公司报告 | 季报点评 海信家电（000921） 证券研究报告 2024年04月 25日 投资评级 外销增长较好，业绩大幅提升 行业 家用电器/白色家电 6个月评级 买入（维持评级） 当前价格 34.97元 事件：2024Q1公司实现营业收入234.86亿元，同比+20.87%，归母净利润 目标价格 元 9.81亿元，同比+59.48%。 基本数据 A股总股本(百万股) 928.35 内外销呈较快增长，外销增速更快。根据产业在线数据显示，24M1-2海信 流通A股股本(百万股) 902.83 空调内/外销销量同比+25%/+48%，冰箱内/外销销量同比+16%/+52%，外销 A股总市值(百万元) 32,464.24 增速更快。内外销齐增带动收入增长。 流通A股市值(百万元) 31,572.01 利润水平大幅提升。2024Q1公司毛利率为21.63%，同比+0.51pct，净利率 每股净资产(元) 10.31 为 6.55%，同比+1.18pct。2024Q1 公司季度销售、管理、研发、财务费用 资产负债率(%) 70.50 率分别为10%、2.65%、3.3%、-0.31%，同比-0.09、-0.01、+0 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 34.97 yuan [2]. Core Views - The company reported a net profit attributable to shareholders of 980 million yuan for Q1 2024, representing a year-on-year increase of 59.5% [2]. - Revenue growth accelerated, primarily driven by the air conditioning and washing machine segments, with a year-on-year revenue increase of 20% in Q1 2024 [2]. - The company's gross margin improved to 21.63%, benefiting from supply chain reforms and cost reduction efforts [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a net profit of 980 million yuan, up 59.5% year-on-year, and revenue of 2.349 billion yuan, up 20.9% year-on-year [2]. - The air conditioning segment saw significant growth, with domestic and international sales volumes increasing by 30.2% and 33.5% respectively [2]. - The washing machine segment also performed well, with domestic sales up 16.2% and international sales up 52.1% due to low base effects and inventory replenishment [2]. Cost Management and Profitability - The company's gross margin improved by 0.51 percentage points year-on-year, attributed to ongoing supply chain reforms and a decrease in raw material prices [2]. - The expense ratio for Q1 2024 was stable at 15.65%, with slight changes in sales, management, R&D, and financial expense ratios [2]. Future Outlook - The company is expected to continue its strong performance, with projected revenues of 94.49 billion yuan, 103.21 billion yuan, and 113.04 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 10.4%, 9.2%, and 9.5% [2]. - Net profit attributable to shareholders is projected to reach 3.396 billion yuan, 3.886 billion yuan, and 4.424 billion yuan for the same years, with growth rates of 19.7%, 14.4%, and 13.8% respectively [2].

[Table_Title] 证券研究报告 海信家电：Q1 业绩超预期，盈利能力持续改善 公司研究 [Table_ReportDate] 2024年04月24日 [Table_ReportType] 公司点评报告 [T事ab件le：_ QSu 1m公ma司ry实] 现营业收入234.86亿元，同比+20.87%；实现归母净利润 [海Ta信bl家e_电Sto（ck0A0n0d9R2an1k）] 9.81亿元，同比+59.48%；实现扣非后归母净利润8.38亿元，同比+60.89%。 点评： ➢ Q1收入增长亮眼，冰洗海外贡献增量。 空调：根据产业在线数据，海信 Q1 家用空调内外销排产较 23 年实绩 [罗Ta岸b阳le _ A u t h o家r]电 行业首席分析师 同比+12%。中央空调业务方面，根据产业在线数据，1-2 月我国中央 执业编号：S1500520070002 空调内外销分别同比+22%、+53%，我们预计公司的外销表现或优于 邮 箱：luoanyang@cindasc.com 内销。 冰洗业务：根据海关总署数据，Q1 我国冰箱、洗衣机出口金额分别同 尹圣迪 家电行业分析师 比+26%、+22%， ...

Financial Performance - Revenue increased by 15.5% year-on-year, with net profit attributable to shareholders rising by 97.7%[6] - The company's operating revenue for 2023 reached RMB 85.60 billion, a year-on-year increase of 15.50% compared to RMB 74.12 billion in 2022[61] - Net profit attributable to shareholders increased by 97.73% to RMB 2.84 billion in 2023 from RMB 1.43 billion in 2022[61] - The cash flow from operating activities saw a significant increase of 163.2% year-on-year, indicating improved liquidity and operational efficiency[60] - The total assets of the company at the end of 2023 were RMB 65.95 billion, up 19.09% from RMB 55.38 billion at the end of 2022[62] - The net assets attributable to shareholders increased by 17.90% to RMB 13.58 billion in 2023 from RMB 11.52 billion in 2022[62] - The company reported a basic earnings per share of RMB 2.08, a 98.10% increase from RMB 1.05 in 2022[61] - The manufacturing sector contributed RMB 76.96 billion, accounting for 89.91% of total revenue, with a year-on-year growth of 14.02%[66] - Domestic sales accounted for 57.28% of total revenue, amounting to RMB 49.04 billion, reflecting a 15.04% increase from the previous year[66] Market Growth and Product Performance - The number of users on the Hisense Home App increased by 54% year-on-year, while monthly active users rose by 58%[9] - The retail sales growth of the Hisense Brilliant series reached 287% in 2023[12] - The market share of multi-split air conditioning systems exceeded 20%[10] - The air conditioning heat pump segment grew by 46% year-on-year, while the refrigerator market share in Thailand and Malaysia increased by 2.3 and 3.1 percentage points, respectively[13] - Overall revenue in the ASEAN region grew by over 20% in 2023, with Hisense brand revenue increasing by over 70%[13] - The home air conditioning business achieved a retail sales growth of 41.4% online and 14.3% offline in 2023, surpassing industry growth by 26 percentage points and 10 percentage points respectively[34] - The refrigerator business reported a main business revenue growth of 18.7% in 2023, with retail sales increasing by 17.8% and market share rising by 1.6 percentage points[38] - The washing machine segment reported a 53.6% increase in main business revenue, driven by the innovative active water washing technology that reduced washing time by 20% and improved stain removal capability by 22%[42] - The kitchen appliance segment experienced a 66% year-on-year growth, with the Hisense dishwasher receiving multiple certifications for its high standards in cleaning and disinfection[43] Technological Innovation - The C3 series air conditioner achieved over 99.99% efficiency in filtering PM0.3 particles, showcasing advanced technology[8] - The AI-powered temperature control module in the Rongsheng WILL series refrigerator improved preservation effectiveness by 20%[8] - The company launched the "ThinkAir Active Whole Health Air Solution" and received positive user feedback for its 5G+ Honor Home Series central air conditioning products[30] - The company's innovative four-pipe multi-connected machines significantly reduced energy consumption during the manufacturing process, achieving a notable energy saving effect[32] - The company’s refrigerator technology improved the freshness of fruits and vegetables by 20% for a 7-day period, utilizing near-infrared light preservation technology[78] - The company introduced advanced technologies in dishwashers, achieving a 20% increase in single-side airflow and a 70% improvement in heating area for cooking appliances[79] Corporate Governance and Shareholder Engagement - The company has adopted the corporate governance code as per the Hong Kong Listing Rules to enhance governance standards[90] - The board of directors consists of nine members, including six executive directors and three independent non-executive directors[101] - The company has established communication channels with shareholders through various means, including announcements and electronic communications[92] - The company has a strategic committee and an ESG committee to oversee strategic initiatives and environmental, social, and governance matters[91] - The company ensures timely responses to shareholder inquiries and suggestions through designated personnel[98] - The company has outlined procedures for shareholders to convene extraordinary general meetings, requiring at least 10% shareholding to make such requests[95] Sustainability and Environmental Initiatives - The company has created 7 green factories and 2 green supply chains, aligning with national carbon neutrality policies[16] - The family energy management system achieved a 13% energy saving through the integration of photovoltaic, energy storage, heat pump, and smart control technologies[15] - The company has set mid- to long-term carbon reduction targets and is enhancing its ESG risk management mechanisms[86] - The company has established an ISO14001 environmental management system, which has passed re-certification, indicating a commitment to environmental protection[153] Employee Engagement and Development - The company has a robust employee training system and provides various support services, including employee apartments and health services, to enhance employee satisfaction[155] - The total training hours exceeded 770,000, with 43,000 employees receiving training during the reporting period[164] - The group employed 56,240 staff as of December 31, 2023, including 10,816 technical personnel and 12,362 sales personnel[163] Strategic Expansion and Market Positioning - The company aims to enhance its digital transformation focusing on product, customer, and user lines, while establishing five overseas regional centers[19] - The company is transitioning to a comprehensive thermal management system supplier for electric vehicles, focusing on energy efficiency and carbon neutrality[80] - The company plans to implement a dual-track supply chain to improve long-term cost reduction capabilities and optimize global production capacity[86] - The company is actively searching for new directors and senior management candidates based on its internal needs and the talent market[119] Risk Management - The company faces risks including macroeconomic fluctuations, rising costs of raw materials and labor, currency exchange rate volatility, and trade protectionism impacting overseas operations[87] - The company has implemented a risk-first investment decision-making process, focusing on liquidity and returns, to enhance financial stability[60]

Financial Performance - Operating revenue for Q1 2024 reached RMB 23.49 billion, a year-on-year increase of 20.87% compared to RMB 19.43 billion in the same period last year[4] - Net profit attributable to shareholders was RMB 981.25 million, representing a 59.48% increase from RMB 615.30 million in the previous year[4] - The net profit after deducting non-recurring gains and losses was RMB 837.89 million, up 60.89% from RMB 520.78 million year-on-year[4] - Basic and diluted earnings per share increased to RMB 0.72, a rise of 60.00% from RMB 0.45 in the previous year[4] - The company's total equity attributable to shareholders increased to RMB 14.31 billion, up 5.36% from RMB 13.58 billion at the end of the previous year[4] Cash Flow and Expenses - The cash flow from operating activities showed a significant decline, totaling RMB 156.05 million, down 82.40% from RMB 886.46 million in the same period last year[4] - The company's R&D expenses for the period amounted to RMB 774.18 million, a 34.30% increase compared to RMB 576.47 million in the previous year[6] - The company reported a significant increase in financial income, with cash received from investment income rising by 89.54% to RMB 118.80 million[6] Shareholder Information - The number of shareholders at the end of the reporting period was 19,091, with Qingdao Hisense Air Conditioning Co., Ltd. holding 37.23% of the shares[7] - The top ten unrestricted shareholders include Qingdao Hisense Air Conditioning Co., Ltd. with 516,758,670 shares, accounting for a significant portion of the company's equity[8] - Hong Kong Central Clearing (Nominee) Limited holds 458,932,527 shares, representing foreign listed shares, indicating strong foreign interest in the company[8] - The company has a total of 12,445,200 H shares held by Hisense (Hong Kong) Limited, which accounts for 8.97% of the total shares, highlighting the influence of its major shareholder[8] - The National Social Security Fund's 101 and 103 portfolios hold 13,590,932 and 11,000,000 shares respectively, showing institutional investment support[8] - The company has a total of 7,200,000 shares held by Zhang Shaowu, a domestic individual shareholder, reflecting individual investor engagement[8] - The report indicates that there are no known related party relationships among the top shareholders, ensuring transparency in ownership[8] Governance and Reporting - The company will prepare its Q1 2024 report in both Chinese and English, with the Chinese version taking precedence in case of discrepancies[9] - The board of directors includes six executive directors and three independent non-executive directors, ensuring a diverse governance structure[10]

海信家电集团股份有限公司 环境、社会与管治报告 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT / 向善共赢 智造绿色未来 / Contents 目录 前篇 致利益相关方的信 1 走进海信家电 3 02 03 05 04 01 董事会ESG声明 6 科技向善·创新引领 智造向善·行业标杆 伙伴向善·成长护航 企业ESG治理 商业向善·稳健治理 l - l 后篇 企业治理 23 绿色发展与承诺 51 关于本报告 111 ESG治理架构 产品创新与激励 37 员工权益与福利 79 11 26 56 86 ESG价值理念 合规经营 产品质量与安全 43 污染预防与处置 员工发展与培训 联交所指标索引 112 GRI指标索引 116 利益相关方沟通 13 商业守则 29 全生命周期绿色制造 60 职业健康与安全 91 14 33 可持续性运营 65 IFRS S2建议披露索引 122 重大性议题管理 信息风险防范 ESG亮点绩效 18 气候韧性与发展 67 SASB 指标索引 123 读者意见反馈 124 海信家电集团股份有限公司 - 环境、社会与管治 (ESG) 报告 ２０２ ...

股票代码：000921 股票简称：海信家电 公告编号：2024-032 海信家电集团股份有限公司 第十一届董事会 2024 年第二次会议决议公告 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。 会议应到董事 9 人，实到 9 人。 （三）会议的召开及表决符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，会议形成以下决议： （一）审议及批准本公司《2024 年第一季度报告》（本公司《2024 年第一季度报 告》的具体内容已于同日登载在巨潮资讯网）。 一、董事会会议召开情况 （一）会议通知的时间和方式 海信家电集团股份有限公司(「本公司」)第十一届董事会于 2024 年 4 月 12 日以通 讯方式向全体董事发出召开第十一届董事会 2024 年第二次会议的通知。 （二）会议召开的时间、地点和方式 1、会议于 2024 年 4 月 24 日以通讯方式召开。 2、董事出席会议情况 海信家电集团股份有限公司董事会 2024年4月24日 1 表决情况：同意 9 票，反对 0 票，弃权 0 票。 （二）审议及批准本公司《2023 年度环境 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥23,486,119,294.48, representing a 20.87% increase compared to ¥19,430,480,828.07 in the same period last year[3] - Net profit attributable to shareholders was ¥981,246,783.99, a significant increase of 59.48% from ¥615,296,643.26 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥837,889,225.17, up 60.89% from ¥520,783,170.28 in the previous year[3] - Total operating revenue for Q1 2024 reached CNY 23,486,119,294.48, an increase of 20.5% compared to CNY 19,430,480,828.07 in the same period last year[14] - Net profit for Q1 2024 was CNY 1,537,455,169.86, a significant increase of 47.5% from CNY 1,042,258,545.77 in the previous year[15] - The total comprehensive income for Q1 2024 reached CNY 1,549,127,508.76, compared to CNY 1,102,622,546.74 in the same period last year, indicating a year-over-year increase of about 40.6%[16] - The basic and diluted earnings per share for Q1 2024 were both CNY 0.72, up from CNY 0.45 in Q1 2023, reflecting a growth of 60%[16] Cash Flow and Liquidity - The company's cash flow from operating activities showed a decline of 82.40%, amounting to ¥156,049,168.70 compared to ¥886,463,601.52 in the same period last year[3] - Cash inflows from operating activities totaled CNY 18,519,925,149.28, compared to CNY 16,081,473,482.74 in the previous year, marking an increase of approximately 15.2%[18] - The net cash flow from operating activities was CNY 156,049,168.70, a decrease from CNY 886,463,601.52 in Q1 2023[18] - Cash and cash equivalents at the end of Q1 2024 amounted to CNY 3,113,769,261.78, slightly down from CNY 3,205,383,971.61 at the end of Q1 2023[19] - The company reported a net cash outflow from financing activities of CNY 543,383,356.25, compared to a net inflow of CNY 626,302,995.69 in the same period last year[18] - The cash inflow from investment activities was CNY 7,796,536,903.29, significantly higher than CNY 4,079,609,380.32 in Q1 2023, indicating a growth of approximately 91.5%[18] - The company received CNY 818,996,871.54 in tax refunds during Q1 2024, compared to CNY 635,635,338.05 in the previous year, representing an increase of about 29%[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥69,737,380,537.16, reflecting a 5.75% increase from ¥65,946,495,555.67 at the end of the previous year[3] - Cash and cash equivalents at the end of the period were RMB 5,292,941,166.47, compared to RMB 4,939,273,198.62 at the beginning of the period, reflecting a growth of approximately 7.2%[11] - Accounts receivable increased to RMB 10,692,127,372.94 from RMB 9,225,321,882.07, representing a rise of about 15.9%[12] - Total current assets reached RMB 48,947,890,260.53, up from RMB 45,139,919,481.27, marking an increase of around 6.2%[12] - The total liabilities, including short-term borrowings and accounts payable, were RMB 15,461,914,140.12, up from RMB 14,608,429,378.74, indicating an increase of approximately 5.8%[12] - The total liabilities as of Q1 2024 amounted to CNY 49,162,583,576.33, compared to CNY 46,550,436,429.03 in the previous year, reflecting a growth of 3.3%[13] - Total equity increased to CNY 20,574,796,960.83 from CNY 19,396,059,126.64, representing a year-over-year growth of 6.1%[13] Research and Development - Research and development expenses increased by 34.30%, totaling ¥774,184,218.46 compared to ¥576,469,605.18 in the previous year[7] - Research and development expenses rose to CNY 774,184,218.46, up from CNY 576,469,605.18, marking a 34.3% increase year-over-year[15] Future Outlook - Future outlook includes plans for market expansion and new product development to sustain growth momentum[15] - The company is focusing on enhancing its technological capabilities and exploring potential mergers and acquisitions to strengthen its market position[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 19,091, with the top ten shareholders holding a significant portion of the shares[8] - The company has not identified any non-recurring gains or losses that would be classified as regular gains or losses[6] - The company did not undergo an audit for the Q1 2024 report[20]

股票代码：000921 股票简称：海信家电 公告编号：2024-031 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 2024 年 4 月 12 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》16.1 条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 1. 審議批准本公司及其附屬公司截至2024年3月31日未經審計的第一季度業績；及 2. 處理任何其他事項（如有）。 2024 年 4 月 12 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 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2][3] Core Views - The company is a leading player in the air conditioning sector, with continuous improvement in profitability for both air conditioning and white goods businesses. The proportion of revenue from self-owned brands in exports is expected to increase, contributing positively to revenue performance [2][11] - For the fiscal year 2023, the company achieved a revenue of 85.6 billion yuan, representing a year-on-year growth of 15.5%, and a net profit attributable to the parent company of 2.84 billion yuan, which is a significant increase of 97.74% [7][11] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 85.6 billion yuan, with a net profit of 2.84 billion yuan. The fourth quarter of 2023 saw a revenue of 20.7 billion yuan and a net profit of 411 million yuan, reflecting year-on-year growth of 21.13% and 12.68% respectively [7][11] - The gross margin for 2023 was 22.08%, an increase of 1.4 percentage points year-on-year, while the net margin was 5.6%, up by 1.46 percentage points [9][11] Product and Regional Performance - Revenue growth by product in 2023 was as follows: air conditioning +12%, washing machines +22.9%, and others +3.8%. In the second half of 2023, the revenue growth was +12.5% for air conditioning and +34.4% for washing machines [8][9] - The company experienced a significant increase in export sales, with a year-on-year growth of 12.3% in external sales for 2023 [8][9] Cost and Efficiency - The company focused on cost reduction and efficiency improvement, leading to a notable increase in internal sales profit margins. The gross margin for domestic sales improved significantly [9][10] - The operating expenses for sales, management, R&D, and financial costs were 10.88%, 2.68%, 3.25%, and -0.24% respectively for 2023, with slight variations in the fourth quarter [9][10] Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 10.61 billion yuan in 2023, a substantial increase of 163.17% year-on-year. The cash inflow from sales of goods and services was 72.87 billion yuan, up by 15.98% [10][13] - The balance sheet showed a cash and cash equivalents plus trading financial assets total of 18.13 billion yuan, reflecting a year-on-year increase of 42.1% [10][12]