HISENSE H.A.(SZ:000921) ZHONGTAI SECURITIES·2024-04-02 16:00Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [1][5]. Core Views - The company is expected to see continuous profit improvement in 2024, with significant growth in revenue and net profit projected over the next few years [1][4]. - The report highlights that the company's revenue growth is driven by strong domestic demand, particularly in air conditioning and public construction projects, as well as improvements in its own operational efficiency [1][4]. Financial Summary - Revenue Forecast: - 2023A: 85,600 million - 2024E: 93,365 million - 2025E: 100,766 million - 2026E: 107,213 million - Growth Rate: 2023A to 2024E is 9% [1][4]. - Net Profit Forecast: - 2023A: 2,837 million - 2024E: 3,273 million - 2025E: 3,780 million - 2026E: 4,264 million - Growth Rate: 2023A to 2024E is 15% [1][4]. - Earnings Per Share (EPS): - 2023: 2.04 - 2024E: 2.36 - 2025E: 2.72 - 2026E: 3.07 [1][4]. - Return on Equity (ROE): - 2023: 15% - 2024E: 14% - 2025E: 13% - 2026E: 12% [1][4]. - Price-to-Earnings (P/E) Ratio: - 2023: 15 - 2024E: 13 - 2025E: 12 - 2026E: 10 [1][4]. - Price-to-Book (P/B) Ratio: - 2023: 3 - 2024E: 3 - 2025E: 2 - 2026E: 2 [1][4]. Investment Highlights - The company is expected to benefit from the ongoing upgrade in refrigerator technology and the continuation of external sales replenishment, which will enhance its profitability [1][4]. - The report emphasizes the importance of the company's internal governance and brand positioning, which are anticipated to drive higher growth rates compared to the industry average [1][4].