Core Viewpoint - China's home appliance industry is leveraging international expansion as a key growth strategy despite uncertainties in the global trade environment, with leading companies like Hisense demonstrating strong performance through diversified global operations [1] Group 1: Financial Performance - Hisense reported an annual revenue of 92.746 billion yuan, representing a year-on-year growth of 8.35%, with overseas revenue exceeding 35.6 billion yuan, up 28% [1] - In the European market, Hisense's smart large-screen refrigerators saw sales increase by over 300% year-on-year from January to November 2024 [3] Group 2: Localization and Product Development - Hisense emphasizes a "localization" strategy by establishing 16 R&D centers and 19 industrial parks overseas to better serve local markets and enhance revenue [1] - The company is focusing on AI upgrades and energy efficiency in product offerings to meet European market preferences, achieving significant improvements in product ratings and energy standards [3] Group 3: Supply Chain and Market Opportunities - Hisense is enhancing its supply chain capabilities, with a 25.8% optimization in core order fulfillment cycles and a 7.5% increase in order assurance rates [4] - The company is expanding its high-end product offerings in Europe, with a 35% increase in revenue, particularly in washing machines, which saw a 48% revenue growth [4] Group 4: Channel Efficiency and Regional Growth - In the Asia-Pacific region, Hisense implemented a multi-dimensional strategy leading to a 15% revenue increase, with significant growth in Australia (15%) and ASEAN markets (32%) [5] - The central air conditioning segment achieved an 80% revenue growth by focusing on professional channels and water machine categories [5] Group 5: Brand Marketing and Recognition - Hisense has utilized sports marketing as a key strategy for brand recognition, sponsoring major events like the UEFA European Championship and the FIFA World Cup, which has significantly boosted its global brand presence [6] - The company ranked first in the smart home appliance sector in the 2024 China Brand Global Trust Index, highlighting its strong market position [6] Group 6: Product Innovation and Technology - Hisense is launching a series of innovative products tailored for the World Cup, integrating advanced AI technology to enhance user experience in various home appliance categories [7] - The company’s long-term global strategy is characterized as a marathon rather than a sprint, emphasizing the importance of sustained efforts in navigating international markets [7]

股票代码：000921 股票简称：海信家电 公告编号：2025-021 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 2025 年 4 月 14 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》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。 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 海信家电集团股份有限公司董事会 2025 年 4 月 14 日 1 董事會宣佈，於 2024 年 6 月 5 日至 2025 年 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-020 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 2025 年 4 月 11 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》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。 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） 公告 董事會會議通知 特此公告。 海信家电集团股份有限公司董事会 2025 年 4 月 11 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份內容而產生或 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（「本公司」）董事會（「董事會」）茲通 ...

Group 1: Home Appliances Sector - The home appliance sector is expected to maintain stable operations due to robust domestic sales growth and strong export performance, supported by favorable policies and low base effects [1] - White goods are projected to see steady revenue growth and improved profitability, with expectations of stable growth in both domestic and export markets for air conditioners, refrigerators, and washing machines [1] - Leading companies in the sector, such as Gree Electric Appliances, Midea Group, Haier Smart Home, and Hisense Home Appliances, are recommended for investment due to their strong risk management capabilities and dividend advantages [1] Group 2: Black Appliances Sector - The black appliance sector is experiencing slight growth in shipments, with significant optimization in product structure, driven by subsidy policies and increased penetration of MiniLED technology [2] - The overall operating environment for the color TV industry remains stable, with a year-on-year increase in both domestic and export sales [2] - Panel prices have seen a slight increase, allowing leading companies to potentially improve profitability through product upgrades [2] Group 3: Post-Cycle Sector - The post-cycle sector is facing weak terminal demand, with a significant year-on-year decline in residential construction area, impacting overall industry demand [3] - Despite a narrowing decline compared to the previous quarter, the demand outlook remains weak, with limited impact from trade-in policies [3] - Profitability in the sector is expected to be slightly pressured due to the challenging demand environment [3] Group 4: Emerging Small Appliances - The emerging small appliance sector is anticipated to continue high growth in domestic sales, particularly in robotic vacuum cleaners and washing machines, driven by trade-in policies and product innovations [4] - Export performance is expected to remain stable, supported by aggressive marketing strategies from domestic brands [4] - However, intense competition in the industry may put pressure on profitability [4] Group 5: Kitchen Small Appliances - The kitchen small appliance sector is showing signs of recovery in domestic sales, aided by government subsidies and improved brand management on platforms like Douyin [5] - Export growth is expected to remain steady due to a recovery in overseas markets and short-term export opportunities [5] - Profitability is projected to improve in 2025, supported by a better competitive environment and slight revenue growth [5]

Investment Rating - The report maintains a "Buy" investment rating for Hisense Home Appliances [5] Core Views - The company's Q4 performance exceeded expectations, with a revenue of 22.167 billion yuan, a year-on-year increase of 7%, and a net profit of 555 million yuan, up 35% year-on-year [5] - The central air conditioning segment remains a key profit driver, despite a challenging market environment, with the company achieving a net profit of 3.486 billion yuan in this segment, a year-on-year increase of 7% [5] - The home appliance segment showed strong growth, with significant increases in both domestic and export sales, particularly in the washing machine category, which saw a 152% year-on-year increase in sales [5] Financial Data and Profit Forecast - Total revenue is projected to grow from 85.6 billion yuan in 2023 to 113.878 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.4% [2][7] - The net profit attributable to the parent company is expected to increase from 2.837 billion yuan in 2023 to 5.006 billion yuan in 2027, reflecting a CAGR of approximately 15% [2][7] - Earnings per share (EPS) is forecasted to rise from 2.08 yuan in 2023 to 3.61 yuan in 2027 [2][7] - The company's gross margin is expected to stabilize around 22.3% by 2027, with a return on equity (ROE) projected to remain above 21% [2][7] Market Data - As of April 7, 2025, the closing price of the stock is 25.11 yuan, with a market capitalization of 22.896 billion yuan [3] - The stock has a price-to-earnings (P/E) ratio projected to decrease from 12 in 2023 to 7 in 2027, indicating increasing valuation attractiveness [2][3]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [3][15] Core Views - The company has shown strong performance in 2024, with revenue reaching 92.746 billion (up 8%) and net profit attributable to the parent company at 3.348 billion (up 18%) [5] - The fourth quarter of 2024 exceeded expectations, with a revenue of 22.2 billion (up 7%) and a net profit of 560 million (up 35%) [5] - The report highlights that external sales have been a significant driver of revenue growth, despite a slight slowdown in growth rates [6][7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 92.746 billion, with a year-on-year growth rate of 8% [3] - The net profit attributable to the parent company for 2024 was 3.348 billion, reflecting an 18% increase year-on-year [3] - The fourth quarter of 2024 saw a revenue of 22.2 billion, with a net profit of 560 million, marking a 35% increase [5] Revenue and Profitability - The report indicates that all business segments contributed to profit growth, with external sales being a key factor [8] - The company’s net profit margin improved to 16.8% in 2024, driven by structural improvements and efficiency gains [9] Future Outlook - The company is expected to maintain strong external sales and recover internal sales, with projected net profits of 3.8 billion in 2025 and 4.2 billion in 2026 [11] - The report anticipates a continued focus on improving profit margins in the white goods segment, with a projected profit margin of 2-3% in 2024 [11]

Investment Rating - The report maintains a positive outlook on the home appliance industry, highlighting the potential for growth and investment opportunities [5]. Core Insights - The home appliance sector is experiencing significant growth, with double-digit increases in both domestic and international sales for major categories such as air conditioners, refrigerators, and washing machines [6][41][43]. - The report emphasizes three main investment themes: the undervaluation and stable growth of white goods, the potential for export growth driven by large customer orders, and the rising demand for core components in the white goods supply chain [6]. Summary by Sections Data Observation - In February 2025, the air conditioning industry produced 16.785 million units, a year-on-year increase of 42.9%, with domestic sales up 21.3% and exports up 50.8% [34]. - The refrigerator sector saw production of 7.225 million units, a 47.8% increase year-on-year, with both domestic and export sales rising by 16.5% [41]. - The washing machine industry produced 6.51 million units, a 14.7% increase year-on-year, with domestic sales up 20.9% and exports up 8.0% [43]. Investment Highlights - The report suggests that the white goods sector benefits from favorable real estate policies and has attributes of low valuation, high dividends, and stable growth, making it an attractive investment [6]. - The "trade-in" policy is expected to catalyze demand, with production schedules for domestic sales projected to increase significantly in the coming months [6]. - Recommended companies include Hisense, Midea, Haier, and Gree for their strong market positions and growth potential [6]. Industry Dynamics - The report notes that the home appliance sector underperformed compared to the broader market, with the home appliance index down 3.5% while the CSI 300 index fell 1.4% [8][9]. - The announcement of a "reciprocal tariff" plan by the Trump administration could impact trade dynamics, with various countries facing significant tariff increases [14][68]. - The "two new" policies are showing positive effects, with a notable increase in consumer spending on home appliances and vehicles, indicating a recovery in the consumer market [15][66]. Company Performance - Hisense reported a revenue increase of 9% year-on-year for 2024, with a net profit of 2.246 billion yuan, reflecting a stable financial performance [56]. - Stone Technology achieved a revenue growth of 38% year-on-year, although its net profit declined by 4%, indicating challenges in profitability despite revenue growth [58]. - The report highlights the struggles of Gome Retail, which reported a significant loss and declining revenues, reflecting broader challenges in the traditional retail sector [70][71].

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" and is maintained [5]. Core Views - The company achieved a revenue of 92.746 billion yuan in 2024, representing a year-on-year growth of 8.35%. The net profit attributable to shareholders reached 3.348 billion yuan, up 17.99% year-on-year, and the net profit excluding non-recurring items was 2.606 billion yuan, an increase of 10.65% year-on-year [3][9]. - In Q4 2024, the company reported a revenue of 22.167 billion yuan, a year-on-year increase of 7.08%, with a net profit attributable to shareholders of 555 million yuan, up 34.91% year-on-year, and a net profit excluding non-recurring items of 317 million yuan, an increase of 8.24% year-on-year [3][9]. - The company plans to distribute a cash dividend of 12.30 yuan per 10 shares (tax included) to all shareholders, without issuing new shares or capitalizing reserves [3][9]. Revenue and Profit Analysis - The company's revenue structure shows a decline in domestic sales, with domestic revenue at 47.994 billion yuan, down 2.12% year-on-year, while foreign sales reached 35.629 billion yuan, up 27.59% year-on-year. The growth in foreign sales is attributed to the increasing influence of its overseas brands [9]. - The air conditioning segment generated revenue of 40.284 billion yuan, a growth of 4.22% year-on-year, while the ice washing segment saw revenue of 30.839 billion yuan, up 18.29% year-on-year [9]. - The overall gross margin for 2024 decreased by 0.43 percentage points to 20.78%. The air conditioning segment's gross margin was 28.55%, down 1.32 percentage points, while the ice washing segment's gross margin was 17.56%, down 0.74 percentage points [9]. Future Outlook - The company is expected to maintain a trend of scale and efficiency improvement, with projected net profits for 2025, 2026, and 2027 at 3.858 billion yuan, 4.401 billion yuan, and 5.025 billion yuan, respectively, corresponding to PE ratios of 9.9, 8.7, and 7.6 times [9].

Core Viewpoint - The company reported a revenue of 92.75 billion yuan for 2024, reflecting a year-on-year increase of 8.3%, and a net profit attributable to shareholders of 3.35 billion yuan, up 18% year-on-year [3] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 22.17 billion yuan, a year-on-year increase of 7.1%, with a net profit of 550 million yuan, up 34.9% year-on-year [3] - The profit distribution plan for 2024 includes a cash dividend of 12.30 yuan per 10 shares (including tax), totaling 1.7 billion yuan, with a cash dividend ratio of 51% [3] Group 2: Sales Performance - Domestic sales revenue for 2024 was 48 billion yuan, down 2.1% year-on-year, while foreign sales revenue reached 35.6 billion yuan, up 27.6% year-on-year [4] - The HVAC business generated 40.3 billion yuan in revenue, a year-on-year increase of 4.2%, with significant growth in foreign sales, particularly in the Middle East and ASEAN markets [4] - The home appliance segment achieved a revenue of 19.5 billion yuan, up 18.5% year-on-year, driven by national subsidies and a recovery in domestic sales [4] - The ice washing business reported a revenue of 30.8 billion yuan, an increase of 18.3% year-on-year, benefiting from national subsidy policies [4] Group 3: Profitability and Margins - The overall gross margin for 2024 was 20.8%, a decrease of 1.3 percentage points year-on-year, with domestic gross margin at 30.7% and foreign gross margin at 11.4% [5] - The gross margin for the HVAC business was 28.5%, down 2.1 percentage points year-on-year, while the ice washing business gross margin was 17.6%, down 1.5 percentage points [5] - The net profit margin for 2024 was 3.6%, an increase of 0.3 percentage points year-on-year, with expectations for gradual improvement driven by equity incentives [5] Group 4: Research and Development - The company increased its R&D investment, with R&D expense ratio rising by 0.5 percentage points, indicating a focus on innovation and enhancing competitiveness [5] - The company is transitioning from being a compressor supplier to a comprehensive thermal management system supplier for electric vehicles, indicating a strategic shift in business focus [4]

Investment Rating - The report maintains an "Accumulate" rating for Hisense Home Appliances (000921.SZ) with a current price of 29.71 CNY [1] Core Views - The company achieved a revenue of 92.75 billion CNY in 2024, representing a year-over-year increase of 8.3%, and a net profit attributable to shareholders of 3.35 billion CNY, up 18% year-over-year [5] - The company’s revenue for Q4 2024 was 22.17 billion CNY, with a year-over-year growth of 7.1%, and a net profit of 550 million CNY, reflecting a significant increase of 34.9% year-over-year [5] - The profit distribution plan for 2024 includes a cash dividend of 12.30 CNY per 10 shares, totaling 1.7 billion CNY, with a cash dividend ratio of 51% [5] Revenue Performance - Domestic sales revenue for 2024 was 48 billion CNY, down 2.1% year-over-year, while overseas sales revenue reached 35.6 billion CNY, up 27.6% year-over-year [6] - The HVAC business generated 40.3 billion CNY in revenue, a 4.2% increase year-over-year, with significant growth in overseas markets for central air conditioning [6] - The home appliance segment saw revenue of 19.5 billion CNY, an 18.5% increase, driven by government subsidies and improved domestic sales performance [6] - The ice washing business reported revenue of 30.8 billion CNY, up 18.3% year-over-year, benefiting from government policies [6] Profitability and Cost Structure - The overall gross margin for 2024 was 20.8%, a decrease of 1.3 percentage points year-over-year, with domestic gross margin at 30.7% and overseas gross margin at 11.4%, which increased by 1.2 percentage points [7] - The company’s net profit margin for 2024 was 3.6%, an increase of 0.3 percentage points year-over-year, with expectations for gradual improvement due to stock incentive plans [7] Financial Forecast and Valuation - The report projects net profits of 3.79 billion CNY for 2025 and 4.28 billion CNY for 2026, with a new forecast for 2027 at 4.71 billion CNY [8] - The current price corresponds to a price-to-earnings (P/E) ratio of 11/10/9 for the years 2025-2027 [8] - The report maintains the "Accumulate" rating based on the company's strong performance in the HVAC sector and the successful cost reduction and efficiency improvements at its subsidiary, Hisense Hitachi [8]