太平洋：给予海信家电买入评级

Company Overview - Hisense Home Appliances maintains a leading position in the multi-split air conditioning market with a 23.1% market share in China for 2024, marking six consecutive years at the top [1] - The company is launching the first domestic 5G integrated central air conditioning series "Hisense Shurun" and the M3 Photonic Series for engineering solutions in 2024 [1] - Hisense is expected to benefit from the "old-for-new" policy in the home appliance sector due to its strong product capabilities [1] Emerging Business - The acquisition of Sanden Holdings in May 2021 has allowed Hisense to enter the new energy thermal management market, with investment returns from Sanden expected to grow from 0.88 billion to 2.23 billion from 2021 to 2024, reflecting a CAGR of 36.14% [2] - Sanden's technological advantages in compressors and its ability to maintain existing customer relationships while expanding new orders are expected to support future revenue growth, with a 20.8% year-on-year increase in orders for 2024 [2] Investment Outlook - The domestic "old-for-new" policy, recovery in export chains, and relaxed tariff policies are anticipated to drive continued recovery in white goods demand [3] - Hisense's multi-split air conditioning segment is expected to maintain its leading advantage, while traditional appliances will deepen their mid-to-high-end market positioning through differentiated competition [3] - The integration of Sanden is projected to enhance revenue growth in the new energy thermal management business, with net profits forecasted at 36.54 billion, 37.46 billion, and 38.93 billion for 2025-2027, corresponding to EPS of 2.64, 2.70, and 2.81 [3]