海信家电（000921）：外销快速增长，盈利能力稳健

Investment Rating - The investment rating for Hisense Home Appliances is maintained as "Accumulate" [5] Core Views - The company reported a total revenue of 92.746 billion yuan for 2024, representing a year-on-year growth of 8.35%, and a net profit attributable to shareholders of 3.348 billion yuan, up 17.99% year-on-year [1] - The company continues to enhance its dividend payout ratio, increasing from 49.46% in 2024 to 50.89% in 2025 [1] - The core product categories showed steady growth, with air conditioning, refrigeration, and washing machines growing by 4.22%, 18.29%, and 2.15% respectively in 2024 [1] - The company experienced a significant increase in overseas sales, with a year-on-year growth of 27.59%, while domestic sales declined by 2.12% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 22.167 billion yuan, a 7.08% increase year-on-year, and a net profit of 555 million yuan, which is a 34.91% increase year-on-year [1] - The gross margin for Q4 2024 decreased by 2.35 percentage points to 19.69% [2] - The net profit margin for Q4 2024 increased by 0.32 percentage points to 4.33% [2] - The company has a strong expense management capability, with sales, management, R&D, and financial expense ratios showing improvements [2] Future Earnings Forecast - The company is expected to achieve net profits of 3.750 billion yuan, 4.186 billion yuan, and 4.602 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.0%, 11.6%, and 9.9% [2]