HISENSE H.A.(000921) 国信证券·2025-03-31 09:14Investment Rating - The investment rating for Hisense Home Appliances is "Outperform the Market" [5] Core Views - The company achieved a revenue of 92.75 billion RMB in 2024, representing an 8.3% increase year-on-year, with a net profit attributable to shareholders of 3.35 billion RMB, up 18.0% [1] - The fourth quarter showed a recovery in domestic sales, with revenue of 22.17 billion RMB, a 7.1% increase, and a net profit of 550 million RMB, up 34.9% [1] - The company plans to distribute a cash dividend of 12.3 RMB per 10 shares, corresponding to a dividend yield of 4.1% based on the closing price on March 28 [1] - The overseas sales continue to drive growth, with a 27.6% increase in foreign sales revenue to 35.63 billion RMB [3] - The company maintains its profit forecast for 2025-2027, expecting net profits of 3.78 billion, 4.19 billion, and 4.63 billion RMB, respectively, with corresponding PE ratios of 11.1, 10.0, and 9.0 [3] Summary by Sections Financial Performance - In 2024, the revenue from HVAC (Heating, Ventilation, and Air Conditioning) increased by 4.2% to 40.28 billion RMB, with a notable decline in Hisense Hitachi's revenue by 6.4% to 20.74 billion RMB [2] - The revenue from washing machines and refrigerators grew by 18.3% to 30.84 billion RMB, with a profit margin of 3.6% [2] - The three electric segments reported a revenue increase of 2.5% to 183.8 billion JPY (approximately 8.5 billion RMB) [2] Overseas Growth - The overseas white goods revenue increased by 36%, with significant growth in various regions: Europe (35%), Americas (47%), Middle East and Africa (27%), Asia-Pacific (15%), and ASEAN (32%) [3] - The gross margin for foreign sales improved by 1.9 percentage points to 11.4% [3] Profitability and Valuation - The company’s net profit margin increased by 0.3 percentage points to 3.6% [3] - The forecasted earnings per share for 2024 is 2.42 RMB, with a projected increase in net profit margins over the next few years [4]