Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [1] Core Views - In Q1 2025, the company's revenue reached 24.84 billion yuan, representing a year-on-year increase of 5.8%. The net profit attributable to shareholders was 1.13 billion yuan, up 14.9%, while the net profit excluding non-recurring items was 1.01 billion yuan, an increase of 20.3%. The strong performance in overseas sales, cost reduction, and product structure optimization contributed to the steady improvement in profitability. The profit forecast for 2025-2027 has been raised, with expected net profits of 3.84 billion, 4.34 billion, and 4.83 billion yuan respectively, corresponding to EPS of 2.77, 3.13, and 3.49 yuan. The current stock price corresponds to P/E ratios of 10.0, 8.8, and 7.9 times [5][8] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 21.4%, a slight decrease of 0.2 percentage points, attributed to the faster growth of lower-margin overseas sales. The net profit margin was 6.6%, a year-on-year increase of 0.03 percentage points, while the net profit margin attributable to shareholders was 4.5%, up 0.4 percentage points [7] Business Segments - The central air conditioning business is expected to return to growth, with Hisense's multi-split system holding over 20% market share. The home air conditioning segment is also projected to grow rapidly, with overseas sales expected to increase at a higher rate. In Q1 2025, domestic and overseas sales of Hisense air conditioners grew by 9% and 32% respectively. The refrigerator segment maintained high single-digit growth, with domestic and overseas sales increasing by 12% and 22% respectively [6] Financial Projections - Revenue projections for 2025-2027 are 100.55 billion, 108.59 billion, and 116.23 billion yuan, with year-on-year growth rates of 8.4%, 8.0%, and 7.0% respectively. The net profit attributable to shareholders is projected to grow at rates of 14.8%, 13.0%, and 11.2% over the same period [8][10]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][16]. Core Views - The company has shown a strong performance in external sales, with a notable increase in revenue and profit levels. In Q1 2025, the company achieved a revenue of 24.838 billion yuan, a year-on-year increase of 5.76%, and a net profit attributable to shareholders of 1.127 billion yuan, up 14.89% year-on-year [1][4]. - The revenue structure has shifted, impacting the gross margin, which was 21.41% in Q1 2025, a slight decrease of 0.22 percentage points year-on-year. However, the net profit margin improved to 6.58%, an increase of 0.03 percentage points year-on-year [3][4]. Revenue Performance - Domestic sales showed stable growth, with air conditioning sales online and offline down by 3% and up by 20% respectively, while refrigerator sales increased by 1% online and 17% offline. Washing machine sales saw significant growth, with online and offline sales up by 64% and 32% respectively [2]. - External sales experienced rapid growth, with air conditioning external sales up by 32% year-on-year and refrigerator external sales up by 22% in the first two months of 2025 [2]. Financial Metrics - The company’s operating cash flow faced pressure, with a net cash flow from operating activities of 0.65 billion yuan in Q1 2025, a decrease of 58.3% year-on-year. The cash paid for goods and services was 14.344 billion yuan, an increase of 14.43% year-on-year [4]. - The company maintains a stable expense ratio, with sales, management, R&D, and financial expense ratios at 9.55%, 2.39%, 3.32%, and 0.02% respectively in Q1 2025 [3]. Financial Forecast - The company is projected to achieve net profits of 3.85 billion yuan, 4.36 billion yuan, and 4.89 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9.8x, 8.7x, and 7.7x [4][5].

Investment Rating - The investment rating for Hisense Home Appliances is "Accumulate" [1] Core Views - The company achieved a revenue of 92.746 billion yuan in 2024, representing a year-on-year increase of 8.35%, and a net profit attributable to shareholders of 3.348 billion yuan, up 17.99% year-on-year [2] - The company plans to distribute a cash dividend of 12.30 yuan per 10 shares, resulting in a cash dividend rate of 50.9% [2] - In Q1 2025, the company reported a revenue of 24.838 billion yuan, a year-on-year increase of 5.76%, and a net profit of 1.127 billion yuan, up 14.89% year-on-year [2][4] Revenue Growth - The overall revenue growth is driven by overseas sales, with Q1 showing steady revenue growth [3] - In 2024, the revenue from HVAC products was 40.284 billion yuan, up 4.22% year-on-year, with a market share exceeding 20% in the domestic multi-split air conditioning market [3] - The revenue from ice washing products was 30.839 billion yuan, up 18.29% year-on-year, with significant growth in retail sales [3] - Domestic revenue was 47.994 billion yuan, down 2.12% year-on-year, while overseas revenue was 35.629 billion yuan, up 27.59% year-on-year [3] Profitability Improvement - The company's gross margin for 2024 was 20.8%, a decrease of 0.4 percentage points year-on-year [5] - The net profit margin for 2024 was 5.53%, a decrease of 0.07 percentage points year-on-year, while the net profit margin for Q1 2025 was 6.58%, an increase of 0.03 percentage points year-on-year [5] Brand and Market Strategy - The company is focusing on technological innovation around its smart living strategy and has a diverse brand matrix [6] - Hisense continues to enhance its international brand influence by sponsoring major sports events, including the FIFA World Cup [7] Financial Forecast - The company is expected to achieve revenues of 100.871 billion yuan, 109.440 billion yuan, and 118.123 billion yuan for 2025, 2026, and 2027 respectively [8] - The projected net profits for the same years are 3.822 billion yuan, 4.220 billion yuan, and 4.609 billion yuan respectively [8] - The earnings per share (EPS) are forecasted to be 2.76 yuan, 3.04 yuan, and 3.33 yuan for 2025, 2026, and 2027 respectively [8]

Group 1 - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibilities [2][3] - The first quarter report has not been audited [3] - The company does not have any non-recurring profit and loss items applicable for the reporting period [4] Group 2 - The company has made adjustments to the opening data in accordance with the new accounting standards issued by the Ministry of Finance, but the financial indicators remain unaffected [3] - The total number of ordinary shareholders and the shareholding situation of the top ten shareholders are disclosed, with a significant shareholder holding 12.4452 million H shares, accounting for 8.98% of the total shares [6] - The board meeting held on April 28, 2025, approved the first quarter report and the 2024 Environmental, Social, and Governance report, with unanimous support from all attending directors [12]

Investment Rating - Investment rating: Buy (maintained) [3] Core Views - The company's Q1 revenue met expectations, while profits exceeded market expectations. The air conditioning segment is expected to show low single-digit growth year-on-year, with domestic sales slightly increasing and foreign sales significantly growing. The home appliance segment is projected to grow by approximately 15% year-on-year, with foreign sales increasing by over 30% [6][8] - The company's Q1 revenue was 24.838 billion yuan (up 5.76% year-on-year), and the net profit attributable to the parent company was 1.127 billion yuan (up 14.89% year-on-year) [8] Revenue Analysis - The company expects Q1 domestic sales to remain stable, while foreign sales are projected to grow by over 20%. The revenue growth ranking by product is expected to be home appliances > washing machines > air conditioning [8] - The air conditioning segment is expected to see a slight recovery in domestic sales, while the home appliance segment is expected to continue its double-digit growth [6][8] Profit Analysis - The gross profit margin for Q1 is expected to be 21.41% (up 0.3 percentage points year-on-year), with improvements in both domestic and foreign sales gross margins. The net profit margin for Q1 is projected to be 4.5% (up 0.4 percentage points year-on-year) [7][8] Profit Forecast - Based on the latest performance, the company adjusted its profit forecast for 2025-2027, expecting revenues of 101.916 billion yuan, 109.554 billion yuan, and 116.658 billion yuan, with year-on-year growth rates of 9.9%, 7.5%, and 6.5% respectively. The net profit attributable to the parent company is expected to be 3.892 billion yuan, 4.436 billion yuan, and 4.890 billion yuan, with year-on-year growth rates of 16.2%, 14.0%, and 10.2% respectively [9][11]

Core Viewpoint - Hisense Home Appliances reported a strong performance in Q1 2025, driven by governance dividends and product structure improvements, indicating a positive outlook for the future [1] Financial Performance - In Q1 2025, the company achieved operating revenue of 24.838 billion (up 5.76%) and a net profit attributable to shareholders of 1.127 billion (up 14.89%), with a non-recurring net profit of 1.008 billion (up 20.27%) [2] - The revenue growth was supported by a robust performance in overseas markets, despite a slight decline in domestic sales due to seasonal factors [2] Business Segments - The central air conditioning segment is expected to show slight growth, reversing previous declines, while the home appliance segment achieved double-digit growth, particularly in exports [2] - The washing machine segment is projected to see high single-digit growth domestically, with strong export performance, while the three-electric segment is expected to continue its decline [2] Profitability Improvement - The gross margin for Q1 was 21.41%, a slight decrease of 0.22 percentage points year-on-year, attributed to structural changes [3] - The sales expense ratio decreased to 9.55% (down 0.45 percentage points), benefiting from enhanced digital marketing and optimized logistics [3] - The net profit margin improved to 4.54%, an increase of 0.36 percentage points year-on-year [4] Market Outlook - The central air conditioning business is expected to stabilize and improve in 2025, aided by a shift in the real estate market towards higher quality [5] - The company is expanding its product categories and enhancing brand marketing efforts, particularly for the Hitachi brand, to capture market share [5] - Continued growth in overseas markets is anticipated, particularly in Europe, driven by improved brand value and refined operations in key regions [5] Investment Recommendations - The comprehensive product matrix and clear growth trajectories position the company favorably for valuation recovery and sustained performance growth [6] - Projected revenues for 2025-2027 are 100.1 billion, 108.2 billion, and 116.5 billion, with corresponding net profits of 3.882 billion, 4.472 billion, and 5.137 billion [6]

Group 1: Market Trends and Investment Opportunities - The report indicates a shift in foreign capital from net outflows to net inflows, with passive allocation foreign capital being the main contributor to this trend [1][2][3] - The construction industry is experiencing weak supply and demand, with a notable decline in real estate transaction volumes, particularly in new homes [2][3] - The FPSO market is expected to see a rise in both volume and price due to improved economic viability in deep-sea oil and gas development, with projected spending reaching $159.4 billion in 2025, a 28% year-on-year increase [7] Group 2: Company Performance and Financial Results - Huazhong Technology reported a total bond scale of 27.3 billion yuan and $700 million, with a focus on off-market repayment due to risk exposure [3] - The report highlights that Weilan Meishi has established a strong brand presence in the spicy snack sector, with a target price of HKD 19.96 based on a 32x PE ratio for 2025 [9] - Xinbao Co. achieved a revenue of 16.82 billion yuan in 2024, a 14.84% increase year-on-year, with a strong performance in Q1 2025 driven by export demand [10] Group 3: Sector-Specific Insights - The energy sector is witnessing increased investment demand for grid upgrades following a large-scale power outage in Spain, Portugal, and southern France, which may benefit companies like Siyi Electric and China West Electric [4] - The report notes that the steel industry is under pressure, with Baosteel's revenue declining by 6.6% in 2024, but the company is expected to benefit from supply-side optimization [22] - The report emphasizes that the semiconductor industry is facing challenges, with Zhuoshengwei's revenue dropping by 36.47% in Q1 2025, but there is potential for recovery with new product launches [20]

Investment Rating - The investment rating for Hisense Home Appliances is "Accumulate" [1] Core Views - The company achieved a revenue of 92.746 billion yuan in 2024, representing a year-on-year increase of 8.35%, and a net profit attributable to shareholders of 3.348 billion yuan, up 17.99% year-on-year [2] - The company plans to distribute a cash dividend of 12.30 yuan per 10 shares, resulting in a cash dividend rate of 50.9% [2] - In Q1 2025, the company reported a revenue of 24.838 billion yuan, a year-on-year increase of 5.76%, and a net profit of 1.127 billion yuan, up 14.89% year-on-year [2] Revenue Growth - The overall revenue growth is driven by overseas sales, with Q1 showing steady revenue growth [3] - In 2024, the revenue from HVAC products was 40.284 billion yuan, up 4.22% year-on-year, with a market share of over 20% in the domestic multi-split air conditioning market [3] - The revenue from washing and refrigeration products was 30.839 billion yuan, up 18.29% year-on-year, with significant growth in both volume and quality [3] - Domestic revenue was 47.994 billion yuan, down 2.12% year-on-year, while overseas revenue reached 35.629 billion yuan, up 27.59% year-on-year [3] Profitability Improvement - The company's gross margin for 2024 was 20.8%, a decrease of 0.4 percentage points year-on-year [5] - The net profit margin for 2024 was 5.53%, a decrease of 0.07 percentage points year-on-year, while the net profit margin for Q1 2025 was 6.58%, an increase of 0.03 percentage points year-on-year [5] Brand and Market Strategy - The company is focusing on technological innovation around the smart living strategy and has a diverse brand matrix including Hisense, Rongsheng, Kelon, Hitachi, and York [6] - The company has sponsored major international sports events, enhancing its brand influence in international markets [7] Financial Forecast - The company is expected to achieve revenues of 100.871 billion yuan, 109.440 billion yuan, and 118.123 billion yuan for 2025, 2026, and 2027 respectively [8] - The projected net profits for the same years are 3.822 billion yuan, 4.220 billion yuan, and 4.609 billion yuan respectively [8] - The earnings per share (EPS) are forecasted to be 2.76 yuan, 3.04 yuan, and 3.33 yuan for 2025, 2026, and 2027 respectively [8]

Core Viewpoint - Hisense Home Appliances reported a strong performance in Q1 2025, achieving revenue of 24.838 billion yuan, a year-on-year increase of 5.76%, and a net profit of 1.008 billion yuan, up 20.27%, demonstrating resilience amid industry slowdowns [1][3] Group 1: Financial Performance - The company achieved a revenue of 24.838 billion yuan in Q1 2025, reflecting a 5.76% year-on-year growth [1] - The net profit attributable to the parent company was 1.008 billion yuan, marking a significant increase of 20.27% compared to the previous year [1] Group 2: Business Line Growth - All business lines of Hisense Home Appliances experienced breakthrough growth, with the HVAC segment capturing over 20% market share in multi-split systems and leading the new wind category in sales [3] - The refrigerator business maintained a strong position with a second-place market share, leveraging vacuum technology and health preservation techniques, while the sterilization rate of Rongsheng refrigerators exceeded 99.9999% [3] - The washing machine segment saw a year-on-year increase of 0.7 percentage points in offline market share [3] Group 3: Strategic Developments - The automotive compressor and thermal management business achieved significant milestones, securing major contracts in the new energy vehicle HVAC sector and being recognized as a "Best Supplier Partner" by core customers [3] - Hisense is accelerating the integration of AI technology into its appliances, launching AI-driven products such as AI Air Manager, AI Laundry Manager, and AI Food Manager, enhancing user experience through advanced functionalities [3][4] Group 4: Future Outlook - The company aims to build internal momentum through digitalization and intelligence, focusing on AI technology to reconstruct the industry value chain and promote long-term stable growth [4]

证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 海信家电（000921.SZ） 收入业绩增长稳健，净利率稳步提升 事件：公司发布 2025 年一季报。2025Q1 实现营业收入 248.38 亿 元，同比增长 5.76%；实现归母净利润 11.27 亿元，同比增长 14.89%。 净利率稳步提升。毛利率：2025Q1 公司毛利率同比-0.22pct 至 21.41% 。费率端： 2025Q1 销 售 / 管 理 / 研 发 / 财 务 费 率 为 9.55%/2.39%/3.32%/0.02% ， 同 比 变 动 -0.45pct/- 0.25pct/+0.02pct/+0.33pct。财务费用变动主要系汇兑损益波动所 致。净利率：公司 2025Q1 净利率同比+0.03pct 至 6.58%。 销售商品收到的现金稳步增长。2025Q1 公司经营性现金流净额 0.65 亿元，同比-58.3%。其中销售商品收到的现金为 193.06 亿元， 同比+10.81%。 一季度空调行业产销稳步增长，出口表现优于内销。据奥维云网数 据，2025 年一季度空调生产 5597.2 万台 ...