HISENSE H.A.(000921) 中泰证券·2025-04-07 03:20Investment Rating - The investment rating for the company is "Buy (Maintain)" [3][15] Core Views - The company has shown strong performance in 2024, with revenue reaching 92.746 billion (up 8%) and net profit attributable to the parent company at 3.348 billion (up 18%) [5] - The fourth quarter of 2024 exceeded expectations, with a revenue of 22.2 billion (up 7%) and a net profit of 560 million (up 35%) [5] - The report highlights that external sales have been a significant driver of revenue growth, despite a slight slowdown in growth rates [6][7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 92.746 billion, with a year-on-year growth rate of 8% [3] - The net profit attributable to the parent company for 2024 was 3.348 billion, reflecting an 18% increase year-on-year [3] - The fourth quarter of 2024 saw a revenue of 22.2 billion, with a net profit of 560 million, marking a 35% increase [5] Revenue and Profitability - The report indicates that all business segments contributed to profit growth, with external sales being a key factor [8] - The company’s net profit margin improved to 16.8% in 2024, driven by structural improvements and efficiency gains [9] Future Outlook - The company is expected to maintain strong external sales and recover internal sales, with projected net profits of 3.8 billion in 2025 and 4.2 billion in 2026 [11] - The report anticipates a continued focus on improving profit margins in the white goods segment, with a projected profit margin of 2-3% in 2024 [11]