Tai Ping Yang Zheng Quan·2025-06-18 07:27Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [6][78]. Core Views - The company is expected to benefit from the new round of "old-for-new" policies in China, alongside a recovery in export chains and relaxed tariff policies, leading to a sustained recovery in white goods demand [6][75]. - Hisense's central air conditioning segment continues to solidify its leading position in multi-split systems, while traditional large appliances are achieving deeper mid-to-high-end market penetration through differentiated competition strategies [6][75]. - The integration of Sanden, acquired in 2021, is anticipated to drive growth in the new energy thermal management business, contributing positively to the company's revenue performance [6][75]. Summary by Sections Basic Business - Hisense leads the domestic multi-split air conditioning market with a 23.1% share in 2024, maintaining its position for six consecutive years [4][24]. - The company has launched innovative products such as the first domestic 5G integrated central air conditioning series and a comprehensive solution for engineering applications [4][24]. - The overseas business is expanding through product development, channel expansion, and sports marketing, diversifying revenue sources and enhancing global presence [4][5]. Emerging Business - Following the acquisition of Sanden, Hisense has entered the new energy thermal management market, with investment returns from Sanden increasing from 0.88 billion to 2.23 billion CNY from 2021 to 2024, reflecting a CAGR of 36.14% [5][50]. - Sanden's strong technical foundation in compressors and its ability to maintain existing customer relationships while expanding new orders are expected to support future revenue growth [5][57]. Investment Recommendations - The report forecasts net profits for Hisense of 36.54 billion, 37.46 billion, and 38.93 billion CNY for 2025-2027, with corresponding EPS of 2.64, 2.70, and 2.81 CNY, indicating a PE ratio of 10.21, 9.96, and 9.59 times [6][78]. - The company is well-positioned to leverage the benefits of the "old-for-new" policy and the recovery of the export chain, which are expected to enhance white goods demand [6][75].