HISENSE H.A.(000921) 招商证券·2025-04-01 12:34Investment Rating - The report maintains a "Strong Buy" rating for Hisense Home Appliances [3]. Core Views - The company's 2024 performance exceeded expectations, with revenue projected to grow by 8% to reach 92.7 billion yuan and net profit expected to increase by 18% to 3.35 billion yuan, surpassing market forecasts [1][2]. - The company has achieved a dividend payout of 1.7 billion yuan, representing a 51% payout ratio and a dividend yield of 4.3% [1]. - The report emphasizes the strong growth potential for the company, particularly driven by government-supported consumption initiatives and the expected improvement in performance through 2025 [7]. Financial Data and Valuation - Revenue for 2023 is reported at 85.6 billion yuan, with projections of 92.7 billion yuan for 2024, 101.5 billion yuan for 2025, and continuing growth through 2027 [2][13]. - The company's net profit for 2023 is 2.84 billion yuan, with forecasts of 3.35 billion yuan for 2024, 3.75 billion yuan for 2025, and 4.97 billion yuan for 2027 [2][13]. - The report indicates a PE ratio of 14.8 for 2023, decreasing to 12.5 for 2024, and further down to 8.4 by 2027, suggesting an attractive valuation [14]. - The company’s return on equity (ROE) is projected to remain strong, with values of 21.7% for 2023 and 23.3% for 2027 [3][14]. Segment Performance - In 2024, the HVAC segment is expected to decline by 6%, while home air conditioning is projected to grow by 19%, with a notable improvement in net profit margin [7]. - The report highlights a 36% increase in overseas appliance revenue, with significant growth in regions such as Europe (35%) and the Americas (46.5%) [7]. - The overall gross margin is expected to slightly decrease by 0.56 percentage points, attributed to faster growth in overseas sales compared to domestic demand [7]. Investment Recommendations - The report suggests a strong outlook for the company, with expected net profits of 3.8 billion yuan in 2025, 4.3 billion yuan in 2026, and 5 billion yuan in 2027, indicating a growth rate of 12% to 15% [7].