HISENSE H.A.(SZ:000921) Tai Ping Yang·2025-03-30 08:00Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [1] Core Views - Hisense Home Appliances achieved a revenue of 92.746 billion yuan in 2024, representing an increase of 8.35%, and a net profit attributable to shareholders of 3.348 billion yuan, up by 17.99% [4] - The company experienced rapid growth in Q4 2024, with revenue reaching 22.167 billion yuan, a year-on-year increase of 7.08%, and a net profit of 555 million yuan, up by 34.91% [5] - The company's kitchen appliance business saw a remarkable revenue growth of 72%, with dishwasher sales increasing by 152% year-on-year [5] - Domestic sales decreased by 2.12% to 47.994 billion yuan, while overseas sales grew by 27.59% to 35.629 billion yuan, driven by strong performance in Europe and the Americas [5] Financial Summary - The gross margin for Q4 2024 was 19.69%, down by 2.35 percentage points, primarily due to a decline in air conditioning margins [6] - The net profit margin improved to 4.33%, an increase of 0.33 percentage points, attributed to effective cost control [6] - The company expects net profits to grow to 3.749 billion yuan in 2025, 4.218 billion yuan in 2026, and 4.549 billion yuan in 2027, with corresponding EPS of 2.71, 3.04, and 3.28 yuan [9]