海信系专题报告系列四：集团管理层、C端组织架构及B端资产梳理-20250514

Investment Rating - The investment rating for Hisense Group is "Increase" for the stock Hisense Home Appliances (000921.SZ) with an expected EPS growth from 2.42 in 2024A to 3.32 in 2027E, and a decreasing PE ratio from 11.30 in 2024A to 8.73 in 2027E [5][6]. Core Viewpoints - Hisense Group is undergoing a significant management overhaul, introducing new directors with backgrounds in capital operations, indicating a shift from a technology-driven approach to one focused on capital empowerment [2][10]. - The restructuring of the C-end organization aims to enhance collaboration and efficiency, with the establishment of a Consumer Business Group that integrates various marketing and operational functions [3][15]. - The acquisition of Corin Electric by Hisense Net Energy demonstrates the group's commitment to diversifying into the renewable energy sector, showcasing its operational capabilities in capital markets [4][23][30]. Summary by Sections Management Changes - Hisense Group has experienced two major leadership changes in 2022 and 2023, transitioning to a younger management team led by Chairman Jia Shaoqian, who emphasizes organizational reform and efficiency [9][10]. C-end Organization - The Consumer Business Group was formed to unify the management of Hisense's consumer electronics divisions, enhancing user operation capabilities and ensuring cohesive brand and product development [3][15][19]. B-end Business Development - Hisense Net Energy has successfully acquired a controlling stake in Corin Electric, marking a strategic move into the renewable energy sector and indicating plans for increased R&D investment to expand product offerings [4][23][30]. - Hisense Group's B-end operations encompass eight major industries, with a focus on smart energy, semiconductors, automotive electronics, and network information, reflecting a diverse business portfolio [31].