HISENSE H.A.(000921) 开源证券·2025-03-31 07:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 92.75 billion yuan in 2024, representing a year-on-year increase of 8.3%, and a net profit attributable to shareholders of 3.35 billion yuan, up 18.0% [5][12] - The company's overseas business showed significant growth, with a 27.6% increase in foreign revenue, while domestic revenue slightly contracted by 2.1% [29][31] - The company is expected to maintain a strong profit growth trajectory, with projected net profits of 3.754 billion yuan, 4.190 billion yuan, and 4.599 billion yuan for 2025, 2026, and 2027 respectively [52] Summary by Sections 1. Revenue and Profitability - In 2024, the company reported a total revenue of 92.75 billion yuan, with a net profit of 3.35 billion yuan and a non-recurring net profit of 2.61 billion yuan [5][12] - For Q4 2024, the company achieved a revenue of 22.17 billion yuan, reflecting a 7.1% increase, and a net profit of 550 million yuan, which is a 34.9% increase [15][16] 2. Business Segmentation - The company's air conditioning revenue reached 40.28 billion yuan, up 4.2%, while the ice washing segment saw revenue of 30.89 billion yuan, increasing by 18.5% [17][22] - The company’s high-end product lines, particularly in the ice washing category, showed strong growth, with high-end retail sales increasing by 19.8% [26] 3. Geographic Performance - Domestic revenue was 47.99 billion yuan, down 2.1%, while overseas revenue was 35.63 billion yuan, up 27.6% [29][31] - Growth in overseas markets included a 35% increase in Europe and a 47% increase in the Americas [29] 4. Financial Metrics - The gross margin for 2024 was 20.8%, with a net profit margin of 3.6% [34][42] - The company’s operating cash flow for 2024 was 5.132 billion yuan, down 51.6% from the previous year [48] 5. Future Earnings Forecast - The company has revised its earnings forecast for 2025-2026 downwards but has introduced a new forecast for 2027, expecting net profits of 3.754 billion yuan, 4.190 billion yuan, and 4.599 billion yuan for the respective years [52]