海信家电：出口维持高景气，盈利能力稳健

Investment Rating - The report assigns a "Buy" rating for Hisense Home Appliances (000921.SZ) [1] Core Views - The company has maintained strong export performance and stable profitability in the white goods sector, with a significant increase in revenue and net profit in the first half of 2024 [1][5] - The report highlights that the company's revenue for H1 2024 reached 48.64 billion yuan, a year-on-year increase of 13.3%, and the net profit attributable to shareholders was 2.02 billion yuan, up 34.6% year-on-year [5][6] - The report anticipates continued growth in revenue and net profit for the coming years, projecting revenues of 95.5 billion yuan in 2024, 104.5 billion yuan in 2025, and 112.9 billion yuan in 2026 [5][6] Summary by Sections Investment Rating Changes - The current price is 24.75 yuan, with a 52-week price range of 19.71 to 42.99 yuan [2] - The total market capitalization is approximately 31.57 billion yuan, and the circulating market capitalization is about 22.57 billion yuan [2] Financial Performance - The company reported a revenue of 741.15 billion yuan in 2022, which is expected to grow to 954.99 billion yuan in 2024 and reach 1,129.03 billion yuan by 2026 [5][7] - The net profit attributable to shareholders is projected to increase from 14.35 billion yuan in 2022 to 33.04 billion yuan in 2024, and further to 38.70 billion yuan in 2026 [5][7] - The earnings per share (EPS) is expected to rise from 1.03 yuan in 2022 to 2.38 yuan in 2024 and 2.79 yuan in 2026 [5][7] Business Segments - The report indicates that the export performance of the company is outperforming domestic sales, with significant growth in the refrigerator, washing machine, and air conditioning sectors [6] - The revenue from the HVAC segment in H1 2024 was 22.77 billion yuan, a year-on-year increase of 7.6%, while the ice washing segment achieved 14.69 billion yuan, up 26.8% [6] Profitability Metrics - The gross profit margin for H1 2024 was reported at 21.3%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin improved to 6.2%, an increase of 0.4 percentage points [6] - The report projects a price-to-earnings (P/E) ratio of 10.39 for 2024, indicating a favorable valuation compared to historical levels [5][7]