投资建议：行业端，伴随国内新一轮"以旧换新"政策催化，出口链恢复性增长，白电需求有望持续复 苏；乘新能源汽车发展东风，上游压缩机等零部件行业有望增长。公司端，白电产品中高端布局持续深 化，新能源热管理业务积极拓展，公司收入业绩有望持续增长。我们预计，2025-2027年公司归母净利 润为37.49/42.18/45.49 亿元，对应EPS 为2.71/3.04/3.28 元，当前股价对应PE 为11.17/9.93/9.21 倍。维 持"买入"评级。 风险提示：汇率波动风险、大宗原材料、核心配件价格波动风险、海运及人力成本上升风险、贸易保护 主义带来市场风险、技术迭代等。 2024Q4 业绩端增速较快，洗碗机销售额表现靓丽。1）分季度看，2024Q4 公司营收达221.67 亿元 （+7.08%），归母净利润达5.55 亿元（+34.91%），收入端表现稳健，业绩端实现较快增长。2）分产 品看，2024年公司暖通空调/冰洗/其他主营分别实现收入402.84/308.39/125.00 亿元，分别同比 +4.22/+18.29/+2.15%，其中公司家空2024 年线上/线下零售额分别同比+10.8/+21.2 ...

记者采访了解到，2023年现金流的大幅增长，主要因为2022年备货节奏提前，付款在当年度支付，未对 2023年产生付款压力，而同时，2023年在下半年备货的付款压力又后移到24年，导致当年度该数据较 高。 公司相关部门负责人在采访中表示，2024年上半年备货基本在当年四季度兑付，不会对2025年经营现金 流带来压力。同时，2024年现金流与营业利润基本匹配。受均衡储备节奏和票据到期节奏不同的影响， 历年来单看当年度都存在一定不均衡性，累计两年看处于行业正常水平。 此外，记者在年报中看到，公司2024年应收账款为104.81亿元。对此，该负责人表示，公司应收主要为 客户和渠道结构带来的影响。海外收入高增长带动整体规模提升，电商收入增速略好于内销其他渠道， 海外市场和电商渠道的客户账期略高于平均，导致整体账期水平随着这两方面收入规模增长而提高。但 是，分账龄的情况来看是改善的，坏账准备也是下降的，并没有增大坏账风险。 根据公开资料显示，目前，海信在全球布局36个工业园区和生产基地，设有30所研发机构、64个海外公 司和办事处，坚持深耕体育营销提升品牌影响力。坚持全面拥抱数字化和智能化，重塑面向未来的可持 续发展能 ...

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [1] Core Views - Hisense Home Appliances achieved a revenue of 92.746 billion yuan in 2024, representing an increase of 8.35%, and a net profit attributable to shareholders of 3.348 billion yuan, up by 17.99% [4] - The company experienced rapid growth in Q4 2024, with revenue reaching 22.167 billion yuan, a year-on-year increase of 7.08%, and a net profit of 555 million yuan, up by 34.91% [5] - The company's kitchen appliance business saw a remarkable revenue growth of 72%, with dishwasher sales increasing by 152% year-on-year [5] - Domestic sales decreased by 2.12% to 47.994 billion yuan, while overseas sales grew by 27.59% to 35.629 billion yuan, driven by strong performance in Europe and the Americas [5] Financial Summary - The gross margin for Q4 2024 was 19.69%, down by 2.35 percentage points, primarily due to a decline in air conditioning margins [6] - The net profit margin improved to 4.33%, an increase of 0.33 percentage points, attributed to effective cost control [6] - The company expects net profits to grow to 3.749 billion yuan in 2025, 4.218 billion yuan in 2026, and 4.549 billion yuan in 2027, with corresponding EPS of 2.71, 3.04, and 3.28 yuan [9]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [8][19]. Core Insights - The company achieved a revenue of 92.746 billion RMB in 2024, representing a year-on-year growth of 8.35%, and a net profit of 3.348 billion RMB, up 17.99% year-on-year [1][5]. - The fourth quarter of 2024 saw revenues of 22.167 billion RMB, a 7.08% increase year-on-year, with a net profit of 555 million RMB, marking a significant 34.91% growth [1]. - The company plans to distribute a cash dividend of 12.30 RMB per 10 shares, with a payout ratio of 51% [1]. Revenue and Profit Analysis - The air conditioning and washing machine segments saw revenue growth of 4.2% and 18.3% respectively, while the revenue from Hisense Hitachi declined by 6.4%. Excluding Hitachi, the air conditioning revenue growth was 18.5% [2]. - The external sales of white goods showed remarkable growth, with a 36% increase year-on-year, particularly strong in Europe (+35%), the Americas (+46.5%), and ASEAN (+32%) [2]. Profitability Metrics - The company's gross margin for 2024 was 20.78%, a decrease of 1.31 percentage points year-on-year, while the net margin was 5.53%, down 0.07 percentage points [3]. - In Q4 2024, the gross margin was 19.69%, down 2.35 percentage points year-on-year, but the net margin improved by 0.32 percentage points to 4.33% [3]. Expense Management - The sales expense ratio decreased significantly to 9.71%, down 1.17 percentage points year-on-year, primarily due to changes in accounting standards [4]. - The management and R&D expense ratios saw slight increases, while the financial expense ratio improved marginally [4]. Cash Flow and Balance Sheet - The company's cash and cash equivalents, along with trading financial assets, totaled 20.607 billion RMB, a 13.65% increase year-on-year [5]. - However, the net cash flow from operating activities dropped by 51.64% to 5.132 billion RMB, attributed to increased cash payments for goods and services [5]. Future Projections - The company is expected to continue improving its profitability in the air conditioning and white goods sectors, with projected net profits of 3.85 billion RMB, 4.36 billion RMB, and 4.89 billion RMB for 2025, 2026, and 2027 respectively [5]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 10.87x, 9.61x, and 8.56x respectively, indicating a favorable valuation outlook [5].

Investment Rating - The investment rating for Hisense Home Appliances is maintained as "Accumulate" [5] Core Views - The company reported a total revenue of 92.746 billion yuan for 2024, representing a year-on-year growth of 8.35%, and a net profit attributable to shareholders of 3.348 billion yuan, up 17.99% year-on-year [1] - The company continues to enhance its dividend payout ratio, increasing from 49.46% in 2024 to 50.89% in 2025 [1] - The core product categories showed steady growth, with air conditioning, refrigeration, and washing machines growing by 4.22%, 18.29%, and 2.15% respectively in 2024 [1] - The company experienced a significant increase in overseas sales, with a year-on-year growth of 27.59%, while domestic sales declined by 2.12% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 22.167 billion yuan, a 7.08% increase year-on-year, and a net profit of 555 million yuan, which is a 34.91% increase year-on-year [1] - The gross margin for Q4 2024 decreased by 2.35 percentage points to 19.69% [2] - The net profit margin for Q4 2024 increased by 0.32 percentage points to 4.33% [2] - The company has a strong expense management capability, with sales, management, R&D, and financial expense ratios showing improvements [2] Future Earnings Forecast - The company is expected to achieve net profits of 3.750 billion yuan, 4.186 billion yuan, and 4.602 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.0%, 11.6%, and 9.9% [2]

Investment Rating - The investment rating for Hisense Home Appliances is maintained as "Accumulate" [5] Core Views - The company reported a total revenue of 92.746 billion yuan for 2024, representing a year-on-year growth of 8.35%, and a net profit attributable to shareholders of 3.348 billion yuan, up 17.99% year-on-year [1] - The company continues to enhance its dividend payout ratio, increasing from 49.46% in 2024 to 50.89% in 2025 [1] - The core product categories showed steady growth, with air conditioning, refrigeration, and washing machines growing by 4.22%, 18.29%, and 2.15% respectively in 2024 [1] - The company experienced a significant increase in overseas sales, with a year-on-year growth of 27.59%, while domestic sales declined by 2.12% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 22.167 billion yuan, a 7.08% increase year-on-year, and a net profit of 555 million yuan, which is a 34.91% increase year-on-year [1] - The gross margin for Q4 2024 decreased by 2.35 percentage points to 19.69% [2] - The net profit margin for Q4 2024 increased by 0.32 percentage points to 4.33% [2] - The company has a strong expense management capability, with sales, management, R&D, and financial expense ratios showing improvements [2] Future Earnings Forecast - The company is expected to achieve net profits of 3.750 billion yuan, 4.186 billion yuan, and 4.602 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.0%, 11.6%, and 9.9% [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000921 证券简称：海信家电 公告编号：2025-014 海信家电集团股份有限公司 关于拟续聘会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、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3月28日召开第十二届董事会2025年第一次会议，审 议通过了《关于续聘信永中和会计师事务所（特殊普通合伙）担任本公司2025年度审计机构的议案》， 本公司董事会同意继续聘请信永中和会计师事务所（特殊普通合伙）(「信永中和」)担任本公司2025年 度审计机构，负责审计本公司2025年度财务报告以及内部控制，按照规定出具《审计报告》以及《内部 控制审计报告》，现将相关事项公告如下： 一、拟续聘会计师事务所事项的情况说明 信永中和具备证券业务执业资格，为已获财政部及中国证监会认可、有资格根据内地审计准则向内地注 册成立的H股上市公司提供审计服务的执业会计师事务所。信永中和拥有多年为上市公司提供优质审计 服务的丰富经验和强大的专业服务能力，能够较好满足本公司建立健全内部控制以及财务审计工作的要 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-019 海信家电集团股份有限公司 H股公告-截至二零二四年十二月三十一日止年度之业绩公布 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3月28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。 海信家电集团股份有限公司董事会 2025年3月28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倚賴該 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） 截至二零二四年十二月三十一日止年度之業績公佈 海信家電集團股份有限公司（「本公 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-015 海信家电集团股份有限公司 关于以自有闲置资金进行委托理财的公告 2. 投资金额：本公司委托理财业务拟使用总额度合计不超过人民币230亿元，额度 使用期限自本公司股东大会决议通过之日起12个月内。在上述使用期限及额度范围内， 交易金额可循环滚动使用，但任一时点的交易金额不超过230亿元。 3. 特别风险提示：本公司开展委托理财业务仍存在一定的市场风险、流动性风险、 不可抗力风险等，敬请投资者注意投资风险。 本公司于2025年3月28日召开第十二届董事会2025年第一次会议，审议通过了《关 于以自有闲置资金进行委托理财的议案》，同意本公司在控制投资风险的前提下，以提 高资金使用效率、增加现金资产收益为原则，拟使用自有闲置资金合计不超过人民币230 亿元委托商业银行、信托公司、证券公司、基金公司、保险公司、资产管理公司等金融 机构进行短期中低风险投资理财，具体如下： 一、委托理财概述 1. 委托理财的目的 随着本公司经营效益的持续提升，本公司货币资金将进一步增加。在不影响正常经 营及风险可控的前提下，使用自有闲置资金进行委托理财，可以提高本公司 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-017 海信家电集团股份有限公司 关于购买董监高责任险的公告 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3月28日召开第十二届董事会 2025年第一次会议、第十二届监事会2025年第一次会议，审议通过了《关于购买董监高 责任险的议案》，具体情况如下： 一、 交易概述 为进一步完善本公司风险管理体系，降低本公司运营风险，促进本公司董事、监事、 高级管理人员以及相关责任人员在各自职责范围内更充分地行使权利、履行职责，保障 本公司和投资者的权益，本公司根据《上市公司治理准则》等相关规定，拟为本公司及 本公司的董事、监事、高级管理人员以及相关责任人员购买责任保险。 二、责任保险的具体方案 3.保险费用：不超过 20 万元（最终以签订的保险合同为准） 4.保险期间：12 个月（后续每年可续保或重新投保） 5.保费支出：具体以保险公司最终报价审批数据为准，后续续保可根据市场价格协 商调整 6.授权事项：为提高决策效率，本公司董事会将提请股东大会在上述权限 ...