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 ...

海信家电（ [Table_StockNameRptType] 000921） 公司点评 外销延续景气 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------|--------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances (000921) with a target price based on the last closing price of 28.92 [1][2]. Core Views - In Q3 2024, the company's revenue and profit are under short-term pressure due to high base effects and insufficient domestic demand, with Q3 revenue at 219.37 billion yuan (-0.08%) and net profit at 7.77 billion yuan (-16.29%) [2][3]. - The company achieved a total revenue of 705.79 billion yuan (+8.75%) and a net profit of 27.93 billion yuan (+15.13%) for the first three quarters of 2024 [2]. - The report anticipates a recovery in white goods demand driven by a new round of "old-for-new" policies and growth in the export chain, alongside the expansion of the new energy thermal management business [3]. Financial Summary - For Q3 2024, the gross margin is reported at 20.76% (-2.45 percentage points), and the net margin is at 5.18% (-1.54 percentage points) [3]. - The company forecasts net profits for 2024-2026 to be 33.16 billion yuan, 37.80 billion yuan, and 42.86 billion yuan respectively, with corresponding EPS of 2.39, 2.73, and 3.09 yuan [3][6]. - The projected PE ratios for 2024-2026 are 12.09, 10.60, and 9.35 times respectively [3][6].

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [3][2] Core Views - The company's revenue for the first three quarters of 2024 reached 70.579 billion yuan, a year-on-year increase of 8.75%, while the net profit attributable to shareholders was 2.793 billion yuan, up 15.13% year-on-year [1] - In Q3 2024, the company's revenue slightly decreased by 0.08% year-on-year to 21.937 billion yuan, and the net profit fell by 16.29% year-on-year to 777 million yuan [1] - The gross margin in Q3 2024 decreased by 2.45 percentage points to 20.76%, and the net profit margin decreased by 1.54 percentage points to 5.18% [1] Financial Performance Summary - Operating cash flow in Q3 2024 was 3.108 billion yuan, down 36.43% year-on-year, primarily due to inventory stocking and increased performance bonuses [2] - Cash received from sales increased by 7.2% year-on-year to 21.67 billion yuan [2] - As of Q3 2024, contract liabilities increased by 6.61% year-on-year and 2.08% quarter-on-quarter, while inventory increased by 8.12% year-on-year but decreased by 15.12% quarter-on-quarter [2] Earnings Forecast and Investment Suggestion - The forecast for net profit attributable to shareholders for 2024-2026 is 3.301 billion yuan, 3.737 billion yuan, and 4.219 billion yuan, representing year-on-year growth rates of 16.4%, 13.2%, and 12.9% respectively [2] - The report suggests maintaining the "Buy" rating based on the company's performance in the first three quarters of 2024 and the overall industry environment [2] Stock Information - The closing price on October 30 was 28.92 yuan, with a total market capitalization of 40,083.42 million yuan [3] - The total share capital is 1,386.01 million shares, with 98.95% being freely tradable [3]

Financial Performance - The company's operating revenue for Q3 2024 was ¥21,937,415,143.08, a decrease of 0.08% compared to the same period last year[3] - Net profit attributable to shareholders was ¥777,159,401.39, down 16.29% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥586,117,603.68, a decline of 26.67% compared to the previous year[3] - Total operating revenue for Q3 2024 reached CNY 70.58 billion, an increase of 8.6% compared to CNY 64.90 billion in Q3 2023[14] - Net profit attributable to the parent company for Q3 2024 was CNY 1.42 billion, compared to CNY 1.25 billion in Q3 2023, marking a growth of 13.6%[14] - The total operating profit for Q3 2024 was approximately CNY 4.57 billion, an increase from CNY 4.45 billion in Q3 2023, reflecting a growth of about 2.6%[15] - Net profit attributable to shareholders of the parent company reached CNY 2.79 billion, up from CNY 2.43 billion in the same period last year, representing an increase of approximately 15.1%[15] - The total comprehensive income for Q3 2024 was CNY 4.06 billion, compared to CNY 3.99 billion in Q3 2023, indicating a growth of about 1.9%[15] Assets and Liabilities - Total assets at the end of the reporting period reached ¥68,561,423,626.50, an increase of 3.97% from the end of the previous year[3] - The total assets of the company increased to CNY 68.56 billion in Q3 2024, up from CNY 65.95 billion in Q3 2023, representing a growth of 3.4%[13] - The total liabilities rose to CNY 50.24 billion in Q3 2024, compared to CNY 46.55 billion in Q3 2023, indicating an increase of 7.3%[13] Shareholder Information - Shareholders' equity attributable to the parent company was ¥14,791,920,303.42, up 8.92% year-on-year[3] - The total number of common shareholders at the end of the reporting period is 28,738[8] - Qingdao Hisense Air Conditioning Co., Ltd. holds 37.28% of shares, totaling 516,758,670 shares[9] - The company has a total of 33.11% shares held by Hong Kong Central Clearing Limited (agent), totaling 458,957,527 shares[9] - The company has a total of 0.98% shares held by the National Social Security Fund 101 Portfolio, totaling 13,590,932 shares[9] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥5,207,590,143.69, down 40.15% year-on-year[7] - Cash flow from operating activities amounted to CNY 61.62 billion, an increase from CNY 56.52 billion in the previous year, showing a growth of approximately 9.4%[17] - Cash flow from investing activities resulted in a net outflow of CNY 1.25 billion, an improvement from a net outflow of CNY 8.86 billion in the same period last year[17] - Cash flow from financing activities showed a net outflow of ¥4,518,823,224.07, primarily due to increased repayments of loans and stock buybacks[7] - Cash flow from financing activities showed a net outflow of CNY 4.52 billion, compared to a net outflow of CNY 0.18 billion in Q3 2023, indicating a significant increase in cash outflow[18] Expenses - The basic and diluted earnings per share were both ¥0.57, a decrease of 17.39% compared to the same period last year[3] - Research and development expenses for Q3 2024 were CNY 2.47 billion, significantly higher than CNY 1.92 billion in Q3 2023, reflecting a year-on-year increase of 28.8%[14] - The company reported a decrease in tax expenses to CNY 319.76 million in Q3 2024 from CNY 446.45 million in Q3 2023, a reduction of 28.4%[14] Current Assets - The total current assets amount to 49,243,705,036.80 RMB, an increase from 45,139,919,481.27 RMB at the beginning of the period[11] - Cash and cash equivalents decreased to 4,760,576,869.76 RMB from 4,939,273,198.62 RMB[11] - Trade receivables increased to 10,221,764,046.37 RMB from 9,225,321,882.07 RMB[11] - Inventory decreased to 5,645,993,412.86 RMB from 6,774,603,438.00 RMB[11] - Long-term equity investments increased to 1,837,045,383.94 RMB from 1,671,365,117.46 RMB[11] - The company reported a significant increase in trading financial assets to 15,540,453,733.72 RMB from 13,192,025,535.87 RMB[11] Other Comprehensive Income - The company experienced a decrease in other comprehensive income, with a net amount of CNY -105.39 million compared to CNY 24.03 million in the previous year[15]

Financial Performance - The operating revenue for the third quarter of 2024 was RMB 21,937,415,143.08, representing a decrease of 0.08% compared to the same period last year[4]. - The net profit attributable to shareholders was RMB 777,159,401.39, down 16.29% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 586,117,603.68, a decrease of 26.67% compared to the previous year[4]. - The basic earnings per share for the quarter was RMB 0.57, reflecting a decline of 17.39% year-on-year[4]. - The weighted average return on equity was 5.37%, down 1.94 percentage points from the previous year[4]. Assets and Equity - The total assets at the end of the reporting period amounted to RMB 68,561,423,626.50, an increase of 3.97% from the end of the previous year[4]. - The equity attributable to shareholders was RMB 14,791,920,303.42, up 8.92% compared to the end of the previous year[4]. Cash Flow - The net cash flow from operating activities for the year-to-date was RMB 5,207,590,143.69, showing a significant decrease of 40.15% year-on-year[4]. - Cash flow from operating activities decreased by 40.15% to approximately ¥5.21 billion, influenced by inventory stocking patterns and increased performance bonuses[8]. - Cash received from other investment activities increased by 84.39% to approximately ¥25.62 billion, mainly due to the maturity of financial products[8]. - Cash flow from financing activities showed a net outflow of approximately ¥4.52 billion, primarily due to loan repayments and stock buybacks[8]. Receivables and Investments - Accounts receivable decreased by 32.23% to approximately ¥502.63 million due to a reduction in commercial acceptance bills[7]. - Financing receivables increased by 30.14% to approximately ¥6.04 billion, primarily due to an increase in bank acceptance bills[7]. - Other receivables surged by 167.59% to approximately ¥390.15 million, mainly due to increased dividend receivables from subsidiaries[7]. - Investment properties rose by 51.74% to approximately ¥270.07 million, attributed to an increase in apartments rented out by subsidiaries[7]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 28,738, with the top ten shareholders holding significant stakes[9]. - Qingdao Hisense Air Conditioning Co., Ltd. held 37.28% of shares, while Hong Kong Central Clearing (Agent) Ltd. held 33.11%[9]. - The controlling shareholder, Hisense (Hong Kong) Co., Ltd., holds 124.45 million H shares, accounting for 8.98% of the total shares of the company[11]. - There were no changes in the participation of major shareholders in the securities lending business compared to the previous period[12]. Corporate Governance - The company has not made any retrospective adjustments or restatements of previous years' accounting data[3]. - The company’s board of directors includes six executive directors and three independent non-executive directors as of the announcement date[13]. Future Plans - The company plans to continue expanding its investment in long-term assets, as indicated by a 64.29% increase in cash paid for fixed assets and intangible assets[8].

股票代码：000921 股票简称：海信家电 公告编号：2024-084 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 2024 年 10 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 10 月 15 日 1 海信家電集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2024年10月 30日（星期三）舉行董事會會議，以處理以下事項： 1. 審議批准本公司及其附屬公司截至2024年9月30日未經審計的第三季度業績；及 2. 處理任何其他事項（如有）。 承董事會命 海信家電集團股份有限公司 董事長 代慧忠 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 ...

海信家电集团股份有限公司 关于 2024 年度担保额度的说明公告 股票代码：000921 股票简称：海信家电 公告编号：2024-083 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2023年11月28日召开第十一届董事会 2023年第八次临时会议，审议通过了《关于预计2024年度担保额度的议案》。根据本公 司未来的融资和担保需求，为保证业务顺利开展，本公司及下属子公司2024年拟为控股 子公司提供担保，总担保额度不超过人民币79亿元，担保范围包括但不限于用于申请银 行授信、贷款、开具保函、开立信用证、履约担保、银行承兑汇票等。具体请详见本公 司于2023年11月29日披露的《关于预计2024年度担保额度的公告》。现就2024年担保额 度的范围进一步说明如下： 根据本公司 2024 年度融资需求及被担保方业务开展需要，本公司控股子公司三电 株式会社(「三电公司」)已披露的担保额度为人民币 24 亿元，三电公司合并范围内被 担保的主体包括但不限于 SANDEN INTERNATIONAL(U.S.A.),INC.(「S ...

Market Performance - In the first half of 2024, the central air conditioning market in China saw a decline of 5% in overall market capacity, with multi-split systems accounting for nearly 50% of the market share [5]. - The retail volume of the air conditioning market decreased by 10.8% year-on-year, while the retail value dropped by 13.7% in the same period [6]. - The domestic refrigerator market experienced a retail volume increase of 0.8% and a retail value increase of 0.4% in the first half of 2024 [7]. - The washing machine market saw a retail volume growth of 6.2% and a retail value growth of 3.8% in the first half of 2024 [8]. - The export volume of refrigerators increased by 23%, washing machines by 22%, and air conditioners by 30% in the first half of 2024 compared to the previous year [12]. Smart Home Appliances - The smart home appliance market showed significant growth, with retail sales of smart major appliances, smart kitchen appliances, and smart environmental appliances increasing by 5.3%, 4.8%, and 15.7% respectively [11]. - The penetration rate of offline fresh air air conditioners reached 8.6%, marking a year-on-year increase of 0.6% [6]. - The online retail volume of refrigerators on Douyin e-commerce grew by 52.5% year-on-year, indicating a rapid growth in new online channels [7]. - The demand for embedded refrigerators has been increasing, with offline retail volume penetration rising from 9.5% in 2021 to 37.8% in 2024 [7]. Financial Performance - The company's revenue for the reporting period reached ¥48.64 billion, a year-on-year increase of 13.27% compared to ¥42.94 billion in the same period last year [43]. - Net profit attributable to shareholders was ¥2.02 billion, reflecting a significant year-on-year growth of 34.61% from ¥1.50 billion [43]. - The company achieved a 48% year-on-year revenue growth in the high-end product series during the first half of 2024, with 383 new experiential zones established [30]. - The company's gross margin improved by 2.5 percentage points year-on-year in the first half of 2024 [29]. - The company reported a significant increase in R&D expenses, totaling CNY 1.64 billion, which is a 32.2% rise from CNY 1.24 billion in the previous year [116]. Operational Efficiency - The company improved manufacturing efficiency, with a 5.3% year-on-year increase in UPPH and a 4.4% reduction in manufacturing costs per unit [29]. - The company’s inventory turnover improved by 12% in the first half of 2024, enhancing capital efficiency [29]. - The company has automated operations, replacing over 1,700 positions, and improved labor costs by 11% year-on-year [39]. - The company aims to improve operational efficiency and reduce costs in the upcoming quarters [125]. Research and Development - The company is transitioning from a compressor supplier to a comprehensive thermal management system supplier for new energy vehicles, with continuous improvements in product development [27]. - The company has established over 20 provincial and national-level technology innovation platforms, including a national-level enterprise technology center and a post-doctoral research workstation [68]. - The company has achieved international leadership in noise control technology for household air conditioners, enhancing user experience [69]. - The company has been actively involved in the research and development of smart home solutions, enhancing its product offerings in the HVAC and home appliance sectors [132]. Market Expansion and Strategy - The company plans to enhance its global supply chain and expand overseas markets, focusing on integrating R&D centers and local business operations [42]. - The company aims to leverage its strong capital reserves for potential acquisitions to enhance its market share [132]. - The company is exploring potential mergers and acquisitions to strengthen its market position [125]. - The market expansion strategy includes targeting emerging markets, which is expected to contribute to a 25% increase in overall sales [128]. Shareholder and Governance - The company has a total of 25,399 shareholders as of June 30, 2024 [87]. - The company repurchased 13,915,968 shares from January 17, 2024, to July 23, 2024, accounting for 1.00% of the total share capital, with a total transaction amount of RMB 343,418,332.75 [96]. - The company has adopted a 2024 A-share employee stock ownership plan involving up to 13,916,000 shares, with 735,918 A-shares available for future grants [102]. - The company confirmed that all directors and supervisors adhered to the securities trading code during the reporting period [95]. Risks and Challenges - The company faces risks from macroeconomic fluctuations, rising costs, trade protectionism, and exchange rate volatility [74]. - The company reported a decrease in cash and cash equivalents by RMB 127,424,266.33, compared to an increase of RMB 138,885,445.53 in the previous year, indicating cash flow challenges [47]. - The company has not engaged in any asset or equity acquisitions or disposals during the reporting period [76]. Accounting and Financial Reporting - The financial statements are prepared in accordance with Chinese accounting standards [107]. - The group follows the principle of materiality in preparing and disclosing financial statements [139]. - The group recognizes revenue when control of goods or services is transferred to customers, primarily through sales of products [198]. - The group assesses credit risk for financial assets at each reporting date to determine if there has been a significant increase in credit risk since initial recognition [161].