业绩超预期，增长动能足 ——海信家电2024Q1点评 海信家电（000921）/家电 证券研究报告/公司点评 2024年4月25日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：34.97元/股 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 74,115 85,600 94,913 103,052 109,613 分析师：姚玮 增长率yoy% 10% 15% 11% 9% 6% 执业证书编号：S0740522080001 净利润（百万元） 1,435 2,837 3,398 3,968 4,500 Email：yaowei@zts.com.cn 增长率yoy% 48% 98% 20% 17% 13% 每股收益（元） 1.0 2.0 2.4 2.9 3.2 每股现金流量 2.9 7.6 5.4 5.7 6.7 净资产收益率 9% 15% 14% 13% 12% P/E 34 17 14 12 11 P/B 4 4 3 3 2 备 注：收盘价取自于2024/4/24。 [ 基 ...

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances (000921) with an updated target price of 43.69 CNY, up from the previous target of 35.55 CNY [1][10]. Core Views - The company's performance exceeded expectations in Q1 2024, driven by strong export growth and improved profitability across various segments. The overall growth target for the year is highly certain [1][6][10]. Summary by Sections 1. Performance Overview - In Q1 2024, the company achieved a revenue of 23.486 billion CNY, representing a year-on-year increase of 20.87%. The net profit attributable to shareholders was 0.981 billion CNY, up 59.48% year-on-year [6][10]. 2. Revenue Drivers - The export business showed significant growth, with the company expecting better performance in exports compared to domestic sales. Key segments include: - Air Conditioners: Q1 2024 domestic sales increased by 30.2% year-on-year, with exports up 33.5%. Overall revenue growth is projected at 15-20% [7]. - Refrigerators: The company anticipates a more than 60% increase in export revenue and around 20% growth in domestic sales, leading to a total revenue increase of 35-40% for the refrigeration segment [7]. - Washing Machines: The washing machine segment, primarily under the Hisense brand, is expected to contribute 10-15% to the overall revenue [7]. - Central Air Conditioning: Revenue growth is estimated at 5-10% due to enhanced retail channel development [7]. 3. Profitability Improvement - The gross margin for Q1 2024 was 21.63%, an increase of 0.51 percentage points year-on-year. The net margin improved to 6.55%, up 1.18 percentage points year-on-year. The improvement in margins is attributed to increased production scale and higher average prices for white goods [8]. 4. Cash Flow and Inventory Management - As of the end of Q1 2024, the company maintained stable cash and cash equivalents of 18.139 billion CNY, with inventory increasing by 6.06% year-on-year. The net cash flow from operating activities was 0.156 billion CNY, down 82.4% year-on-year, primarily due to rising raw material prices [9]. 5. Investment Recommendations - The report suggests raising profit forecasts for 2024-2026, with expected net profits of 3.567 billion CNY, 4.176 billion CNY, and 4.819 billion CNY, respectively. The corresponding EPS estimates are 2.57 CNY, 3.01 CNY, and 3.47 CNY, reflecting year-on-year growth of 26%, 17%, and 15% [10].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 25 日 海 信家电(000921.SZ) 证券研究报告 冰洗外销高增，Q1 盈利能力持续改善 白色家电Ⅲ 投资评级 买入-A 事件：海信家电公布 2024 年一季报。公司 2024 年一季度实现 维持评级 收入 234.9 亿元，YoY+20.9%；实现归母净利润 9.8 亿元， YoY+59.5%；实现扣非归母净利润 8.4 亿元，YoY+60.9%。公司归 6个月目标价 41.99元 母净利润环比 2023Q4 加速增长。我们认为，Q1 净利率同比提升 股价 (2024-04-25) 35.69元 所有板块皆有贡献，其中主要由外销带动公司盈利持续改善。 交易数据 Q1 收入延续较快增长：根据产业在线数据，海信日立中央空调 总市值(百万元) 49,535.41 2023Q4/2024M1-2 销售额分别 YoY+20%/+9%;海信科龙空调 流通市值(百万元) 32,222.05 2023Q4/2024Q1 内销量 YoY+11%/+30%，冰箱 2023Q4/2024M1-2 内 总股本(百万股) 1,387.94 ...

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [3]. Core Views - The company's Q1 2024 revenue reached 23.486 billion yuan, a year-on-year increase of 20.87%, while net profit attributable to shareholders was 0.981 billion yuan, up 59.48% year-on-year [1]. - The company is expected to maintain strong growth across its home appliance segments, with significant increases in domestic and international sales [1]. - Profitability has improved, with a gross margin of 21.63%, up 0.51 percentage points year-on-year, and a net profit margin of 6.55%, an increase of 1.18 percentage points year-on-year [1]. Financial Performance Summary - **Revenue Growth**: The company achieved a revenue of 74.115 billion yuan in 2022, which increased to 85.6 billion yuan in 2023, and is projected to reach 94.931 billion yuan in 2024, reflecting a growth rate of 10.9% [2]. - **Net Profit**: The net profit attributable to shareholders was 1.435 billion yuan in 2022, rising to 2.837 billion yuan in 2023, with an expected increase to 3.272 billion yuan in 2024, indicating a year-on-year growth of 15.3% [2]. - **Earnings Per Share (EPS)**: EPS is projected to grow from 2.04 yuan in 2023 to 2.36 yuan in 2024 [2]. - **Return on Equity (ROE)**: The ROE is expected to be 23.5% in 2024, down from 24.7% in 2023 [2]. Market Position and Outlook - The company is positioned well in the white goods industry, with a total market capitalization of approximately 48.536 billion yuan and a total share capital of 1.388 billion shares [3]. - The report anticipates continued revenue growth driven by product upgrades, cross-category operations, and international expansion, with net profit projections of 3.272 billion yuan for 2024, 3.752 billion yuan for 2025, and 4.230 billion yuan for 2026 [1][2].

Investment Rating - Maintain "Buy" rating with a target price of 42.80 CNY [3][4] Core Views - Strong Q1 2024 performance with revenue of 23.486 billion CNY, up 20.87% YoY, and net profit of 981 million CNY, up 59.48% YoY [1] - Revenue growth exceeded expectations, driven by strong performance in home appliances, air conditioning, and refrigeration businesses [2] - Gross margin improved by 0.5 percentage points to 21.6% due to product structure optimization and increased share of self-owned brands [2] - Net profit margin increased by 1.0 percentage points, supported by revenue growth and lower tax rates [2] - Long-term growth potential is supported by self-branded overseas expansion, diversified business lines, and optimization of supply chain efficiency [3] Financial Performance Summary Revenue and Profit - Q1 2024 revenue: 23.486 billion CNY, up 20.87% YoY [1] - Q1 2024 net profit: 981 million CNY, up 59.48% YoY [1] - Q1 2024 non-GAAP net profit: 838 million CNY, up 60.89% YoY [1] - Expected revenue for 2024-2026: 94.726 billion CNY, 104.783 billion CNY, and 115.915 billion CNY, with YoY growth rates of 11% each year [3] - Expected net profit for 2024-2026: 3.494 billion CNY, 4.038 billion CNY, and 4.646 billion CNY, with YoY growth rates of 23%, 16%, and 15% respectively [3] Key Financial Ratios - Gross margin: 21.63% in Q1 2024, up 0.51 percentage points YoY [9] - Net profit margin: 4.18% in Q1 2024, up 1.01 percentage points YoY [9] - ROE: 21.24% in 2024E, expected to decline slightly to 19.69% by 2026E [10] - PE ratio: 13.9x for 2024E, expected to decline to 10.4x by 2026E [4][10] Business Segment Performance - Refrigeration and washing business: Estimated revenue growth of around 40% YoY, with faster growth in exports [2] - Home air conditioning: Double-digit revenue growth, with similar growth rates in domestic and export markets [2] - Central air conditioning: Revenue growth close to double digits [2] - Automotive thermal management (Sanden): Slight revenue growth [2] Cash Flow and Liquidity - Operating cash flow decreased YoY in Q1 2024, mainly due to increased raw material inventory [3] - Current ratio: 1.2 in 2024E, expected to improve to 1.4 by 2026E [10] - Quick ratio: 0.8 in 2024E, expected to improve to 1.1 by 2026E [10] Valuation and Forecast - Target price: 42.80 CNY, based on 17x 2024E PE [3] - EPS forecast for 2024-2026: 2.52 CNY, 2.91 CNY, and 3.35 CNY, with a CAGR of 18% [3] - EV/EBITDA: 4.8x for 2024E, expected to decline to 2.8x by 2026E [4][10]

[Table_Page] 季报点评|家用电器 证券研究报告 [海Table_信Title] 家电(000921.SZ/00921.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 34.97元/28.60港元 冰洗外销高景气，24Q1 业绩持续超预期 合理价值 39.27元/32.16港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-25 ⚫ 公司披露2024年一季报。24Q1实现营收234.9亿元（YoY+20.9%）， [相Tab对le_P市icQ场uote表] 现 归母净利润 9.8 亿元（YoY+59.5%），扣非归母净利润 8.4 亿元 （YoY+60.9%），毛利率 21.6%（YoY+0.5pct），归母净利率 4.2% 42% 29% （YoY+1.0pct）。 16% ⚫ 外销高景气，家空、冰洗增长预计优于行业。（1）根据产业在线数据， 4% 24Q1空调行业内销量同比+17%、外销量同比+22%，合计销量+19%。 -9%04/23 06/23 08/23 10/23 12/23 02/24 04/24 -22% ...

公司报告 | 季报点评 海信家电（000921） 证券研究报告 2024年04月 25日 投资评级 外销增长较好，业绩大幅提升 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 34.97元 事件：2024Q1公司实现营业收入234.86亿元，同比+20.87%，归母净利润 目标价格 元 9.81亿元，同比+59.48%。 基本数据 A股总股本(百万股) 928.35 内外销呈较快增长，外销增速更快。根据产业在线数据显示，24M1-2海信 流通A股股本(百万股) 902.83 空调内/外销销量同比+25%/+48%，冰箱内/外销销量同比+16%/+52%，外销 A股总市值(百万元) 32,464.24 增速更快。内外销齐增带动收入增长。 流通A股市值(百万元) 31,572.01 利润水平大幅提升。2024Q1公司毛利率为21.63%，同比+0.51pct，净利率 每股净资产(元) 10.31 为 6.55%，同比+1.18pct。2024Q1 公司季度销售、管理、研发、财务费用 资产负债率(%) 70.50 率分别为10%、2.65%、3.3%、-0.31%，同比-0.09、-0.01、+0 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 34.97 yuan [2]. Core Views - The company reported a net profit attributable to shareholders of 980 million yuan for Q1 2024, representing a year-on-year increase of 59.5% [2]. - Revenue growth accelerated, primarily driven by the air conditioning and washing machine segments, with a year-on-year revenue increase of 20% in Q1 2024 [2]. - The company's gross margin improved to 21.63%, benefiting from supply chain reforms and cost reduction efforts [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a net profit of 980 million yuan, up 59.5% year-on-year, and revenue of 2.349 billion yuan, up 20.9% year-on-year [2]. - The air conditioning segment saw significant growth, with domestic and international sales volumes increasing by 30.2% and 33.5% respectively [2]. - The washing machine segment also performed well, with domestic sales up 16.2% and international sales up 52.1% due to low base effects and inventory replenishment [2]. Cost Management and Profitability - The company's gross margin improved by 0.51 percentage points year-on-year, attributed to ongoing supply chain reforms and a decrease in raw material prices [2]. - The expense ratio for Q1 2024 was stable at 15.65%, with slight changes in sales, management, R&D, and financial expense ratios [2]. Future Outlook - The company is expected to continue its strong performance, with projected revenues of 94.49 billion yuan, 103.21 billion yuan, and 113.04 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 10.4%, 9.2%, and 9.5% [2]. - Net profit attributable to shareholders is projected to reach 3.396 billion yuan, 3.886 billion yuan, and 4.424 billion yuan for the same years, with growth rates of 19.7%, 14.4%, and 13.8% respectively [2].

[Table_Title] 证券研究报告 海信家电：Q1 业绩超预期，盈利能力持续改善 公司研究 [Table_ReportDate] 2024年04月24日 [Table_ReportType] 公司点评报告 [T事ab件le：_ QSu 1m公ma司ry实] 现营业收入234.86亿元，同比+20.87%；实现归母净利润 [海Ta信bl家e_电Sto（ck0A0n0d9R2an1k）] 9.81亿元，同比+59.48%；实现扣非后归母净利润8.38亿元，同比+60.89%。 点评： ➢ Q1收入增长亮眼，冰洗海外贡献增量。 空调：根据产业在线数据，海信 Q1 家用空调内外销排产较 23 年实绩 [罗Ta岸b阳le _ A u t h o家r]电 行业首席分析师 同比+12%。中央空调业务方面，根据产业在线数据，1-2 月我国中央 执业编号：S1500520070002 空调内外销分别同比+22%、+53%，我们预计公司的外销表现或优于 邮 箱：luoanyang@cindasc.com 内销。 冰洗业务：根据海关总署数据，Q1 我国冰箱、洗衣机出口金额分别同 尹圣迪 家电行业分析师 比+26%、+22%， ...

海信家电集团股份有限公司 环境、社会与管治报告 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT / 向善共赢 智造绿色未来 / Contents 目录 前篇 致利益相关方的信 1 走进海信家电 3 02 03 05 04 01 董事会ESG声明 6 科技向善·创新引领 智造向善·行业标杆 伙伴向善·成长护航 企业ESG治理 商业向善·稳健治理 l - l 后篇 企业治理 23 绿色发展与承诺 51 关于本报告 111 ESG治理架构 产品创新与激励 37 员工权益与福利 79 11 26 56 86 ESG价值理念 合规经营 产品质量与安全 43 污染预防与处置 员工发展与培训 联交所指标索引 112 GRI指标索引 116 利益相关方沟通 13 商业守则 29 全生命周期绿色制造 60 职业健康与安全 91 14 33 可持续性运营 65 IFRS S2建议披露索引 122 重大性议题管理 信息风险防范 ESG亮点绩效 18 气候韧性与发展 67 SASB 指标索引 123 读者意见反馈 124 海信家电集团股份有限公司 - 环境、社会与管治 (ESG) 报告 ２０２ ...