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].

Financial Performance - Revenue increased by 15.5% year-on-year, while net profit attributable to shareholders surged by 97.7%[8] - The company's operating revenue for 2023 reached ¥85.6 billion, representing a 15.5% increase compared to the previous year[23] - The net profit attributable to shareholders for 2023 was ¥2.84 billion, a significant increase of 97.73% year-on-year[23] - The net cash flow from operating activities for 2023 was ¥10.61 billion, up 163.17% from the previous year[23] - Total assets at the end of 2023 amounted to ¥65.95 billion, reflecting a 19.09% increase from the end of 2022[24] - The net assets attributable to shareholders at the end of 2023 were ¥13.58 billion, an increase of 17.90% compared to the end of 2022[24] - The company reported a basic earnings per share of ¥2.08 for 2023, compared to ¥1.05 in 2022, marking a 98.10% increase[23] Dividends and Shareholder Returns - The company distributed a cash dividend of 10.13 CNY per 10 shares, based on a total share capital of 1,373,429,913 shares after buybacks[4] - The company has cumulatively distributed approximately 3.6 billion CNY in dividends to minority shareholders over the past decade, with a proposal to maintain a high dividend ratio in 2023[15] - In 2023, the company repurchased shares totaling 210 million CNY, enhancing shareholder confidence[15] - The company's cash dividend for the current period represents 100% of the total distributable profit[152] Market and Product Performance - The number of users on the Hisense Home app increased by 54% year-on-year, with monthly active users rising by 58%[10] - The market share of Hisense's multi-split air conditioning systems exceeded 20%[11] - The sales growth rate of the Hisense Brilliant series of dishwashers reached 287% in 2023[11] - The central air conditioning heat pump business saw a year-on-year growth of 46%, while the market share in Thailand and Malaysia increased by 2.3 and 3.1 percentage points respectively[12] - The overall revenue in the ASEAN region grew by over 20% in 2023, with Hisense brand revenue increasing by over 70%[12] - The home air conditioning business achieved online and offline retail sales growth of 41.4% and 14.3% respectively in 2023, surpassing industry growth by 26 percentage points and 10 percentage points[43] - The refrigerator business saw a revenue growth of 18.7% in 2023, with retail sales increasing by 17.8% and market share rising by 1.6 percentage points[46] Innovation and Technology - The AI-powered temperature control module in the Rongsheng WILL series refrigerator improved preservation effectiveness by 20%[10] - The company launched a new employee stock ownership plan to enhance long-term strategic goals and governance structure[9] - The company launched the ECO-B smart building mobile app, reducing building operating costs by 20%[14] - The family energy management system achieved a 13% energy saving through the integration of photovoltaic, energy storage, heat pump, and smart control technologies[14] - The HVAC system innovations include a new generation Gen5 electric compressor platform compatible with multiple refrigerants, achieving industry-leading performance in high pressure, miniaturization, and low noise[54] Sustainability and Environmental Initiatives - The company has established 7 green factories and 2 green supply chains, and has created 5 industrial product green design demonstration enterprises[14] - The company’s comprehensive energy-saving measures resulted in an overall energy saving rate of 8.1% for the year[68] - The company invested a total of 13.0665 million yuan in environmental governance and protection in 2023, focusing on wastewater and waste gas treatment equipment, environmental monitoring, and education training[174] - The company has created 7 national-level "green factories" and 2 national-level "green supply chains," tracking and improving 27 key energy-saving projects, achieving energy savings of 2,221.7 tons of standard coal, with a cost-saving benefit of 8.45 million yuan[174] Corporate Governance and Management - The company has established a comprehensive independent procurement, production, sales, and research and development system[113] - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, organization, and finance, ensuring a complete and independent operational structure[113] - The company has established an ESG committee to strengthen its commitment to environmental, social, and governance practices[131] - The company has implemented a performance-based salary system for senior management, linking their annual salary to revenue and profit growth[156] Employee Engagement and Development - The employee training program totaled over 770,000 hours, with 43,000 participants across various levels and roles[149] - The company has established a dual career development path for employees, focusing on both professional and managerial skills[148] - The company has implemented a stock incentive plan for A-share employees, ensuring compliance with relevant regulations and protecting shareholder interests[143] Strategic Initiatives and Future Outlook - The company aims to enhance its digital transformation focusing on products, customers, and users, while establishing five overseas regional centers in Europe, America, ASEAN, Middle East Africa, and Asia Pacific[16] - The company has set a revenue guidance of 1 billion RMB for the next fiscal year, projecting a growth rate of 10%[122] - The company is investing 50 million RMB in R&D for new technologies aimed at enhancing product efficiency and user experience[122] - The company plans to enhance its supply chain efficiency, aiming for a 15% reduction in operational costs[122]

Group 1 - Qingdao Yiyang Venture Capital Management Co., Ltd. has been registered with the Asset Management Association of China, focusing on private equity and venture capital fund management [1][2] - The company is led by Hisense Home Appliances Group, with other shareholders including Qingdao Industrial Development Investment Co., Ltd. and Qingdao Ximing Investment Co., Ltd. [1][2] - Hisense Home Appliances holds a 50% stake in the new venture capital firm, while Qingdao Industrial Development Investment Co., Ltd. holds 15% [2] Group 2 - The establishment of Qingdao Yiyang reflects a trend of industrial capital accelerating its entry into the primary market, with stable cash flows allowing household appliance giants to expand through equity investments [1][3] - Other major players in the household appliance sector, such as Haier and Midea, have also been active in venture capital and private equity, indicating a broader industry trend [3][4] - Haier Capital, established in 2010, has invested in over 70 projects with managed assets exceeding 20 billion, focusing on healthcare and new technology sectors [3]

股票代码：000921 股票简称：海信家电 公告编号：2024-027 关于以自有闲置资金进行委托理财的公告 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、 误导性陈述或重大遗漏。 海信家电集团股份有限公司（「本公司」）第十一届董事会于2024年3月29日召开 2024年第一次会议审议通过了《关于本公司以自有闲置资金进行委托理财的议案》，同 意本公司在控制投资风险的前提下，以提高资金使用效率、增加现金资产收益为原则， 拟使用自有闲置资金合计不超过人民币190亿元委托商业银行、信托公司、证券公司、 基金公司、保险公司、资产管理公司等金融机构进行短期中低风险投资理财，具体如下： 一、委托理财概述 1、委托理财的目的 随着本公司经营效益的持续提升，本公司货币资金将进一步增加。在不影响正常经 营及风险可控的前提下，使用自有闲置资金进行委托理财，可以提高本公司的资金效益， 为本公司与股东创造更大的收益。 2、投资金额 拟使用合计不超过人民币190亿元的自有闲置资金进行委托理财，上述资金额度可 滚动使用。 3、投资方式 海信家电集团股份有限公司 本公司进行委托理财所使用的资金为本公司的自有闲置资 ...

海信家电集团股份有限公司 2023 年度内部控制评价报告 海信家电集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求(「企 业内部控制规范体系」)，结合海信家电集团股份有限公司(「公司」)内部控制制度和 评价办法，在内部控制日常监督和专项监督的基础上，我们对公司 2023 年 12 月 31 日 （内部控制评价报告基准日）的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性， 并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控 制进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董 事、监事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏， 并对报告内容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信 息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限 性，故仅能为实现上述目标提供合理保证。此外，由于情况的变化可能导致内部控制变 得不恰 ...

股票代码：000921 股票简称：海信家电 公告编号：2024-024 海信家电集团股份有限公司 第十一届监事会 2024 年第二次会议决议公告 本公司及监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。 一、监事会会议召开情况 （一）会议通知的时间和方式 海信家电集团股份有限公司(「本公司」)第十一届监事会于 2024 年 3 月 15 日以通 讯方式向全体监事发出召开第十一届监事会 2024 年第二次会议的通知。 （二）会议召开的时间、地点和方式 1、会议于 2024 年 3 月 29 日以现场结合通讯方式召开。 会议应到监事 3 人，实到 3 人。 （三）会议主持人：监事长刘振顺 （四）会议的召开及表决符合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 经与会监事认真审议，会议形成以下决议： （一）审议及批准本公司《2023 年年度报告全文及其摘要》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 （二）审议及批准本公司《截至二零二三年十二月三十一日止年度之业绩公布》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 （三）审议及批准《经 ...

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关于海信家电集团股份有限公司 2023 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2024QDAA4F0009 海信家电集团股份有限公司 海信家电集团股份有限公司全体股东： 我们按照中国注册会计师审计准则审计了海信家电集团股份有限公司（以下简称海 信家电公司）2023 年度财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表、 2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变 动表以及财务报表附注，并于 2024 年 3 月 29 日出具了 XYZH/2024QDAA4B0024 号无保留 意见的审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号——上市公司资金往来、 对外担保的监管要求》（证监会公告[2022]26 号），以及深圳证券交易所相关披露的要 求，海信家电公司编制了本专项说明所附的海信家电公司 2023 年度非经营性资金占用 及其他关联资金往来情况汇总表（以下简称汇总表）。编制和对外披露汇总表，并确保 其真实性、准确性及完整性是海信家电公司的责任。我们对汇总表所载资料与我们审计 海信家电公司 2023 年度财务 ...

（一）远期结汇业务：对应未来的收汇金额与时间，与交易对手签订远期结汇合约， 锁定未来收汇的结汇汇率。 （二）远期购汇业务：对应未来的付汇金额与时间，与交易对手签订远期购汇合约， 锁定未来付汇的购汇汇率。 （三）其他外汇衍生品交易业务指公司与交易对手进行的外汇掉期、利率掉期、货 币掉期等业务。 海信家电集团股份有限公司 2024 年度开展外汇衍生品业务专项报告 结合海信家电集团股份有限公司(「本公司」)业务实际需要，2024 年本公司拟开 展的外汇衍生品业务的产品范围为远期结/购汇等衍生品业务及组合，外汇衍生品业务 余额不超过 10 亿美元，现特将相关情况说明如下： 一、开展外汇衍生品业务的必要性 为规避本公司外汇业务所面临的汇率、利率风险，保证本公司稳健经营，本公司有 必要通过开展外汇衍生品业务来规避风险。本公司开展外汇衍生品业务以规避本公司外 汇业务风险，不存在任何投机性操作。 二、拟开展的外汇衍生品业务概述 为规避本公司外汇业务的汇率、利率波动风险，本公司拟开展以下外汇衍生品业务： 三、拟开展外汇衍生品业务的主要条款 （一）合约期限：本公司所有开展的外汇衍生品业务的期限均在两年以内。 （二）交易对手：银行 ...