HISENSE H.A.(000921) 申万宏源证券·2025-04-07 15:28Investment Rating - The report maintains a "Buy" investment rating for Hisense Home Appliances [5] Core Views - The company's Q4 performance exceeded expectations, with a revenue of 22.167 billion yuan, a year-on-year increase of 7%, and a net profit of 555 million yuan, up 35% year-on-year [5] - The central air conditioning segment remains a key profit driver, despite a challenging market environment, with the company achieving a net profit of 3.486 billion yuan in this segment, a year-on-year increase of 7% [5] - The home appliance segment showed strong growth, with significant increases in both domestic and export sales, particularly in the washing machine category, which saw a 152% year-on-year increase in sales [5] Financial Data and Profit Forecast - Total revenue is projected to grow from 85.6 billion yuan in 2023 to 113.878 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.4% [2][7] - The net profit attributable to the parent company is expected to increase from 2.837 billion yuan in 2023 to 5.006 billion yuan in 2027, reflecting a CAGR of approximately 15% [2][7] - Earnings per share (EPS) is forecasted to rise from 2.08 yuan in 2023 to 3.61 yuan in 2027 [2][7] - The company's gross margin is expected to stabilize around 22.3% by 2027, with a return on equity (ROE) projected to remain above 21% [2][7] Market Data - As of April 7, 2025, the closing price of the stock is 25.11 yuan, with a market capitalization of 22.896 billion yuan [3] - The stock has a price-to-earnings (P/E) ratio projected to decrease from 12 in 2023 to 7 in 2027, indicating increasing valuation attractiveness [2][3]