HISENSE H.A.(000921) 长江证券·2024-11-11 05:53Investment Rating - The investment rating for Hisense Home Appliances is "Buy" and is maintained [3][5]. Core Views - The company reported a revenue of 70.579 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 8.75%. The net profit attributable to shareholders was 2.793 billion yuan, up 15.13%, while the net profit excluding non-recurring items was 2.289 billion yuan, an increase of 10.99%. However, in Q3 2024, the company experienced a slight decline in revenue of 0.08% year-on-year, with net profit down 16.29% [3][5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 70.579 billion yuan, with a year-on-year growth of 8.75%. The net profit attributable to the parent company was 2.793 billion yuan, reflecting a growth of 15.13%. The net profit excluding non-recurring items was 2.289 billion yuan, up 10.99%. In Q3 2024, revenue was 21.937 billion yuan, showing a slight decline of 0.08%, while net profit was 777 million yuan, down 16.29% [3][5][6]. Market and Operational Insights - The company is facing challenges due to macroeconomic fluctuations, which have led to a decrease in revenue realization. Additionally, trade protectionism poses market risks. Despite these challenges, the company is actively seeking to optimize its governance and supply chain, expand overseas markets, and explore new business opportunities, such as automotive compressors and comprehensive thermal management systems [3][5][7]. Future Projections - The company is expected to return to a higher growth trajectory, with projected net profits for 2024, 2025, and 2026 estimated at 3.335 billion yuan, 3.866 billion yuan, and 4.459 billion yuan, respectively. The corresponding price-to-earnings ratios are projected to be 12.3, 10.6, and 9.2 times [5][6].