Investment Rating - The investment rating for Hisense Home Appliances is "Buy" with a target price of 35.55 CNY, up from the previous target of 30.81 CNY [1][17]. Core Insights - The company's performance in 2023 met expectations, with significant improvements in operational efficiency in its traditional white goods sector and a notable increase in export profitability. The dividend payout ratio has been raised, indicating a potential increase in dividend yield [1][17]. - The company achieved a revenue of 85.6 billion CNY in 2023, representing a year-on-year growth of 15.5%, and a net profit of 2.837 billion CNY, which is a 97.74% increase year-on-year [8][9]. Summary by Sections Performance Overview - In 2023, Hisense Home Appliances reported a total revenue of 85.6 billion CNY, with a net profit of 2.837 billion CNY, reflecting a year-on-year increase of 15.5% and 97.74% respectively. The fourth quarter alone saw revenues of 20.701 billion CNY, up 21.13% year-on-year, and a net profit of 411 million CNY, up 12.68% year-on-year [8][9]. Revenue Breakdown - The revenue from air conditioning, refrigeration, and washing machines was 386.5 billion CNY, 260.7 billion CNY, and 122.4 billion CNY respectively, with year-on-year growth of 12%, 23%, and 4% [9][10]. - Domestic and overseas revenues were 49 billion CNY and 27.9 billion CNY respectively, with year-on-year growth of 15% and 12% [9][10]. Profitability - The gross margin for 2023 was 22.08%, an increase of 1.4 percentage points year-on-year, while the net profit margin was 3.3%, also up by 1.4 percentage points [13]. - The company has seen significant improvements in profitability, particularly in the air conditioning segment, driven by cost optimization and increased sales volume [13][15]. Cash Flow and Dividends - The cash and cash equivalents at the end of 2023 were 18.131 billion CNY, a 42.1% increase year-on-year. The net cash flow from operating activities was 10.612 billion CNY, reflecting a 163.17% increase year-on-year [15][16]. - The company plans to distribute a cash dividend of 10.13 CNY per 10 shares, totaling 1.391 billion CNY, which represents 49% of the net profit for the year [16]. Investment Recommendations - The report maintains profit forecasts for 2024-2025 and introduces a new forecast for 2026, projecting net profits of 3.288 billion CNY, 3.901 billion CNY, and 4.484 billion CNY for the respective years, with corresponding EPS of 2.37 CNY, 2.81 CNY, and 3.23 CNY [17][18].

公司研 究 证 券研究 报 告 白色家电Ⅲ 2024年4月1日 海 信家电（000921）2023年报点评 强 推 （维持） 目标价：36元 业绩接近预告上限，高质增长有望延续 当前价：30.42元 事项： 华创证券研究所  公司发布2023年报，23年实现营收856.0亿元，同增15.5%，归母净利润28.4 亿元，同增97.7%。单Q4实现营收207.0亿元，同增21.1%，归母净利润4.1 证券分析师：秦一超 亿元，同增12.7%。 邮箱：qinyichao@hcyjs.com 评论： 执业编号：S0360520100002  公司营收延续高增，三电签单表现优异。2023年公司实现营收856.0亿元，同 证券分析师：樊翼辰 比+15.5%，其中单Q4收入 207.0亿元，同比+21.1%，仍然维持较高增势。分 业务看，冰洗业务收入260.7亿元，同比+22.9%，主要系低基数下行业需求有 邮箱：fanyichen@hcyjs.com 所恢复，根据产业在线数据，23 年冰箱/洗衣机行业销量同比分别 执业编 号：S0360523080004 +15.4%/+16.9%，公司加大品牌推广与渠道等投入使其表 ...

证券研究报告 公 2024年04月01日 司 报 告 海信家电(000921) 行 业： 家用电器/白色家电 │ 公 投资评级： 买入（维持） 司 当前价格： 30.42元 主业延续较好增长，盈利质量持续改善 年 目标价格： 35.20元 报 点 事件： 评 基本数据 海信家电发布 2023 年报：2023 年实现营收 856.0 亿元，同比+15.5%，实 总股本/流通股本(百万股) 1,387.94/1,362.42 现归母净利润 28.4亿元，同比+97.7%，实现扣非净利润 23.6亿元，同比 流通A股市值(百万元) 27,464.13 +160.1%；其中公司四季度实现营收207.0亿元，同比+21.1%，实现归母净 每股净资产(元) 9.78 利润4.1亿元，同比+12.7%，实现扣非净利润2.9亿元，同比+124.8%。此 资产负债率(%) 70.59 外公司拟每10股派发现金分红10.13元，总金额13.9亿元，分红率49.0%。 一年内最高/最低(元) 31.34/19.69 ➢ 各业务增长共振，东盟区表现亮眼 2023年公司收入延续稳健增长，分业务看，央空主营同比+9.3%，简单剔除 股价 ...

2024年3月31日 公司研究 延续经营改善趋势，经营性现金流大幅提升 ——海信家电（000921.SZ）2023 年报点评 增持（维持） 要点 当前价：30.42元 事件： 作者 分析师：洪吉然 公司发布 2023 年年报：2023 年公司实现营收 856 亿元（YoY+16%）；归母净利 执业证书编号：S0930521070002 润/扣非归母净利润28/24亿元，同比+98%/160%；其中23Q4实现营收207亿元 021- 52523793 （YoY+21%），归母净利润/扣非归母净利润4/3亿元，同比+13%/125%。公司2023 hongjiran@ebscn.com 年度利润分配方案为每10股派现10.13元（含税），全年合计现金分红14亿元， 联系人：周方正 现金分红比例达49.0%。 021- 52523855 zhoufangzheng@ebscn.com 点评： 市场数据 家用空调分部经营改善明显，中央空调延续增长趋势。分地区看，2023年公司境内 总股本(亿股) 13.88 总市值(亿元)： 422.21 /境外收入分别为 490/279 亿元（分别同比增长 15%/12%）。分业 ...

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [1] Core Views - The report highlights that the company's performance is close to the upper limit of previous forecasts, with a proposed cash dividend of 10.13 yuan per 10 shares, resulting in a dividend payout ratio of 49% [1] - The company is expected to maintain strong growth in its core segments, with significant contributions from air conditioning and washing machine businesses [1][2] Financial Performance Summary - For the year 2023, the company reported revenue of 85.6 billion yuan, an increase of 15.5%, and a net profit attributable to shareholders of 2.84 billion yuan, up 97.7% [1] - The fourth quarter of 2023 saw revenue of 20.7 billion yuan, a year-on-year increase of 21.1%, and a net profit of 410 million yuan, up 13% [1] - The company anticipates revenue growth of 10% in 2024, with net profit expected to reach 3.3 billion yuan, reflecting a growth rate of 16% [2] Segment Performance Summary - The air conditioning segment is projected to grow by 12% in 2023, with external sales growth exceeding 15% and internal sales growth around 10% [1] - The washing machine segment is expected to see revenue growth of over 30% in Q4 2023, with internal sales growth around 20% and external sales showing high double-digit growth [1] - The three electrical appliances segment is expected to remain flat in revenue, with a slight loss anticipated [1] Future Outlook - The company is projected to achieve revenues of 94.1 billion yuan in 2024, 101.6 billion yuan in 2025, and 110.2 billion yuan in 2026, with corresponding growth rates of 10%, 8%, and 9% respectively [2] - The net profit attributable to shareholders is expected to reach 3.3 billion yuan in 2024, 3.8 billion yuan in 2025, and 4.3 billion yuan in 2026, with growth rates of 16%, 15%, and 14% respectively [2]

[Table_Title] 证券研究报告 Q4 收入增速加快，经营性现金流显著改善 公司研究 [Table_ReportDate] 2024年03月31日 [Table_ReportType] 公司点评报告 [T事ab件le：_ 2S 0um 2m 3a年ry公] 司实现营业总收入856.00亿元，同比+15.50%，实现归母 [海Ta信bl家e_电Sto（ck0A0n0d9R2an1k）] 净利润28.37亿元，同比+97.73%，实现扣非后归母净利润23.55亿元，同 比+160.07%。 Q4 公司实现营业收入 207.01 亿元，同比+21.13%，实现归母净利润 4.11 亿元，同比+12.66%，实现扣非后归母净利润2.93亿元，同比+124.88%。 点评： [罗Ta岸b阳le _ A u t h o家r]电 行业首席分析师 执业编号：S1500520070002 ➢ H2境外收入增长亮眼，三电中国区签单总额同比高增。 邮 箱：luoanyang@cindasc.com 分地区来看，23年境内外公司分别实现营业收入490.35/279.24亿元， 同比+15.04%、+12.28%，H2 境内收 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's 2023 performance met expectations, with significant improvement in operating cash flow [1] - Revenue and net profit showed strong growth, with total revenue reaching 85.6 billion yuan, up 15.50% YoY, and net profit attributable to the parent company reaching 2.837 billion yuan, up 97.73% YoY [1] - The company's cash dividend payout ratio was 49%, with a total cash dividend of 1.39 billion yuan [1] - The company's product segments, especially washing machines and kitchen appliances, showed high growth rates, with revenues increasing by 53.6% and 66% YoY, respectively [1] - The ASEAN region saw rapid growth, with revenue increasing by over 20% YoY, and the company's own brand revenue in the region growing by over 70% [1] Financial Performance - Gross margin improved YoY, with 2023 gross margin increasing by 1.4 percentage points to 22.08% [1] - Net profit margin for 2023 increased by 1.46 percentage points to 5.60% [1] - Operating cash flow turned significantly positive in Q4 2023, reaching 1.911 billion yuan, compared to -80 million yuan in Q4 2022 [2] - Inventory increased by 3% YoY and 30% QoQ, while contract liabilities increased by 26% YoY and 13% QoQ [2] Future Projections - The company is expected to achieve net profit attributable to the parent company of 3.272 billion yuan, 3.752 billion yuan, and 4.230 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 15.3%, 14.7%, and 12.8% [2] - Revenue is projected to grow to 94.931 billion yuan, 104.993 billion yuan, and 114.128 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 10.9%, 10.6%, and 8.7% [3] - EPS is expected to be 2.36 yuan, 2.70 yuan, and 3.05 yuan in 2024, 2025, and 2026, respectively [3] Product and Regional Breakdown - Central air conditioning, refrigerators, washing machines, and kitchen appliances showed revenue growth of 9.3%, 18.7%, 53.6%, and 66% YoY, respectively [1] - The domestic market revenue grew by 15.04% YoY, while overseas revenue grew by 12.28% YoY [1] - The company's multi-split air conditioning market share exceeded 20%, and heat pump fresh air revenue grew by 50% [1] Financial Ratios - ROE increased from 18.9% in 2022 to 24.7% in 2023 [10] - P/E ratio decreased from 29.4x in 2022 to 14.9x in 2023 [3] - P/B ratio decreased from 3.7x in 2022 to 3.1x in 2023 [3]

Core Viewpoint - Hisense Home Appliances reported significant growth in revenue and profit for 2023, demonstrating strong performance in the home appliance industry and a commitment to shareholder returns [1][4]. Financial Performance - The company achieved operating revenue of 85.6 billion yuan, a year-on-year increase of 15.5% [1] - Net profit attributable to shareholders reached 2.84 billion yuan, up 97.7% year-on-year [1] - The net profit after deducting non-recurring items was 2.36 billion yuan, reflecting a substantial increase of 160.1% [1] - The net cash flow from operating activities was 10.61 billion yuan, growing by 163.2% year-on-year [1] - A cash dividend of 10.13 yuan per 10 shares was proposed, marking a 95.9% increase from the previous year [1] Business Segments Performance - The central air conditioning segment saw revenue growth of 9.3%, with a market share exceeding 20% [1] - The home air conditioning business reported online and offline retail sales growth of 41.4% and 14.3%, respectively, outperforming industry averages by 26 and 10 percentage points [1] - The refrigerator segment experienced an 18.7% revenue increase, with retail sales up 17.8% and market share rising by 1.6 percentage points [2] - The washing machine segment, driven by innovative technology, achieved a revenue increase of 53.6% [2] - The kitchen appliance segment reported a remarkable revenue growth of 66% [2] Global Expansion and Brand Influence - Hisense accelerated its overseas business, achieving revenue of 27.92 billion yuan from international markets, a 12.3% increase [2] - The ASEAN region saw revenue growth exceeding 20%, with self-owned brand business growing over 70% [2] - Hisense became the global official partner for the 2024 UEFA European Championship, enhancing brand visibility [3] Innovation and User Engagement - The company is focusing on user-driven, scenario-based upgrades in the home appliance sector, leading to increased consumer trust and recognition [3] - The Hisense Aijia app user base grew by 54%, with monthly active users increasing by 58% [3] - The company received multiple awards for product innovation and design, reflecting its commitment to enhancing user experience [3] Shareholder Returns and Market Recognition - Hisense's stock price increased by 58.24% in A-shares and 101.75% in H-shares in 2023 [4] - The company has distributed approximately 3.6 billion yuan in dividends to minority shareholders over the past decade [4] - In 2023, the company repurchased shares worth 210 million yuan, boosting investor confidence [4] Future Outlook - Hisense plans to maintain a long-term strategy, enhance global operations, and focus on technological innovation to drive high-quality development [4]

Investment Rating - The investment rating for Hisense Home Appliances is "Buy-A" with a target price of 37.6 CNY over the next six months, representing a dynamic price-to-earnings ratio of 16 times for 2024 [2][5]. Core Views - Hisense Home Appliances reported a revenue of 85.6 billion CNY for 2023, reflecting a year-on-year increase of 15.5%. The net profit attributable to shareholders reached 2.84 billion CNY, up 97.7% year-on-year, and the net profit excluding non-recurring items was 2.36 billion CNY, marking a 160.1% increase [1]. - The fourth quarter of 2023 saw a significant acceleration in revenue growth, with a total of 20.7 billion CNY, representing a year-on-year increase of 21.1%. The net profit for Q4 was 410 million CNY, up 12.7% year-on-year, while the net profit excluding non-recurring items surged by 124.9% to 290 million CNY [1][2]. - The improvement in external sales significantly contributed to the revenue growth in Q4, with external sales of air conditioning and refrigeration products increasing by 35% and 86% year-on-year, respectively [1]. Summary by Sections Financial Performance - In Q4 2023, the gross margin was 22.0%, an increase of 0.6 percentage points year-on-year, attributed to supply chain optimization and improved manufacturing efficiency. The net profit margin for Q4 was 2.0%, a slight decrease of 0.1 percentage points year-on-year [2]. - The operating cash flow for Q4 increased significantly, with a net cash flow of 19.9 billion CNY, driven by a 43.8 billion CNY increase in cash received from sales [2]. Market Position - Hisense's market share in the domestic multi-split air conditioning segment increased by 0.7 percentage points year-on-year, indicating robust growth in the central air conditioning business [1]. - The online and offline retail sales of Hisense's air conditioning products grew by 41.4% and 14.3% year-on-year, respectively, demonstrating a strong market position [1]. Future Outlook - The central air conditioning sector is identified as a growth area within the home appliance industry, with Hisense expected to benefit from increased downstream demand. The integration of Sanlian Holdings is anticipated to enhance profitability levels [2].

Investment Rating - The report maintains a "Recommended" rating for Hisense Home Appliances [5]. Core Views - The traditional business continues to recover profitability, with a strong focus on growth and dividend attributes. The company is expected to achieve revenue growth of 9.0% to 9.4% from 2024 to 2026, with net profit growth of 15.8% to 13.8% during the same period [5]. Financial Performance - In 2023, Hisense Home Appliances achieved a revenue of 85.6 billion yuan, a year-on-year increase of 15.5%. The net profit attributable to shareholders was 2.84 billion yuan, up 97.7% year-on-year, and the net profit after deducting non-recurring items was 2.36 billion yuan, an increase of 160.1% [2][5]. - For Q4 2023, the company reported a revenue of 20.7 billion yuan, a year-on-year increase of 21.13%, and a net profit of 410 million yuan, up 12.7% year-on-year [2]. - The company plans to distribute a cash dividend of 10.13 yuan per 10 shares, totaling 1.39 billion yuan, which accounts for 49.0% of the annual net profit [2]. Business Segments - The air conditioning segment achieved a revenue of 22.17 billion yuan in 2023, growing by 9.3% year-on-year, outperforming the overall market growth of 4.6% [3]. - The refrigerator and washing machine segment generated a revenue of 26.07 billion yuan, with a year-on-year increase of 22.9%, driven by high-end product strength and new online sales channels [3]. - The automotive thermal management business remained stable with a revenue of 9.05 billion yuan, showing no significant change [3]. Profitability and Cost Control - The overall gross margin for 2023 was 22.08%, an increase of 1.39 percentage points year-on-year. The gross margins for the HVAC, refrigerator, and other main businesses were 30.66%, 19.11%, and 13.57%, respectively [4]. - The company effectively controlled its expense ratios, with sales, management, R&D, and financial expense ratios at 10.88%, 2.68%, 3.25%, and -0.24%, respectively [4]. Future Outlook - The company is expected to achieve revenues of 93.28 billion yuan, 101.76 billion yuan, and 111.29 billion yuan from 2024 to 2026, with corresponding net profits of 3.29 billion yuan, 3.75 billion yuan, and 4.26 billion yuan [5][10].