Workflow
HISENSE H.A.(000921)
icon
Search documents
海信家电:公司半年报点评:24H1业绩端表现优异,盈利能力持续提升展
海通国际· 2024-09-13 10:32
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].
海信家电:24H1业绩端表现优异,盈利能力持续提升
Haitong Securities· 2024-09-13 03:38
Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue growth of 13% and a net profit growth of 35% for the first half of 2024, achieving a revenue of 48.64 billion yuan and a net profit of 2.02 billion yuan [5][6] - The company maintains a strong performance in both domestic and international markets, with significant growth in its washing machine segment and a leading position in the multi-split air conditioning market [6][10] - The company is expected to continue its global strategy and improve its governance structure, with projected EPS for 2024-2026 being 2.41, 2.75, and 3.13 yuan per share, respectively [6][10] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 48.64 billion yuan, a year-on-year increase of 13.3%, and a net profit of 2.02 billion yuan, up 34.6% [5] - The gross profit margin for H1 2024 was 21.28%, a slight decrease of 0.25 percentage points year-on-year, while the net profit margin improved to 4.14%, an increase of 0.66 percentage points [5][6] Business Segments - The cold appliance segment generated revenue of 14.69 billion yuan, with a growth rate of 26.8%, while the HVAC segment achieved revenue of 22.77 billion yuan, growing by 7.6% [6] - Domestic sales reached 25.33 billion yuan, a 3.5% increase, and the overseas market saw revenue of 18.21 billion yuan, up 27.9% [6] Profitability Forecast - The company is projected to have a revenue of 85.6 billion yuan in 2023, with a year-on-year growth of 15.5%, and a net profit of 2.84 billion yuan, reflecting a growth of 97.7% [7][10] - The gross margin is expected to improve gradually, reaching 23.1% by 2026 [10] Valuation - The company is assigned a valuation range of 31.33 to 36.15 yuan based on a PE ratio of 13-15x for 2024 [6][10]
海信家电(000921) - 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
2024-09-10 11:51
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!
市值风云· 2024-09-09 11:08
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 ...
海信家电:H股公告-认购理财产品
2024-09-05 10:23
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 ...
海信家电:2024年中报点评:海外白电收入增长37%,盈利稳步向上
Guoxin Securities· 2024-09-05 09:38
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].
海信家电:出口维持高景气,盈利能力稳健
Caixin Securities· 2024-09-05 09:00
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2024H1点评:外销收入高增,利润稳健释放
ZHONGTAI SECURITIES· 2024-09-05 03:31
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 ...
海信家电:2024年中报点评:业绩表现符合预期,外销市场延续高增
Huachuang Securities· 2024-09-04 13:39
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].