HISENSE H.A.(000921) 开源证券·2025-03-31 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability continues to improve steadily, with significant growth in overseas markets. In 2024, the company achieved a revenue of 92.75 billion yuan (up 8.3% year-on-year) and a net profit attributable to shareholders of 3.35 billion yuan (up 18.0%) [5][12] - The report highlights that the domestic market is under pressure, but overseas sales are performing well, particularly in the white goods sector, which has seen a growth of 36% [5][29] Summary by Sections 1. Business Performance - In 2024, the company's revenue from air conditioning was 40.28 billion yuan (up 4.2%), while the revenue from washing machines and refrigerators was 30.89 billion yuan (up 18.5%) [5][17] - The company’s domestic revenue was 47.99 billion yuan (down 2.1%), while overseas revenue reached 35.63 billion yuan (up 27.6%), with significant growth in Europe (35%) and the Americas (47%) [29][31] 2. Profitability and Operational Efficiency - The gross margin for 2024 was 20.8%, with a quarterly gross margin of 19.7% in Q4 2024 [34][35] - The net profit margin for 2024 was 3.6%, with a net profit margin of 2.5% in Q4 2024 [42][46] - The company’s net operating cycle improved to -60.4 days, a reduction of 27.9 days year-on-year, indicating good operational efficiency [47][50] 3. Financial Forecast and Investment Recommendations - The company has revised its profit forecasts 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 2025, 2026, and 2027 respectively [52] - The current stock price corresponds to a price-to-earnings ratio of 11.2, 10.0, and 9.1 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation [52]