股票代码：000921 股票简称：海信家电 公告编号：2024-035 本基金认缴出资额共计人民币 100,000 万元，其中，本公司认缴出资额为 34,000 万元，占本基金份额的 34%，资金来源为本公司自有资金。 （二）本次交易的法人合伙人中，本公司间接控股股东为海信集团控股，海信视像 的控股股东同为海信集团控股，海信集团控股的监事曲俊宇先生为青岛产业发展的董 事；根据《深圳证券交易所股票上市规则》相关规定，海信集团控股、海信视像及青岛 产业发展为本公司的关联法人。 本次交易的自然人合伙人中，代慧忠先生为本公司董事长，贾少谦先生、于芝涛先 生为本公司董事，刘鑫先生为本公司间接控股股东海信集团控股的董事；根据《深圳证 券交易所股票上市规则》相关规定，前述四名自然人合伙人为本公司关联自然人。 （三）本公司第十一届董事会于 2024 年 5 月 10 日召开 2024 年第四次临时会议， 会议以 6 票同意，0 票反对，0 票弃权审议通过了《关于参与设立产业基金暨关联交易 海信家电集团股份有限公司 关于参与设立产业基金暨关联交易公告 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 ...

股票代码：000921 股票简称：海信家电 公告编号：2024-033 海信家电集团股份有限公司 关于回购公司股份进展的公告 （2）中国证监会和本所规定的其他情形。 2、公司以集中竞价交易方式回购股份的，应当符合下列要求： 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 1 月 8 日召开第十一届董事 会 2024 年第一次临时会议，会议审议通过了《关于以集中竞价交易方式回购公司 A 股 股份的议案》，同意本公司使用自有资金回购部分股份用于员工持股计划。本次回购的 资金总额不低于人民币 1.8787 亿元（含）且不超过人民币 3.7573 亿元（含），回购价 格不超过人民币 27.00 元/股（含）。回购股份实施期限为自本公司第十一届董事会 2024 年第一次临时会议审议通过回购股份方案之日起不超过 12 个月。关于本次回购事项请 详见本公司于 2024 年 1 月 9 日披露的《关于以集中竞价交易方式回购公司 A 股股份的 公告》。 一、回购股份的进展情况 截止2024年4月30日，本公司通过股份回购专 ...

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].

Investment Rating - The investment rating for Hisense Home Appliances is "Buy-A" with a target price of 41.99 CNY over the next six months, which corresponds to a dynamic P/E ratio of 17 times for 2024 [4][8]. Core Insights - Hisense Home Appliances reported a revenue of 23.49 billion CNY in Q1 2024, representing a year-over-year increase of 20.9%. The net profit attributable to shareholders reached 0.98 billion CNY, up 59.5% year-over-year, indicating a strong improvement in profitability driven primarily by export sales [3][4]. - The company's gross profit margin improved to 21.6%, a 0.5 percentage point increase year-over-year, attributed to product structure optimization and cost reduction measures [3][4]. - Operating cash flow decreased significantly by 82% year-over-year, primarily due to increased cash payments for raw materials in response to price fluctuations [4]. Revenue Growth - Hisense's revenue continued to grow rapidly, with air conditioning sales increasing by 20% year-over-year in Q4 2023 and 9% in January-February 2024. The domestic sales of refrigerators also saw a year-over-year increase of 20% in Q4 2023 and 16% in January-February 2024 [3][4]. - Export sales for air conditioning units surged by 35% year-over-year in Q4 2023 and 34% in Q1 2024, while refrigerator exports increased by 86% year-over-year in Q4 2023 and 52% in January-February 2024 [3][4]. Profitability Improvement - The net profit margin for Q1 2024 was 4.2%, reflecting a 1.2 percentage point increase year-over-year. The company is expected to further enhance its profitability through supply chain optimization and continuous product upgrades [3][4]. - The company has increased its R&D investment, which is reflected in the stable growth of its three major product lines [3][4]. Financial Forecast - The forecasted earnings per share (EPS) for 2024 and 2025 are 2.47 CNY and 2.86 CNY, respectively, indicating a positive growth trajectory [4][8]. - The projected revenue for 2024 is 95.8 billion CNY, with a growth rate of 11.9% expected [4][8].

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].