The global electric compressor market is projected to reach 54.8 billion yuan by 2030, providing a substantial growth opportunity for Hisense [93] Investment Recommendations - The company is expected to achieve net profits of 3.422 billion yuan, 3.955 billion yuan, and 4.557 billion yuan from 2024 to 2026, with corresponding price-to-earnings ratios of 10.63, 9.20, and 7.98 [8][108][111] - The ongoing reforms and strategic initiatives are anticipated to enhance operational efficiency and profitability, making the future growth outlook positive [8][108]

Investment Rating - The report maintains a "Buy" investment rating for Hisense Home Appliances [5][7]. Core Views - The company achieved revenue of 48.642 billion yuan in the first half of 2024, a year-on-year increase of 13%, with a net profit attributable to shareholders of 2.016 billion yuan, up 35% year-on-year [5]. - The company's air conditioning business revenue remained stable at 11.338 billion yuan, with a net profit of 963 million yuan, reflecting a 21% increase year-on-year [7]. - The overseas business showed significant growth, with revenue reaching 14.78 billion yuan, a 36.91% increase year-on-year, particularly strong in the ASEAN region where revenue grew by 64% [7]. Summary by Sections Market Data - Closing price: 24.75 yuan - One-year high/low: 43.18/19.69 yuan - Circulating A-share market value: 22.568 billion yuan [3]. Financial Performance - For the first half of 2024, the company reported a revenue of 48.642 billion yuan, with a net profit of 2.016 billion yuan, and a net profit margin of 17.3% [5][7]. - The company’s revenue projections for 2024E, 2025E, and 2026E are 94.977 billion yuan, 104.931 billion yuan, and 114.876 billion yuan respectively, with corresponding net profits of 3.489 billion yuan, 4.012 billion yuan, and 4.614 billion yuan [8][9]. Industry Overview - The retail market for air conditioning saw a decline in volume and value, with a year-on-year decrease of 10.8% and 13.7% respectively in the first half of 2024 [6]. - The refrigerator market showed slight growth, with retail volume and value increasing by 0.8% and 0.4% respectively [6]. - The washing machine market experienced a growth of 6.2% in retail volume and 3.8% in value [6]. Future Outlook - The report anticipates continued pressure in the short term but expects a potential recovery driven by consumption policies and demand in emerging markets [6][7].

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances (000921) [5] Core Views - Hisense Home Appliances achieved a 15%+ YoY growth in Q2 2024, driven by strong export performance and improved profitability [2] - The company's export revenue grew significantly in Q2, while domestic sales experienced a slight decline [2] - Long-term growth is expected due to the resonance of multiple business segments, including central air conditioning, traditional home appliances, and new energy vehicle thermal management [7] Business Performance Revenue and Profit - H1 2024 revenue reached 48.642 billion yuan, up 13.27% YoY, with net profit attributable to shareholders of 2.016 billion yuan, up 34.61% YoY [7] - Q2 2024 revenue was 25.156 billion yuan, up 6.98% YoY, with net profit attributable to shareholders of 1.035 billion yuan, up 17.26% YoY [7] Segment Performance - Central air conditioning revenue remained flat in H1 2024, while home air conditioning revenue grew by approximately 16% [7] - Refrigerator and washing machine revenue increased by 27% in H1 2024, with export growth outpacing domestic sales [7] - Export revenue grew by 28% in H1 2024, while domestic sales grew by 4% [7] Profitability - Gross margin in Q2 2024 decreased by 0.92 percentage points YoY, mainly due to a decline in the proportion of high-margin central air conditioning business and an increase in the proportion of low-margin export business [7] - Net profit margin attributable to shareholders increased by 0.36 percentage points YoY in Q2 2024, driven by increased investment income and reduced asset impairment losses [7] Financial Forecasts - Revenue is expected to reach 94 billion yuan in 2024, 103.9 billion yuan in 2025, and 115 billion yuan in 2026, with YoY growth rates of 10%, 11%, and 11% respectively [7] - Net profit attributable to shareholders is forecasted to be 3.406 billion yuan in 2024, 3.929 billion yuan in 2025, and 4.519 billion yuan in 2026, with YoY growth rates of 20%, 15%, and 15% respectively [7] - EPS is projected to be 2.46 yuan in 2024, 2.83 yuan in 2025, and 3.26 yuan in 2026, with corresponding P/E ratios of 10.7x, 9.3x, and 8.0x [7]