HISENSE H.A.(SZ:000921) Tai Ping Yang·2024-09-03 00:03Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances, with a target price based on the last closing price of 24.75 [1][3]. Core Insights - Hisense Home Appliances reported a rapid growth in Q2 2024, with revenue reaching 25.156 billion yuan, a year-on-year increase of 6.98%, and net profit of 1.035 billion yuan, up 17.26% [2][3]. - The company's H1 2024 revenue was 48.642 billion yuan, reflecting a growth of 13.27%, while the net profit attributable to shareholders was 2.016 billion yuan, up 34.61% [2][3]. - The report highlights significant growth in the Americas and ASEAN regions, with revenue from the Americas increasing by 40% year-on-year and ASEAN revenue growing by 39.46%, driven by the establishment of a joint venture for brand development [2][3]. Summary by Sections Financial Performance - In H1 2024, the revenue from major product lines was as follows: HVAC (22.767 billion yuan, +7.59%), washing machines (14.693 billion yuan, +26.81%), and other products (6.074 billion yuan, +1.97%) [2][3]. - The gross margin for Q2 2024 was 20.95%, a decrease of 0.92 percentage points, attributed to increased competition and rising material costs [2][3]. Future Outlook - The report anticipates continued revenue growth for Hisense, projecting net profits of 3.338 billion yuan in 2024, 3.817 billion yuan in 2025, and 4.272 billion yuan in 2026, with corresponding EPS of 2.41, 2.75, and 3.08 yuan [3][4]. - The overall industry outlook is positive, with expectations of sustained recovery in white goods demand due to new policies and the growth of the electric vehicle sector benefiting upstream components [3][4].