HISENSE H.A.(SZ:000921) ZHONGTAI SECURITIES·2024-02-03 16:00Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [6]. Core Views - The company's Q4 performance met expectations, with a continued improvement logic in place. The annual profit forecast for 2023 is between 3.2 billion to 4.2 billion CNY, reflecting a year-on-year growth of 92% to 99% [2][4]. - Revenue is projected to grow significantly, with estimates of 85.378 billion CNY for 2023, representing a 15% year-on-year increase, and further growth expected in subsequent years [2][4]. - The report highlights strong internal growth drivers, particularly in the air conditioning and refrigerator segments, with expectations of double-digit growth in domestic sales and even higher growth in exports [2][4]. Summary by Sections Financial Performance - The company reported a net profit of 2.818 billion CNY for 2023, a substantial increase of 96% year-on-year, with projections for 2024 and 2025 showing continued growth [2][4]. - Earnings per share (EPS) are expected to rise from 2.03 CNY in 2023 to 2.67 CNY in 2025, indicating a positive trend in profitability [4]. Revenue and Growth Projections - The revenue forecast for 2024 is set at 93.703 billion CNY, with a growth rate of 10% year-on-year, and for 2025, it is projected to reach 100.294 billion CNY, with a growth rate of 7% [2][4]. - The report anticipates that the company's various business segments will continue to show robust growth, particularly in high-growth niches such as new air conditioning products and overseas markets [2][4]. Market Position and Strategy - Hisense Home Appliances is expected to maintain a strong market position, with ongoing efforts to expand into new business areas and improve operational efficiency [2][4]. - The report emphasizes the company's ability to enhance profit margins through structural upgrades and cost reduction strategies, which are expected to yield positive results in the coming years [2][4].