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% ...

股票代码：000921 股票简称：海信家电 公告编号：2024-076 海信家电集团股份有限公司 第十二届监事会 2024 年第一次会议决议公告 本公司及监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。 一、监事会会议召开情况 （一）会议通知的时间和方式 1、会议于 2024 年 8 月 30 日以现场结合通讯方式召开。 2、监事出席会议情况 会议应到监事 3 人，实到 3 人。 （三）会议的召开及表决符合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 经与会监事认真审议，会议形成以下决议： （一）审议及批准本公司《2024年半年度报告全文和摘要》及《2024年中期业绩 公告》。（本公司《2024年半年度报告》的具体内容已于同日登载在巨潮资讯网 www.cninfo.com.cn；《2024年半年度报告摘要》已于同日登载在《中国证券报》《证 券时报》《上海证券报》以及巨潮资讯网；《2024年中期业绩公告》已于同日登载在香 港联合交易所网站www.hkexnews.hk） 表决情况：同意 3 票，反对 0 票，弃权 0 票。 （二）审议及批准本公司《2024 ...

Financial Performance - The company's revenue for the first half of 2024 reached ¥48.64 billion, representing a year-on-year increase of 13.27% compared to ¥42.94 billion in the same period last year[11]. - The net profit attributable to shareholders increased by 34.61% to ¥2.02 billion, up from ¥1.50 billion in the previous year[11]. - The net profit after deducting non-recurring gains and losses rose by 34.82% to ¥1.70 billion, compared to ¥1.26 billion in the same period last year[11]. - The basic earnings per share rose by 35.78% to ¥1.48, up from ¥1.09 in the same period last year[11]. - The total operating revenue for the first half of 2024 reached ¥48.64 billion, an increase of 13.5% compared to ¥42.94 billion in the same period of 2023[146]. - Net profit for the first half of 2024 was ¥3.03 billion, up 21.9% from ¥2.49 billion in the first half of 2023[147]. - The company's operating profit increased to ¥3.36 billion, representing a growth of 20.9% from ¥2.78 billion in the previous year[147]. - The total profit for the first half of 2024 was ¥3.50 billion, an increase of 18.3% from ¥2.96 billion in the first half of 2023[147]. Cash Flow and Investments - The net cash flow from operating activities was ¥2.10 billion, a decrease of 44.91% from ¥3.81 billion in the previous year[11]. - Cash inflows from operating activities amounted to CNY 38,661,525,910.61, up from CNY 35,178,301,202.15 in the first half of 2023, indicating a growth of about 7.1%[150]. - The net cash flow from operating activities decreased to CNY 2,099,973,482.47, down from CNY 3,812,044,169.34 in the previous year, reflecting a decline of approximately 45.0%[151]. - Cash inflows from investment activities totaled CNY 15,132,625,993.90, significantly higher than CNY 8,037,634,541.84 in the first half of 2023, marking an increase of about 88.5%[151]. - The net cash flow from investment activities improved to CNY 493,052,678.68, a recovery from a negative cash flow of CNY 4,588,662,285.55 in the same period last year[151]. - The ending balance of cash and cash equivalents was CNY 2,749,716,134.21, slightly up from CNY 2,617,231,520.93 at the end of the first half of 2023[151]. Market Trends and Performance - The overall market capacity of the central air conditioning sector is expected to decline by 5% year-on-year in the first half of 2024, with multi-split systems accounting for nearly 50% of the market share[17]. - The retail volume of the air conditioning market decreased by 10.8% year-on-year, while retail value fell by 13.7% in the first half of 2024[18]. - The domestic refrigerator market saw a retail volume increase of 0.8% and a retail value increase of 0.4% year-on-year in the first half of 2024[19]. - The washing machine market experienced a retail volume growth of 6.2% and a retail value growth of 3.8% year-on-year in the first half of 2024[20]. - The kitchen appliance market's retail volume grew by 0.5%, but retail value declined by 2.3% year-on-year in the first half of 2024[21]. - Global automobile sales reached 43.9 million units in the first half of 2024, marking a year-on-year increase of 3.46%, with new energy vehicle sales growing by 21%[22]. Product Development and Innovation - The company plans to continue enhancing the intelligence and digitalization of home appliances while advancing its globalization strategy[16]. - The company launched the first domestic integrated 5G air conditioning and heating product, which combines air conditioning, underfloor heating, fresh air, and humidification systems, receiving over 100 pre-orders in the initial month[28]. - The company launched the new generation commercial multi-split M3 series, achieving pre-sales breakthroughs in various applications such as cold storage and dehumidification[29]. - The ECO-B smart building and energy management system won the "Innovative Product" award at the 2024 China Refrigeration Exhibition, achieving over 30% energy savings[30]. - The company's Hi-Power energy products, part of a detailed system with heat pumps and home appliances, showed significant advantages in energy savings and maintenance convenience[30]. Strategic Initiatives and Market Expansion - The company plans to enhance overseas market development, aiming for rapid growth in international business through global talent supply chain and local integration[58]. - The company achieved a 338% sales increase in the second quarter through innovative online and offline marketing strategies, particularly via Douyin[38]. - The company has established a comprehensive brand matrix with eight brands, enhancing its market presence and brand recognition globally[65]. - The company expanded its store network by adding 3,408 new points, with Tmall's premium channel revenue growing by 20.1%[54]. Environmental and Social Responsibility - The company emphasizes its commitment to long-termism and ESG principles to achieve steady growth in performance[16]. - The company has established 7 national-level "green factories" and 2 "zero carbon factories" as part of its commitment to sustainable development[102]. - The company has actively responded to the "dual carbon" strategy, contributing to carbon peak and carbon neutrality goals[103]. - The company has engaged in significant community activities, including planting thousands of trees in the Gobi Desert as part of its green initiatives[105]. - The company has expanded its old-for-new appliance program to cover 300 models across various categories, including air conditioners, refrigerators, and washing machines, enhancing consumer convenience and promoting energy-saving products[104]. Compliance and Governance - The company has maintained compliance with all regulatory requirements, with no violations or penalties reported during the period[108]. - The company did not engage in speculative or hedging derivative investments during the reporting period[81][82]. - The company has not provided any external guarantees during the reporting period, with a total approved external guarantee amount of 0[121]. - The company has no significant litigation or arbitration matters reported during the reporting period, indicating a stable legal standing[108].

1 | 上市公司名称：海信家电集团股份有限公司 | | | | | | | | | | 单位：人民币万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占 | 资金占用方 | 占用方与上市 | 上市公司核算的 | 2024年1-6月占用 | 2024年1-6月占 | 2024年1-6 月占用资 | 2024年1-6月 | 2024年期末 | 占用形成 | | | | | 公司的关联关 | | | 用累计发生金 | | 偿还累计发 | 占用资金余 | | 占用性质 | | 用 | 名称 | | | | | | | | 原因 | | | | | 系 | 会计科目 | 资金余额 | 额（不含利息） | 金的利息 (如有） | 生金额 | 额 | | | | 不适用 | 不适用 | 不适用 | 不适用 | | | | | | 不适用 | 不适用 | | 小计 | - | - | - | - | - | - | - | - | - | - | | 总计 | - | - | - | - | - | - | - | ...

股票代码：000921 股票简称：海信家电 公告编号：2024-075 第十二届董事会 2024 年第一次会议决议公告 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。 会议应到董事 9 人，实到 9 人。 海信家电集团股份有限公司 一、董事会会议召开情况 （一）会议通知的时间和方式 海信家电集团股份有限公司(「本公司」)第十二届董事会于 2024 年 8 月 15 日以通 讯方式向全体董事发出召开第十二届董事会 2024 年第一次会议的通知。 （二）会议召开的时间、地点和方式 1、会议于 2024 年 8 月 30 日以现场结合通讯方式召开。 2、董事出席会议情况 表决情况：同意 5 票，反对 0 票，弃权 0 票。 1 三、备查文件 （三）会议的召开及表决符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，会议形成以下决议： （一）审议及批准本公司《2024年半年度报告全文和摘要》及《2024年中期业绩 公告》。（本公司《2024年半年度报告》的具体内容已于同日登载在巨潮资讯网 www.cninfo.com.cn；《2024 ...