Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 92.75 billion yuan in 2024, representing a year-on-year increase of 8.3%, and a net profit attributable to shareholders of 3.35 billion yuan, up 18.0% [5][12] - The company's overseas business showed significant growth, with a 27.6% increase in foreign revenue, while domestic revenue slightly contracted by 2.1% [29][31] - The company is expected to maintain a strong profit growth trajectory, with projected net profits of 3.754 billion yuan, 4.190 billion yuan, and 4.599 billion yuan for 2025, 2026, and 2027 respectively [52] Summary by Sections 1. Revenue and Profitability - In 2024, the company reported a total revenue of 92.75 billion yuan, with a net profit of 3.35 billion yuan and a non-recurring net profit of 2.61 billion yuan [5][12] - For Q4 2024, the company achieved a revenue of 22.17 billion yuan, reflecting a 7.1% increase, and a net profit of 550 million yuan, which is a 34.9% increase [15][16] 2. Business Segmentation - The company's air conditioning revenue reached 40.28 billion yuan, up 4.2%, while the ice washing segment saw revenue of 30.89 billion yuan, increasing by 18.5% [17][22] - The company’s high-end product lines, particularly in the ice washing category, showed strong growth, with high-end retail sales increasing by 19.8% [26] 3. Geographic Performance - Domestic revenue was 47.99 billion yuan, down 2.1%, while overseas revenue was 35.63 billion yuan, up 27.6% [29][31] - Growth in overseas markets included a 35% increase in Europe and a 47% increase in the Americas [29] 4. Financial Metrics - The gross margin for 2024 was 20.8%, with a net profit margin of 3.6% [34][42] - The company’s operating cash flow for 2024 was 5.132 billion yuan, down 51.6% from the previous year [48] 5. Future Earnings Forecast - The company has revised its earnings forecast for 2025-2026 downwards but has introduced a new forecast for 2027, expecting net profits of 3.754 billion yuan, 4.190 billion yuan, and 4.599 billion yuan for the respective years [52]

美的、海尔、海信家电 2024 年报解读&白电最新观点汇报 20250330 白电行业未来发展趋势如何？ 白电行业近期市场风格有所变化，总体上涨势头良好。在分析三家主要公司时， 可以看到各自的发展特点和挑战。例如海尔通过积极调整人员及推进数字化， 实现了内销量显著提升，并且卡萨帝品牌也取得了高增长。此外，美的不建议 过多关注扣非口径，而应直接看归母净利润，其业绩略超预期且 B 端业务提速 明显。 总体来看，在全球经济环境不出现重大波动情况下，如美国市场不大幅 衰退，各家公司都能维持稳定甚至改善的发展态势。这对于白电行业来说，是 一个积极信号。同时，各公司通过内部调整及战略优化，也展现出应对市场变 化及竞争压力的能力。因此，可以期待白电行业未来几个季度持续保持良好的 发展势头。 美的集团在 2025 年第一季度的表现如何？ 美的集团在 2025 年第一季度表现超预期。其现金流和存货科目质量良好，预示 着后续增长潜力巨大。美的在 2025 年将分红从去年的 61.5%提升至 69%，并计 摘要 • 海尔内销增速显著提升，四季度增速达约 12%，为近几个季度最快，预计 未来几个季度内销增速将保持高位。卡萨帝品牌扭转 ...

• 海信家电 2024 年四季度整体增幅约 9%，冰洗业务增幅 11%-12%，家用空调 增幅 21%，但双控业务略降 5%，三圆业务下降 6%。毛利率基本与去年同期 持平，略有下降 0.2 个百分点，除空调外，各品类线毛利率均有所改善。 • 海外市场方面，海信家电通过蒙特雷工厂、泰国代工厂及欧洲工厂应对关 税风险。尽管面临欧美市场竞争加剧，但凭借品牌优势、海外研发和制造 布局，公司有信心保持竞争力，预计 2025 年中央空调外销目标增长超过 50%。 • 中央空调市场虽面临房地产行业挑战，但高质量地产转型、旧改项目以及 行业头部品牌集聚效应带来机遇。海信中央空调强调产品稳定性、安装完 善性和服务及时性，以此应对美的、小米等新进入者的竞争。 • 海信家电通过产品力提升、平台效率改善和运营能力提升，持续改善盈利 能力。2025 年目标是在 2023 年归母净利润基础上实现 15%的复合增速，同 时聚焦家装板块，加大日立品牌投入，关注旧改项目。 • 2024 年各主要出口区域增速显著：美洲区 40%，欧洲区 30%，东安动力 20- 25%，东盟 30%，亚太 15%。2025 年将延续品类补齐概念，如空调、洗衣 ...

Group 1 - Midea Group reported a total revenue of 409.1 billion yuan for 2024, marking a year-on-year increase of 9.5%, and a net profit of 38.5 billion yuan, up 14.3% [3] - The company plans to distribute a cash dividend of 35 yuan per 10 shares, totaling 26.7 billion yuan, which is nearly 30% higher than the previous year, and the dividend payout ratio is close to 70% of net profit [3] - Midea's revenue growth has accelerated, surpassing 400 billion yuan in just three years since reaching 300 billion yuan in 2021 [3] Group 2 - Hisense Home Appliances achieved a revenue of 92.746 billion yuan in 2024, reflecting an 8.35% year-on-year growth, with a net profit of 3.348 billion yuan, up 17.99% [4] - The company plans to distribute a cash dividend of 12.3 yuan per 10 shares, which is a 21.42% increase compared to the previous year [4] - Both companies attribute their strong revenue and profit growth to successful international expansion efforts [5] Group 3 - Hisense's overseas revenue exceeded 35.6 billion yuan, growing by 28%, with significant increases in various regions including Europe and the Americas [5] - Midea's OBM (Own Brand Manufacturer) revenue accounted for 43% of its smart home overseas business, with exports to over 200 countries and regions, making it the top brand in global smart appliance sales for 2024 [5]

投资建议：行业端，伴随国内新一轮"以旧换新"政策催化，出口链恢复性增长，白电需求有望持续复 苏；乘新能源汽车发展东风，上游压缩机等零部件行业有望增长。公司端，白电产品中高端布局持续深 化，新能源热管理业务积极拓展，公司收入业绩有望持续增长。我们预计，2025-2027年公司归母净利 润为37.49/42.18/45.49 亿元，对应EPS 为2.71/3.04/3.28 元，当前股价对应PE 为11.17/9.93/9.21 倍。维 持"买入"评级。 风险提示：汇率波动风险、大宗原材料、核心配件价格波动风险、海运及人力成本上升风险、贸易保护 主义带来市场风险、技术迭代等。 2024Q4 业绩端增速较快，洗碗机销售额表现靓丽。1）分季度看，2024Q4 公司营收达221.67 亿元 （+7.08%），归母净利润达5.55 亿元（+34.91%），收入端表现稳健，业绩端实现较快增长。2）分产 品看，2024年公司暖通空调/冰洗/其他主营分别实现收入402.84/308.39/125.00 亿元，分别同比 +4.22/+18.29/+2.15%，其中公司家空2024 年线上/线下零售额分别同比+10.8/+21.2 ...

记者采访了解到，2023年现金流的大幅增长，主要因为2022年备货节奏提前，付款在当年度支付，未对 2023年产生付款压力，而同时，2023年在下半年备货的付款压力又后移到24年，导致当年度该数据较 高。 公司相关部门负责人在采访中表示，2024年上半年备货基本在当年四季度兑付，不会对2025年经营现金 流带来压力。同时，2024年现金流与营业利润基本匹配。受均衡储备节奏和票据到期节奏不同的影响， 历年来单看当年度都存在一定不均衡性，累计两年看处于行业正常水平。 此外，记者在年报中看到，公司2024年应收账款为104.81亿元。对此，该负责人表示，公司应收主要为 客户和渠道结构带来的影响。海外收入高增长带动整体规模提升，电商收入增速略好于内销其他渠道， 海外市场和电商渠道的客户账期略高于平均，导致整体账期水平随着这两方面收入规模增长而提高。但 是，分账龄的情况来看是改善的，坏账准备也是下降的，并没有增大坏账风险。 根据公开资料显示，目前，海信在全球布局36个工业园区和生产基地，设有30所研发机构、64个海外公 司和办事处，坚持深耕体育营销提升品牌影响力。坚持全面拥抱数字化和智能化，重塑面向未来的可持 续发展能 ...

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [1] Core Views - Hisense Home Appliances achieved a revenue of 92.746 billion yuan in 2024, representing an increase of 8.35%, and a net profit attributable to shareholders of 3.348 billion yuan, up by 17.99% [4] - The company experienced rapid growth in Q4 2024, with revenue reaching 22.167 billion yuan, a year-on-year increase of 7.08%, and a net profit of 555 million yuan, up by 34.91% [5] - The company's kitchen appliance business saw a remarkable revenue growth of 72%, with dishwasher sales increasing by 152% year-on-year [5] - Domestic sales decreased by 2.12% to 47.994 billion yuan, while overseas sales grew by 27.59% to 35.629 billion yuan, driven by strong performance in Europe and the Americas [5] Financial Summary - The gross margin for Q4 2024 was 19.69%, down by 2.35 percentage points, primarily due to a decline in air conditioning margins [6] - The net profit margin improved to 4.33%, an increase of 0.33 percentage points, attributed to effective cost control [6] - The company expects net profits to grow to 3.749 billion yuan in 2025, 4.218 billion yuan in 2026, and 4.549 billion yuan in 2027, with corresponding EPS of 2.71, 3.04, and 3.28 yuan [9]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [8][19]. Core Insights - The company achieved a revenue of 92.746 billion RMB in 2024, representing a year-on-year growth of 8.35%, and a net profit of 3.348 billion RMB, up 17.99% year-on-year [1][5]. - The fourth quarter of 2024 saw revenues of 22.167 billion RMB, a 7.08% increase year-on-year, with a net profit of 555 million RMB, marking a significant 34.91% growth [1]. - The company plans to distribute a cash dividend of 12.30 RMB per 10 shares, with a payout ratio of 51% [1]. Revenue and Profit Analysis - The air conditioning and washing machine segments saw revenue growth of 4.2% and 18.3% respectively, while the revenue from Hisense Hitachi declined by 6.4%. Excluding Hitachi, the air conditioning revenue growth was 18.5% [2]. - The external sales of white goods showed remarkable growth, with a 36% increase year-on-year, particularly strong in Europe (+35%), the Americas (+46.5%), and ASEAN (+32%) [2]. Profitability Metrics - The company's gross margin for 2024 was 20.78%, a decrease of 1.31 percentage points year-on-year, while the net margin was 5.53%, down 0.07 percentage points [3]. - In Q4 2024, the gross margin was 19.69%, down 2.35 percentage points year-on-year, but the net margin improved by 0.32 percentage points to 4.33% [3]. Expense Management - The sales expense ratio decreased significantly to 9.71%, down 1.17 percentage points year-on-year, primarily due to changes in accounting standards [4]. - The management and R&D expense ratios saw slight increases, while the financial expense ratio improved marginally [4]. Cash Flow and Balance Sheet - The company's cash and cash equivalents, along with trading financial assets, totaled 20.607 billion RMB, a 13.65% increase year-on-year [5]. - However, the net cash flow from operating activities dropped by 51.64% to 5.132 billion RMB, attributed to increased cash payments for goods and services [5]. Future Projections - The company is expected to continue improving its profitability in the air conditioning and white goods sectors, with projected net profits of 3.85 billion RMB, 4.36 billion RMB, and 4.89 billion RMB for 2025, 2026, and 2027 respectively [5]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 10.87x, 9.61x, and 8.56x respectively, indicating a favorable valuation outlook [5].

Investment Rating - The investment rating for Hisense Home Appliances is maintained as "Accumulate" [5] Core Views - The company reported a total revenue of 92.746 billion yuan for 2024, representing a year-on-year growth of 8.35%, and a net profit attributable to shareholders of 3.348 billion yuan, up 17.99% year-on-year [1] - The company continues to enhance its dividend payout ratio, increasing from 49.46% in 2024 to 50.89% in 2025 [1] - The core product categories showed steady growth, with air conditioning, refrigeration, and washing machines growing by 4.22%, 18.29%, and 2.15% respectively in 2024 [1] - The company experienced a significant increase in overseas sales, with a year-on-year growth of 27.59%, while domestic sales declined by 2.12% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 22.167 billion yuan, a 7.08% increase year-on-year, and a net profit of 555 million yuan, which is a 34.91% increase year-on-year [1] - The gross margin for Q4 2024 decreased by 2.35 percentage points to 19.69% [2] - The net profit margin for Q4 2024 increased by 0.32 percentage points to 4.33% [2] - The company has a strong expense management capability, with sales, management, R&D, and financial expense ratios showing improvements [2] Future Earnings Forecast - The company is expected to achieve net profits of 3.750 billion yuan, 4.186 billion yuan, and 4.602 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.0%, 11.6%, and 9.9% [2]

Investment Rating - The investment rating for Hisense Home Appliances is maintained as "Accumulate" [5] Core Views - The company reported a total revenue of 92.746 billion yuan for 2024, representing a year-on-year growth of 8.35%, and a net profit attributable to shareholders of 3.348 billion yuan, up 17.99% year-on-year [1] - The company continues to enhance its dividend payout ratio, increasing from 49.46% in 2024 to 50.89% in 2025 [1] - The core product categories showed steady growth, with air conditioning, refrigeration, and washing machines growing by 4.22%, 18.29%, and 2.15% respectively in 2024 [1] - The company experienced a significant increase in overseas sales, with a year-on-year growth of 27.59%, while domestic sales declined by 2.12% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 22.167 billion yuan, a 7.08% increase year-on-year, and a net profit of 555 million yuan, which is a 34.91% increase year-on-year [1] - The gross margin for Q4 2024 decreased by 2.35 percentage points to 19.69% [2] - The net profit margin for Q4 2024 increased by 0.32 percentage points to 4.33% [2] - The company has a strong expense management capability, with sales, management, R&D, and financial expense ratios showing improvements [2] Future Earnings Forecast - The company is expected to achieve net profits of 3.750 billion yuan, 4.186 billion yuan, and 4.602 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.0%, 11.6%, and 9.9% [2]