HISENSE H.A.(SZ:000921) Haitong Securities·2024-09-13 03:38Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue growth of 13% and a net profit growth of 35% for the first half of 2024, achieving a revenue of 48.64 billion yuan and a net profit of 2.02 billion yuan [5][6] - The company maintains a strong performance in both domestic and international markets, with significant growth in its washing machine segment and a leading position in the multi-split air conditioning market [6][10] - The company is expected to continue its global strategy and improve its governance structure, with projected EPS for 2024-2026 being 2.41, 2.75, and 3.13 yuan per share, respectively [6][10] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 48.64 billion yuan, a year-on-year increase of 13.3%, and a net profit of 2.02 billion yuan, up 34.6% [5] - The gross profit margin for H1 2024 was 21.28%, a slight decrease of 0.25 percentage points year-on-year, while the net profit margin improved to 4.14%, an increase of 0.66 percentage points [5][6] Business Segments - The cold appliance segment generated revenue of 14.69 billion yuan, with a growth rate of 26.8%, while the HVAC segment achieved revenue of 22.77 billion yuan, growing by 7.6% [6] - Domestic sales reached 25.33 billion yuan, a 3.5% increase, and the overseas market saw revenue of 18.21 billion yuan, up 27.9% [6] Profitability Forecast - The company is projected to have a revenue of 85.6 billion yuan in 2023, with a year-on-year growth of 15.5%, and a net profit of 2.84 billion yuan, reflecting a growth of 97.7% [7][10] - The gross margin is expected to improve gradually, reaching 23.1% by 2026 [10] Valuation - The company is assigned a valuation range of 31.33 to 36.15 yuan based on a PE ratio of 13-15x for 2024 [6][10]