海信家电：2024年三季报点评：Q3表现符合预期，出口业务增长显著

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profit growth of 23%, 15%, and 15% for 2024, 2025, and 2026, respectively [6] Core Views - Q3 performance met expectations, with revenue of RMB 70.579 billion (+8.75% YoY) and net profit of RMB 2.793 billion (+15.13% YoY) in the first three quarters of 2024 [4] - Export business showed significant growth, with home air conditioner exports increasing by 32.1% YoY in the first nine months of 2024 [5] - Q4 white goods sector is expected to see improved performance due to domestic "trade-in" policies and overseas stocking [5] - Q3 gross margin declined by 2.45 percentage points YoY to 20.76%, mainly due to changes in domestic and export business structure and rising raw material costs [6] Financial Performance - The company achieved revenue of RMB 219.37 billion in Q3 2024, a slight decrease of 0.08% YoY [4] - Net profit attributable to the parent company in Q3 2024 was RMB 777 million, down 16.29% YoY [4] - Gross margin for the first three quarters of 2024 was 21.12%, a decrease of 0.98 percentage points YoY [6] - Net profit margin for the first three quarters of 2024 was 5.90%, a slight decrease of 0.21 percentage points YoY [6] Industry Outlook - Home air conditioner production for October-December 2024 is expected to increase by 5%, 19%, and 21% YoY for domestic sales, and 51%, 66%, and 49% YoY for exports [5] - Refrigerator production for October-December 2024 is expected to increase by 15%, 14%, and 18% YoY for domestic sales, and 11%, 5%, and 5% YoY for exports [5] - Central air conditioning sales from January to August 2024 reached RMB 85.95 billion, with exports increasing by 40.0% YoY [5] Valuation - The company's current price-to-book ratio is 2.8, with a dividend yield of 3.50% based on the most recent year's announced dividend [2] - The company's market capitalization is RMB 26.37 billion [2] - The company's net asset per share is RMB 10.67, with a debt-to-asset ratio of 73.28% [3]