Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [3]. Core Views - The company's Q1 2024 revenue reached 23.486 billion yuan, a year-on-year increase of 20.87%, while net profit attributable to shareholders was 0.981 billion yuan, up 59.48% year-on-year [1]. - The company is expected to maintain strong growth across its home appliance segments, with significant increases in domestic and international sales [1]. - Profitability has improved, with a gross margin of 21.63%, up 0.51 percentage points year-on-year, and a net profit margin of 6.55%, an increase of 1.18 percentage points year-on-year [1]. Financial Performance Summary - Revenue Growth: The company achieved a revenue of 74.115 billion yuan in 2022, which increased to 85.6 billion yuan in 2023, and is projected to reach 94.931 billion yuan in 2024, reflecting a growth rate of 10.9% [2]. - Net Profit: The net profit attributable to shareholders was 1.435 billion yuan in 2022, rising to 2.837 billion yuan in 2023, with an expected increase to 3.272 billion yuan in 2024, indicating a year-on-year growth of 15.3% [2]. - Earnings Per Share (EPS): EPS is projected to grow from 2.04 yuan in 2023 to 2.36 yuan in 2024 [2]. - Return on Equity (ROE): The ROE is expected to be 23.5% in 2024, down from 24.7% in 2023 [2]. Market Position and Outlook - The company is positioned well in the white goods industry, with a total market capitalization of approximately 48.536 billion yuan and a total share capital of 1.388 billion shares [3]. - The report anticipates continued revenue growth driven by product upgrades, cross-category operations, and international expansion, with net profit projections of 3.272 billion yuan for 2024, 3.752 billion yuan for 2025, and 4.230 billion yuan for 2026 [1][2].
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