海信家电集团股份有限公司 关于 2024 年度担保额度的说明公告 股票代码：000921 股票简称：海信家电 公告编号：2024-083 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2023年11月28日召开第十一届董事会 2023年第八次临时会议，审议通过了《关于预计2024年度担保额度的议案》。根据本公 司未来的融资和担保需求，为保证业务顺利开展，本公司及下属子公司2024年拟为控股 子公司提供担保，总担保额度不超过人民币79亿元，担保范围包括但不限于用于申请银 行授信、贷款、开具保函、开立信用证、履约担保、银行承兑汇票等。具体请详见本公 司于2023年11月29日披露的《关于预计2024年度担保额度的公告》。现就2024年担保额 度的范围进一步说明如下： 根据本公司 2024 年度融资需求及被担保方业务开展需要，本公司控股子公司三电 株式会社(「三电公司」)已披露的担保额度为人民币 24 亿元，三电公司合并范围内被 担保的主体包括但不限于 SANDEN INTERNATIONAL(U.S.A.),INC.(「S ...

Market Performance - In the first half of 2024, the central air conditioning market in China saw a decline of 5% in overall market capacity, with multi-split systems accounting for nearly 50% of the market share [5]. - The retail volume of the air conditioning market decreased by 10.8% year-on-year, while the retail value dropped by 13.7% in the same period [6]. - The domestic refrigerator market experienced a retail volume increase of 0.8% and a retail value increase of 0.4% in the first half of 2024 [7]. - The washing machine market saw a retail volume growth of 6.2% and a retail value growth of 3.8% in the first half of 2024 [8]. - The export volume of refrigerators increased by 23%, washing machines by 22%, and air conditioners by 30% in the first half of 2024 compared to the previous year [12]. Smart Home Appliances - The smart home appliance market showed significant growth, with retail sales of smart major appliances, smart kitchen appliances, and smart environmental appliances increasing by 5.3%, 4.8%, and 15.7% respectively [11]. - The penetration rate of offline fresh air air conditioners reached 8.6%, marking a year-on-year increase of 0.6% [6]. - The online retail volume of refrigerators on Douyin e-commerce grew by 52.5% year-on-year, indicating a rapid growth in new online channels [7]. - The demand for embedded refrigerators has been increasing, with offline retail volume penetration rising from 9.5% in 2021 to 37.8% in 2024 [7]. Financial Performance - The company's revenue for the reporting period reached ¥48.64 billion, a year-on-year increase of 13.27% compared to ¥42.94 billion in the same period last year [43]. - Net profit attributable to shareholders was ¥2.02 billion, reflecting a significant year-on-year growth of 34.61% from ¥1.50 billion [43]. - The company achieved a 48% year-on-year revenue growth in the high-end product series during the first half of 2024, with 383 new experiential zones established [30]. - The company's gross margin improved by 2.5 percentage points year-on-year in the first half of 2024 [29]. - The company reported a significant increase in R&D expenses, totaling CNY 1.64 billion, which is a 32.2% rise from CNY 1.24 billion in the previous year [116]. Operational Efficiency - The company improved manufacturing efficiency, with a 5.3% year-on-year increase in UPPH and a 4.4% reduction in manufacturing costs per unit [29]. - The company’s inventory turnover improved by 12% in the first half of 2024, enhancing capital efficiency [29]. - The company has automated operations, replacing over 1,700 positions, and improved labor costs by 11% year-on-year [39]. - The company aims to improve operational efficiency and reduce costs in the upcoming quarters [125]. Research and Development - The company is transitioning from a compressor supplier to a comprehensive thermal management system supplier for new energy vehicles, with continuous improvements in product development [27]. - The company has established over 20 provincial and national-level technology innovation platforms, including a national-level enterprise technology center and a post-doctoral research workstation [68]. - The company has achieved international leadership in noise control technology for household air conditioners, enhancing user experience [69]. - The company has been actively involved in the research and development of smart home solutions, enhancing its product offerings in the HVAC and home appliance sectors [132]. Market Expansion and Strategy - The company plans to enhance its global supply chain and expand overseas markets, focusing on integrating R&D centers and local business operations [42]. - The company aims to leverage its strong capital reserves for potential acquisitions to enhance its market share [132]. - The company is exploring potential mergers and acquisitions to strengthen its market position [125]. - The market expansion strategy includes targeting emerging markets, which is expected to contribute to a 25% increase in overall sales [128]. Shareholder and Governance - The company has a total of 25,399 shareholders as of June 30, 2024 [87]. - The company repurchased 13,915,968 shares from January 17, 2024, to July 23, 2024, accounting for 1.00% of the total share capital, with a total transaction amount of RMB 343,418,332.75 [96]. - The company has adopted a 2024 A-share employee stock ownership plan involving up to 13,916,000 shares, with 735,918 A-shares available for future grants [102]. - The company confirmed that all directors and supervisors adhered to the securities trading code during the reporting period [95]. Risks and Challenges - The company faces risks from macroeconomic fluctuations, rising costs, trade protectionism, and exchange rate volatility [74]. - The company reported a decrease in cash and cash equivalents by RMB 127,424,266.33, compared to an increase of RMB 138,885,445.53 in the previous year, indicating cash flow challenges [47]. - The company has not engaged in any asset or equity acquisitions or disposals during the reporting period [76]. Accounting and Financial Reporting - The financial statements are prepared in accordance with Chinese accounting standards [107]. - The group follows the principle of materiality in preparing and disclosing financial statements [139]. - The group recognizes revenue when control of goods or services is transferred to customers, primarily through sales of products [198]. - The group assesses credit risk for financial assets at each reporting date to determine if there has been a significant increase in credit risk since initial recognition [161].

Group 1: Policy Impact - The "old-for-new" policy has positively influenced the company's performance in the first half of the year, with expectations for greater impact in the second half as more policies are implemented [1] - Subsidies of 15% on sales prices for appliances meeting certain energy efficiency standards and an additional 5% for higher-rated products are significant in promoting appliance upgrades [1] Group 2: Financial Performance - The company's overseas white goods revenue increased by 36.91% year-on-year, with a gross margin of 11.13%, although still lower than domestic white goods margins [1] - In the first half of 2024, the central air conditioning market share exceeded 20%, while washing machine revenue grew by 26.81% [2] Group 3: Strategic Initiatives - The company is committed to long-term development, improving corporate governance, and enhancing employee motivation through a refined equity incentive mechanism [2] - The company is accelerating globalization and leveraging sports marketing, having sponsored the 2024 UEFA European Championship for the third time, contributing to a significant increase in overseas revenue [2] Group 4: Market Position - The market share of Hisense's fresh air conditioning products has risen to 45.3%, and the automotive air conditioning compressor share ranks second globally [2] - The self-owned brand business proportion has surpassed 80% in overseas operations [2]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 36.15 based on a 15x PE valuation for 2024 [1][8]. Core Insights - The company reported a revenue growth of 13.3% year-on-year for the first half of 2024, reaching RMB 48.64 billion, while net profit attributable to shareholders increased by 34.6% to RMB 2.02 billion [1][8]. - The company's profitability improved, with a gross profit margin of 21.28% and a net profit margin of 4.14% for the first half of 2024 [1][8]. - The company is advancing its globalization strategy and optimizing its governance structure, which is expected to support long-term growth in its central air conditioning business [1][8]. Revenue and Profit Performance - In Q2 2024, the company achieved revenue of RMB 25.16 billion, a 7.0% increase year-on-year, and net profit of RMB 1.04 billion, up 17.3% [1][8]. - The refrigeration business generated RMB 14.69 billion in revenue, growing at 26.8%, while the washing machine segment saw a 49.8% increase in main business revenue [1][8]. - Domestic sales revenue was RMB 25.33 billion, up 3.5% year-on-year, while overseas revenue reached RMB 18.21 billion, a 27.9% increase [1][8]. Segment Analysis - The HVAC business reported revenue of RMB 22.77 billion, a 7.6% increase year-on-year, with Hisense Hitachi contributing RMB 11.34 billion, up 0.3% [1][8]. - The company maintained a market share of over 20% in the multi-split air conditioning market, reinforcing its industry leadership [1][8]. Financial Forecast - The estimated EPS for 2024, 2025, and 2026 is projected to be RMB 2.41, 2.75, and 3.13 respectively, indicating a strong growth trajectory [1][8]. - The company’s gross margin is expected to improve gradually, reaching 23.1% by 2026 [5][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue growth of 13% and a net profit growth of 35% for the first half of 2024, achieving a revenue of 48.64 billion yuan and a net profit of 2.02 billion yuan [5][6] - The company maintains a strong performance in both domestic and international markets, with significant growth in its washing machine segment and a leading position in the multi-split air conditioning market [6][10] - The company is expected to continue its global strategy and improve its governance structure, with projected EPS for 2024-2026 being 2.41, 2.75, and 3.13 yuan per share, respectively [6][10] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 48.64 billion yuan, a year-on-year increase of 13.3%, and a net profit of 2.02 billion yuan, up 34.6% [5] - The gross profit margin for H1 2024 was 21.28%, a slight decrease of 0.25 percentage points year-on-year, while the net profit margin improved to 4.14%, an increase of 0.66 percentage points [5][6] Business Segments - The cold appliance segment generated revenue of 14.69 billion yuan, with a growth rate of 26.8%, while the HVAC segment achieved revenue of 22.77 billion yuan, growing by 7.6% [6] - Domestic sales reached 25.33 billion yuan, a 3.5% increase, and the overseas market saw revenue of 18.21 billion yuan, up 27.9% [6] Profitability Forecast - The company is projected to have a revenue of 85.6 billion yuan in 2023, with a year-on-year growth of 15.5%, and a net profit of 2.84 billion yuan, reflecting a growth of 97.7% [7][10] - The gross margin is expected to improve gradually, reaching 23.1% by 2026 [10] Valuation - The company is assigned a valuation range of 31.33 to 36.15 yuan based on a PE ratio of 13-15x for 2024 [6][10]

Group 1: Event Details - The event will be held online on September 12, 2024, from 15:30 to 16:30 [1] - Investors can participate via the "Panorama Roadshow" website [1] Group 2: Company Representatives - Chairman Dai Huizhong, President Hu Jianrong, CFO Gao Yuling, and Secretary Zhang Yuxin will be present to communicate with investors [1] Group 3: Discussion Topics - The discussion will cover 2024 semi-annual performance, corporate governance, development strategy, operational status, financing plans, equity incentives, and sustainable development [1] Group 4: Investor Engagement - The company encourages active participation from investors during the event [1]

Investment Rating - The report does not explicitly state an investment rating for Hisense Home Appliances Core Viewpoints - Hisense Home Appliances has achieved a revenue CAGR of 18.9% from 2018 to 2023, significantly outperforming major competitors in the white goods sector [1] - The company's air conditioning segment is the largest revenue driver, contributing 45.2% of total revenue in 2023, with a CAGR of 21% from 2018 to 2023 [8][12] - Despite a strong domestic performance, Hisense's overseas business has a low gross margin, consistently in single digits, indicating challenges in brand positioning and pricing power in international markets [20][22] Summary by Sections Company Background - Hisense Home Appliances is a local state-owned enterprise that underwent mixed ownership reform in 2020, with a diversified shareholding structure [4] - The company operates under eight brands, including Hisense, Rongsheng, and Kelon, covering various product segments such as HVAC, refrigeration, and kitchen appliances [6] Financial Performance - In 2023, Hisense Home Appliances reported a revenue of 856 billion, with a net profit of 28.4 billion, marking a 98% increase from the previous year [30] - The company's gross margin improved to 22% in 2023, although it remains lower than competitors like Haier and Gree [30] Business Segments - The HVAC segment generated 387 billion in revenue in 2023, with central air conditioning being the primary growth driver [8][12] - The refrigeration and washing segment achieved a revenue of 261 billion in 2023, with a focus on high-end and embedded products [16][19] Overseas Expansion - Over 30% of Hisense's revenue comes from international markets, with a CAGR of 21% from 2018 to 2023 [22] - The overseas sales model is based on a buyout approach, leading to lower gross margins compared to domestic sales [20][22] Market Position - Hisense's central air conditioning products hold a significant market share, particularly in the multi-split air conditioning segment, which accounted for 48.7% of the market in 2023 [14] - The company has been expanding its presence in emerging markets, particularly in the Americas and Asia-Pacific regions [22]

股票代码：000921 股票简称：海信家电 公告编号：2024-080 海信家电集团股份有限公司 H 股公告-认购理财产品 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 9 月 5 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 9 月 5 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分內容而産生或 因依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） 須予披露交易 認購理財產品 董事會宣佈，於 2023 年 11 月 16 日至 ...

Investment Rating - The investment rating for Hisense Home Appliances is "Outperform the Market" [3][12]. Core Views - The company reported a steady revenue growth of 13.3% year-on-year in H1 2024, reaching RMB 48.64 billion, with a net profit of RMB 2.02 billion, reflecting a 34.6% increase [1]. - The air conditioning segment showed a stable growth of 7.6%, while the washing machine revenue surged by 49.8% in the same period [1]. - The overseas white goods revenue grew significantly by 36.9%, with strong performance across various regions including Europe and the Americas [1]. - The company has adjusted its profit forecast upwards, expecting net profits of RMB 3.41 billion, RMB 3.78 billion, and RMB 4.19 billion for 2024, 2025, and 2026 respectively, indicating a year-on-year growth of 20%, 11%, and 11% [1]. Summary by Sections Revenue and Profitability - In H1 2024, Hisense achieved a revenue of RMB 48.64 billion, with a net profit of RMB 2.02 billion, marking a 34.6% increase year-on-year [1]. - The Q2 revenue was RMB 25.16 billion, with a net profit of RMB 1.03 billion, reflecting a 17.3% increase [1]. Business Segments - The HVAC segment's revenue reached RMB 22.77 billion, with a net profit margin improvement of 3.0 percentage points to 17.3% for Hisense Hitachi [1]. - The washing machine segment saw a revenue increase of 49.8%, contributing to a total ice washing revenue of RMB 14.69 billion, with a slight decline in operating profit margin [1]. Export Performance - The company's export revenue grew by 27.9% to RMB 18.21 billion, with overseas white goods revenue increasing by 36.9% to RMB 14.78 billion [1]. - Revenue growth was noted across various regions, with the Americas showing a 40% increase [1]. Financial Forecasts - The updated profit forecasts for 2024-2026 are RMB 3.41 billion, RMB 3.78 billion, and RMB 4.19 billion, with corresponding PE ratios of 10, 9, and 8 times [1].