Core Viewpoint - Hisense Home Appliances reported a revenue of 92.7 billion yuan and a net profit attributable to shareholders of 3.3 billion yuan for 2024, reflecting year-on-year increases of 8% and 18% respectively [1] Financial Performance - The revenue for 2024 was 92.7 billion yuan, with a net profit of 3.3 billion yuan and a net profit excluding non-recurring items of 2.6 billion yuan, showing year-on-year growth of 8%, 18%, and 11% respectively [1] - In Q4 2024, the revenue was 22.2 billion yuan, net profit was 560 million yuan, and net profit excluding non-recurring items was 320 million yuan, with year-on-year growth of 7%, 35%, and 8% respectively [1] Dividend Policy - The company proposed a cash dividend of 12.3 yuan per 10 shares, totaling 1.7 billion yuan, with a dividend payout ratio of 50.9% [1] Product Performance - In 2024, revenue from HVAC, washing machines, and other main products was 40.3 billion yuan, 30.8 billion yuan, and 12.5 billion yuan respectively, with year-on-year growth of 4%, 18%, and 2% [2] - Hisense Hitachi's revenue was 20.7 billion yuan, down 6% year-on-year; excluding Hisense Hitachi, air conditioning revenue grew by 18.5% [2] Regional Performance - Domestic revenue in 2024 was 48 billion yuan, down 2% year-on-year, with a decline of 8% in H2 compared to H1 [4] - Overseas revenue reached 35.6 billion yuan, up 28% year-on-year, with white goods revenue increasing by 36% [4] Profitability - The overall gross margin for 2024 was 20.8%, a decrease of 0.43 percentage points year-on-year, with significant improvement in overseas gross margin [5] - The sales expense ratio was 9.7%, down 0.29 percentage points year-on-year, while R&D expense ratio increased [5] - The net profit margin attributable to shareholders was 3.6% for 2024, an increase of 0.3 percentage points year-on-year [6] Investment Outlook - The company is focused on user-centered innovation, optimizing regional, channel, product, and supply chain structures, with significant competitive advantages in central air conditioning and rapid growth in home appliances and washing machines [6] - Projected net profits for 2025 and 2026 are 3.8 billion yuan and 4.2 billion yuan respectively, with corresponding EPS of 2.7 yuan and 3.1 yuan [6]

Investment Rating - The report maintains a "Strong Buy" rating for Hisense Home Appliances [3]. Core Views - The company's 2024 performance exceeded expectations, with revenue projected to grow by 8% to reach 92.7 billion yuan and net profit expected to increase by 18% to 3.35 billion yuan, surpassing market forecasts [1][2]. - The company has achieved a dividend payout of 1.7 billion yuan, representing a 51% payout ratio and a dividend yield of 4.3% [1]. - The report emphasizes the strong growth potential for the company, particularly driven by government-supported consumption initiatives and the expected improvement in performance through 2025 [7]. Financial Data and Valuation - Revenue for 2023 is reported at 85.6 billion yuan, with projections of 92.7 billion yuan for 2024, 101.5 billion yuan for 2025, and continuing growth through 2027 [2][13]. - The company's net profit for 2023 is 2.84 billion yuan, with forecasts of 3.35 billion yuan for 2024, 3.75 billion yuan for 2025, and 4.97 billion yuan for 2027 [2][13]. - The report indicates a PE ratio of 14.8 for 2023, decreasing to 12.5 for 2024, and further down to 8.4 by 2027, suggesting an attractive valuation [14]. - The company’s return on equity (ROE) is projected to remain strong, with values of 21.7% for 2023 and 23.3% for 2027 [3][14]. Segment Performance - In 2024, the HVAC segment is expected to decline by 6%, while home air conditioning is projected to grow by 19%, with a notable improvement in net profit margin [7]. - The report highlights a 36% increase in overseas appliance revenue, with significant growth in regions such as Europe (35%) and the Americas (46.5%) [7]. - The overall gross margin is expected to slightly decrease by 0.56 percentage points, attributed to faster growth in overseas sales compared to domestic demand [7]. Investment Recommendations - The report suggests a strong outlook for the company, with expected net profits of 3.8 billion yuan in 2025, 4.3 billion yuan in 2026, and 5 billion yuan in 2027, indicating a growth rate of 12% to 15% [7].

Core Viewpoint - Hisense Group's home appliance subsidiaries, Hisense Home Appliances and Hisense Visual Technology, reported strong financial performance for 2024, driven by government subsidy policies and effective sports marketing strategies, particularly in overseas markets [1][2][5]. Financial Performance - Hisense Home Appliances achieved revenue of 92.746 billion yuan, a year-on-year increase of 8.35%, and a net profit of 3.348 billion yuan, up 17.99% [1]. - Hisense Visual Technology reported revenue of 58.530 billion yuan, a 9.17% increase, and a net profit of 2.246 billion yuan, up 7.17% [1]. - The fourth quarter of 2024 showed significant growth for both companies, with Hisense Home Appliances' revenue reaching 22.167 billion yuan, a 7.08% increase, and a net profit of 555 million yuan, up 34.91% [1]. Market Analysis - Domestic revenue for Hisense Home Appliances declined by 2.12%, while overseas revenue surged by 27.59%, accounting for nearly 40% of total revenue [1]. - The overall market for central air conditioning in China saw a 12.5% decline, indicating ongoing pressure in the domestic market despite some recovery in the fourth quarter [2][3]. Strategic Initiatives - The implementation of the "trade-in for new" policy has helped stabilize the domestic market, although challenges remain [2]. - Hisense's focus on sports marketing has enhanced brand recognition and sales in overseas markets, with a reported global TV market share of 13.95%, an increase of 0.99 percentage points [5][6]. Product Development - Hisense has made significant advancements in product categories, with a 72% year-on-year revenue growth in kitchen appliances and a 58% market share in large-screen TVs [3][5]. - The company is also investing in smart home technology, launching its self-developed AI solutions to enhance its product offerings [3]. Future Outlook - Continued government subsidies and the recovery of public construction orders are expected to support revenue stabilization in the domestic market [4]. - The transition of sports marketing from brand recognition to brand reinforcement will be crucial for improving overseas market margins and enhancing high-end product sales [7].

Investment Rating - The report assigns a "Buy-A" investment rating to Hisense Home Appliances, with a target price of 38.78 CNY over the next six months, representing a dynamic P/E ratio of 14 times for 2025 [3][5]. Core Views - Hisense Home Appliances reported a revenue of 92.75 billion CNY for 2024, reflecting a year-on-year increase of 8.3%, and a net profit of 3.35 billion CNY, up 18.0% year-on-year. The fourth quarter of 2024 saw a revenue of 22.17 billion CNY, a 7.1% increase year-on-year, and a net profit of 550 million CNY, up 34.9% year-on-year. The growth was attributed to the "old-for-new" policy and strong external sales performance in Q4 [1][2]. Summary by Sections Financial Performance - In Q4 2024, Hisense's air conditioning and refrigerator segments showed significant growth, with domestic sales increasing by 17.8% and 2.9% respectively, while external sales surged by 55.4% and 10.4% [1]. - The gross profit margin for Q4 2024 was reported at 19.7%, down 2.3 percentage points year-on-year, primarily due to increased domestic price competition and rising raw material costs. However, the net profit margin improved by 0.5 percentage points to 2.5% [2]. Market Position and Growth Potential - The central air conditioning market is identified as a growth sector within the home appliance industry, with Hisense expected to benefit from increased downstream demand. The integration of Sanlian Electric Holdings has led to improved profitability levels [3]. - Revenue projections for 2025 and 2026 are estimated at 102.59 billion CNY and 115.56 billion CNY respectively, with net profits expected to reach 3.83 billion CNY and 4.36 billion CNY [4][12]. Valuation Metrics - The report forecasts earnings per share (EPS) of 2.77 CNY for 2025 and 3.14 CNY for 2026, with a projected price-to-earnings (P/E) ratio decreasing from 14.8 in 2023 to 10.9 in 2025 [4][12]. - The net profit margin is expected to gradually improve from 3.6% in 2024 to 3.8% in 2026, indicating enhanced operational efficiency [4][12].

Investment Rating - The investment rating for Hisense Home Appliances is "Outperform the Market" [5] Core Views - The company achieved a revenue of 92.75 billion RMB in 2024, representing an 8.3% increase year-on-year, with a net profit attributable to shareholders of 3.35 billion RMB, up 18.0% [1] - The fourth quarter showed a recovery in domestic sales, with revenue of 22.17 billion RMB, a 7.1% increase, and a net profit of 550 million RMB, up 34.9% [1] - The company plans to distribute a cash dividend of 12.3 RMB per 10 shares, corresponding to a dividend yield of 4.1% based on the closing price on March 28 [1] - The overseas sales continue to drive growth, with a 27.6% increase in foreign sales revenue to 35.63 billion RMB [3] - The company maintains its profit forecast for 2025-2027, expecting net profits of 3.78 billion, 4.19 billion, and 4.63 billion RMB, respectively, with corresponding PE ratios of 11.1, 10.0, and 9.0 [3] Summary by Sections Financial Performance - In 2024, the revenue from HVAC (Heating, Ventilation, and Air Conditioning) increased by 4.2% to 40.28 billion RMB, with a notable decline in Hisense Hitachi's revenue by 6.4% to 20.74 billion RMB [2] - The revenue from washing machines and refrigerators grew by 18.3% to 30.84 billion RMB, with a profit margin of 3.6% [2] - The three electric segments reported a revenue increase of 2.5% to 183.8 billion JPY (approximately 8.5 billion RMB) [2] Overseas Growth - The overseas white goods revenue increased by 36%, with significant growth in various regions: Europe (35%), Americas (47%), Middle East and Africa (27%), Asia-Pacific (15%), and ASEAN (32%) [3] - The gross margin for foreign sales improved by 1.9 percentage points to 11.4% [3] Profitability and Valuation - The company’s net profit margin increased by 0.3 percentage points to 3.6% [3] - The forecasted earnings per share for 2024 is 2.42 RMB, with a projected increase in net profit margins over the next few years [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability continues to improve steadily, with significant growth in overseas markets. In 2024, the company achieved a revenue of 92.75 billion yuan (up 8.3% year-on-year) and a net profit attributable to shareholders of 3.35 billion yuan (up 18.0%) [5][12] - The report highlights that the domestic market is under pressure, but overseas sales are performing well, particularly in the white goods sector, which has seen a growth of 36% [5][29] Summary by Sections 1. Business Performance - In 2024, the company's revenue from air conditioning was 40.28 billion yuan (up 4.2%), while the revenue from washing machines and refrigerators was 30.89 billion yuan (up 18.5%) [5][17] - The company’s domestic revenue was 47.99 billion yuan (down 2.1%), while overseas revenue reached 35.63 billion yuan (up 27.6%), with significant growth in Europe (35%) and the Americas (47%) [29][31] 2. Profitability and Operational Efficiency - The gross margin for 2024 was 20.8%, with a quarterly gross margin of 19.7% in Q4 2024 [34][35] - The net profit margin for 2024 was 3.6%, with a net profit margin of 2.5% in Q4 2024 [42][46] - The company’s net operating cycle improved to -60.4 days, a reduction of 27.9 days year-on-year, indicating good operational efficiency [47][50] 3. Financial Forecast and Investment Recommendations - The company has revised its profit forecasts for 2025-2026 downwards but has introduced a new forecast for 2027, expecting net profits of 3.754 billion yuan, 4.190 billion yuan, and 4.599 billion yuan for 2025, 2026, and 2027 respectively [52] - The current stock price corresponds to a price-to-earnings ratio of 11.2, 10.0, and 9.1 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation [52]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 92.75 billion yuan in 2024, representing a year-on-year increase of 8.3%, and a net profit attributable to shareholders of 3.35 billion yuan, up 18.0% [5][12] - The company's overseas business showed significant growth, with a 27.6% increase in foreign revenue, while domestic revenue slightly contracted by 2.1% [29][31] - The company is expected to maintain a strong profit growth trajectory, with projected net profits of 3.754 billion yuan, 4.190 billion yuan, and 4.599 billion yuan for 2025, 2026, and 2027 respectively [52] Summary by Sections 1. Revenue and Profitability - In 2024, the company reported a total revenue of 92.75 billion yuan, with a net profit of 3.35 billion yuan and a non-recurring net profit of 2.61 billion yuan [5][12] - For Q4 2024, the company achieved a revenue of 22.17 billion yuan, reflecting a 7.1% increase, and a net profit of 550 million yuan, which is a 34.9% increase [15][16] 2. Business Segmentation - The company's air conditioning revenue reached 40.28 billion yuan, up 4.2%, while the ice washing segment saw revenue of 30.89 billion yuan, increasing by 18.5% [17][22] - The company’s high-end product lines, particularly in the ice washing category, showed strong growth, with high-end retail sales increasing by 19.8% [26] 3. Geographic Performance - Domestic revenue was 47.99 billion yuan, down 2.1%, while overseas revenue was 35.63 billion yuan, up 27.6% [29][31] - Growth in overseas markets included a 35% increase in Europe and a 47% increase in the Americas [29] 4. Financial Metrics - The gross margin for 2024 was 20.8%, with a net profit margin of 3.6% [34][42] - The company’s operating cash flow for 2024 was 5.132 billion yuan, down 51.6% from the previous year [48] 5. Future Earnings Forecast - The company has revised its earnings forecast for 2025-2026 downwards but has introduced a new forecast for 2027, expecting net profits of 3.754 billion yuan, 4.190 billion yuan, and 4.599 billion yuan for the respective years [52]

美的、海尔、海信家电 2024 年报解读&白电最新观点汇报 20250330 白电行业未来发展趋势如何？ 白电行业近期市场风格有所变化，总体上涨势头良好。在分析三家主要公司时， 可以看到各自的发展特点和挑战。例如海尔通过积极调整人员及推进数字化， 实现了内销量显著提升，并且卡萨帝品牌也取得了高增长。此外，美的不建议 过多关注扣非口径，而应直接看归母净利润，其业绩略超预期且 B 端业务提速 明显。 总体来看，在全球经济环境不出现重大波动情况下，如美国市场不大幅 衰退，各家公司都能维持稳定甚至改善的发展态势。这对于白电行业来说，是 一个积极信号。同时，各公司通过内部调整及战略优化，也展现出应对市场变 化及竞争压力的能力。因此，可以期待白电行业未来几个季度持续保持良好的 发展势头。 美的集团在 2025 年第一季度的表现如何？ 美的集团在 2025 年第一季度表现超预期。其现金流和存货科目质量良好，预示 着后续增长潜力巨大。美的在 2025 年将分红从去年的 61.5%提升至 69%，并计 摘要 • 海尔内销增速显著提升，四季度增速达约 12%，为近几个季度最快，预计 未来几个季度内销增速将保持高位。卡萨帝品牌扭转 ...

• 海信家电 2024 年四季度整体增幅约 9%，冰洗业务增幅 11%-12%，家用空调 增幅 21%，但双控业务略降 5%，三圆业务下降 6%。毛利率基本与去年同期 持平，略有下降 0.2 个百分点，除空调外，各品类线毛利率均有所改善。 • 海外市场方面，海信家电通过蒙特雷工厂、泰国代工厂及欧洲工厂应对关 税风险。尽管面临欧美市场竞争加剧，但凭借品牌优势、海外研发和制造 布局，公司有信心保持竞争力，预计 2025 年中央空调外销目标增长超过 50%。 • 中央空调市场虽面临房地产行业挑战，但高质量地产转型、旧改项目以及 行业头部品牌集聚效应带来机遇。海信中央空调强调产品稳定性、安装完 善性和服务及时性，以此应对美的、小米等新进入者的竞争。 • 海信家电通过产品力提升、平台效率改善和运营能力提升，持续改善盈利 能力。2025 年目标是在 2023 年归母净利润基础上实现 15%的复合增速，同 时聚焦家装板块，加大日立品牌投入，关注旧改项目。 • 2024 年各主要出口区域增速显著：美洲区 40%，欧洲区 30%，东安动力 20- 25%，东盟 30%，亚太 15%。2025 年将延续品类补齐概念，如空调、洗衣 ...

Group 1 - Midea Group reported a total revenue of 409.1 billion yuan for 2024, marking a year-on-year increase of 9.5%, and a net profit of 38.5 billion yuan, up 14.3% [3] - The company plans to distribute a cash dividend of 35 yuan per 10 shares, totaling 26.7 billion yuan, which is nearly 30% higher than the previous year, and the dividend payout ratio is close to 70% of net profit [3] - Midea's revenue growth has accelerated, surpassing 400 billion yuan in just three years since reaching 300 billion yuan in 2021 [3] Group 2 - Hisense Home Appliances achieved a revenue of 92.746 billion yuan in 2024, reflecting an 8.35% year-on-year growth, with a net profit of 3.348 billion yuan, up 17.99% [4] - The company plans to distribute a cash dividend of 12.3 yuan per 10 shares, which is a 21.42% increase compared to the previous year [4] - Both companies attribute their strong revenue and profit growth to successful international expansion efforts [5] Group 3 - Hisense's overseas revenue exceeded 35.6 billion yuan, growing by 28%, with significant increases in various regions including Europe and the Americas [5] - Midea's OBM (Own Brand Manufacturer) revenue accounted for 43% of its smart home overseas business, with exports to over 200 countries and regions, making it the top brand in global smart appliance sales for 2024 [5]