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]

股票代码：000921 股票简称：海信家电 公告编号：2024-084 海信家电集团股份有限公司 H 股公告-董事会会议通知 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 10 月 15 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 10 月 15 日 1 海信家電集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2024年10月 30日（星期三）舉行董事會會議，以處理以下事項： 1. 審議批准本公司及其附屬公司截至2024年9月30日未經審計的第三季度業績；及 2. 處理任何其他事項（如有）。 承董事會命 海信家電集團股份有限公司 董事長 代慧忠 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 ...

海信家电集团股份有限公司 关于 2024 年度担保额度的说明公告 股票代码：000921 股票简称：海信家电 公告编号：2024-083 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2023年11月28日召开第十一届董事会 2023年第八次临时会议，审议通过了《关于预计2024年度担保额度的议案》。根据本公 司未来的融资和担保需求，为保证业务顺利开展，本公司及下属子公司2024年拟为控股 子公司提供担保，总担保额度不超过人民币79亿元，担保范围包括但不限于用于申请银 行授信、贷款、开具保函、开立信用证、履约担保、银行承兑汇票等。具体请详见本公 司于2023年11月29日披露的《关于预计2024年度担保额度的公告》。现就2024年担保额 度的范围进一步说明如下： 根据本公司 2024 年度融资需求及被担保方业务开展需要，本公司控股子公司三电 株式会社(「三电公司」)已披露的担保额度为人民币 24 亿元，三电公司合并范围内被 担保的主体包括但不限于 SANDEN INTERNATIONAL(U.S.A.),INC.(「S ...

证券代码：000921 证券简称：海信家电 | --- | --- | --- | --- | |-------------------|--------------------------------------------------------|--------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------| | | | | 编号：2024-002 | | | □ 机构调研 | □ 分析师会议 | | | 投资者关 | □ 媒体采访 | □ 业绩说明会 | | | 系活动类 | □ 新闻发布会 | √ 路演活动 | | | 别 | □ 现场参观 | □ 投资者日 | | | | □ 其他 | | | | 参与单位 名称及人 | | | 投资者参会人员：参加"深圳证券交易所消费行业上市公司 2024 年 | | 员姓名 时间 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 36.15 based on a 15x PE valuation for 2024 [1][8]. Core Insights - The company reported a revenue growth of 13.3% year-on-year for the first half of 2024, reaching RMB 48.64 billion, while net profit attributable to shareholders increased by 34.6% to RMB 2.02 billion [1][8]. - The company's profitability improved, with a gross profit margin of 21.28% and a net profit margin of 4.14% for the first half of 2024 [1][8]. - The company is advancing its globalization strategy and optimizing its governance structure, which is expected to support long-term growth in its central air conditioning business [1][8]. Revenue and Profit Performance - In Q2 2024, the company achieved revenue of RMB 25.16 billion, a 7.0% increase year-on-year, and net profit of RMB 1.04 billion, up 17.3% [1][8]. - The refrigeration business generated RMB 14.69 billion in revenue, growing at 26.8%, while the washing machine segment saw a 49.8% increase in main business revenue [1][8]. - Domestic sales revenue was RMB 25.33 billion, up 3.5% year-on-year, while overseas revenue reached RMB 18.21 billion, a 27.9% increase [1][8]. Segment Analysis - The HVAC business reported revenue of RMB 22.77 billion, a 7.6% increase year-on-year, with Hisense Hitachi contributing RMB 11.34 billion, up 0.3% [1][8]. - The company maintained a market share of over 20% in the multi-split air conditioning market, reinforcing its industry leadership [1][8]. Financial Forecast - The estimated EPS for 2024, 2025, and 2026 is projected to be RMB 2.41, 2.75, and 3.13 respectively, indicating a strong growth trajectory [1][8]. - The company’s gross margin is expected to improve gradually, reaching 23.1% by 2026 [5][8].