HISENSE H.A.(SZ:000921) Guoxin Securities·2024-04-01 16:00Investment Rating - The investment rating for Hisense Home Appliances (000921.SZ) is "Buy" [1][4]. Core Insights - The report highlights that Hisense Home Appliances achieved a revenue of 856.0 billion with a year-on-year growth of 15.5% and a net profit attributable to shareholders of 28.4 billion, reflecting a significant increase of 97.7% [1]. - The company's operating quality is steadily improving, with a proposed cash dividend of 10.13 yuan per 10 shares, resulting in a cash dividend payout ratio of 49% [1]. - The air conditioning business showed stable growth, with revenue increasing by 12.0% to 386.5 billion, while the white goods segment saw a notable recovery in the second half of the year [1]. - The report anticipates continued growth in overseas revenue, particularly in the ASEAN region, where revenue increased by over 20% [1]. Summary by Sections Financial Performance - In 2023, Hisense Home Appliances reported a total revenue of 856.0 billion, a 15.5% increase from the previous year, and a net profit of 28.4 billion, marking a 97.7% increase [1][2]. - The fourth quarter revenue was 207.0 billion, up 21.1%, with a net profit of 4.1 billion, reflecting a 12.7% increase [1][2]. Business Segments - The air conditioning segment generated 386.5 billion in revenue, with a growth rate of 12.0%, while the white goods segment saw a revenue increase of 22.9% to 260.7 billion [1]. - The three electric appliances segment achieved a revenue of 90.5 billion, with a total order signing growth of 43% [1]. Profitability Metrics - The gross profit margin improved by 1.4 percentage points to 22.1% for the year, with a net profit margin of 3.3%, an increase of 1.4 percentage points [1][2]. - The report projects net profits for 2024-2026 to be 32.6 billion, 36.5 billion, and 40.3 billion respectively, with corresponding year-on-year growth rates of 15%, 12%, and 11% [1][2].