海[Ta信ble家_Sto电ckN（am0eR0p0tT9yp2e1] ） 公司研究/公司点评 β+α齐升，再度大超预期 ——海信家电 24 年一季报点评 投资评级：买入（维持） [Table_Rank] 主要观点： 报告日期： 2024-04-27 [⚫T ab公le_司Su发m布ma2r0y]2 4年一季报： ➢ 24Q1：收入234.9亿（+20.1%），归母9.8亿（+59.5%），扣非8.4 [收Ta盘bl价e_（Ba元se）D ata] 37.00 亿（+60.9%）。 近12个月最高/最低（元） 37.39/19.69 ➢ 收入、利润超市场预期。 总股本（百万股） 1,388 流通股本（百万股） 1,362 ⚫ Q1收入端：出口β+α共振 流通股比例（%） 98.16 整体：我们预计Q1外销增速快于内销，内销近+20%，外销超20%， 总市值（亿元） 514 相较23全年内销/外销分别+15%/+12%，Q1进一步提速。 流通市值（亿元） 504 央空：占比25%，我们预计Q1高个位数增长，外销显著快于内销， [公Ta司ble价_C格ha与rt]沪 深300走势比较 预计内销/外销分别同比增长个 ...

公司研 究 证 券研究 报 告 白色家电Ⅲ 2024年04月26日 海 信家电（000921）2024一季报点评 强 推 （维持） 目标价：40元 内外销高增延续，业绩增长超越预期 当前价：37.00元 事项： 华创证券研究所  公司发布2024年一季度报告，24Q1公司实现营业收入234.9亿元，同增20.9%， 归母净利润9.8亿元，同增59.5%，扣非归母净利润8.4亿元，同增60.9%。 证券分析师：秦一超 评论： 邮箱：qinyichao@hcyjs.com  内外销增势趋同，营收持续高增。24Q1公司实现营收234.9亿元，同比+20.9%， 执业编号：S0360520100002 在内外部需求向好背景下实现较高增长。分板块看，国内空调行业仍然延续 证券分析师：樊翼辰 23Q2 以来的高景气度，同时在低基数下出口亦有良好增长，根据产业在线数 据，24M1-M2家空内销/外销同比+16.3%/+18.91%，我们判断公司内外销收入 邮箱：fanyichen@hcyjs.com 增速预计基本匹配行业表现。冰洗行业内销需求平稳，但海运费用上行导致部 执业编 号：S0360523080004 分客户提 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 空调 ＃investSuggestion＃ ＃ ＃d海yCo信mpa家ny＃电 （ 000921 ） investSug 买入 ( 维ges持tionC）h 000009 Q1 业绩超预期，＃ti 盈tle＃ 利改善持续兑现 ange＃ ＃createTime1＃ 2024 年04 月26 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：公司发布 2024 年一季报。24Q1 公司实现营收 234.86 亿元，同比 市场数据日期 2024-04-25 +20.87%；归母净利润为9.81亿元，同比+59.48%；扣非归母净利润为8.38 收盘价（元） 35.69 亿元，同比+60.89%；毛利率为21.63%，同比+0.51pct；归母净利率为4.18%， 总股本（百万股） 1387.94 同比+1.01pct。 流通股本（百万股） 902.83  Q1多点开花，营收实现快增。据产业在线统计，24年1-2月海信系多联机 净资产（百万元） 14307.52 销额同比+17.32%（内销额同比+18.48%、外销额同比-5 ...

家用电器/白色家电 公 司 研 海信家电（000921.SZ） 冰冷洗外销改善显著，Q1 业绩超预期 究 2024年04月26日 ——公司信息更新报告 投资评级：买入（维持） 吕明（分析师） 周嘉乐（分析师） 陈怡仲（联系人） lvming@kysec.cn zhoujiale@kysec.cn chenyizhong@kysec.cn 日期 2024/4/25 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790123070024  冰冷洗外销改善显著，Q1业绩超预期，维持“买入”评级 当前股价(元) 35.69 2024Q1公司实现营业收入234.9亿元(同比+20.9%，下同)，归母净利润9.8亿元 公 一年最高最低(元) 37.39/19.69 司 (+59.5%)，扣非归母净利润 8.4 亿元(+60.9%)。报告期内公司冰冷洗外销业务预 信 总市值(亿元) 495.35 计实现快速增长，叠加降本增效和结构优化下毛利率和费用率逐步改善、带动综 息 流通市值(亿元) 322.22 更 合盈利能力持续上行，超出预期，我们上调2024-2026年盈利预测 ...

业绩超预期，增长动能足 ——海信家电2024Q1点评 海信家电（000921）/家电 证券研究报告/公司点评 2024年4月25日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：34.97元/股 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 74,115 85,600 94,913 103,052 109,613 分析师：姚玮 增长率yoy% 10% 15% 11% 9% 6% 执业证书编号：S0740522080001 净利润（百万元） 1,435 2,837 3,398 3,968 4,500 Email：yaowei@zts.com.cn 增长率yoy% 48% 98% 20% 17% 13% 每股收益（元） 1.0 2.0 2.4 2.9 3.2 每股现金流量 2.9 7.6 5.4 5.7 6.7 净资产收益率 9% 15% 14% 13% 12% P/E 34 17 14 12 11 P/B 4 4 3 3 2 备 注：收盘价取自于2024/4/24。 [ 基 ...

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances (000921) with an updated target price of 43.69 CNY, up from the previous target of 35.55 CNY [1][10]. Core Views - The company's performance exceeded expectations in Q1 2024, driven by strong export growth and improved profitability across various segments. The overall growth target for the year is highly certain [1][6][10]. Summary by Sections 1. Performance Overview - In Q1 2024, the company achieved a revenue of 23.486 billion CNY, representing a year-on-year increase of 20.87%. The net profit attributable to shareholders was 0.981 billion CNY, up 59.48% year-on-year [6][10]. 2. Revenue Drivers - The export business showed significant growth, with the company expecting better performance in exports compared to domestic sales. Key segments include: - Air Conditioners: Q1 2024 domestic sales increased by 30.2% year-on-year, with exports up 33.5%. Overall revenue growth is projected at 15-20% [7]. - Refrigerators: The company anticipates a more than 60% increase in export revenue and around 20% growth in domestic sales, leading to a total revenue increase of 35-40% for the refrigeration segment [7]. - Washing Machines: The washing machine segment, primarily under the Hisense brand, is expected to contribute 10-15% to the overall revenue [7]. - Central Air Conditioning: Revenue growth is estimated at 5-10% due to enhanced retail channel development [7]. 3. Profitability Improvement - The gross margin for Q1 2024 was 21.63%, an increase of 0.51 percentage points year-on-year. The net margin improved to 6.55%, up 1.18 percentage points year-on-year. The improvement in margins is attributed to increased production scale and higher average prices for white goods [8]. 4. Cash Flow and Inventory Management - As of the end of Q1 2024, the company maintained stable cash and cash equivalents of 18.139 billion CNY, with inventory increasing by 6.06% year-on-year. The net cash flow from operating activities was 0.156 billion CNY, down 82.4% year-on-year, primarily due to rising raw material prices [9]. 5. Investment Recommendations - The report suggests raising profit forecasts for 2024-2026, with expected net profits of 3.567 billion CNY, 4.176 billion CNY, and 4.819 billion CNY, respectively. The corresponding EPS estimates are 2.57 CNY, 3.01 CNY, and 3.47 CNY, reflecting year-on-year growth of 26%, 17%, and 15% [10].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 25 日 海 信家电(000921.SZ) 证券研究报告 冰洗外销高增，Q1 盈利能力持续改善 白色家电Ⅲ 投资评级 买入-A 事件：海信家电公布 2024 年一季报。公司 2024 年一季度实现 维持评级 收入 234.9 亿元，YoY+20.9%；实现归母净利润 9.8 亿元， YoY+59.5%；实现扣非归母净利润 8.4 亿元，YoY+60.9%。公司归 6个月目标价 41.99元 母净利润环比 2023Q4 加速增长。我们认为，Q1 净利率同比提升 股价 (2024-04-25) 35.69元 所有板块皆有贡献，其中主要由外销带动公司盈利持续改善。 交易数据 Q1 收入延续较快增长：根据产业在线数据，海信日立中央空调 总市值(百万元) 49,535.41 2023Q4/2024M1-2 销售额分别 YoY+20%/+9%;海信科龙空调 流通市值(百万元) 32,222.05 2023Q4/2024Q1 内销量 YoY+11%/+30%，冰箱 2023Q4/2024M1-2 内 总股本(百万股) 1,387.94 ...

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [3]. Core Views - The company's Q1 2024 revenue reached 23.486 billion yuan, a year-on-year increase of 20.87%, while net profit attributable to shareholders was 0.981 billion yuan, up 59.48% year-on-year [1]. - The company is expected to maintain strong growth across its home appliance segments, with significant increases in domestic and international sales [1]. - Profitability has improved, with a gross margin of 21.63%, up 0.51 percentage points year-on-year, and a net profit margin of 6.55%, an increase of 1.18 percentage points year-on-year [1]. Financial Performance Summary - **Revenue Growth**: The company achieved a revenue of 74.115 billion yuan in 2022, which increased to 85.6 billion yuan in 2023, and is projected to reach 94.931 billion yuan in 2024, reflecting a growth rate of 10.9% [2]. - **Net Profit**: The net profit attributable to shareholders was 1.435 billion yuan in 2022, rising to 2.837 billion yuan in 2023, with an expected increase to 3.272 billion yuan in 2024, indicating a year-on-year growth of 15.3% [2]. - **Earnings Per Share (EPS)**: EPS is projected to grow from 2.04 yuan in 2023 to 2.36 yuan in 2024 [2]. - **Return on Equity (ROE)**: The ROE is expected to be 23.5% in 2024, down from 24.7% in 2023 [2]. Market Position and Outlook - The company is positioned well in the white goods industry, with a total market capitalization of approximately 48.536 billion yuan and a total share capital of 1.388 billion shares [3]. - The report anticipates continued revenue growth driven by product upgrades, cross-category operations, and international expansion, with net profit projections of 3.272 billion yuan for 2024, 3.752 billion yuan for 2025, and 4.230 billion yuan for 2026 [1][2].

Investment Rating - Maintain "Buy" rating with a target price of 42.80 CNY [3][4] Core Views - Strong Q1 2024 performance with revenue of 23.486 billion CNY, up 20.87% YoY, and net profit of 981 million CNY, up 59.48% YoY [1] - Revenue growth exceeded expectations, driven by strong performance in home appliances, air conditioning, and refrigeration businesses [2] - Gross margin improved by 0.5 percentage points to 21.6% due to product structure optimization and increased share of self-owned brands [2] - Net profit margin increased by 1.0 percentage points, supported by revenue growth and lower tax rates [2] - Long-term growth potential is supported by self-branded overseas expansion, diversified business lines, and optimization of supply chain efficiency [3] Financial Performance Summary Revenue and Profit - Q1 2024 revenue: 23.486 billion CNY, up 20.87% YoY [1] - Q1 2024 net profit: 981 million CNY, up 59.48% YoY [1] - Q1 2024 non-GAAP net profit: 838 million CNY, up 60.89% YoY [1] - Expected revenue for 2024-2026: 94.726 billion CNY, 104.783 billion CNY, and 115.915 billion CNY, with YoY growth rates of 11% each year [3] - Expected net profit for 2024-2026: 3.494 billion CNY, 4.038 billion CNY, and 4.646 billion CNY, with YoY growth rates of 23%, 16%, and 15% respectively [3] Key Financial Ratios - Gross margin: 21.63% in Q1 2024, up 0.51 percentage points YoY [9] - Net profit margin: 4.18% in Q1 2024, up 1.01 percentage points YoY [9] - ROE: 21.24% in 2024E, expected to decline slightly to 19.69% by 2026E [10] - PE ratio: 13.9x for 2024E, expected to decline to 10.4x by 2026E [4][10] Business Segment Performance - Refrigeration and washing business: Estimated revenue growth of around 40% YoY, with faster growth in exports [2] - Home air conditioning: Double-digit revenue growth, with similar growth rates in domestic and export markets [2] - Central air conditioning: Revenue growth close to double digits [2] - Automotive thermal management (Sanden): Slight revenue growth [2] Cash Flow and Liquidity - Operating cash flow decreased YoY in Q1 2024, mainly due to increased raw material inventory [3] - Current ratio: 1.2 in 2024E, expected to improve to 1.4 by 2026E [10] - Quick ratio: 0.8 in 2024E, expected to improve to 1.1 by 2026E [10] Valuation and Forecast - Target price: 42.80 CNY, based on 17x 2024E PE [3] - EPS forecast for 2024-2026: 2.52 CNY, 2.91 CNY, and 3.35 CNY, with a CAGR of 18% [3] - EV/EBITDA: 4.8x for 2024E, expected to decline to 2.8x by 2026E [4][10]

[Table_Page] 季报点评|家用电器 证券研究报告 [海Table_信Title] 家电(000921.SZ/00921.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 34.97元/28.60港元 冰洗外销高景气，24Q1 业绩持续超预期 合理价值 39.27元/32.16港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-25 ⚫ 公司披露2024年一季报。24Q1实现营收234.9亿元（YoY+20.9%）， [相Tab对le_P市icQ场uote表] 现 归母净利润 9.8 亿元（YoY+59.5%），扣非归母净利润 8.4 亿元 （YoY+60.9%），毛利率 21.6%（YoY+0.5pct），归母净利率 4.2% 42% 29% （YoY+1.0pct）。 16% ⚫ 外销高景气，家空、冰洗增长预计优于行业。（1）根据产业在线数据， 4% 24Q1空调行业内销量同比+17%、外销量同比+22%，合计销量+19%。 -9%04/23 06/23 08/23 10/23 12/23 02/24 04/24 -22% ...