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]

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]

Investment Rating - The report assigns a "Buy" rating to Hisense Home Appliances, with an adjusted target price based on recent performance [1][6]. Core Insights - Hisense Home Appliances reported a revenue of 85.6 billion yuan in 2023, representing a year-on-year increase of 15.50%. The net profit attributable to shareholders was 2.837 billion yuan, up 97.73% [4][6]. - In Q4 2023, the company achieved a revenue of 20.701 billion yuan, reflecting a growth of 21.13%, with a net profit of 411 million yuan, an increase of 12.68% [4][6]. - The growth in revenue was driven by the ice-washing business and strong performance in the ASEAN region, with self-owned brands seeing over 70% growth [4][5]. Summary by Sections Financial Performance - For 2023, the revenue breakdown includes: HVAC (38.652 billion yuan, +12.04%), ice-washing (26.070 billion yuan, +22.93%), and other main businesses (12.237 billion yuan, +3.81%) [4]. - The company plans to distribute a cash dividend of 10.13 yuan per 10 shares, totaling 1.391 billion yuan [4]. Profitability Metrics - Q4 2023 gross margin was 22.04%, a slight increase of 0.65 percentage points, while the net margin was 4.00%, down 0.51 percentage points [5]. - The increase in expenses was attributed to enhanced channel marketing efforts, with sales, management, R&D, and financial expense ratios rising [5]. Business Development - The HVAC business saw a revenue increase of 9.3% in 2023, with a profit growth of 20.5%. The company has launched high-end products to strengthen its market position [5]. - The automotive air conditioning compressor and comprehensive thermal management business achieved significant breakthroughs, with a total order value increasing by 43% [5]. Future Outlook - The company is expected to see continued revenue growth, with projected net profits of 3.288 billion yuan, 3.769 billion yuan, and 4.284 billion yuan for 2024, 2025, and 2026, respectively [6][7]. - The report anticipates a sustained recovery in white goods demand, supported by new policies and the growth of the electric vehicle sector [6].

[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 ...