海信家电：符合预期，外销快速增长

Investment Rating - The report maintains a "Buy" investment rating for Hisense Home Appliances [3] Core Views - The company's H1 2024 performance met expectations, with total revenue of 48.642 billion yuan, a year-on-year increase of 13.27%, and a net profit attributable to shareholders of 2.016 billion yuan, up 34.61% [1] - The main business showed steady performance, with significant growth in exports, as domestic and international revenue growth rates were 3.52% and 27.87%, respectively [1] - Profitability slightly declined, with a gross margin of 20.95% in Q2 2024, down 0.92 percentage points year-on-year [1] Financial Performance Summary - Revenue and Profit: In H1 2024, the company achieved total revenue of 48.642 billion yuan, with a net profit of 2.016 billion yuan. Q2 2024 revenue was 25.156 billion yuan, with a net profit of 1.035 billion yuan [1] - Segment Performance: Revenue growth for HVAC and washing machines was 7.59% and 26.81%, respectively. Domestic sales grew by 3.52%, while exports surged by 27.87% [1] - Profitability Metrics: Q2 2024 net profit margin was 5.93%, down 0.21 percentage points year-on-year. The company experienced changes in expense ratios, with R&D expenses increasing due to higher investment [1] - Cash Flow: Operating cash flow for Q2 2024 was 1.944 billion yuan, a decrease of 33.55% year-on-year, attributed to increased production reserves and performance bonuses [1] Earnings Forecast and Investment Advice - The report forecasts net profits for 2024-2026 to be 3.272 billion, 3.752 billion, and 4.230 billion yuan, representing year-on-year growth rates of 15.3%, 14.7%, and 12.8%, respectively [1]