Core Viewpoint - Hisense Home Appliances reported strong Q1 2025 results, achieving revenue of 24.838 billion yuan, a year-on-year increase of 5.76%, and a net profit attributable to shareholders of 1.127 billion yuan, up 14.89% year-on-year, marking the best performance for the same period since Q1 2002 [2] Financial Performance - Revenue for Q1 2025 reached 24.838 billion yuan, with a net profit of 1.127 billion yuan and a non-recurring net profit of 1.008 billion yuan, reflecting year-on-year growth of 14.89% and 20.27% respectively [2] - The company's return on equity (ROE) for 2024 was reported at 23.27%, outperforming competitors such as Haier Smart Home (17.70%), Midea Group (21.29%), and Gree Electric (25.42%) [5] Market Position and Product Performance - Hisense's multi-split air conditioning systems captured over 20% market share, while the company maintained the top position in the fresh air air conditioning category with a sales share of 42.8% [3] - The refrigerator segment saw an increase in market share by 2.6 percentage points, with the Rongsheng brand also experiencing a 2.3 percentage point increase [3] - The washing machine business improved user experience, resulting in a 0.7 percentage point increase in offline market share [3] Growth Drivers - The growth in Q1 performance is attributed to several factors: recovery in central air conditioning sales, strong growth in home air conditioning, high single-digit growth in refrigeration and washing machine segments, and significant orders in the HVAC sector for new energy vehicles [4] - Domestic and international sales trends indicate a positive outlook, with exports expected to grow over 20% year-on-year [4] Financial Stability - The company reported a total debt of 52 billion yuan, with non-interest-bearing liabilities accounting for 92% of total debt, indicating strong bargaining power within the appliance supply chain [6] - The liquidity surplus after settling all payables and interest-bearing debts is 21.8 billion yuan, showcasing financial stability [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In the first quarter of 2025, the company achieved operating revenue of 24.838 billion yuan, a year-on-year increase of 5.76%. The net profit attributable to the parent company was 1.127 billion yuan, up 14.89% year-on-year, and the net profit excluding non-recurring items was 1.008 billion yuan, an increase of 20.27% year-on-year [2][5] Summary by Sections Financial Performance - The company reported a significant increase in revenue and profit in Q1 2025, with operating revenue of 24.838 billion yuan and a net profit of 1.127 billion yuan, reflecting strong growth in both domestic and international markets [2][5] - The gross profit margin improved by 0.27 percentage points to 21.41%, primarily due to optimized sales structure [11] - Operating profit for Q1 2025 was 1.414 billion yuan, a year-on-year increase of 16.61%, with an operating profit margin of 5.69%, up 0.53 percentage points [11] Market and Business Strategy - The company is actively pursuing governance and supply chain reforms, expanding overseas markets, and enhancing brand influence through sports marketing [11] - The company aims to transition from a compressor-focused supplier to a comprehensive thermal management system supplier for electric vehicles, which may open new business opportunities [11] Future Outlook - The company is expected to maintain a high growth trajectory, with projected net profits of 3.858 billion yuan, 4.401 billion yuan, and 5.025 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 9.92, 8.69, and 7.61 [11]

Core Viewpoint - Hisense Home Appliances reported a solid performance in Q1 2025, with revenue and net profit showing year-on-year growth, indicating a positive outlook for the company's operations and market position [1][4]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 24.838 billion yuan, a year-on-year increase of 5.76%, and a net profit attributable to shareholders of 1.127 billion yuan, up 14.89% year-on-year [1]. - The company's net profit margin improved by 0.36 percentage points to 4.54%, driven by enhanced profitability and recovery of minority interests [3]. Group 2: Business Segments and Sales Performance - The home air conditioning segment is expected to see nearly 20% year-on-year growth, while the refrigerator and washing machine business is projected to grow in the high single digits [2]. - External sales are anticipated to outpace domestic sales, with home air conditioning shipments increasing by 9% domestically and 32% internationally [2]. Group 3: Cost Management and Efficiency - The gross margin increased by 0.27 percentage points to 21.41%, attributed to product structure upgrades and cost reductions in the supply chain [3]. - The company managed to maintain a stable cost structure, with slight variations in sales, management, R&D, and financial expense ratios [3]. Group 4: Future Outlook - The company is expected to maintain steady growth throughout the year, supported by product upgrades and a diversified pricing strategy [4]. - Projections for net profit are 3.87 billion yuan for 2025 and 4.33 billion yuan for 2026, corresponding to a PE ratio of approximately 9.8x and 8.8x, respectively [4].

股票研究 /[Table_Date] 2025.05.04 外销全面增长，海外盈利有所改善 海信家电(000921) ——海信家电 2025Q1 财报点评 | | | | | ——海信家电 | 2025Q1 财报点评 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | | [table_Authors] 蔡雯娟(分析师) | 谢丛睿(分析师) | 李汉颖(分析师) | [Table_Target] 目标价格： | 42.00 | | 021-38676666 | 021-38676666 | 021-38676666 | | | | 登记编号 S0880521050002 | S0880523090004 | S0880524110001 | | | 本报告导读： 公司发布 25Q1 季报，外销维持高增趋势，盈利能力全面改善，看好公司在海外自 主品牌成长下的盈利进一步提升。 | 股东权益（百万元） | 16,565 | | --- | --- | | 每股净资产（元） | 11.95 | | 市净率（现价） | 2.3 | | 净负债率 | ...

Core Viewpoint - Hisense Home Appliances reported strong financial performance for Q1 2025, with revenue and net profit exceeding expectations, driven by the recovery in central air conditioning and rapid growth in overseas sales of washing machines and refrigerators [1][4]. Financial Performance - Q1 2025 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 24.8 billion, 1.1 billion, and 1.0 billion yuan, respectively, representing year-on-year growth of 6%, 15%, and 20% [1]. - The net cash flow from operating activities was 65.08 million yuan, down 58% year-on-year, primarily due to payment schedules and cash flow decline affected by exchange rates [1]. Profitability Metrics - Gross margin for Q1 2025 was 21.4%, an increase of 0.27 percentage points year-on-year, with both domestic and overseas sales margins expected to improve [3]. - The expense ratios for sales, management, R&D, and financial expenses were 9.6%, 2.4%, 3.3%, and 0.02%, showing a mixed performance with management expenses improving and financial expenses increasing due to exchange rate fluctuations [3]. - The net profit margin attributable to shareholders was 4.5%, up 0.36 percentage points year-on-year, indicating enhanced profitability with room for further improvement [4]. Investment Outlook - The company focuses on user-centered innovation in product technology, optimizing regional, channel, product, and supply chain structures, with a significant competitive advantage in the central air conditioning business [4]. - Rapid growth in home appliances and overseas diversification is expected to continue, supported by domestic subsidies and a commitment to sports marketing [4]. - Projected net profits for 2025 and 2026 are 3.8 billion and 4.3 billion yuan, respectively, with corresponding EPS of 2.8 and 3.1 yuan, leading to a current PE ratio of 10.1 and 8.9 times [4].

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [1] Core Views - In Q1 2025, the company achieved a revenue of 24.84 billion yuan (up 5.8% year-on-year) and a net profit attributable to shareholders of 1.13 billion yuan (up 14.9%) [5] - The company has shown strong performance in its export business, with cost reduction and product structure optimization contributing to steady improvement in profitability [5] - The profit forecast for 2025-2027 has been raised, with expected net profits of 3.84 billion yuan, 4.34 billion yuan, and 4.83 billion yuan respectively [5] - The current stock price corresponds to a PE ratio of 10.0, 8.8, and 7.9 for the years 2025, 2026, and 2027 respectively, indicating potential for alpha [5] Financial Performance - In Q1 2025, the gross margin was 21.4% (down 0.2 percentage points), while the net margin remained stable at 6.6% (up 0.03 percentage points) [7] - The company’s revenue from air conditioning and home appliances showed significant growth, with domestic sales benefiting from the "old-for-new" policy and exports continuing to optimize profitability [6] - The company’s financial summary indicates a projected revenue growth from 85.6 billion yuan in 2023 to 116.2 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.0% [8] Business Segmentation - The air conditioning segment is expected to return to growth, with a market share exceeding 20% in multi-split systems [6] - The home appliance segment is projected to grow rapidly, with exports expected to outpace domestic sales [6] - The refrigerator segment is also showing strong growth, with domestic and export sales increasing by 12% and 22% respectively in early 2025 [6]

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [1] Core Views - In Q1 2025, the company's revenue reached 24.84 billion yuan, representing a year-on-year increase of 5.8%. The net profit attributable to shareholders was 1.13 billion yuan, up 14.9%, while the net profit excluding non-recurring items was 1.01 billion yuan, an increase of 20.3%. The strong performance in overseas sales, cost reduction, and product structure optimization contributed to the steady improvement in profitability. The profit forecast for 2025-2027 has been raised, with expected net profits of 3.84 billion, 4.34 billion, and 4.83 billion yuan respectively, corresponding to EPS of 2.77, 3.13, and 3.49 yuan. The current stock price corresponds to P/E ratios of 10.0, 8.8, and 7.9 times [5][8] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 21.4%, a slight decrease of 0.2 percentage points, attributed to the faster growth of lower-margin overseas sales. The net profit margin was 6.6%, a year-on-year increase of 0.03 percentage points, while the net profit margin attributable to shareholders was 4.5%, up 0.4 percentage points [7] Business Segments - The central air conditioning business is expected to return to growth, with Hisense's multi-split system holding over 20% market share. The home air conditioning segment is also projected to grow rapidly, with overseas sales expected to increase at a higher rate. In Q1 2025, domestic and overseas sales of Hisense air conditioners grew by 9% and 32% respectively. The refrigerator segment maintained high single-digit growth, with domestic and overseas sales increasing by 12% and 22% respectively [6] Financial Projections - Revenue projections for 2025-2027 are 100.55 billion, 108.59 billion, and 116.23 billion yuan, with year-on-year growth rates of 8.4%, 8.0%, and 7.0% respectively. The net profit attributable to shareholders is projected to grow at rates of 14.8%, 13.0%, and 11.2% over the same period [8][10]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][16]. Core Views - The company has shown a strong performance in external sales, with a notable increase in revenue and profit levels. In Q1 2025, the company achieved a revenue of 24.838 billion yuan, a year-on-year increase of 5.76%, and a net profit attributable to shareholders of 1.127 billion yuan, up 14.89% year-on-year [1][4]. - The revenue structure has shifted, impacting the gross margin, which was 21.41% in Q1 2025, a slight decrease of 0.22 percentage points year-on-year. However, the net profit margin improved to 6.58%, an increase of 0.03 percentage points year-on-year [3][4]. Revenue Performance - Domestic sales showed stable growth, with air conditioning sales online and offline down by 3% and up by 20% respectively, while refrigerator sales increased by 1% online and 17% offline. Washing machine sales saw significant growth, with online and offline sales up by 64% and 32% respectively [2]. - External sales experienced rapid growth, with air conditioning external sales up by 32% year-on-year and refrigerator external sales up by 22% in the first two months of 2025 [2]. Financial Metrics - The company’s operating cash flow faced pressure, with a net cash flow from operating activities of 0.65 billion yuan in Q1 2025, a decrease of 58.3% year-on-year. The cash paid for goods and services was 14.344 billion yuan, an increase of 14.43% year-on-year [4]. - The company maintains a stable expense ratio, with sales, management, R&D, and financial expense ratios at 9.55%, 2.39%, 3.32%, and 0.02% respectively in Q1 2025 [3]. Financial Forecast - The company is projected to achieve net profits of 3.85 billion yuan, 4.36 billion yuan, and 4.89 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9.8x, 8.7x, and 7.7x [4][5].

Investment Rating - The investment rating for Hisense Home Appliances is "Accumulate" [1] Core Views - The company achieved a revenue of 92.746 billion yuan in 2024, representing a year-on-year increase of 8.35%, and a net profit attributable to shareholders of 3.348 billion yuan, up 17.99% year-on-year [2] - The company plans to distribute a cash dividend of 12.30 yuan per 10 shares, resulting in a cash dividend rate of 50.9% [2] - In Q1 2025, the company reported a revenue of 24.838 billion yuan, a year-on-year increase of 5.76%, and a net profit of 1.127 billion yuan, up 14.89% year-on-year [2][4] Revenue Growth - The overall revenue growth is driven by overseas sales, with Q1 showing steady revenue growth [3] - In 2024, the revenue from HVAC products was 40.284 billion yuan, up 4.22% year-on-year, with a market share exceeding 20% in the domestic multi-split air conditioning market [3] - The revenue from ice washing products was 30.839 billion yuan, up 18.29% year-on-year, with significant growth in retail sales [3] - Domestic revenue was 47.994 billion yuan, down 2.12% year-on-year, while overseas revenue was 35.629 billion yuan, up 27.59% year-on-year [3] Profitability Improvement - The company's gross margin for 2024 was 20.8%, a decrease of 0.4 percentage points year-on-year [5] - The net profit margin for 2024 was 5.53%, a decrease of 0.07 percentage points year-on-year, while the net profit margin for Q1 2025 was 6.58%, an increase of 0.03 percentage points year-on-year [5] Brand and Market Strategy - The company is focusing on technological innovation around its smart living strategy and has a diverse brand matrix [6] - Hisense continues to enhance its international brand influence by sponsoring major sports events, including the FIFA World Cup [7] Financial Forecast - The company is expected to achieve revenues of 100.871 billion yuan, 109.440 billion yuan, and 118.123 billion yuan for 2025, 2026, and 2027 respectively [8] - The projected net profits for the same years are 3.822 billion yuan, 4.220 billion yuan, and 4.609 billion yuan respectively [8] - The earnings per share (EPS) are forecasted to be 2.76 yuan, 3.04 yuan, and 3.33 yuan for 2025, 2026, and 2027 respectively [8]

Group 1 - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibilities [2][3] - The first quarter report has not been audited [3] - The company does not have any non-recurring profit and loss items applicable for the reporting period [4] Group 2 - The company has made adjustments to the opening data in accordance with the new accounting standards issued by the Ministry of Finance, but the financial indicators remain unaffected [3] - The total number of ordinary shareholders and the shareholding situation of the top ten shareholders are disclosed, with a significant shareholder holding 12.4452 million H shares, accounting for 8.98% of the total shares [6] - The board meeting held on April 28, 2025, approved the first quarter report and the 2024 Environmental, Social, and Governance report, with unanimous support from all attending directors [12]