HISENSE H.A.(SZ:000921) Tai Ping Yang·2024-10-31 13:15Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances (000921) with a target price based on the last closing price of 28.92 [1][2]. Core Views - In Q3 2024, the company's revenue and profit are under short-term pressure due to high base effects and insufficient domestic demand, with Q3 revenue at 219.37 billion yuan (-0.08%) and net profit at 7.77 billion yuan (-16.29%) [2][3]. - The company achieved a total revenue of 705.79 billion yuan (+8.75%) and a net profit of 27.93 billion yuan (+15.13%) for the first three quarters of 2024 [2]. - The report anticipates a recovery in white goods demand driven by a new round of "old-for-new" policies and growth in the export chain, alongside the expansion of the new energy thermal management business [3]. Financial Summary - For Q3 2024, the gross margin is reported at 20.76% (-2.45 percentage points), and the net margin is at 5.18% (-1.54 percentage points) [3]. - The company forecasts net profits for 2024-2026 to be 33.16 billion yuan, 37.80 billion yuan, and 42.86 billion yuan respectively, with corresponding EPS of 2.39, 2.73, and 3.09 yuan [3][6]. - The projected PE ratios for 2024-2026 are 12.09, 10.60, and 9.35 times respectively [3][6].