Investment Rating - The report maintains a "Strong Buy" rating for Hisense Home Appliances [3]. Core Views - The company's 2024 performance exceeded expectations, with revenue projected to grow by 8% to reach 92.7 billion yuan and net profit expected to increase by 18% to 3.35 billion yuan, surpassing market forecasts [1][2]. - The company has achieved a dividend payout of 1.7 billion yuan, representing a 51% payout ratio and a dividend yield of 4.3% [1]. - The report emphasizes the strong growth potential for the company, particularly driven by government-supported consumption initiatives and the expected improvement in performance through 2025 [7]. Financial Data and Valuation - Revenue for 2023 is reported at 85.6 billion yuan, with projections of 92.7 billion yuan for 2024, 101.5 billion yuan for 2025, and continuing growth through 2027 [2][13]. - The company's net profit for 2023 is 2.84 billion yuan, with forecasts of 3.35 billion yuan for 2024, 3.75 billion yuan for 2025, and 4.97 billion yuan for 2027 [2][13]. - The report indicates a PE ratio of 14.8 for 2023, decreasing to 12.5 for 2024, and further down to 8.4 by 2027, suggesting an attractive valuation [14]. - The company’s return on equity (ROE) is projected to remain strong, with values of 21.7% for 2023 and 23.3% for 2027 [3][14]. Segment Performance - In 2024, the HVAC segment is expected to decline by 6%, while home air conditioning is projected to grow by 19%, with a notable improvement in net profit margin [7]. - The report highlights a 36% increase in overseas appliance revenue, with significant growth in regions such as Europe (35%) and the Americas (46.5%) [7]. - The overall gross margin is expected to slightly decrease by 0.56 percentage points, attributed to faster growth in overseas sales compared to domestic demand [7]. Investment Recommendations - The report suggests a strong outlook for the company, with expected net profits of 3.8 billion yuan in 2025, 4.3 billion yuan in 2026, and 5 billion yuan in 2027, indicating a growth rate of 12% to 15% [7].

Investment Rating - The report assigns a "Buy-A" investment rating to Hisense Home Appliances, with a target price of 38.78 CNY over the next six months, representing a dynamic P/E ratio of 14 times for 2025 [3][5]. Core Views - Hisense Home Appliances reported a revenue of 92.75 billion CNY for 2024, reflecting a year-on-year increase of 8.3%, and a net profit of 3.35 billion CNY, up 18.0% year-on-year. The fourth quarter of 2024 saw a revenue of 22.17 billion CNY, a 7.1% increase year-on-year, and a net profit of 550 million CNY, up 34.9% year-on-year. The growth was attributed to the "old-for-new" policy and strong external sales performance in Q4 [1][2]. Summary by Sections Financial Performance - In Q4 2024, Hisense's air conditioning and refrigerator segments showed significant growth, with domestic sales increasing by 17.8% and 2.9% respectively, while external sales surged by 55.4% and 10.4% [1]. - The gross profit margin for Q4 2024 was reported at 19.7%, down 2.3 percentage points year-on-year, primarily due to increased domestic price competition and rising raw material costs. However, the net profit margin improved by 0.5 percentage points to 2.5% [2]. Market Position and Growth Potential - The central air conditioning market is identified as a growth sector within the home appliance industry, with Hisense expected to benefit from increased downstream demand. The integration of Sanlian Electric Holdings has led to improved profitability levels [3]. - Revenue projections for 2025 and 2026 are estimated at 102.59 billion CNY and 115.56 billion CNY respectively, with net profits expected to reach 3.83 billion CNY and 4.36 billion CNY [4][12]. Valuation Metrics - The report forecasts earnings per share (EPS) of 2.77 CNY for 2025 and 3.14 CNY for 2026, with a projected price-to-earnings (P/E) ratio decreasing from 14.8 in 2023 to 10.9 in 2025 [4][12]. - The net profit margin is expected to gradually improve from 3.6% in 2024 to 3.8% in 2026, indicating enhanced operational efficiency [4][12].

Investment Rating - The investment rating for Hisense Home Appliances is "Outperform the Market" [5] Core Views - The company achieved a revenue of 92.75 billion RMB in 2024, representing an 8.3% increase year-on-year, with a net profit attributable to shareholders of 3.35 billion RMB, up 18.0% [1] - The fourth quarter showed a recovery in domestic sales, with revenue of 22.17 billion RMB, a 7.1% increase, and a net profit of 550 million RMB, up 34.9% [1] - The company plans to distribute a cash dividend of 12.3 RMB per 10 shares, corresponding to a dividend yield of 4.1% based on the closing price on March 28 [1] - The overseas sales continue to drive growth, with a 27.6% increase in foreign sales revenue to 35.63 billion RMB [3] - The company maintains its profit forecast for 2025-2027, expecting net profits of 3.78 billion, 4.19 billion, and 4.63 billion RMB, respectively, with corresponding PE ratios of 11.1, 10.0, and 9.0 [3] Summary by Sections Financial Performance - In 2024, the revenue from HVAC (Heating, Ventilation, and Air Conditioning) increased by 4.2% to 40.28 billion RMB, with a notable decline in Hisense Hitachi's revenue by 6.4% to 20.74 billion RMB [2] - The revenue from washing machines and refrigerators grew by 18.3% to 30.84 billion RMB, with a profit margin of 3.6% [2] - The three electric segments reported a revenue increase of 2.5% to 183.8 billion JPY (approximately 8.5 billion RMB) [2] Overseas Growth - The overseas white goods revenue increased by 36%, with significant growth in various regions: Europe (35%), Americas (47%), Middle East and Africa (27%), Asia-Pacific (15%), and ASEAN (32%) [3] - The gross margin for foreign sales improved by 1.9 percentage points to 11.4% [3] Profitability and Valuation - The company’s net profit margin increased by 0.3 percentage points to 3.6% [3] - The forecasted earnings per share for 2024 is 2.42 RMB, with a projected increase in net profit margins over the next few years [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability continues to improve steadily, with significant growth in overseas markets. In 2024, the company achieved a revenue of 92.75 billion yuan (up 8.3% year-on-year) and a net profit attributable to shareholders of 3.35 billion yuan (up 18.0%) [5][12] - The report highlights that the domestic market is under pressure, but overseas sales are performing well, particularly in the white goods sector, which has seen a growth of 36% [5][29] Summary by Sections 1. Business Performance - In 2024, the company's revenue from air conditioning was 40.28 billion yuan (up 4.2%), while the revenue from washing machines and refrigerators was 30.89 billion yuan (up 18.5%) [5][17] - The company’s domestic revenue was 47.99 billion yuan (down 2.1%), while overseas revenue reached 35.63 billion yuan (up 27.6%), with significant growth in Europe (35%) and the Americas (47%) [29][31] 2. Profitability and Operational Efficiency - The gross margin for 2024 was 20.8%, with a quarterly gross margin of 19.7% in Q4 2024 [34][35] - The net profit margin for 2024 was 3.6%, with a net profit margin of 2.5% in Q4 2024 [42][46] - The company’s net operating cycle improved to -60.4 days, a reduction of 27.9 days year-on-year, indicating good operational efficiency [47][50] 3. Financial Forecast and Investment Recommendations - The company has revised its profit forecasts for 2025-2026 downwards but has introduced a new forecast for 2027, expecting net profits of 3.754 billion yuan, 4.190 billion yuan, and 4.599 billion yuan for 2025, 2026, and 2027 respectively [52] - The current stock price corresponds to a price-to-earnings ratio of 11.2, 10.0, and 9.1 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation [52]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 92.75 billion yuan in 2024, representing a year-on-year increase of 8.3%, and a net profit attributable to shareholders of 3.35 billion yuan, up 18.0% [5][12] - The company's overseas business showed significant growth, with a 27.6% increase in foreign revenue, while domestic revenue slightly contracted by 2.1% [29][31] - The company is expected to maintain a strong profit growth trajectory, with projected net profits of 3.754 billion yuan, 4.190 billion yuan, and 4.599 billion yuan for 2025, 2026, and 2027 respectively [52] Summary by Sections 1. Revenue and Profitability - In 2024, the company reported a total revenue of 92.75 billion yuan, with a net profit of 3.35 billion yuan and a non-recurring net profit of 2.61 billion yuan [5][12] - For Q4 2024, the company achieved a revenue of 22.17 billion yuan, reflecting a 7.1% increase, and a net profit of 550 million yuan, which is a 34.9% increase [15][16] 2. Business Segmentation - The company's air conditioning revenue reached 40.28 billion yuan, up 4.2%, while the ice washing segment saw revenue of 30.89 billion yuan, increasing by 18.5% [17][22] - The company’s high-end product lines, particularly in the ice washing category, showed strong growth, with high-end retail sales increasing by 19.8% [26] 3. Geographic Performance - Domestic revenue was 47.99 billion yuan, down 2.1%, while overseas revenue was 35.63 billion yuan, up 27.6% [29][31] - Growth in overseas markets included a 35% increase in Europe and a 47% increase in the Americas [29] 4. Financial Metrics - The gross margin for 2024 was 20.8%, with a net profit margin of 3.6% [34][42] - The company’s operating cash flow for 2024 was 5.132 billion yuan, down 51.6% from the previous year [48] 5. Future Earnings Forecast - The company has revised its earnings forecast for 2025-2026 downwards but has introduced a new forecast for 2027, expecting net profits of 3.754 billion yuan, 4.190 billion yuan, and 4.599 billion yuan for the respective years [52]

美的、海尔、海信家电 2024 年报解读&白电最新观点汇报 20250330 白电行业未来发展趋势如何？ 白电行业近期市场风格有所变化，总体上涨势头良好。在分析三家主要公司时， 可以看到各自的发展特点和挑战。例如海尔通过积极调整人员及推进数字化， 实现了内销量显著提升，并且卡萨帝品牌也取得了高增长。此外，美的不建议 过多关注扣非口径，而应直接看归母净利润，其业绩略超预期且 B 端业务提速 明显。 总体来看，在全球经济环境不出现重大波动情况下，如美国市场不大幅 衰退，各家公司都能维持稳定甚至改善的发展态势。这对于白电行业来说，是 一个积极信号。同时，各公司通过内部调整及战略优化，也展现出应对市场变 化及竞争压力的能力。因此，可以期待白电行业未来几个季度持续保持良好的 发展势头。 美的集团在 2025 年第一季度的表现如何？ 美的集团在 2025 年第一季度表现超预期。其现金流和存货科目质量良好，预示 着后续增长潜力巨大。美的在 2025 年将分红从去年的 61.5%提升至 69%，并计 摘要 • 海尔内销增速显著提升，四季度增速达约 12%，为近几个季度最快，预计 未来几个季度内销增速将保持高位。卡萨帝品牌扭转 ...

• 海信家电 2024 年四季度整体增幅约 9%，冰洗业务增幅 11%-12%，家用空调 增幅 21%，但双控业务略降 5%，三圆业务下降 6%。毛利率基本与去年同期 持平，略有下降 0.2 个百分点，除空调外，各品类线毛利率均有所改善。 • 海外市场方面，海信家电通过蒙特雷工厂、泰国代工厂及欧洲工厂应对关 税风险。尽管面临欧美市场竞争加剧，但凭借品牌优势、海外研发和制造 布局，公司有信心保持竞争力，预计 2025 年中央空调外销目标增长超过 50%。 • 中央空调市场虽面临房地产行业挑战，但高质量地产转型、旧改项目以及 行业头部品牌集聚效应带来机遇。海信中央空调强调产品稳定性、安装完 善性和服务及时性，以此应对美的、小米等新进入者的竞争。 • 海信家电通过产品力提升、平台效率改善和运营能力提升，持续改善盈利 能力。2025 年目标是在 2023 年归母净利润基础上实现 15%的复合增速，同 时聚焦家装板块，加大日立品牌投入，关注旧改项目。 • 2024 年各主要出口区域增速显著：美洲区 40%，欧洲区 30%，东安动力 20- 25%，东盟 30%，亚太 15%。2025 年将延续品类补齐概念，如空调、洗衣 ...

同日，另一佛山家电"巨头"海信家电也发布了2024年的公司年度报告。报告显示，2024年度，公司实现 营业收入927.46亿元，同比增长8.35%；归母净利润33.48亿元，同比增长17.99%；拟向全体股东每10股 派发现金红利12.3元（含税），同比增长21.42%。 广州日报讯 （全媒体记者黄子宁）日前，作为佛山市顺德区体量、规模最大的两家"头部"家电企业， 美的集团、海信家电发布了2024年公司年报。去年，两家公司的营收、盈利情况表现亮眼，其中美的集 团的营收正式突破4000亿元"大关"，海信家电的营收距离千亿只差"一步之遥"。 两家企业营收、盈利迎新高 3月28日，美的集团正式发布2024年度报告。据报告，去年，公司营业总收入4091亿元，同比增长 9.5%，归母净利润385亿元，同比增长14.3%，经营活动现金流达605亿元，均创美的历史新高。 据了解，在股东回报方面，美的也再创历史新高。2024年报显示，美的计划每10股派发现金35元，现金 分红金额达267亿元，较上年度份额金额高出近30%，分红金额占归母净利润比例近七成，较上年度提 升了八个百分点。2013年整体上市以来，美的累计分红已超13 ...

投资建议：行业端，伴随国内新一轮"以旧换新"政策催化，出口链恢复性增长，白电需求有望持续复 苏；乘新能源汽车发展东风，上游压缩机等零部件行业有望增长。公司端，白电产品中高端布局持续深 化，新能源热管理业务积极拓展，公司收入业绩有望持续增长。我们预计，2025-2027年公司归母净利 润为37.49/42.18/45.49 亿元，对应EPS 为2.71/3.04/3.28 元，当前股价对应PE 为11.17/9.93/9.21 倍。维 持"买入"评级。 风险提示：汇率波动风险、大宗原材料、核心配件价格波动风险、海运及人力成本上升风险、贸易保护 主义带来市场风险、技术迭代等。 2024Q4 业绩端增速较快，洗碗机销售额表现靓丽。1）分季度看，2024Q4 公司营收达221.67 亿元 （+7.08%），归母净利润达5.55 亿元（+34.91%），收入端表现稳健，业绩端实现较快增长。2）分产 品看，2024年公司暖通空调/冰洗/其他主营分别实现收入402.84/308.39/125.00 亿元，分别同比 +4.22/+18.29/+2.15%，其中公司家空2024 年线上/线下零售额分别同比+10.8/+21.2 ...

记者采访了解到，2023年现金流的大幅增长，主要因为2022年备货节奏提前，付款在当年度支付，未对 2023年产生付款压力，而同时，2023年在下半年备货的付款压力又后移到24年，导致当年度该数据较 高。 公司相关部门负责人在采访中表示，2024年上半年备货基本在当年四季度兑付，不会对2025年经营现金 流带来压力。同时，2024年现金流与营业利润基本匹配。受均衡储备节奏和票据到期节奏不同的影响， 历年来单看当年度都存在一定不均衡性，累计两年看处于行业正常水平。 此外，记者在年报中看到，公司2024年应收账款为104.81亿元。对此，该负责人表示，公司应收主要为 客户和渠道结构带来的影响。海外收入高增长带动整体规模提升，电商收入增速略好于内销其他渠道， 海外市场和电商渠道的客户账期略高于平均，导致整体账期水平随着这两方面收入规模增长而提高。但 是，分账龄的情况来看是改善的，坏账准备也是下降的，并没有增大坏账风险。 根据公开资料显示，目前，海信在全球布局36个工业园区和生产基地，设有30所研发机构、64个海外公 司和办事处，坚持深耕体育营销提升品牌影响力。坚持全面拥抱数字化和智能化，重塑面向未来的可持 续发展能 ...