海信家电：吐故纳新，力图精进

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" and is maintained [3] Core Views - Hisense Home Appliances, established in 1984, has evolved into a diversified home appliance enterprise with a strong brand matrix, achieving a revenue of 85.6 billion yuan in 2023, a year-on-year increase of 15.5%, and a net profit of 2.837 billion yuan, a significant growth of 97.73% [4][18][19] - The company has undergone a mixed-ownership reform, optimizing its internal mechanisms and enhancing operational performance, which is reflected in its financial results [4][22][23] - The white goods segment is stabilizing its market share through differentiated strategies, while the central air conditioning business is leading the market with a 19.75% share [5][6][68] - The acquisition of Sanden has positioned the company in the automotive thermal management sector, which is expected to contribute to future revenue growth [7][84][107] Summary by Sections Company Overview - Hisense Home Appliances has a comprehensive brand matrix including eight major brands, covering traditional white goods, central air conditioning, kitchen appliances, and thermal management systems [4][19] - The company has achieved a compound annual growth rate (CAGR) of 18.9% in revenue from 2018 to 2023, driven by overseas expansion and business diversification [18] White Goods Segment - The company maintains a strong market presence in the refrigerator sector, with a 10.7% market share in 2023, ranking third in China [35] - The differentiated pricing strategy of high-quality, low-cost refrigerators has helped stabilize market share [35][37] Central Air Conditioning - Hisense's central air conditioning brands, including Hitachi, have a combined market share of 19.75% in the multi-split air conditioning market, leading the industry [6][77] - The central air conditioning market in China has reached a scale of over 110.8 billion yuan, with a growing share of public installation projects [68][69] Thermal Management - The acquisition of Sanden has allowed Hisense to enter the automotive thermal management market, which is expected to grow significantly due to the increasing demand for electric vehicles [7][84] - The global electric compressor market is projected to reach 54.8 billion yuan by 2030, providing a substantial growth opportunity for Hisense [93] Investment Recommendations - The company is expected to achieve net profits of 3.422 billion yuan, 3.955 billion yuan, and 4.557 billion yuan from 2024 to 2026, with corresponding price-to-earnings ratios of 10.63, 9.20, and 7.98 [8][108][111] - The ongoing reforms and strategic initiatives are anticipated to enhance operational efficiency and profitability, making the future growth outlook positive [8][108]