Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 34.80 CNY over the next six months, representing a dynamic price-to-earnings ratio of 15 times for 2024 [5][11]. Core Views - The company reported a revenue of 70.58 billion CNY for the first three quarters of 2024, reflecting a year-on-year increase of 8.8%. The net profit attributable to shareholders was 2.79 billion CNY, up 15.1% year-on-year [1]. - The report highlights that while domestic sales growth has slowed, export sales continue to grow rapidly, with a projected year-on-year increase of over 30% for white goods [2][3]. - The gross margin for Q3 2024 was reported at 20.8%, a decrease of 2.4 percentage points year-on-year, primarily due to increased competition and rising raw material costs [3]. - The report anticipates that the company's profitability will improve due to the expected enhancement in domestic sales prices driven by trade-in programs and ongoing product upgrades [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 21.94 billion CNY, a slight decrease of 0.1% year-on-year, with a net profit of 780 million CNY, down 16.3% year-on-year [1][3]. - The operating cash flow for Q3 decreased by 1.78 billion CNY year-on-year, attributed to a significant increase in cash payments for goods and services [3]. Sales Performance - Domestic sales growth has been impacted by the real estate sector, with significant declines in central air conditioning and home appliance sales. However, the company is diversifying its central air conditioning business to reduce reliance on real estate [2]. - Export sales for home air conditioners and refrigerators showed strong growth, with year-on-year increases of 44% and 22%, respectively, in Q3 2024 [2]. Profitability Metrics - The report projects earnings per share (EPS) of 2.32 CNY and 2.69 CNY for 2024 and 2025, respectively [3]. - The net profit margin for Q3 2024 was 3.5%, down 0.7 percentage points year-on-year, indicating pressure on profitability [3]. Market Outlook - The central air conditioning segment is identified as a growth area within the major appliance sector, with the company expected to benefit from increased downstream demand [3].

基本状况 报告摘要 | --- | --- | --- | |-------------------|-----------|-------| | | | | | 总股本(百万股 ) | 1,386.01 | | | 流通股本(百万股 ) | 1,371.42 | | | 市价(元 ) | 28.00 | | | 市值 (百万元) | 38,808.29 | | | 流通市值(百万元 ) | 38,399.79 | | 公司披露 24Q3 业绩 海信家电（000921.SZ） 白色家电 证券研究报告/公司点评报告 2024 年 11 月 01 日 业绩符合预期，全年展望可实现激励目标 ——海信家电 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|----------|--------|------------------------------------------|--------|---------| | 评级： 买入（维持） ...

证券研究报告 非金融公司|公司点评|海信家电（000921） 2024 三季报点评： 短期经营波动，看好长期发展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月02日 证券研究报告 |报告要点 海信家电 2024Q3 内销有所下滑，外销同比高增且占比提升，叠加原材料涨价滞后传导，因此 公司当季利润有所波动；综合看，我们认为公司有望在四季度政策推行、海外持续扩张与降本 增效等背景下释放业绩弹性，维持公司"买入"评级。 |分析师及联系人 管泉森 孙珊 莫云皓 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523120001 请务必阅读报告末页的重要声明 1 / 6 非金融公司|公司点评 glzqdatemark2 2024年11月02日 海信家电(000921) 2024 三季报点评： 短期经营波动，看好长期发展 | --- | --- | |----------------------------|---------------------| | | | | 行 业： | 家用电器 / 白色家电 | | 投资评级： | 买入（维持） | ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profit growth of 23%, 15%, and 15% for 2024, 2025, and 2026, respectively [6] Core Views - Q3 performance met expectations, with revenue of RMB 70.579 billion (+8.75% YoY) and net profit of RMB 2.793 billion (+15.13% YoY) in the first three quarters of 2024 [4] - Export business showed significant growth, with home air conditioner exports increasing by 32.1% YoY in the first nine months of 2024 [5] - Q4 white goods sector is expected to see improved performance due to domestic "trade-in" policies and overseas stocking [5] - Q3 gross margin declined by 2.45 percentage points YoY to 20.76%, mainly due to changes in domestic and export business structure and rising raw material costs [6] Financial Performance - The company achieved revenue of RMB 219.37 billion in Q3 2024, a slight decrease of 0.08% YoY [4] - Net profit attributable to the parent company in Q3 2024 was RMB 777 million, down 16.29% YoY [4] - Gross margin for the first three quarters of 2024 was 21.12%, a decrease of 0.98 percentage points YoY [6] - Net profit margin for the first three quarters of 2024 was 5.90%, a slight decrease of 0.21 percentage points YoY [6] Industry Outlook - Home air conditioner production for October-December 2024 is expected to increase by 5%, 19%, and 21% YoY for domestic sales, and 51%, 66%, and 49% YoY for exports [5] - Refrigerator production for October-December 2024 is expected to increase by 15%, 14%, and 18% YoY for domestic sales, and 11%, 5%, and 5% YoY for exports [5] - Central air conditioning sales from January to August 2024 reached RMB 85.95 billion, with exports increasing by 40.0% YoY [5] Valuation - The company's current price-to-book ratio is 2.8, with a dividend yield of 3.50% based on the most recent year's announced dividend [2] - The company's market capitalization is RMB 26.37 billion [2] - The company's net asset per share is RMB 10.67, with a debt-to-asset ratio of 73.28% [3]

公司报告 | 季报点评 外销或保持高增，静待以旧换新拉动 Q4 内销 事件：公司 2024 年前三季度实现营业收入 705.79 亿元，同比+8.75%，归 母净利润 27.93 亿元，同比+15.13%；其中 2024Q3 实现营业收入 219.37 亿元，同比-0.08%，归母净利润 7.77 亿元，同比-16.29%。 预计外销保持高增，静待 Q4 政策带动内需好转 收入端，我们预计公司延续 24H1 的趋势，外销或保持较快增长，内销表 现相对较弱。根据奥维数据显示，24W40-42（9/30-10/20）线上/线下海 信空调销额同比+103%/+181%，冰箱销额同比+155%/+120%，洗衣机销额 同比+72%/+124%。国内随着双十一大促叠加以旧换新国补的落地，内销同 比显著改善，内销或有望环比向好。 内外销收入占比变化影响整体毛利率水平 2024 年前三季度公司毛利率为 21.12%，同比-0.98pct，净利率为 5.9%，同 比-0.2pct；其中 2024Q3 毛利率为 20.76%，同比-2.45pct，净利率为 5.18%， 同比-1.54pct。参考 24H1 的情况，内销毛利率 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——海信家电 2024Q3 业绩点评 内销去库存压力逐步褪去，期待 Q4 改善 海信家电(000921) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|---------------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 谢丛睿 ( 分析师 ) | 李汉颖 ( 研究助理 ) | | | 021-38031654 | 021-38038437 | 010-83939833 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | lihanying026725@gtjas.com | | 登记编号 | S0880521050002 | S0880523090004 | S0880122070046 | 本报告导 ...

海信家电（ [Table_StockNameRptType] 000921） 公司点评 外销延续景气 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------|--------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances (000921) with a target price based on the last closing price of 28.92 [1][2]. Core Views - In Q3 2024, the company's revenue and profit are under short-term pressure due to high base effects and insufficient domestic demand, with Q3 revenue at 219.37 billion yuan (-0.08%) and net profit at 7.77 billion yuan (-16.29%) [2][3]. - The company achieved a total revenue of 705.79 billion yuan (+8.75%) and a net profit of 27.93 billion yuan (+15.13%) for the first three quarters of 2024 [2]. - The report anticipates a recovery in white goods demand driven by a new round of "old-for-new" policies and growth in the export chain, alongside the expansion of the new energy thermal management business [3]. Financial Summary - For Q3 2024, the gross margin is reported at 20.76% (-2.45 percentage points), and the net margin is at 5.18% (-1.54 percentage points) [3]. - The company forecasts net profits for 2024-2026 to be 33.16 billion yuan, 37.80 billion yuan, and 42.86 billion yuan respectively, with corresponding EPS of 2.39, 2.73, and 3.09 yuan [3][6]. - The projected PE ratios for 2024-2026 are 12.09, 10.60, and 9.35 times respectively [3][6].

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [3][2] Core Views - The company's revenue for the first three quarters of 2024 reached 70.579 billion yuan, a year-on-year increase of 8.75%, while the net profit attributable to shareholders was 2.793 billion yuan, up 15.13% year-on-year [1] - In Q3 2024, the company's revenue slightly decreased by 0.08% year-on-year to 21.937 billion yuan, and the net profit fell by 16.29% year-on-year to 777 million yuan [1] - The gross margin in Q3 2024 decreased by 2.45 percentage points to 20.76%, and the net profit margin decreased by 1.54 percentage points to 5.18% [1] Financial Performance Summary - Operating cash flow in Q3 2024 was 3.108 billion yuan, down 36.43% year-on-year, primarily due to inventory stocking and increased performance bonuses [2] - Cash received from sales increased by 7.2% year-on-year to 21.67 billion yuan [2] - As of Q3 2024, contract liabilities increased by 6.61% year-on-year and 2.08% quarter-on-quarter, while inventory increased by 8.12% year-on-year but decreased by 15.12% quarter-on-quarter [2] Earnings Forecast and Investment Suggestion - The forecast for net profit attributable to shareholders for 2024-2026 is 3.301 billion yuan, 3.737 billion yuan, and 4.219 billion yuan, representing year-on-year growth rates of 16.4%, 13.2%, and 12.9% respectively [2] - The report suggests maintaining the "Buy" rating based on the company's performance in the first three quarters of 2024 and the overall industry environment [2] Stock Information - The closing price on October 30 was 28.92 yuan, with a total market capitalization of 40,083.42 million yuan [3] - The total share capital is 1,386.01 million shares, with 98.95% being freely tradable [3]

Financial Performance - The company's operating revenue for Q3 2024 was ¥21,937,415,143.08, a decrease of 0.08% compared to the same period last year[3] - Net profit attributable to shareholders was ¥777,159,401.39, down 16.29% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥586,117,603.68, a decline of 26.67% compared to the previous year[3] - Total operating revenue for Q3 2024 reached CNY 70.58 billion, an increase of 8.6% compared to CNY 64.90 billion in Q3 2023[14] - Net profit attributable to the parent company for Q3 2024 was CNY 1.42 billion, compared to CNY 1.25 billion in Q3 2023, marking a growth of 13.6%[14] - The total operating profit for Q3 2024 was approximately CNY 4.57 billion, an increase from CNY 4.45 billion in Q3 2023, reflecting a growth of about 2.6%[15] - Net profit attributable to shareholders of the parent company reached CNY 2.79 billion, up from CNY 2.43 billion in the same period last year, representing an increase of approximately 15.1%[15] - The total comprehensive income for Q3 2024 was CNY 4.06 billion, compared to CNY 3.99 billion in Q3 2023, indicating a growth of about 1.9%[15] Assets and Liabilities - Total assets at the end of the reporting period reached ¥68,561,423,626.50, an increase of 3.97% from the end of the previous year[3] - The total assets of the company increased to CNY 68.56 billion in Q3 2024, up from CNY 65.95 billion in Q3 2023, representing a growth of 3.4%[13] - The total liabilities rose to CNY 50.24 billion in Q3 2024, compared to CNY 46.55 billion in Q3 2023, indicating an increase of 7.3%[13] Shareholder Information - Shareholders' equity attributable to the parent company was ¥14,791,920,303.42, up 8.92% year-on-year[3] - The total number of common shareholders at the end of the reporting period is 28,738[8] - Qingdao Hisense Air Conditioning Co., Ltd. holds 37.28% of shares, totaling 516,758,670 shares[9] - The company has a total of 33.11% shares held by Hong Kong Central Clearing Limited (agent), totaling 458,957,527 shares[9] - The company has a total of 0.98% shares held by the National Social Security Fund 101 Portfolio, totaling 13,590,932 shares[9] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥5,207,590,143.69, down 40.15% year-on-year[7] - Cash flow from operating activities amounted to CNY 61.62 billion, an increase from CNY 56.52 billion in the previous year, showing a growth of approximately 9.4%[17] - Cash flow from investing activities resulted in a net outflow of CNY 1.25 billion, an improvement from a net outflow of CNY 8.86 billion in the same period last year[17] - Cash flow from financing activities showed a net outflow of ¥4,518,823,224.07, primarily due to increased repayments of loans and stock buybacks[7] - Cash flow from financing activities showed a net outflow of CNY 4.52 billion, compared to a net outflow of CNY 0.18 billion in Q3 2023, indicating a significant increase in cash outflow[18] Expenses - The basic and diluted earnings per share were both ¥0.57, a decrease of 17.39% compared to the same period last year[3] - Research and development expenses for Q3 2024 were CNY 2.47 billion, significantly higher than CNY 1.92 billion in Q3 2023, reflecting a year-on-year increase of 28.8%[14] - The company reported a decrease in tax expenses to CNY 319.76 million in Q3 2024 from CNY 446.45 million in Q3 2023, a reduction of 28.4%[14] Current Assets - The total current assets amount to 49,243,705,036.80 RMB, an increase from 45,139,919,481.27 RMB at the beginning of the period[11] - Cash and cash equivalents decreased to 4,760,576,869.76 RMB from 4,939,273,198.62 RMB[11] - Trade receivables increased to 10,221,764,046.37 RMB from 9,225,321,882.07 RMB[11] - Inventory decreased to 5,645,993,412.86 RMB from 6,774,603,438.00 RMB[11] - Long-term equity investments increased to 1,837,045,383.94 RMB from 1,671,365,117.46 RMB[11] - The company reported a significant increase in trading financial assets to 15,540,453,733.72 RMB from 13,192,025,535.87 RMB[11] Other Comprehensive Income - The company experienced a decrease in other comprehensive income, with a net amount of CNY -105.39 million compared to CNY 24.03 million in the previous year[15]