Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly in the white goods sector, due to favorable policies and market conditions [2][3]. Core Insights - The report highlights the significant growth in the home appliance replacement program, with over 100 million units exchanged as of April 10, 2025, indicating strong consumer demand and government support [3][9]. - The white goods sector is characterized by low valuations, high dividends, and stable growth, making it an attractive investment opportunity [2]. - The report emphasizes the expected increase in production and sales in the white goods sector, driven by the "old-for-new" policy and rising copper prices, which are boosting market sentiment [2][3]. Summary by Sections A. White Goods Data - In March, air conditioner retail volume decreased by 5.0%, while retail revenue increased by 0.1%, with an average price of 4480 yuan, up 5.34% year-on-year [25][26]. - Refrigerator retail volume and revenue rose by 2.0% and 7.7%, respectively, with an average price of 7237 yuan, up 4.2% year-on-year [26]. - Washing machine retail revenue increased by 4.7%, while retail volume decreased by 2.1%, with an average price of 4586 yuan, up 5.8% year-on-year [26]. B. Kitchen Appliance Data - In March, the retail volume of range hoods increased by 27.1%, and sales revenue rose by 34.4%, with an average price of 4423 yuan, up 4.9% year-on-year [29][30]. - The retail volume and revenue of gas stoves increased by 18.5% and 31.5%, respectively, with an average price of 2308 yuan, up 9.9% year-on-year [29][31]. C. Industry Dynamics - The home appliance sector underperformed compared to the CSI 300 index, with the home appliance index rising by 0.2% while the CSI 300 rose by 0.6% [4][6]. - Key companies such as Rongtai Health and Hisense Home Appliances showed significant gains, while others like Feike Electric and Ecovacs experienced declines [6][4]. D. Macro Economic Environment - As of April 18, 2025, the USD to RMB exchange rate was 7.2069, reflecting a 0.26% increase since the beginning of the year [32].

股票代码：000921 股票简称：海信家电 公告编号：2025-023 海信家电集团股份有限公司 H 股公告-认购理财产品 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」）于 2025 年 4 月 17 日在香港联合交易所有 限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市 规则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 海信家电集团股份有限公司董事会 2025 年 4 月 17 日 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 董事會宣佈，於 2024 年 12 月 17 日至 2025 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-022 海信家电集团股份有限公司 H 股公告-认购理财产品 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」）于 2025 年 4 月 16 日在香港联合交易所 有限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市 规则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 海信家电集团股份有限公司董事会 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 董事會宣佈，於 2024 年 12 月 27 日至 2025 年 4 月 16 日期間，本公司及本公司的附屬公司 空調營銷公司及冰箱營銷公司（作為認購方）訂立華夏理財協議，以認購華夏理財產品，認 購金額為人民幣 2,340,000,000 元。 本集團使用自有閒置資金支付該等華夏理財協議下的認購金額。 2 ...

Core Viewpoint - China's home appliance industry is leveraging international expansion as a key growth strategy despite uncertainties in the global trade environment, with leading companies like Hisense demonstrating strong performance through diversified global operations [1] Group 1: Financial Performance - Hisense reported an annual revenue of 92.746 billion yuan, representing a year-on-year growth of 8.35%, with overseas revenue exceeding 35.6 billion yuan, up 28% [1] - In the European market, Hisense's smart large-screen refrigerators saw sales increase by over 300% year-on-year from January to November 2024 [3] Group 2: Localization and Product Development - Hisense emphasizes a "localization" strategy by establishing 16 R&D centers and 19 industrial parks overseas to better serve local markets and enhance revenue [1] - The company is focusing on AI upgrades and energy efficiency in product offerings to meet European market preferences, achieving significant improvements in product ratings and energy standards [3] Group 3: Supply Chain and Market Opportunities - Hisense is enhancing its supply chain capabilities, with a 25.8% optimization in core order fulfillment cycles and a 7.5% increase in order assurance rates [4] - The company is expanding its high-end product offerings in Europe, with a 35% increase in revenue, particularly in washing machines, which saw a 48% revenue growth [4] Group 4: Channel Efficiency and Regional Growth - In the Asia-Pacific region, Hisense implemented a multi-dimensional strategy leading to a 15% revenue increase, with significant growth in Australia (15%) and ASEAN markets (32%) [5] - The central air conditioning segment achieved an 80% revenue growth by focusing on professional channels and water machine categories [5] Group 5: Brand Marketing and Recognition - Hisense has utilized sports marketing as a key strategy for brand recognition, sponsoring major events like the UEFA European Championship and the FIFA World Cup, which has significantly boosted its global brand presence [6] - The company ranked first in the smart home appliance sector in the 2024 China Brand Global Trust Index, highlighting its strong market position [6] Group 6: Product Innovation and Technology - Hisense is launching a series of innovative products tailored for the World Cup, integrating advanced AI technology to enhance user experience in various home appliance categories [7] - The company’s long-term global strategy is characterized as a marathon rather than a sprint, emphasizing the importance of sustained efforts in navigating international markets [7]

股票代码：000921 股票简称：海信家电 公告编号：2025-021 海信家电集团股份有限公司 H 股公告-认购理财产品 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」）于 2025 年 4 月 14 日在香港联合交易所有 限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市 规则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 海信家电集团股份有限公司董事会 2025 年 4 月 14 日 1 董事會宣佈，於 2024 年 6 月 5 日至 2025 年 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-020 海信家电集团股份有限公司 H 股公告-董事会会议通知 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」）于 2025 年 4 月 11 日在香港联合交易所有 限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市 规则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 公告 董事會會議通知 特此公告。 海信家电集团股份有限公司董事会 2025 年 4 月 11 日 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因依賴該等內 容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司（「本公司」）董事會（「董事會」）茲通 ...

Group 1: Home Appliances Sector - The home appliance sector is expected to maintain stable operations due to robust domestic sales growth and strong export performance, supported by favorable policies and low base effects [1] - White goods are projected to see steady revenue growth and improved profitability, with expectations of stable growth in both domestic and export markets for air conditioners, refrigerators, and washing machines [1] - Leading companies in the sector, such as Gree Electric Appliances, Midea Group, Haier Smart Home, and Hisense Home Appliances, are recommended for investment due to their strong risk management capabilities and dividend advantages [1] Group 2: Black Appliances Sector - The black appliance sector is experiencing slight growth in shipments, with significant optimization in product structure, driven by subsidy policies and increased penetration of MiniLED technology [2] - The overall operating environment for the color TV industry remains stable, with a year-on-year increase in both domestic and export sales [2] - Panel prices have seen a slight increase, allowing leading companies to potentially improve profitability through product upgrades [2] Group 3: Post-Cycle Sector - The post-cycle sector is facing weak terminal demand, with a significant year-on-year decline in residential construction area, impacting overall industry demand [3] - Despite a narrowing decline compared to the previous quarter, the demand outlook remains weak, with limited impact from trade-in policies [3] - Profitability in the sector is expected to be slightly pressured due to the challenging demand environment [3] Group 4: Emerging Small Appliances - The emerging small appliance sector is anticipated to continue high growth in domestic sales, particularly in robotic vacuum cleaners and washing machines, driven by trade-in policies and product innovations [4] - Export performance is expected to remain stable, supported by aggressive marketing strategies from domestic brands [4] - However, intense competition in the industry may put pressure on profitability [4] Group 5: Kitchen Small Appliances - The kitchen small appliance sector is showing signs of recovery in domestic sales, aided by government subsidies and improved brand management on platforms like Douyin [5] - Export growth is expected to remain steady due to a recovery in overseas markets and short-term export opportunities [5] - Profitability is projected to improve in 2025, supported by a better competitive environment and slight revenue growth [5]

Investment Rating - The report maintains a "Buy" investment rating for Hisense Home Appliances [5] Core Views - The company's Q4 performance exceeded expectations, with a revenue of 22.167 billion yuan, a year-on-year increase of 7%, and a net profit of 555 million yuan, up 35% year-on-year [5] - The central air conditioning segment remains a key profit driver, despite a challenging market environment, with the company achieving a net profit of 3.486 billion yuan in this segment, a year-on-year increase of 7% [5] - The home appliance segment showed strong growth, with significant increases in both domestic and export sales, particularly in the washing machine category, which saw a 152% year-on-year increase in sales [5] Financial Data and Profit Forecast - Total revenue is projected to grow from 85.6 billion yuan in 2023 to 113.878 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.4% [2][7] - The net profit attributable to the parent company is expected to increase from 2.837 billion yuan in 2023 to 5.006 billion yuan in 2027, reflecting a CAGR of approximately 15% [2][7] - Earnings per share (EPS) is forecasted to rise from 2.08 yuan in 2023 to 3.61 yuan in 2027 [2][7] - The company's gross margin is expected to stabilize around 22.3% by 2027, with a return on equity (ROE) projected to remain above 21% [2][7] Market Data - As of April 7, 2025, the closing price of the stock is 25.11 yuan, with a market capitalization of 22.896 billion yuan [3] - The stock has a price-to-earnings (P/E) ratio projected to decrease from 12 in 2023 to 7 in 2027, indicating increasing valuation attractiveness [2][3]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [3][15] Core Views - The company has shown strong performance in 2024, with revenue reaching 92.746 billion (up 8%) and net profit attributable to the parent company at 3.348 billion (up 18%) [5] - The fourth quarter of 2024 exceeded expectations, with a revenue of 22.2 billion (up 7%) and a net profit of 560 million (up 35%) [5] - The report highlights that external sales have been a significant driver of revenue growth, despite a slight slowdown in growth rates [6][7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 92.746 billion, with a year-on-year growth rate of 8% [3] - The net profit attributable to the parent company for 2024 was 3.348 billion, reflecting an 18% increase year-on-year [3] - The fourth quarter of 2024 saw a revenue of 22.2 billion, with a net profit of 560 million, marking a 35% increase [5] Revenue and Profitability - The report indicates that all business segments contributed to profit growth, with external sales being a key factor [8] - The company’s net profit margin improved to 16.8% in 2024, driven by structural improvements and efficiency gains [9] Future Outlook - The company is expected to maintain strong external sales and recover internal sales, with projected net profits of 3.8 billion in 2025 and 4.2 billion in 2026 [11] - The report anticipates a continued focus on improving profit margins in the white goods segment, with a projected profit margin of 2-3% in 2024 [11]

Investment Rating - The report maintains a positive outlook on the home appliance industry, highlighting the potential for growth and investment opportunities [5]. Core Insights - The home appliance sector is experiencing significant growth, with double-digit increases in both domestic and international sales for major categories such as air conditioners, refrigerators, and washing machines [6][41][43]. - The report emphasizes three main investment themes: the undervaluation and stable growth of white goods, the potential for export growth driven by large customer orders, and the rising demand for core components in the white goods supply chain [6]. Summary by Sections Data Observation - In February 2025, the air conditioning industry produced 16.785 million units, a year-on-year increase of 42.9%, with domestic sales up 21.3% and exports up 50.8% [34]. - The refrigerator sector saw production of 7.225 million units, a 47.8% increase year-on-year, with both domestic and export sales rising by 16.5% [41]. - The washing machine industry produced 6.51 million units, a 14.7% increase year-on-year, with domestic sales up 20.9% and exports up 8.0% [43]. Investment Highlights - The report suggests that the white goods sector benefits from favorable real estate policies and has attributes of low valuation, high dividends, and stable growth, making it an attractive investment [6]. - The "trade-in" policy is expected to catalyze demand, with production schedules for domestic sales projected to increase significantly in the coming months [6]. - Recommended companies include Hisense, Midea, Haier, and Gree for their strong market positions and growth potential [6]. Industry Dynamics - The report notes that the home appliance sector underperformed compared to the broader market, with the home appliance index down 3.5% while the CSI 300 index fell 1.4% [8][9]. - The announcement of a "reciprocal tariff" plan by the Trump administration could impact trade dynamics, with various countries facing significant tariff increases [14][68]. - The "two new" policies are showing positive effects, with a notable increase in consumer spending on home appliances and vehicles, indicating a recovery in the consumer market [15][66]. Company Performance - Hisense reported a revenue increase of 9% year-on-year for 2024, with a net profit of 2.246 billion yuan, reflecting a stable financial performance [56]. - Stone Technology achieved a revenue growth of 38% year-on-year, although its net profit declined by 4%, indicating challenges in profitability despite revenue growth [58]. - The report highlights the struggles of Gome Retail, which reported a significant loss and declining revenues, reflecting broader challenges in the traditional retail sector [70][71].