海信家电2024H1点评：外销收入高增，利润稳健释放

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [2][4][10] Core Views - The company has shown strong revenue growth in external sales, with a stable profit release [2][3] - The second quarter of 2024 saw a revenue of 25.2 billion yuan, a 7% increase, and a net profit of 1.04 billion yuan, a 17% increase [3] - The first half of 2024 reported a revenue of 48.6 billion yuan, a 13% increase, and a net profit of 2 billion yuan, a 35% increase [3] Revenue Breakdown - In Q2, internal sales are expected to decline slightly, while external sales are projected to grow by 35% [3] - By business segment in Q2: - Air conditioning: Revenue down 4% due to real estate drag and inventory reduction, but external sales up over 50% - Home appliances: Double-digit revenue growth, with internal sales down slightly and external sales up 30% - Refrigerators and washing machines: High double-digit revenue growth, with internal and external sales both up 30% [3] Profitability Analysis - For the first half of 2024, the net profit margin for air conditioning is expected to be 8.8%, an increase of 1.5 percentage points, and for home appliances, it is expected to be 5.9%, an increase of 2.9 percentage points [4] - The profitability of the three electrical appliances segment has significantly improved, with a net profit of 0.02 billion yuan compared to a loss of 0.02 billion yuan in the first half of 2023 [4] Investment Recommendations - The report anticipates a slight improvement in the air conditioning segment in the second half of 2024 due to better order signing in July and August, and expects growth from trade-in programs and channel expansion [4] - For white goods, external sales are expected to remain strong, with internal sales anticipated to benefit from trade-in programs [4] - Revenue projections for 2024-2026 are 94.9 billion yuan, 103.1 billion yuan, and 109.6 billion yuan, with net profits of 3.4 billion yuan, 4 billion yuan, and 4.5 billion yuan respectively [4]