Group 1: Policy Impact - The "old-for-new" policy has positively influenced the company's performance in the first half of the year, with expectations for greater impact in the second half as more policies are implemented [1] - Subsidies of 15% on sales prices for appliances meeting certain energy efficiency standards and an additional 5% for higher-rated products are significant in promoting appliance upgrades [1] Group 2: Financial Performance - The company's overseas white goods revenue increased by 36.91% year-on-year, with a gross margin of 11.13%, although still lower than domestic white goods margins [1] - In the first half of 2024, the central air conditioning market share exceeded 20%, while washing machine revenue grew by 26.81% [2] Group 3: Strategic Initiatives - The company is committed to long-term development, improving corporate governance, and enhancing employee motivation through a refined equity incentive mechanism [2] - The company is accelerating globalization and leveraging sports marketing, having sponsored the 2024 UEFA European Championship for the third time, contributing to a significant increase in overseas revenue [2] Group 4: Market Position - The market share of Hisense's fresh air conditioning products has risen to 45.3%, and the automotive air conditioning compressor share ranks second globally [2] - The self-owned brand business proportion has surpassed 80% in overseas operations [2]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 36.15 based on a 15x PE valuation for 2024 [1][8]. Core Insights - The company reported a revenue growth of 13.3% year-on-year for the first half of 2024, reaching RMB 48.64 billion, while net profit attributable to shareholders increased by 34.6% to RMB 2.02 billion [1][8]. - The company's profitability improved, with a gross profit margin of 21.28% and a net profit margin of 4.14% for the first half of 2024 [1][8]. - The company is advancing its globalization strategy and optimizing its governance structure, which is expected to support long-term growth in its central air conditioning business [1][8]. Revenue and Profit Performance - In Q2 2024, the company achieved revenue of RMB 25.16 billion, a 7.0% increase year-on-year, and net profit of RMB 1.04 billion, up 17.3% [1][8]. - The refrigeration business generated RMB 14.69 billion in revenue, growing at 26.8%, while the washing machine segment saw a 49.8% increase in main business revenue [1][8]. - Domestic sales revenue was RMB 25.33 billion, up 3.5% year-on-year, while overseas revenue reached RMB 18.21 billion, a 27.9% increase [1][8]. Segment Analysis - The HVAC business reported revenue of RMB 22.77 billion, a 7.6% increase year-on-year, with Hisense Hitachi contributing RMB 11.34 billion, up 0.3% [1][8]. - The company maintained a market share of over 20% in the multi-split air conditioning market, reinforcing its industry leadership [1][8]. Financial Forecast - The estimated EPS for 2024, 2025, and 2026 is projected to be RMB 2.41, 2.75, and 3.13 respectively, indicating a strong growth trajectory [1][8]. - The company’s gross margin is expected to improve gradually, reaching 23.1% by 2026 [5][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue growth of 13% and a net profit growth of 35% for the first half of 2024, achieving a revenue of 48.64 billion yuan and a net profit of 2.02 billion yuan [5][6] - The company maintains a strong performance in both domestic and international markets, with significant growth in its washing machine segment and a leading position in the multi-split air conditioning market [6][10] - The company is expected to continue its global strategy and improve its governance structure, with projected EPS for 2024-2026 being 2.41, 2.75, and 3.13 yuan per share, respectively [6][10] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 48.64 billion yuan, a year-on-year increase of 13.3%, and a net profit of 2.02 billion yuan, up 34.6% [5] - The gross profit margin for H1 2024 was 21.28%, a slight decrease of 0.25 percentage points year-on-year, while the net profit margin improved to 4.14%, an increase of 0.66 percentage points [5][6] Business Segments - The cold appliance segment generated revenue of 14.69 billion yuan, with a growth rate of 26.8%, while the HVAC segment achieved revenue of 22.77 billion yuan, growing by 7.6% [6] - Domestic sales reached 25.33 billion yuan, a 3.5% increase, and the overseas market saw revenue of 18.21 billion yuan, up 27.9% [6] Profitability Forecast - The company is projected to have a revenue of 85.6 billion yuan in 2023, with a year-on-year growth of 15.5%, and a net profit of 2.84 billion yuan, reflecting a growth of 97.7% [7][10] - The gross margin is expected to improve gradually, reaching 23.1% by 2026 [10] Valuation - The company is assigned a valuation range of 31.33 to 36.15 yuan based on a PE ratio of 13-15x for 2024 [6][10]

Group 1: Event Details - The event will be held online on September 12, 2024, from 15:30 to 16:30 [1] - Investors can participate via the "Panorama Roadshow" website [1] Group 2: Company Representatives - Chairman Dai Huizhong, President Hu Jianrong, CFO Gao Yuling, and Secretary Zhang Yuxin will be present to communicate with investors [1] Group 3: Discussion Topics - The discussion will cover 2024 semi-annual performance, corporate governance, development strategy, operational status, financing plans, equity incentives, and sustainable development [1] Group 4: Investor Engagement - The company encourages active participation from investors during the event [1]

Investment Rating - The report does not explicitly state an investment rating for Hisense Home Appliances Core Viewpoints - Hisense Home Appliances has achieved a revenue CAGR of 18.9% from 2018 to 2023, significantly outperforming major competitors in the white goods sector [1] - The company's air conditioning segment is the largest revenue driver, contributing 45.2% of total revenue in 2023, with a CAGR of 21% from 2018 to 2023 [8][12] - Despite a strong domestic performance, Hisense's overseas business has a low gross margin, consistently in single digits, indicating challenges in brand positioning and pricing power in international markets [20][22] Summary by Sections Company Background - Hisense Home Appliances is a local state-owned enterprise that underwent mixed ownership reform in 2020, with a diversified shareholding structure [4] - The company operates under eight brands, including Hisense, Rongsheng, and Kelon, covering various product segments such as HVAC, refrigeration, and kitchen appliances [6] Financial Performance - In 2023, Hisense Home Appliances reported a revenue of 856 billion, with a net profit of 28.4 billion, marking a 98% increase from the previous year [30] - The company's gross margin improved to 22% in 2023, although it remains lower than competitors like Haier and Gree [30] Business Segments - The HVAC segment generated 387 billion in revenue in 2023, with central air conditioning being the primary growth driver [8][12] - The refrigeration and washing segment achieved a revenue of 261 billion in 2023, with a focus on high-end and embedded products [16][19] Overseas Expansion - Over 30% of Hisense's revenue comes from international markets, with a CAGR of 21% from 2018 to 2023 [22] - The overseas sales model is based on a buyout approach, leading to lower gross margins compared to domestic sales [20][22] Market Position - Hisense's central air conditioning products hold a significant market share, particularly in the multi-split air conditioning segment, which accounted for 48.7% of the market in 2023 [14] - The company has been expanding its presence in emerging markets, particularly in the Americas and Asia-Pacific regions [22]

股票代码：000921 股票简称：海信家电 公告编号：2024-080 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 9 月 5 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 9 月 5 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 2023 年 11 月 16 日至 ...

Investment Rating - The investment rating for Hisense Home Appliances is "Outperform the Market" [3][12]. Core Views - The company reported a steady revenue growth of 13.3% year-on-year in H1 2024, reaching RMB 48.64 billion, with a net profit of RMB 2.02 billion, reflecting a 34.6% increase [1]. - The air conditioning segment showed a stable growth of 7.6%, while the washing machine revenue surged by 49.8% in the same period [1]. - The overseas white goods revenue grew significantly by 36.9%, with strong performance across various regions including Europe and the Americas [1]. - The company has adjusted its profit forecast upwards, expecting net profits of RMB 3.41 billion, RMB 3.78 billion, and RMB 4.19 billion for 2024, 2025, and 2026 respectively, indicating a year-on-year growth of 20%, 11%, and 11% [1]. Summary by Sections Revenue and Profitability - In H1 2024, Hisense achieved a revenue of RMB 48.64 billion, with a net profit of RMB 2.02 billion, marking a 34.6% increase year-on-year [1]. - The Q2 revenue was RMB 25.16 billion, with a net profit of RMB 1.03 billion, reflecting a 17.3% increase [1]. Business Segments - The HVAC segment's revenue reached RMB 22.77 billion, with a net profit margin improvement of 3.0 percentage points to 17.3% for Hisense Hitachi [1]. - The washing machine segment saw a revenue increase of 49.8%, contributing to a total ice washing revenue of RMB 14.69 billion, with a slight decline in operating profit margin [1]. Export Performance - The company's export revenue grew by 27.9% to RMB 18.21 billion, with overseas white goods revenue increasing by 36.9% to RMB 14.78 billion [1]. - Revenue growth was noted across various regions, with the Americas showing a 40% increase [1]. Financial Forecasts - The updated profit forecasts for 2024-2026 are RMB 3.41 billion, RMB 3.78 billion, and RMB 4.19 billion, with corresponding PE ratios of 10, 9, and 8 times [1].

Investment Rating - The report assigns a "Buy" rating for Hisense Home Appliances (000921.SZ) [1] Core Views - The company has maintained strong export performance and stable profitability in the white goods sector, with a significant increase in revenue and net profit in the first half of 2024 [1][5] - The report highlights that the company's revenue for H1 2024 reached 48.64 billion yuan, a year-on-year increase of 13.3%, and the net profit attributable to shareholders was 2.02 billion yuan, up 34.6% year-on-year [5][6] - The report anticipates continued growth in revenue and net profit for the coming years, projecting revenues of 95.5 billion yuan in 2024, 104.5 billion yuan in 2025, and 112.9 billion yuan in 2026 [5][6] Summary by Sections Investment Rating Changes - The current price is 24.75 yuan, with a 52-week price range of 19.71 to 42.99 yuan [2] - The total market capitalization is approximately 31.57 billion yuan, and the circulating market capitalization is about 22.57 billion yuan [2] Financial Performance - The company reported a revenue of 741.15 billion yuan in 2022, which is expected to grow to 954.99 billion yuan in 2024 and reach 1,129.03 billion yuan by 2026 [5][7] - The net profit attributable to shareholders is projected to increase from 14.35 billion yuan in 2022 to 33.04 billion yuan in 2024, and further to 38.70 billion yuan in 2026 [5][7] - The earnings per share (EPS) is expected to rise from 1.03 yuan in 2022 to 2.38 yuan in 2024 and 2.79 yuan in 2026 [5][7] Business Segments - The report indicates that the export performance of the company is outperforming domestic sales, with significant growth in the refrigerator, washing machine, and air conditioning sectors [6] - The revenue from the HVAC segment in H1 2024 was 22.77 billion yuan, a year-on-year increase of 7.6%, while the ice washing segment achieved 14.69 billion yuan, up 26.8% [6] Profitability Metrics - The gross profit margin for H1 2024 was reported at 21.3%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin improved to 6.2%, an increase of 0.4 percentage points [6] - The report projects a price-to-earnings (P/E) ratio of 10.39 for 2024, indicating a favorable valuation compared to historical levels [5][7]

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [2][4][10] Core Views - The company has shown strong revenue growth in external sales, with a stable profit release [2][3] - The second quarter of 2024 saw a revenue of 25.2 billion yuan, a 7% increase, and a net profit of 1.04 billion yuan, a 17% increase [3] - The first half of 2024 reported a revenue of 48.6 billion yuan, a 13% increase, and a net profit of 2 billion yuan, a 35% increase [3] Revenue Breakdown - In Q2, internal sales are expected to decline slightly, while external sales are projected to grow by 35% [3] - By business segment in Q2: - Air conditioning: Revenue down 4% due to real estate drag and inventory reduction, but external sales up over 50% - Home appliances: Double-digit revenue growth, with internal sales down slightly and external sales up 30% - Refrigerators and washing machines: High double-digit revenue growth, with internal and external sales both up 30% [3] Profitability Analysis - For the first half of 2024, the net profit margin for air conditioning is expected to be 8.8%, an increase of 1.5 percentage points, and for home appliances, it is expected to be 5.9%, an increase of 2.9 percentage points [4] - The profitability of the three electrical appliances segment has significantly improved, with a net profit of 0.02 billion yuan compared to a loss of 0.02 billion yuan in the first half of 2023 [4] Investment Recommendations - The report anticipates a slight improvement in the air conditioning segment in the second half of 2024 due to better order signing in July and August, and expects growth from trade-in programs and channel expansion [4] - For white goods, external sales are expected to remain strong, with internal sales anticipated to benefit from trade-in programs [4] - Revenue projections for 2024-2026 are 94.9 billion yuan, 103.1 billion yuan, and 109.6 billion yuan, with net profits of 3.4 billion yuan, 4 billion yuan, and 4.5 billion yuan respectively [4]