Investment Rating - The investment rating for Hisense Home Appliances is "Accumulate" [3] Core Views - The company reported a robust revenue growth of 15.5% year-on-year, reaching 85.6 billion yuan in 2023, with a significant increase in net profit by 97.7% to 2.837 billion yuan [5][6] - The company is expanding its overseas brand presence, particularly in the HVAC and home appliance sectors, with notable growth in air conditioning and washing machine segments [5] - Profitability is improving, with a gross margin increase of 1.39 percentage points to 22.08% in 2023, driven by enhanced scale effects and product structure upgrades [5] - Operating cash flow has significantly improved, with a net cash flow from operations increasing by 163.17% to 10.612 billion yuan [5] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 85.6 billion yuan, with a year-on-year growth of 15.5% [6] - The net profit attributable to shareholders reached 2.837 billion yuan, reflecting a 97.7% increase [6] - The company plans to distribute a cash dividend of 10.13 yuan for every 10 shares [5] Business Segments - The HVAC segment generated 38.652 billion yuan in revenue, up 12.04% year-on-year, with Hisense Hitachi contributing 22.167 billion yuan [5] - The washing machine and refrigerator segments saw revenue growth of 22.93%, with washing machines increasing by 53.6% [5] - The automotive air conditioning and thermal management segment achieved 9.05 billion yuan in revenue, maintaining a positive growth trend [5] Regional Performance - Domestic revenue grew by 15.04% to 49.035 billion yuan, while overseas revenue increased by 12.28% to 27.924 billion yuan [5] - The ASEAN region saw a revenue increase of 20%, with self-owned brand business growing by 70% [5] Profitability and Cash Flow - The gross margin improved to 22.08%, with HVAC and home appliance margins at 30.66% and 19.11%, respectively [5] - The net profit margin increased by 1.46 percentage points to 5.60% [5] - The company reported a significant improvement in operating cash flow, with a net cash flow of 10.612 billion yuan [5] Future Outlook - The company expects net profits to reach 3.279 billion yuan in 2024, 3.770 billion yuan in 2025, and 4.279 billion yuan in 2026, with corresponding PE ratios of 14, 12, and 11 times [6]

2024年04月01日 公 司点评 公 买入 / 上调 司 海信家电(000921) 研 究 目标价: 昨收盘:30.42 海信家电：2023Q4 营收业绩快增，三电公司客户端获新拓展 事件：2024 年 3 月 29 日，海信家电发布 2023 年年报。2023 年公 ◼ 走势比较 司实现营收 856.00 亿元（+15.50%）；归母净利润 28.37 亿元 （+97.73%）。单季度来看， 2023Q4 实现营收 207.01 亿元（+21.13%）， 60% 归母净利润4.11亿元（+12.68%）。公司拟以13.73亿股为基数，向全体 太 42% 股东每10股派发现金红利10.13元（含税），总计13.91亿元。 平 24% 2023 年冰洗业务驱动增长，东盟区自有品牌表现亮眼。1）分季 洋 6% 度：2023Q4 营收 207.01 亿元（+21.13%），维持较快双位数增长；2）分 证 券 (12%)3/4/32 41/6/32 52/8/32 5/11/32 61/1/42 82/3/42 产品：2023 年公司暖通空调/冰洗/其他主营分别实现收入 (30%) 386.52/260.70/12 ...

[Table_StockInfo] 持有 2024年 04月 01日 （维持） 证券研究报告•2023年年报点评 当前价： 31.50元 海信家电（000921） 家用电器 目标价： ——元（6个月） 国内外业务稳健增长，盈利能力持续提升 投资要点 西南证券研究发展中心 [T a事ble件_S：公um司m发ar布y] 2023年年报，2023年公司实现营收856亿元，同比增长15.5%； [分Ta析bl师e_：Au龚th梦or泓] 实现归母净利润 28.4亿元，同比高增 97.7%；实现扣非后归母净利润 23.6亿 执业证号：S1250518090001 元，同比高增 160.1%。单季度来看，Q4 公司实现营收 207 亿元，同比增长 电话：023-63786049 21.1％；实现归母净利润 4.1亿元，同比增长 12.7%；实现扣非后归母净利润 邮箱：gmh@swsc.com.cn 2.9亿，同比增长 124.8%。2023年公司，现金分红 13.9亿元，现金分红金额 联系人：方建钊 占当期归母净利润比率为49.1%。 电话：18428374714  各业务板块协同发展，均实现快速增长。2023 年 ...

Investment Rating - The investment rating for Hisense Home Appliances is maintained as "Buy" [2][29]. Core Views - The company achieved a revenue of 85.6 billion yuan in 2023, representing a year-on-year increase of 15.5%, with a net profit attributable to shareholders of 2.84 billion yuan, up 97.7% [4][8]. - The company is optimistic about the continued improvement in profitability, supported by a dividend payout ratio of approximately 49% of net profit [4][28]. - The earnings forecast for 2024-2026 has been adjusted upwards, with expected net profits of 3.27 billion, 3.77 billion, and 4.34 billion yuan respectively [4][29]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 85.6 billion yuan, with a net profit of 2.84 billion yuan and a non-recurring net profit of 2.36 billion yuan [4][8]. - For Q4 2023, revenue reached 20.7 billion yuan, a 21.1% increase year-on-year, with a net profit of 410 million yuan, up 12.7% [4][8]. Product Line Performance - The revenue from the air conditioning segment was 38.6 billion yuan, up 12.04%, while the washing machine segment saw a revenue increase of 53.6% [11][12]. - The company’s overseas business is expanding, with revenue from the ASEAN region growing over 20% and self-owned brand revenue increasing by more than 70% [16][28]. Profitability and Efficiency - The gross margin for 2023 was 22.1%, an increase of 1.4 percentage points, driven by supply chain optimization and improved manufacturing efficiency [20][21]. - The company’s operating cash flow for 2023 was 10.61 billion yuan, reflecting a significant increase of 163.2% [26][28]. Dividend and Incentive Plans - The cash dividend payout ratio for 2023 was 49%, with plans to distribute 10.13 yuan per 10 shares [28]. - A new employee stock ownership plan has been announced, indicating confidence in future growth [28]. Earnings Forecast - The projected net profits for 2024-2026 are 3.27 billion, 3.77 billion, and 4.34 billion yuan, with corresponding EPS of 2.35, 2.72, and 3.13 yuan [29].

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [1][5]. Core Views - The company is expected to see continuous profit improvement in 2024, with significant growth in revenue and net profit projected over the next few years [1][4]. - The report highlights that the company's revenue growth is driven by strong domestic demand, particularly in air conditioning and public construction projects, as well as improvements in its own operational efficiency [1][4]. Financial Summary - **Revenue Forecast**: - 2023A: 85,600 million - 2024E: 93,365 million - 2025E: 100,766 million - 2026E: 107,213 million - Growth Rate: 2023A to 2024E is 9% [1][4]. - **Net Profit Forecast**: - 2023A: 2,837 million - 2024E: 3,273 million - 2025E: 3,780 million - 2026E: 4,264 million - Growth Rate: 2023A to 2024E is 15% [1][4]. - **Earnings Per Share (EPS)**: - 2023: 2.04 - 2024E: 2.36 - 2025E: 2.72 - 2026E: 3.07 [1][4]. - **Return on Equity (ROE)**: - 2023: 15% - 2024E: 14% - 2025E: 13% - 2026E: 12% [1][4]. - **Price-to-Earnings (P/E) Ratio**: - 2023: 15 - 2024E: 13 - 2025E: 12 - 2026E: 10 [1][4]. - **Price-to-Book (P/B) Ratio**: - 2023: 3 - 2024E: 3 - 2025E: 2 - 2026E: 2 [1][4]. Investment Highlights - The company is expected to benefit from the ongoing upgrade in refrigerator technology and the continuation of external sales replenishment, which will enhance its profitability [1][4]. - The report emphasizes the importance of the company's internal governance and brand positioning, which are anticipated to drive higher growth rates compared to the industry average [1][4].

股票代码：000921 股票简称：海信家电 公告编号：2024-030 海信家电集团股份有限公司 H股公告-截至二零二三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2024年4月2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 2024年4月2日 截至二零二三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（「本公司」）董事會（「董事會」）公佈，本公司及其 附屬公司（統稱「本集團」）按照中國企業會計準則編制截至二零二三年十二月三 十一日止年度（「本報告期」）之經審核年度業績，連同二零二二年之比較數字。 以下的財務資料是按照中國企業會計準則編制： 按照中國企業會計準則編制的財務資料 （除特別註明外，金額單位為人民幣元） 經審核的合併資產負債表 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 ...

Financial Performance - The total operating revenue for 2023 reached RMB 85.60 billion, an increase of 15.5% compared to RMB 74.12 billion in 2022[7] - The total operating costs for 2023 were RMB 81.46 billion, up from RMB 71.26 billion in 2022, reflecting a growth of 14.3%[7] - The net profit attributable to the parent company for 2023 was RMB 3.05 billion, compared to RMB 2.83 billion in 2022, representing a year-on-year increase of 7.8%[7] - The total operating profit increased to RMB 5,248,016,394.49, up from RMB 3,367,104,322.41, representing a growth of approximately 55.7%[8] - The net profit attributable to shareholders of the parent company rose to RMB 2,837,322,754.58, compared to RMB 1,434,968,215.84, marking an increase of about 97.7%[8] - The total comprehensive income attributable to the parent company's owners reached RMB 2,943,053,128.82, up from RMB 1,462,665,662.77, reflecting a growth of approximately 101.5%[9] - The total profit amounted to RMB 5,684,557,420.82, an increase from RMB 3,823,809,728.21, which is a growth of around 48.6%[8] - The net profit for the year was RMB 5,684,557,420.82, compared to RMB 3,823,809,728.21 in 2022, reflecting a significant increase of 48.7%[20] - The net profit excluding non-recurring gains and losses for 2023 was approximately RMB 2.36 billion, up 160.07% from RMB 905.5 million in 2022[89] Assets and Liabilities - The total assets of the company as of December 31, 2023, amounted to RMB 65.95 billion, a growth of 19.2% from RMB 55.38 billion at the beginning of the year[6] - The total liabilities increased to RMB 46.55 billion, up 19.0% from RMB 39.10 billion in 2022[6] - The total assets amounted to RMB 65,946,495,555.67, compared to RMB 55,375,868,443.33 in the previous year, indicating a growth of 19.5%[20] - Total liabilities were RMB 46,550,436,429.03, up from RMB 39,096,785,837.42, representing an increase of 19.0%[20] - The asset-liability ratio as of December 31, 2023, was 70.59%, slightly down from 70.60% in 2022[116] Cash Flow and Investments - The company's cash and cash equivalents decreased to RMB 4.94 billion from RMB 6.00 billion, a decline of 17.7%[3] - The net cash flow from operating activities for 2023 improved significantly by 163.2%, reaching approximately RMB 10.61 billion compared to RMB 4.03 billion in 2022[89] - The company's operating cash flow net amount increased by 163.17% year-on-year, reaching RMB 10.61 billion[100] - The group's capital expenditure for the year ended December 31, 2023, was RMB 985.12 million, sufficient to meet capital expenditure plans and operational needs[115] Research and Development - Research and development expenses for 2023 were RMB 2.78 billion, an increase of 21.4% from RMB 2.29 billion in 2022[7] - The company will continue to invest in R&D, with R&D expenses rising by 21.41% to RMB 2.78 billion[98] Market Performance - Domestic revenue was RMB 49,035,166,343.99, up from RMB 42,624,208,014.02, reflecting a growth of 15.5%[21] - Overseas revenue increased to RMB 27,924,024,928.43 from RMB 24,870,531,178.68, marking a growth of 8.2%[21] - The central air conditioning market in China grew by 4.6% in 2023, with centrifugal and two-link supply products performing exceptionally well, while multi-link machines maintained a market share of 48.7%[45] - The domestic air conditioning market retail volume increased by 6.5% in 2023, with retail sales rising by 7.5%, driven by consumer demand for upgraded products[46] - The refrigerator market saw a retail volume growth of 1.5% and a retail value increase of 7.0% in 2023, with a notable shift towards high-end and embedded products[48] - The washing machine market experienced a retail volume growth of 3.4% and a retail value increase of 5.8% in 2023, supported by the popularity of dryer machines and the trend of home integration[49] - The kitchen appliance market recorded a retail volume growth of 0.8% and a retail value increase of 5.3% in 2023, with essential categories like range hoods and water heaters rebounding significantly[50] Strategic Initiatives - The company plans to expand its market presence and invest in new product development to drive future growth[7] - The company aims to strengthen its global operational model and expand overseas markets, focusing on five major regional centers[108] - The company is committed to building a dual-track supply chain to improve long-term cost reduction capabilities[109] - The company is actively expanding new channels, with a 151% year-on-year growth in new channel sales through platforms like Douyin and Kuaishou[67] Corporate Governance and Risks - The company has adhered to the corporate governance code as per the Hong Kong Listing Rules during the reporting period[121] - The company faces risks from macroeconomic fluctuations that may impact consumer demand for home appliances[110] - The company is facing certain foreign exchange risks due to procurement and export transactions settled in foreign currencies, and it has employed financial instruments to hedge these risks[113] Shareholder Information - The board proposed a cash dividend of RMB 10.13 per 10 shares, totaling approximately RMB 1,391,284,501.87, subject to shareholder approval at the 2023 annual general meeting[112] - The company repurchased 11,699,989 A-shares from January 16 to March 16, 2023, for a total amount of RMB 211,401,111.66[119] - The 2024 A-share repurchase plan allows for a maximum repurchase price of RMB 27.00 per share, with a total repurchase fund of not less than RMB 1.8787 billion and not more than RMB 3.7573 billion[123]

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 经营质量向好，＃ 改title＃ 善逻辑持续兑现 ange＃ ＃createTime1＃ 2024 年04月01 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：公司发布2023年年报。2023年实现营收856.00亿元，同比+15.50%； 市场数据日期 2024-03-29 归母净利润 28.37亿元，同比+97.73%；扣非归母净利润23.55亿元，同比 收盘价（元） 30.42 +160.07%；毛利率为 22.08%，同比+1.39pct；归母净利率为 3.31%，同比 总股本（百万股） 1387.94 +1.38pct。23Q4实现营收207.01亿元，同比+21.13%；归母净利润4.11亿元， 流通股本（百万股） 1362.42 同比+12.68%；扣非归母净利润2.93亿元，同比+124.88%；毛利率为22.04%， 净资产（百万元 ...

Investment Rating - The investment rating for Hisense Home Appliances (000921.SZ) is "Buy" [1][4]. Core Insights - The report highlights that Hisense Home Appliances achieved a revenue of 856.0 billion with a year-on-year growth of 15.5% and a net profit attributable to shareholders of 28.4 billion, reflecting a significant increase of 97.7% [1]. - The company's operating quality is steadily improving, with a proposed cash dividend of 10.13 yuan per 10 shares, resulting in a cash dividend payout ratio of 49% [1]. - The air conditioning business showed stable growth, with revenue increasing by 12.0% to 386.5 billion, while the white goods segment saw a notable recovery in the second half of the year [1]. - The report anticipates continued growth in overseas revenue, particularly in the ASEAN region, where revenue increased by over 20% [1]. Summary by Sections Financial Performance - In 2023, Hisense Home Appliances reported a total revenue of 856.0 billion, a 15.5% increase from the previous year, and a net profit of 28.4 billion, marking a 97.7% increase [1][2]. - The fourth quarter revenue was 207.0 billion, up 21.1%, with a net profit of 4.1 billion, reflecting a 12.7% increase [1][2]. Business Segments - The air conditioning segment generated 386.5 billion in revenue, with a growth rate of 12.0%, while the white goods segment saw a revenue increase of 22.9% to 260.7 billion [1]. - The three electric appliances segment achieved a revenue of 90.5 billion, with a total order signing growth of 43% [1]. Profitability Metrics - The gross profit margin improved by 1.4 percentage points to 22.1% for the year, with a net profit margin of 3.3%, an increase of 1.4 percentage points [1][2]. - The report projects net profits for 2024-2026 to be 32.6 billion, 36.5 billion, and 40.3 billion respectively, with corresponding year-on-year growth rates of 15%, 12%, and 11% [1][2].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨海信家电（ ） 000921.SZ [营Ta收b增le_长T提itle速] ，经营质量向好 报告要点 [2T0a2b3le年_S公um司m实a现ry]营业收入856亿元，同比增长15.5%；实现归母净利润28.37亿元，同比增 长97.73%，实现归母扣非净利润23.55亿元，同比增长160.07%。公司2023年四季度营业 收入207.01亿元，同比增长21.13%，归母净利润4.11亿元，同比增长12.66%，归母扣非净 利润2.93亿元，同比增长124.88%。同时每10股派发现金红利 10.13 元（含税）。 ...