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]

F熄证券 家用电器/白色家电 公 司 研 究 海信家电（000921.SZ） 2024 年 09 月 03 日 外销保持高景气增长，盈利能力继续提升 ——公司信息更新报告 投资评级：买入（维持） 日期 2024/9/2 | --- | --- | |-------------------------|-------------| | | | | 当前股价 ( 元 ) | 24.75 | | 一年最高最低 ( 元 ) | 43.18/19.69 | | 总市值 ( 亿元 ) | 343.04 | | 流通市值 ( 亿元 ) | 225.68 | | 总股本 ( 亿股 ) | 13.86 | | 流通股本 ( 亿股 ) | 9.12 | | 近 3 个月换手率 (%) | 97.69 | 股价走势图 海信家电 沪深300 -30% 0% 30% 60% 90% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《冰冷洗外销改善显著，Q1 业绩超预 期—公司信息更新报告》-2024.4.26 《分红比例维持近一半，看好盈利能 力继续提升—公司信息更新报告》 -2024.4.3 《Q3 业 ...

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances, with a target price based on the last closing price of 24.75 [1][3]. Core Insights - Hisense Home Appliances reported a rapid growth in Q2 2024, with revenue reaching 25.156 billion yuan, a year-on-year increase of 6.98%, and net profit of 1.035 billion yuan, up 17.26% [2][3]. - The company's H1 2024 revenue was 48.642 billion yuan, reflecting a growth of 13.27%, while the net profit attributable to shareholders was 2.016 billion yuan, up 34.61% [2][3]. - The report highlights significant growth in the Americas and ASEAN regions, with revenue from the Americas increasing by 40% year-on-year and ASEAN revenue growing by 39.46%, driven by the establishment of a joint venture for brand development [2][3]. Summary by Sections Financial Performance - In H1 2024, the revenue from major product lines was as follows: HVAC (22.767 billion yuan, +7.59%), washing machines (14.693 billion yuan, +26.81%), and other products (6.074 billion yuan, +1.97%) [2][3]. - The gross margin for Q2 2024 was 20.95%, a decrease of 0.92 percentage points, attributed to increased competition and rising material costs [2][3]. Future Outlook - The report anticipates continued revenue growth for Hisense, projecting net profits of 3.338 billion yuan in 2024, 3.817 billion yuan in 2025, and 4.272 billion yuan in 2026, with corresponding EPS of 2.41, 2.75, and 3.08 yuan [3][4]. - The overall industry outlook is positive, with expectations of sustained recovery in white goods demand due to new policies and the growth of the electric vehicle sector benefiting upstream components [3][4].

股 票 研 究 ——海信家电 24H1 业绩点评 内销暖通承压，海外大放异彩 海信家电(000921) 家用电器业[Table_Industry] /可选消费品 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 42.00 上次预测: 42.00 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|-------|-------|---------------------------|----------|-------|-------| | | | | | | | | | | | | [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 | | | | | | caiw ...

外销增速亮眼，内销平稳增长 海信家电（000921） 证券研究报告 2024 年 09 月 01 日 投资评级 行业 家用电器/白色家电 6 个月评级 买入（维持评级） 当前价格 24.3 元 目标价格 元 事件：公司 2024 年 H1 实现营业收入 486.42 亿元，同比+13.27%，归母净 利润 20.16 亿元，同比+34.61%；其中 2024Q2 实现营业收入 251.56 亿元， 同比+6.98%，归母净利润 10.35 亿元，同比+17.26%。 外销高速增长，内销平稳增长 分业务看，24H1 中央空调业务实现净利润同比增长超 10%，在多联机市场 以超过 20%的份额稳居行业领头羊地位。分地区看，24H1 内外销收入同比 分别为+3.5%/+27.9%，外销表现较好。2024H1 海外白电业务实现收入 147.8 亿元，同比增长 36.91%；海外分区域看，欧洲/美洲/中东非/亚太/东盟区 收入同比分别为+14%/+40%/+27%/+18.9%/+39.46%。展望下半年，内销随 着以旧换新的政策落地，需求或有所带动，内销有望稳定增长；外销或将 延续上半年保持较快的增长趋势，带动整体收 ...

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [1] Core Views - The company has shown a significant acceleration in overseas sales, aligning with expectations. The Q2 revenue reached 25.156 billion yuan, a year-on-year increase of 6.98%, with a net profit attributable to shareholders of 1.035 billion yuan, up 17.26% [1] - For the first half of 2024, the company reported a revenue of 48.642 billion yuan, reflecting a 13.27% year-on-year growth, and a net profit attributable to shareholders of 2.016 billion yuan, which is a 34.61% increase [1] - The report anticipates that the "old-for-new" policy may stimulate domestic sales in the second half of the year, with Q4 expected to show improvement, while Q3 remains under observation [1] Revenue Analysis - The report projects that in Q2, domestic and overseas sales will see a year-on-year change of approximately -8% and +35% respectively. In Q1, the expected changes were +19% and +20% [1] - By product category, the revenue growth is expected to be led by washing machines and refrigerators, followed by home air conditioners and central air conditioners. Specifically, central air conditioners are projected to contribute 4 billion yuan in Q2 revenue, down 8% year-on-year, while home air conditioners are expected to generate 8 billion yuan, up 10% year-on-year [1] Profit Analysis - The central air conditioning segment is expected to be the largest contributor to net profit growth in Q2, with an estimated net profit margin increase of 3 percentage points, contributing approximately 80 million yuan to net profit growth [1] - The home air conditioning segment is projected to contribute around 40 million yuan to net profit growth, while the washing machine segment is expected to have a minimal impact on net profit growth [1] Earnings Forecast - The earnings forecast for Hisense Home Appliances has been adjusted for 2024-2026, with expected revenues of 94.608 billion yuan, 103.175 billion yuan, and 110.475 billion yuan respectively, reflecting year-on-year growth rates of 10.5%, 9.1%, and 7.1% [2] - The net profit attributable to shareholders is forecasted to be 3.269 billion yuan, 3.672 billion yuan, and 4.094 billion yuan for the same period, with year-on-year growth rates of 15.2%, 12.3%, and 11.5% [2]

Investment Rating - The report maintains a "Buy" investment rating for Hisense Home Appliances [3] Core Views - The company's H1 2024 performance met expectations, with total revenue of 48.642 billion yuan, a year-on-year increase of 13.27%, and a net profit attributable to shareholders of 2.016 billion yuan, up 34.61% [1] - The main business showed steady performance, with significant growth in exports, as domestic and international revenue growth rates were 3.52% and 27.87%, respectively [1] - Profitability slightly declined, with a gross margin of 20.95% in Q2 2024, down 0.92 percentage points year-on-year [1] Financial Performance Summary - **Revenue and Profit**: In H1 2024, the company achieved total revenue of 48.642 billion yuan, with a net profit of 2.016 billion yuan. Q2 2024 revenue was 25.156 billion yuan, with a net profit of 1.035 billion yuan [1] - **Segment Performance**: Revenue growth for HVAC and washing machines was 7.59% and 26.81%, respectively. Domestic sales grew by 3.52%, while exports surged by 27.87% [1] - **Profitability Metrics**: Q2 2024 net profit margin was 5.93%, down 0.21 percentage points year-on-year. The company experienced changes in expense ratios, with R&D expenses increasing due to higher investment [1] - **Cash Flow**: Operating cash flow for Q2 2024 was 1.944 billion yuan, a decrease of 33.55% year-on-year, attributed to increased production reserves and performance bonuses [1] Earnings Forecast and Investment Advice - The report forecasts net profits for 2024-2026 to be 3.272 billion, 3.752 billion, and 4.230 billion yuan, representing year-on-year growth rates of 15.3%, 14.7%, and 12.8%, respectively [1]

证券研究报告 998345887 白色家电Ⅲ 升幅% 1M 3M 12M 相对收益 -9.9 -32.8 9.2 绝对收益 -11.3 -40.4 -3.1 李奕臻 分析师 相关报告 外销景气拉动，Q4 收入加速 增长 2024-03-30 公司快报 2024 年 08 月 30 日 海信家电(000921.SZ) 外销持续景气，收入小幅增长 事件：海信家电公布 2024 年中报。公司 2024H1 实现收入 486.4 亿元，YoY+13.3%；实现归母净利润 20.2 亿元，YoY+34.6%；实现 扣非归母净利润 17.0 亿元，YoY+34.8%。折算 2024Q2 单季度实现 收入 251.6 亿元，YoY+7.0%；实现归母净利润 10.3 亿元， YoY+17.3%；实现扣非归母净利润 8.7 亿元，YoY+16.5%。公司内 销收入增速有所放缓，但海外收入维持高增，我们认为公司出口 景气有望拉动公司稳健增长。 Q2 内销增速所有放缓：根据产业在线数据，2024Q1/2024Q2 海 信 日 立 多 联 机 内 销 额 YoY+8%/-1% ； 海 信 家 用 空 调 内 销 量 YoY+30% ...