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].

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" and is maintained [5]. Core Insights - In 2023, the company achieved operating revenue of 85.6 billion yuan, a year-on-year increase of 15.5%. The net profit attributable to shareholders reached 2.837 billion yuan, up 97.73%, while the net profit excluding non-recurring items was 2.355 billion yuan, reflecting a growth of 160.07% [5][6]. - The fourth quarter of 2023 saw revenue of 20.701 billion yuan, a 21.13% increase year-on-year, with a net profit of 411 million yuan, up 12.66%, and a net profit excluding non-recurring items of 293 million yuan, which grew by 124.88% [5][6]. - The company distributed a cash dividend of 10.13 yuan per 10 shares (tax included) [5]. Revenue Growth - The company experienced significant growth across both domestic and international sales, with revenue growth accelerating by 5.8 percentage points compared to the previous year. The HVAC segment saw a revenue increase of 12.04%, while the ice washing segment grew by 22.93% [5][6]. - Domestic revenue increased by 15.04%, and international revenue rose by 12.28%, with the ASEAN region's revenue growing over 20% due to new joint ventures [5][6]. Profitability Improvement - The gross margin improved by 1.4 percentage points to 22.08%, with notable increases in the HVAC and ice washing segments [6]. - Operating profit saw a substantial increase of 64.96% year-on-year, driven by improved gross margins and a slight decrease in sales expense ratio [6]. Future Projections - The company is expected to maintain its growth trajectory, with projected net profits of 3.293 billion yuan, 3.839 billion yuan, and 4.461 billion yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are estimated to be 12.82, 11.00, and 9.47 times [6].

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 ...

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances (000921.SZ) with a current price of 30.42 CNY [1] Core Insights - The company has shown a significant improvement in operational cash flow, with a net cash flow from operating activities of 10.612 billion CNY in 2023, an increase of 163.2% year-on-year [4][5] - Hisense achieved a revenue of 85.6 billion CNY in 2023, representing a year-on-year growth of 16%, and a net profit attributable to shareholders of 2.837 billion CNY, up 97.74% year-on-year [4][5] - The company plans to distribute a cash dividend of 10.13 CNY per 10 shares, totaling 1.4 billion CNY, with a cash dividend ratio of 49.0% [4] Revenue Performance - The domestic and international revenue for 2023 was 49 billion CNY and 27.9 billion CNY respectively, with year-on-year growth of 15% and 12% [5] - The air conditioning segment saw a revenue of 38.7 billion CNY, growing by 12%, while the central air conditioning business generated 22.2 billion CNY, with a net profit margin of 14.6% [5] - The home appliance segment, including refrigerators and washing machines, reported a revenue of 26.1 billion CNY, reflecting a robust growth of 23% [5] Profitability and Margins - The overall gross margin for 2023 was 22.1%, an increase of 1.4 percentage points year-on-year, with the air conditioning segment achieving a gross margin of 30.7% [5][11] - The net profit margin for 2023 was 3.3%, up 1.4 percentage points year-on-year, while the fourth quarter net profit margin was 2.0% [5][11] Future Projections - The report projects the company's net profit to reach 3.27 billion CNY in 2024 and 3.77 billion CNY in 2025, with corresponding growth rates of 15.24% and 15.21% [7][11] - The estimated P/E ratios for 2024, 2025, and 2026 are 13, 11, and 10 respectively, indicating a favorable valuation outlook [7][11]

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]