HISENSE H.A.(SZ:000921) GOLDEN SUN SECURITIES·2024-10-31 00:10Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [3][2] Core Views - The company's revenue for the first three quarters of 2024 reached 70.579 billion yuan, a year-on-year increase of 8.75%, while the net profit attributable to shareholders was 2.793 billion yuan, up 15.13% year-on-year [1] - In Q3 2024, the company's revenue slightly decreased by 0.08% year-on-year to 21.937 billion yuan, and the net profit fell by 16.29% year-on-year to 777 million yuan [1] - The gross margin in Q3 2024 decreased by 2.45 percentage points to 20.76%, and the net profit margin decreased by 1.54 percentage points to 5.18% [1] Financial Performance Summary - Operating cash flow in Q3 2024 was 3.108 billion yuan, down 36.43% year-on-year, primarily due to inventory stocking and increased performance bonuses [2] - Cash received from sales increased by 7.2% year-on-year to 21.67 billion yuan [2] - As of Q3 2024, contract liabilities increased by 6.61% year-on-year and 2.08% quarter-on-quarter, while inventory increased by 8.12% year-on-year but decreased by 15.12% quarter-on-quarter [2] Earnings Forecast and Investment Suggestion - The forecast for net profit attributable to shareholders for 2024-2026 is 3.301 billion yuan, 3.737 billion yuan, and 4.219 billion yuan, representing year-on-year growth rates of 16.4%, 13.2%, and 12.9% respectively [2] - The report suggests maintaining the "Buy" rating based on the company's performance in the first three quarters of 2024 and the overall industry environment [2] Stock Information - The closing price on October 30 was 28.92 yuan, with a total market capitalization of 40,083.42 million yuan [3] - The total share capital is 1,386.01 million shares, with 98.95% being freely tradable [3]