HISENSE H.A.(000921) 光大证券·2025-04-02 05:14Investment Rating - The report maintains an "Accumulate" rating for Hisense Home Appliances (000921.SZ) with a current price of 29.71 CNY [1] Core Views - The company achieved a revenue of 92.75 billion CNY in 2024, representing a year-over-year increase of 8.3%, and a net profit attributable to shareholders of 3.35 billion CNY, up 18% year-over-year [5] - The company’s revenue for Q4 2024 was 22.17 billion CNY, with a year-over-year growth of 7.1%, and a net profit of 550 million CNY, reflecting a significant increase of 34.9% year-over-year [5] - The profit distribution plan for 2024 includes a cash dividend of 12.30 CNY per 10 shares, totaling 1.7 billion CNY, with a cash dividend ratio of 51% [5] Revenue Performance - Domestic sales revenue for 2024 was 48 billion CNY, down 2.1% year-over-year, while overseas sales revenue reached 35.6 billion CNY, up 27.6% year-over-year [6] - The HVAC business generated 40.3 billion CNY in revenue, a 4.2% increase year-over-year, with significant growth in overseas markets for central air conditioning [6] - The home appliance segment saw revenue of 19.5 billion CNY, an 18.5% increase, driven by government subsidies and improved domestic sales performance [6] - The ice washing business reported revenue of 30.8 billion CNY, up 18.3% year-over-year, benefiting from government policies [6] Profitability and Cost Structure - The overall gross margin for 2024 was 20.8%, a decrease of 1.3 percentage points year-over-year, with domestic gross margin at 30.7% and overseas gross margin at 11.4%, which increased by 1.2 percentage points [7] - The company’s net profit margin for 2024 was 3.6%, an increase of 0.3 percentage points year-over-year, with expectations for gradual improvement due to stock incentive plans [7] Financial Forecast and Valuation - The report projects net profits of 3.79 billion CNY for 2025 and 4.28 billion CNY for 2026, with a new forecast for 2027 at 4.71 billion CNY [8] - The current price corresponds to a price-to-earnings (P/E) ratio of 11/10/9 for the years 2025-2027 [8] - The report maintains the "Accumulate" rating based on the company's strong performance in the HVAC sector and the successful cost reduction and efficiency improvements at its subsidiary, Hisense Hitachi [8]