Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's 2023 performance met expectations, with significant improvement in operating cash flow [1] - Revenue and net profit showed strong growth, with total revenue reaching 85.6 billion yuan, up 15.50% YoY, and net profit attributable to the parent company reaching 2.837 billion yuan, up 97.73% YoY [1] - The company's cash dividend payout ratio was 49%, with a total cash dividend of 1.39 billion yuan [1] - The company's product segments, especially washing machines and kitchen appliances, showed high growth rates, with revenues increasing by 53.6% and 66% YoY, respectively [1] - The ASEAN region saw rapid growth, with revenue increasing by over 20% YoY, and the company's own brand revenue in the region growing by over 70% [1] Financial Performance - Gross margin improved YoY, with 2023 gross margin increasing by 1.4 percentage points to 22.08% [1] - Net profit margin for 2023 increased by 1.46 percentage points to 5.60% [1] - Operating cash flow turned significantly positive in Q4 2023, reaching 1.911 billion yuan, compared to -80 million yuan in Q4 2022 [2] - Inventory increased by 3% YoY and 30% QoQ, while contract liabilities increased by 26% YoY and 13% QoQ [2] Future Projections - The company is expected to achieve net profit attributable to the parent company of 3.272 billion yuan, 3.752 billion yuan, and 4.230 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 15.3%, 14.7%, and 12.8% [2] - Revenue is projected to grow to 94.931 billion yuan, 104.993 billion yuan, and 114.128 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 10.9%, 10.6%, and 8.7% [3] - EPS is expected to be 2.36 yuan, 2.70 yuan, and 3.05 yuan in 2024, 2025, and 2026, respectively [3] Product and Regional Breakdown - Central air conditioning, refrigerators, washing machines, and kitchen appliances showed revenue growth of 9.3%, 18.7%, 53.6%, and 66% YoY, respectively [1] - The domestic market revenue grew by 15.04% YoY, while overseas revenue grew by 12.28% YoY [1] - The company's multi-split air conditioning market share exceeded 20%, and heat pump fresh air revenue grew by 50% [1] Financial Ratios - ROE increased from 18.9% in 2022 to 24.7% in 2023 [10] - P/E ratio decreased from 29.4x in 2022 to 14.9x in 2023 [3] - P/B ratio decreased from 3.7x in 2022 to 3.1x in 2023 [3]

3月29日晚，海信家电(SZ 000921，HK 00921)发布2023年年度报告。报告显示，2023年度公司实现营业 收入856.0亿元，同比增长15.5%；归母净利润28.4亿元，同比大增97.7%；扣非归母净利润23.6亿元，同 比高增160.1%；经营活动产生的现金流量净额106.1亿元，同比增长163.2%；向全体股东每10股派发现 金红利10.13元(含税)，同比增长95.9%，体现了对股东的长期承诺和回报。 2023年，海信家电聚焦长期能力建设，坚持高质量发展道路，洞察用户需求、创新产品技术、打造智慧 场景解决方案，持续推进公司治理、顶层设计等各项变革工作，增强公司内生发展动力，实现营收、利 润双增长，业绩行业领跑。 业绩全线增长 打开未来成长空间 随着国内家电行业复苏和家电产业结构调整的深化，海信家电敏锐洞察市场趋势，精准定位用户需求和 差异化产品需求，多点布局，2023年实现冰洗空厨全线爆发。 年报显示，2023年，中央空调收入同比增长9.3%，多联机市场份额达到20%以上，保持着行业领先地 位。 海信家用空调业务拥有以新风为主线的海信品牌、以及科龙互联网空调品牌，具体来看，根据奥维云网 ...

Investment Rating - The investment rating for Hisense Home Appliances is "Buy-A" with a target price of 37.6 CNY over the next six months, representing a dynamic price-to-earnings ratio of 16 times for 2024 [2][5]. Core Views - Hisense Home Appliances reported a revenue of 85.6 billion CNY for 2023, reflecting a year-on-year increase of 15.5%. The net profit attributable to shareholders reached 2.84 billion CNY, up 97.7% year-on-year, and the net profit excluding non-recurring items was 2.36 billion CNY, marking a 160.1% increase [1]. - The fourth quarter of 2023 saw a significant acceleration in revenue growth, with a total of 20.7 billion CNY, representing a year-on-year increase of 21.1%. The net profit for Q4 was 410 million CNY, up 12.7% year-on-year, while the net profit excluding non-recurring items surged by 124.9% to 290 million CNY [1][2]. - The improvement in external sales significantly contributed to the revenue growth in Q4, with external sales of air conditioning and refrigeration products increasing by 35% and 86% year-on-year, respectively [1]. Summary by Sections Financial Performance - In Q4 2023, the gross margin was 22.0%, an increase of 0.6 percentage points year-on-year, attributed to supply chain optimization and improved manufacturing efficiency. The net profit margin for Q4 was 2.0%, a slight decrease of 0.1 percentage points year-on-year [2]. - The operating cash flow for Q4 increased significantly, with a net cash flow of 19.9 billion CNY, driven by a 43.8 billion CNY increase in cash received from sales [2]. Market Position - Hisense's market share in the domestic multi-split air conditioning segment increased by 0.7 percentage points year-on-year, indicating robust growth in the central air conditioning business [1]. - The online and offline retail sales of Hisense's air conditioning products grew by 41.4% and 14.3% year-on-year, respectively, demonstrating a strong market position [1]. Future Outlook - The central air conditioning sector is identified as a growth area within the home appliance industry, with Hisense expected to benefit from increased downstream demand. The integration of Sanlian Holdings is anticipated to enhance profitability levels [2].

Investment Rating - The report maintains a "Recommended" rating for Hisense Home Appliances [5]. Core Views - The traditional business continues to recover profitability, with a strong focus on growth and dividend attributes. The company is expected to achieve revenue growth of 9.0% to 9.4% from 2024 to 2026, with net profit growth of 15.8% to 13.8% during the same period [5]. Financial Performance - In 2023, Hisense Home Appliances achieved a revenue of 85.6 billion yuan, a year-on-year increase of 15.5%. The net profit attributable to shareholders was 2.84 billion yuan, up 97.7% year-on-year, and the net profit after deducting non-recurring items was 2.36 billion yuan, an increase of 160.1% [2][5]. - For Q4 2023, the company reported a revenue of 20.7 billion yuan, a year-on-year increase of 21.13%, and a net profit of 410 million yuan, up 12.7% year-on-year [2]. - The company plans to distribute a cash dividend of 10.13 yuan per 10 shares, totaling 1.39 billion yuan, which accounts for 49.0% of the annual net profit [2]. Business Segments - The air conditioning segment achieved a revenue of 22.17 billion yuan in 2023, growing by 9.3% year-on-year, outperforming the overall market growth of 4.6% [3]. - The refrigerator and washing machine segment generated a revenue of 26.07 billion yuan, with a year-on-year increase of 22.9%, driven by high-end product strength and new online sales channels [3]. - The automotive thermal management business remained stable with a revenue of 9.05 billion yuan, showing no significant change [3]. Profitability and Cost Control - The overall gross margin for 2023 was 22.08%, an increase of 1.39 percentage points year-on-year. The gross margins for the HVAC, refrigerator, and other main businesses were 30.66%, 19.11%, and 13.57%, respectively [4]. - The company effectively controlled its expense ratios, with sales, management, R&D, and financial expense ratios at 10.88%, 2.68%, 3.25%, and -0.24%, respectively [4]. Future Outlook - The company is expected to achieve revenues of 93.28 billion yuan, 101.76 billion yuan, and 111.29 billion yuan from 2024 to 2026, with corresponding net profits of 3.29 billion yuan, 3.75 billion yuan, and 4.26 billion yuan [5][10].

Financial Performance - Revenue increased by 15.5% year-on-year, while net profit attributable to shareholders surged by 97.7%[8] - The company's operating revenue for 2023 reached ¥85.6 billion, representing a 15.5% increase compared to the previous year[23] - The net profit attributable to shareholders for 2023 was ¥2.84 billion, a significant increase of 97.73% year-on-year[23] - The net cash flow from operating activities for 2023 was ¥10.61 billion, up 163.17% from the previous year[23] - Total assets at the end of 2023 amounted to ¥65.95 billion, reflecting a 19.09% increase from the end of 2022[24] - The net assets attributable to shareholders at the end of 2023 were ¥13.58 billion, an increase of 17.90% compared to the end of 2022[24] - The company reported a basic earnings per share of ¥2.08 for 2023, compared to ¥1.05 in 2022, marking a 98.10% increase[23] Dividends and Shareholder Returns - The company distributed a cash dividend of 10.13 CNY per 10 shares, based on a total share capital of 1,373,429,913 shares after buybacks[4] - The company has cumulatively distributed approximately 3.6 billion CNY in dividends to minority shareholders over the past decade, with a proposal to maintain a high dividend ratio in 2023[15] - In 2023, the company repurchased shares totaling 210 million CNY, enhancing shareholder confidence[15] - The company's cash dividend for the current period represents 100% of the total distributable profit[152] Market and Product Performance - The number of users on the Hisense Home app increased by 54% year-on-year, with monthly active users rising by 58%[10] - The market share of Hisense's multi-split air conditioning systems exceeded 20%[11] - The sales growth rate of the Hisense Brilliant series of dishwashers reached 287% in 2023[11] - The central air conditioning heat pump business saw a year-on-year growth of 46%, while the market share in Thailand and Malaysia increased by 2.3 and 3.1 percentage points respectively[12] - The overall revenue in the ASEAN region grew by over 20% in 2023, with Hisense brand revenue increasing by over 70%[12] - The home air conditioning business achieved online and offline retail sales growth of 41.4% and 14.3% respectively in 2023, surpassing industry growth by 26 percentage points and 10 percentage points[43] - The refrigerator business saw a revenue growth of 18.7% in 2023, with retail sales increasing by 17.8% and market share rising by 1.6 percentage points[46] Innovation and Technology - The AI-powered temperature control module in the Rongsheng WILL series refrigerator improved preservation effectiveness by 20%[10] - The company launched a new employee stock ownership plan to enhance long-term strategic goals and governance structure[9] - The company launched the ECO-B smart building mobile app, reducing building operating costs by 20%[14] - The family energy management system achieved a 13% energy saving through the integration of photovoltaic, energy storage, heat pump, and smart control technologies[14] - The HVAC system innovations include a new generation Gen5 electric compressor platform compatible with multiple refrigerants, achieving industry-leading performance in high pressure, miniaturization, and low noise[54] Sustainability and Environmental Initiatives - The company has established 7 green factories and 2 green supply chains, and has created 5 industrial product green design demonstration enterprises[14] - The company’s comprehensive energy-saving measures resulted in an overall energy saving rate of 8.1% for the year[68] - The company invested a total of 13.0665 million yuan in environmental governance and protection in 2023, focusing on wastewater and waste gas treatment equipment, environmental monitoring, and education training[174] - The company has created 7 national-level "green factories" and 2 national-level "green supply chains," tracking and improving 27 key energy-saving projects, achieving energy savings of 2,221.7 tons of standard coal, with a cost-saving benefit of 8.45 million yuan[174] Corporate Governance and Management - The company has established a comprehensive independent procurement, production, sales, and research and development system[113] - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, organization, and finance, ensuring a complete and independent operational structure[113] - The company has established an ESG committee to strengthen its commitment to environmental, social, and governance practices[131] - The company has implemented a performance-based salary system for senior management, linking their annual salary to revenue and profit growth[156] Employee Engagement and Development - The employee training program totaled over 770,000 hours, with 43,000 participants across various levels and roles[149] - The company has established a dual career development path for employees, focusing on both professional and managerial skills[148] - The company has implemented a stock incentive plan for A-share employees, ensuring compliance with relevant regulations and protecting shareholder interests[143] Strategic Initiatives and Future Outlook - The company aims to enhance its digital transformation focusing on products, customers, and users, while establishing five overseas regional centers in Europe, America, ASEAN, Middle East Africa, and Asia Pacific[16] - The company has set a revenue guidance of 1 billion RMB for the next fiscal year, projecting a growth rate of 10%[122] - The company is investing 50 million RMB in R&D for new technologies aimed at enhancing product efficiency and user experience[122] - The company plans to enhance its supply chain efficiency, aiming for a 15% reduction in operational costs[122]

每经记者 姚亚楠 每经编辑 赵云 近日，青岛亿洋创业投资管理有限公司在中基协完成备案，机构类型为私募股权、创业投资基金管理 人。 《每日经济新闻》记者注意到，该机构由家电巨头海信家电牵头成立，青岛产业发展投资有限责任公 司、青岛熙铭投资有限公司等共同持股。 当下的一级市场，一个显著特征便是产业资本加速涌入。家电巨头现金流稳定，在扩展其自身版图时， 股权投资是一个很好的方式，记者注意到，此前海尔、格力、美的等以VC、LP身份在创投圈有诸多布 局。 海信家电牵头成立，青岛国资持股 中基协资料显示，青岛亿洋创业投资管理有限公司成立于今年2月，实控人为海信家电集团股份有限公 司，业务类型涵盖私募股权投资基金、私募股权投资类FOF基金、创业投资基金等，管理规模区间在0- 5亿元，目前有5名全职员工。 其法定代表人、总经理为陆游龙，海信集团总裁于芝涛担任董事长。公开资料显示，陆游龙此前曾就职 于联想集团、IBM、天津金梧桐投资管理合伙企业（有限合伙）等，医疗健康是他主要关注的投资方 向，2023年12月，他进入青岛海信电子技术服务有限公司，担任资本运营专家。 记者注意到，青岛亿洋创业投资管理有限公司由海信家电集团股份有限 ...

股票代码：000921 股票简称：海信家电 公告编号：2024-027 关于以自有闲置资金进行委托理财的公告 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。 海信家电集团股份有限公司（「本公司」）第十一届董事会于2024年3月29日召开 2024年第一次会议审议通过了《关于本公司以自有闲置资金进行委托理财的议案》，同 意本公司在控制投资风险的前提下，以提高资金使用效率、增加现金资产收益为原则， 拟使用自有闲置资金合计不超过人民币190亿元委托商业银行、信托公司、证券公司、 基金公司、保险公司、资产管理公司等金融机构进行短期中低风险投资理财，具体如下： 一、委托理财概述 1、委托理财的目的 随着本公司经营效益的持续提升，本公司货币资金将进一步增加。在不影响正常经 营及风险可控的前提下，使用自有闲置资金进行委托理财，可以提高本公司的资金效益， 为本公司与股东创造更大的收益。 2、投资金额 拟使用合计不超过人民币190亿元的自有闲置资金进行委托理财，上述资金额度可 滚动使用。 3、投资方式 海信家电集团股份有限公司 本公司进行委托理财所使用的资金为本公司的自有闲置资 ...

海信家电集团股份有限公司 2023 年度内部控制评价报告 海信家电集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求(「企 业内部控制规范体系」)，结合海信家电集团股份有限公司(「公司」)内部控制制度和 评价办法，在内部控制日常监督和专项监督的基础上，我们对公司 2023 年 12 月 31 日 （内部控制评价报告基准日）的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性， 并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控 制进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董 事、监事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏， 并对报告内容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信 息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限 性，故仅能为实现上述目标提供合理保证。此外，由于情况的变化可能导致内部控制变 得不恰 ...

股票代码：000921 股票简称：海信家电 公告编号：2024-024 海信家电集团股份有限公司 第十一届监事会 2024 年第二次会议决议公告 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 海信家电集团股份有限公司(「本公司」)第十一届监事会于 2024 年 3 月 15 日以通 讯方式向全体监事发出召开第十一届监事会 2024 年第二次会议的通知。 （二）会议召开的时间、地点和方式 1、会议于 2024 年 3 月 29 日以现场结合通讯方式召开。 会议应到监事 3 人，实到 3 人。 （三）会议主持人：监事长刘振顺 （四）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《2023 年年度报告全文及其摘要》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 （二）审议及批准本公司《截至二零二三年十二月三十一日止年度之业绩公布》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 （三）审议及批准《经 ...

海信家电集团股份有限公司 关于在海信集团财务有限公司开展存款金融业务的风险评估报告 根据《企业集团财务公司管理办法》相关规定、中国证监会广东监管局关于海信家 电集团股份有限公司（「本公司」）及本公司控股子公司与海信集团财务有限公司（「海 信财务公司」）开展存款金融业务提出的监管要求，以及深圳证券交易所的相关要求， 本公司审阅了海信财务公司2023年度审计报告，并进行相关的风险评估。同时对海信财 务公司的《金融许可证》《营业执照》的合法有效性进行了查验。 本报告仅供本公司及本公司控股子公司与海信财务公司开展存款金融业务使用，未 经书面许可，不得用作任何其他目的。 一、海信财务公司基本情况 海信财务公司经原中国银行业监督管理委员会《关于海信集团财务有限公司开业的 批复》（银监复〔2008〕207 号）批准成立，注册地址：山东省青岛市东海西路17号海 信大厦15层；注册资本：13亿元人民币；企业类型：其他有限责任公司；成立日期：2008 年6月12日。经银行业监督管理机构批准和公司登记机关核准，海信财务公司经营下列 本外币业务： （一）吸收成员单位存款； （二）办理成员单位贷款； （三）办理成员单位票据贴现； （四 ...