股票代码：000921 股票简称：海信家电 公告编号：2024-086 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 2024 年 11 月 15 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》16.1 条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 2024 年 11 月 15 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 每份華夏理財協議本身並不構成本公司根據上市規則第 14.06 條須予披露的交易。然而，根 據上市規則第 14.22 條，當該等華夏理財協議下的 ...

Summary of Hisense Home Appliances Conference Call Company and Industry Overview - The conference call pertains to Hisense Home Appliances, focusing on the home appliance industry, particularly air conditioning and refrigeration products [2][4]. Key Points and Arguments Sales Performance - The gross margin for the export segment improved slightly year-on-year, while the domestic sales segment faced pressure from raw material costs and weak sales, leading to a decline in profits [2][3]. - Domestic sales showed gradual improvement month-over-month, with August exports better than July, and September benefiting from the "trade-in" effect, leading to overall better performance in October [2][3]. Product Categories - In the home air conditioning sector, installation cards for processing and installation grew by 28% year-on-year in October, with new air conditioning types seeing over 50% growth in September and doubling in October [2][4]. - For refrigerators, sales in the 6,000 to 12,000 yuan price range increased significantly, and the share of embedded refrigerator sales rose rapidly, with an overall increase in average prices across categories [2][4]. Inventory and Market Conditions - Current inventory levels show that processing and washing channels are slightly lower than the same period last year, while central control channel inventory is about three months, slightly higher than last year [5]. - The real estate market significantly impacts central control business, with real estate-related revenue accounting for 60% of total revenue. The refined decoration segment has seen a decline of over 20% in the first three quarters of the year [6]. Market Trends - Multi-split systems are increasingly used in renovation demands, dominating the C-end market, although unit machines have seen slightly higher growth in recent years. However, the long-term market potential for multi-split systems is larger due to the limited capacity of unit machines [7]. - Large-scale equipment orders typically take over six months to convert into reported revenue, with some orders taking a year or longer, making the revenue recognition timeline uncertain despite signs of order growth [8]. Competitive Landscape - In the domestic market, Hisense, Hitachi, and York have different positioning, with Hitachi and York focusing on high-end central air conditioning, while Hisense offers a more diversified product range [9][10]. - Hisense's market share in the domestic market is approximately 34%, with Hitachi at around 57% and York at 9%. Hisense and York have shown faster growth rates compared to Hitachi [10]. Future Outlook - The company aims for continued growth in both domestic and international markets, with expectations of maintaining a net profit margin of around 15% next year [14][29]. - The company anticipates a compound annual growth rate of over 15% for exports by 2025, with emerging markets like Latin America and ASEAN expected to grow rapidly [33]. Additional Important Insights - The impact of the "trade-in" policy on future demand is not expected to significantly deplete future demand, as there remains a substantial number of old products needing replacement [32]. - Other business revenues, primarily from waste recycling, contribute approximately 8 billion yuan with a gross margin of about 4%, aligning with the main business revenue trends [34]. - The company maintains a dividend payout ratio of 50%, indicating a strong commitment to shareholder returns [35].

证 券 研 究 报 告 海信家电（000921）2024 年三季报点评 强推（维持） 外销延续高增，盈利短期承压 目标价：34 元 事项： ❖ 公司发布 2024 年三季报，24Q1-Q3 公司实现营收 705.8 亿元，同比增长 8.8%； 归母净利润 27.9 亿元，同比增长 15.1%。单季度来看，24Q3 公司实现营收 219.4 亿元，同比减少 0.1%，归母净利润 7.8 亿元，同比减少 16.3%。 评论： ❖ 白电业务稳健增长，央空表现仍然承压。24Q1-Q3 公司实现营收 705.8 亿元， 同比+8.8%，单 Q3 营收 219.4 亿元，同比-0.1%，收入增速略有放缓，我们判 断公司非主营业务或有一定扰动，但白电等业务仍然维持增长。根据产业在线 数据，7-8 月空调内/外销量同比-14.9%/+37.5%，尽管内需表现相对承压，但在 海外市场拉动下我们预计公司家空业务仍有个位数增长。冰洗内销景气度稍 好，7-8 月冰箱内销/外销同比-8.1%/+17.9%，考虑到公司积极推进海信+容声 双品牌战略与自有渠道建设，我们判断冰洗业务或有双位数增长。央空业务在 市场需求偏弱与房地产表现承压背 ...

F原证券 家用电器/白色家电 公 司 研 究 海信家电（000921.SZ） 2024 年 11 月 04 日 外销保持高景气增长，静待以旧换新拉动内销改善 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/11/1 | | 当前股价 ( 元 ) | 28.03 | | 一年最高最低 ( 元 ) | 43.18/19.69 | | 总市值 ( 亿元 ) | 388.50 | | 流通市值 ( 亿元 ) | 255.59 | | 总股本 ( 亿股 ) | 13.86 | | 流通股本 ( 亿股 ) | 9.12 | | 近 3 个月换手率 (%) | 101.57 | 股价走势图 -30% 0% 30% 60% 90% 120% 2023-11 2024-03 2024-07 海信家电 沪深300 数据来源：聚源 相关研究报告 《外销保持高景气增长，盈利能力继 续提升 — 公 司 信 息 更 新 报 告 》 -2024.9.3 《冰冷洗外销改善显著，Q1 业绩超预 期—公司信息更新 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 34.80 CNY over the next six months, representing a dynamic price-to-earnings ratio of 15 times for 2024 [5][11]. Core Views - The company reported a revenue of 70.58 billion CNY for the first three quarters of 2024, reflecting a year-on-year increase of 8.8%. The net profit attributable to shareholders was 2.79 billion CNY, up 15.1% year-on-year [1]. - The report highlights that while domestic sales growth has slowed, export sales continue to grow rapidly, with a projected year-on-year increase of over 30% for white goods [2][3]. - The gross margin for Q3 2024 was reported at 20.8%, a decrease of 2.4 percentage points year-on-year, primarily due to increased competition and rising raw material costs [3]. - The report anticipates that the company's profitability will improve due to the expected enhancement in domestic sales prices driven by trade-in programs and ongoing product upgrades [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 21.94 billion CNY, a slight decrease of 0.1% year-on-year, with a net profit of 780 million CNY, down 16.3% year-on-year [1][3]. - The operating cash flow for Q3 decreased by 1.78 billion CNY year-on-year, attributed to a significant increase in cash payments for goods and services [3]. Sales Performance - Domestic sales growth has been impacted by the real estate sector, with significant declines in central air conditioning and home appliance sales. However, the company is diversifying its central air conditioning business to reduce reliance on real estate [2]. - Export sales for home air conditioners and refrigerators showed strong growth, with year-on-year increases of 44% and 22%, respectively, in Q3 2024 [2]. Profitability Metrics - The report projects earnings per share (EPS) of 2.32 CNY and 2.69 CNY for 2024 and 2025, respectively [3]. - The net profit margin for Q3 2024 was 3.5%, down 0.7 percentage points year-on-year, indicating pressure on profitability [3]. Market Outlook - The central air conditioning segment is identified as a growth area within the major appliance sector, with the company expected to benefit from increased downstream demand [3].

基本状况 报告摘要 | --- | --- | --- | |-------------------|-----------|-------| | | | | | 总股本(百万股 ) | 1,386.01 | | | 流通股本(百万股 ) | 1,371.42 | | | 市价(元 ) | 28.00 | | | 市值 (百万元) | 38,808.29 | | | 流通市值(百万元 ) | 38,399.79 | | 公司披露 24Q3 业绩 海信家电（000921.SZ） 白色家电 证券研究报告/公司点评报告 2024 年 11 月 01 日 业绩符合预期，全年展望可实现激励目标 ——海信家电 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|----------|--------|------------------------------------------|--------|---------| | 评级： 买入（维持） ...

证券研究报告 非金融公司|公司点评|海信家电（000921） 2024 三季报点评： 短期经营波动，看好长期发展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月02日 证券研究报告 |报告要点 海信家电 2024Q3 内销有所下滑，外销同比高增且占比提升，叠加原材料涨价滞后传导，因此 公司当季利润有所波动；综合看，我们认为公司有望在四季度政策推行、海外持续扩张与降本 增效等背景下释放业绩弹性，维持公司"买入"评级。 |分析师及联系人 管泉森 孙珊 莫云皓 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523120001 请务必阅读报告末页的重要声明 1 / 6 非金融公司|公司点评 glzqdatemark2 2024年11月02日 海信家电(000921) 2024 三季报点评： 短期经营波动，看好长期发展 | --- | --- | |----------------------------|---------------------| | | | | 行 业： | 家用电器 / 白色家电 | | 投资评级： | 买入（维持） | ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profit growth of 23%, 15%, and 15% for 2024, 2025, and 2026, respectively [6] Core Views - Q3 performance met expectations, with revenue of RMB 70.579 billion (+8.75% YoY) and net profit of RMB 2.793 billion (+15.13% YoY) in the first three quarters of 2024 [4] - Export business showed significant growth, with home air conditioner exports increasing by 32.1% YoY in the first nine months of 2024 [5] - Q4 white goods sector is expected to see improved performance due to domestic "trade-in" policies and overseas stocking [5] - Q3 gross margin declined by 2.45 percentage points YoY to 20.76%, mainly due to changes in domestic and export business structure and rising raw material costs [6] Financial Performance - The company achieved revenue of RMB 219.37 billion in Q3 2024, a slight decrease of 0.08% YoY [4] - Net profit attributable to the parent company in Q3 2024 was RMB 777 million, down 16.29% YoY [4] - Gross margin for the first three quarters of 2024 was 21.12%, a decrease of 0.98 percentage points YoY [6] - Net profit margin for the first three quarters of 2024 was 5.90%, a slight decrease of 0.21 percentage points YoY [6] Industry Outlook - Home air conditioner production for October-December 2024 is expected to increase by 5%, 19%, and 21% YoY for domestic sales, and 51%, 66%, and 49% YoY for exports [5] - Refrigerator production for October-December 2024 is expected to increase by 15%, 14%, and 18% YoY for domestic sales, and 11%, 5%, and 5% YoY for exports [5] - Central air conditioning sales from January to August 2024 reached RMB 85.95 billion, with exports increasing by 40.0% YoY [5] Valuation - The company's current price-to-book ratio is 2.8, with a dividend yield of 3.50% based on the most recent year's announced dividend [2] - The company's market capitalization is RMB 26.37 billion [2] - The company's net asset per share is RMB 10.67, with a debt-to-asset ratio of 73.28% [3]

公司报告 | 季报点评 外销或保持高增，静待以旧换新拉动 Q4 内销 事件：公司 2024 年前三季度实现营业收入 705.79 亿元，同比+8.75%，归 母净利润 27.93 亿元，同比+15.13%；其中 2024Q3 实现营业收入 219.37 亿元，同比-0.08%，归母净利润 7.77 亿元，同比-16.29%。 预计外销保持高增，静待 Q4 政策带动内需好转 收入端，我们预计公司延续 24H1 的趋势，外销或保持较快增长，内销表 现相对较弱。根据奥维数据显示，24W40-42（9/30-10/20）线上/线下海 信空调销额同比+103%/+181%，冰箱销额同比+155%/+120%，洗衣机销额 同比+72%/+124%。国内随着双十一大促叠加以旧换新国补的落地，内销同 比显著改善，内销或有望环比向好。 内外销收入占比变化影响整体毛利率水平 2024 年前三季度公司毛利率为 21.12%，同比-0.98pct，净利率为 5.9%，同 比-0.2pct；其中 2024Q3 毛利率为 20.76%，同比-2.45pct，净利率为 5.18%， 同比-1.54pct。参考 24H1 的情况，内销毛利率 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——海信家电 2024Q3 业绩点评 内销去库存压力逐步褪去，期待 Q4 改善 海信家电(000921) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|---------------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 谢丛睿 ( 分析师 ) | 李汉颖 ( 研究助理 ) | | | 021-38031654 | 021-38038437 | 010-83939833 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | lihanying026725@gtjas.com | | 登记编号 | S0880521050002 | S0880523090004 | S0880122070046 | 本报告导 ...