基本状况 报告摘要 | --- | --- | --- | |-------------------|-----------|-------| | | | | | 总股本(百万股 ) | 1,386.01 | | | 流通股本(百万股 ) | 1,371.42 | | | 市价(元 ) | 28.00 | | | 市值 (百万元) | 38,808.29 | | | 流通市值(百万元 ) | 38,399.79 | | 公司披露 24Q3 业绩 海信家电（000921.SZ） 白色家电 证券研究报告/公司点评报告 2024 年 11 月 01 日 业绩符合预期，全年展望可实现激励目标 ——海信家电 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|----------|--------|------------------------------------------|--------|---------| | 评级： 买入（维持） ...

证券研究报告 非金融公司|公司点评|海信家电（000921） 2024 三季报点评： 短期经营波动，看好长期发展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月02日 证券研究报告 |报告要点 海信家电 2024Q3 内销有所下滑，外销同比高增且占比提升，叠加原材料涨价滞后传导，因此 公司当季利润有所波动；综合看，我们认为公司有望在四季度政策推行、海外持续扩张与降本 增效等背景下释放业绩弹性，维持公司"买入"评级。 |分析师及联系人 管泉森 孙珊 莫云皓 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523120001 请务必阅读报告末页的重要声明 1 / 6 非金融公司|公司点评 glzqdatemark2 2024年11月02日 海信家电(000921) 2024 三季报点评： 短期经营波动，看好长期发展 | --- | --- | |----------------------------|---------------------| | | | | 行 业： | 家用电器 / 白色家电 | | 投资评级： | 买入（维持） | ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profit growth of 23%, 15%, and 15% for 2024, 2025, and 2026, respectively [6] Core Views - Q3 performance met expectations, with revenue of RMB 70.579 billion (+8.75% YoY) and net profit of RMB 2.793 billion (+15.13% YoY) in the first three quarters of 2024 [4] - Export business showed significant growth, with home air conditioner exports increasing by 32.1% YoY in the first nine months of 2024 [5] - Q4 white goods sector is expected to see improved performance due to domestic "trade-in" policies and overseas stocking [5] - Q3 gross margin declined by 2.45 percentage points YoY to 20.76%, mainly due to changes in domestic and export business structure and rising raw material costs [6] Financial Performance - The company achieved revenue of RMB 219.37 billion in Q3 2024, a slight decrease of 0.08% YoY [4] - Net profit attributable to the parent company in Q3 2024 was RMB 777 million, down 16.29% YoY [4] - Gross margin for the first three quarters of 2024 was 21.12%, a decrease of 0.98 percentage points YoY [6] - Net profit margin for the first three quarters of 2024 was 5.90%, a slight decrease of 0.21 percentage points YoY [6] Industry Outlook - Home air conditioner production for October-December 2024 is expected to increase by 5%, 19%, and 21% YoY for domestic sales, and 51%, 66%, and 49% YoY for exports [5] - Refrigerator production for October-December 2024 is expected to increase by 15%, 14%, and 18% YoY for domestic sales, and 11%, 5%, and 5% YoY for exports [5] - Central air conditioning sales from January to August 2024 reached RMB 85.95 billion, with exports increasing by 40.0% YoY [5] Valuation - The company's current price-to-book ratio is 2.8, with a dividend yield of 3.50% based on the most recent year's announced dividend [2] - The company's market capitalization is RMB 26.37 billion [2] - The company's net asset per share is RMB 10.67, with a debt-to-asset ratio of 73.28% [3]

公司报告 | 季报点评 外销或保持高增，静待以旧换新拉动 Q4 内销 事件：公司 2024 年前三季度实现营业收入 705.79 亿元，同比+8.75%，归 母净利润 27.93 亿元，同比+15.13%；其中 2024Q3 实现营业收入 219.37 亿元，同比-0.08%，归母净利润 7.77 亿元，同比-16.29%。 预计外销保持高增，静待 Q4 政策带动内需好转 收入端，我们预计公司延续 24H1 的趋势，外销或保持较快增长，内销表 现相对较弱。根据奥维数据显示，24W40-42（9/30-10/20）线上/线下海 信空调销额同比+103%/+181%，冰箱销额同比+155%/+120%，洗衣机销额 同比+72%/+124%。国内随着双十一大促叠加以旧换新国补的落地，内销同 比显著改善，内销或有望环比向好。 内外销收入占比变化影响整体毛利率水平 2024 年前三季度公司毛利率为 21.12%，同比-0.98pct，净利率为 5.9%，同 比-0.2pct；其中 2024Q3 毛利率为 20.76%，同比-2.45pct，净利率为 5.18%， 同比-1.54pct。参考 24H1 的情况，内销毛利率 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——海信家电 2024Q3 业绩点评 内销去库存压力逐步褪去，期待 Q4 改善 海信家电(000921) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|---------------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 谢丛睿 ( 分析师 ) | 李汉颖 ( 研究助理 ) | | | 021-38031654 | 021-38038437 | 010-83939833 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | lihanying026725@gtjas.com | | 登记编号 | S0880521050002 | S0880523090004 | S0880122070046 | 本报告导 ...

海信家电（ [Table_StockNameRptType] 000921） 公司点评 外销延续景气 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------|--------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 10 月 30 日 公司点评 买入/维持 海信家电(000921) 目标价: 昨收盘:28.92 海信家电：2024Q3 受高基数和内需不足影响，收入利润短期承压 ◼ 走势比较 (20%) 0% 20% 40% 60% 80% 23/10/3024/1/1124/3/2424/6/524/8/1724/10/29 海信家电 沪深300 事件：2024 年 10 月 30 日，海信家电发布 2024 年三季度报告。2024 年前三季度公司实现营业收入 705.79 亿元（+8.75%），归母净利润 27.93 亿元（+15.13%），扣非归母净利润 22.89 亿元（+10.99%）。 2024Q3 收入业绩短期承压，主系受到内需不足的影响。2024Q3 公司 营收达 219.37 亿元（-0.08%），归母净利润达 7.77 亿元（-16.29%），均 出现不同程度的下滑，主系 2023 年同期基数较高，叠加内需不足导致公 司国内业务出现负增长，进而拖累整体业绩表现。 2024Q3 盈利能力短期承压，销售费用率降幅较为明显。1）毛利率： 2024Q3 公司毛利率达 20.76%（-2.45pct ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 海信家电（000921.SZ） 盈利水平短期承压，销售商品收到现金增长 事件：公司发布 2024 年三季报。公司 2024Q1-Q3 实现营业总收入 705.79 亿元，同比增长 8.75%；实现归母净利润 27.93 亿元，同比增长 15.13%。 其中，2024Q3 单季营业总收入为 219.37 亿元，同比-0.08%；归母净利 润为 7.77 亿元，同比-16.29%。 盈利水平短期承压。毛利率：2024Q3 公司毛利率同比-2.45pct 至 20.76%。 费 率 端 ： 2024Q3 销 售 / 管 理 / 研 发 / 财 务 费 率 为 10.00%/2.64%/3.75%/0.42% ， 同 比 变 动 - 1.25pct/0.14pct/0.68pct/0.52pct。财务费率变动主要系汇兑收益波动所 致。净利率：公司 2024Q3 净利率同比变动-1.54pct 至 5.18%。 销售商品收到现金增加，存货水平环比优化，合同负债增加。现金流： 2024Q3 公司经营性现金流净额 31.08 亿元，同比 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥21,937,415,143.08, a decrease of 0.08% compared to the same period last year[3] - Net profit attributable to shareholders was ¥777,159,401.39, down 16.29% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥586,117,603.68, a decline of 26.67% compared to the previous year[3] - Total operating revenue for Q3 2024 reached CNY 70.58 billion, an increase of 8.6% compared to CNY 64.90 billion in Q3 2023[14] - Net profit attributable to the parent company for Q3 2024 was CNY 1.42 billion, compared to CNY 1.25 billion in Q3 2023, marking a growth of 13.6%[14] - The total operating profit for Q3 2024 was approximately CNY 4.57 billion, an increase from CNY 4.45 billion in Q3 2023, reflecting a growth of about 2.6%[15] - Net profit attributable to shareholders of the parent company reached CNY 2.79 billion, up from CNY 2.43 billion in the same period last year, representing an increase of approximately 15.1%[15] - The total comprehensive income for Q3 2024 was CNY 4.06 billion, compared to CNY 3.99 billion in Q3 2023, indicating a growth of about 1.9%[15] Assets and Liabilities - Total assets at the end of the reporting period reached ¥68,561,423,626.50, an increase of 3.97% from the end of the previous year[3] - The total assets of the company increased to CNY 68.56 billion in Q3 2024, up from CNY 65.95 billion in Q3 2023, representing a growth of 3.4%[13] - The total liabilities rose to CNY 50.24 billion in Q3 2024, compared to CNY 46.55 billion in Q3 2023, indicating an increase of 7.3%[13] Shareholder Information - Shareholders' equity attributable to the parent company was ¥14,791,920,303.42, up 8.92% year-on-year[3] - The total number of common shareholders at the end of the reporting period is 28,738[8] - Qingdao Hisense Air Conditioning Co., Ltd. holds 37.28% of shares, totaling 516,758,670 shares[9] - The company has a total of 33.11% shares held by Hong Kong Central Clearing Limited (agent), totaling 458,957,527 shares[9] - The company has a total of 0.98% shares held by the National Social Security Fund 101 Portfolio, totaling 13,590,932 shares[9] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥5,207,590,143.69, down 40.15% year-on-year[7] - Cash flow from operating activities amounted to CNY 61.62 billion, an increase from CNY 56.52 billion in the previous year, showing a growth of approximately 9.4%[17] - Cash flow from investing activities resulted in a net outflow of CNY 1.25 billion, an improvement from a net outflow of CNY 8.86 billion in the same period last year[17] - Cash flow from financing activities showed a net outflow of ¥4,518,823,224.07, primarily due to increased repayments of loans and stock buybacks[7] - Cash flow from financing activities showed a net outflow of CNY 4.52 billion, compared to a net outflow of CNY 0.18 billion in Q3 2023, indicating a significant increase in cash outflow[18] Expenses - The basic and diluted earnings per share were both ¥0.57, a decrease of 17.39% compared to the same period last year[3] - Research and development expenses for Q3 2024 were CNY 2.47 billion, significantly higher than CNY 1.92 billion in Q3 2023, reflecting a year-on-year increase of 28.8%[14] - The company reported a decrease in tax expenses to CNY 319.76 million in Q3 2024 from CNY 446.45 million in Q3 2023, a reduction of 28.4%[14] Current Assets - The total current assets amount to 49,243,705,036.80 RMB, an increase from 45,139,919,481.27 RMB at the beginning of the period[11] - Cash and cash equivalents decreased to 4,760,576,869.76 RMB from 4,939,273,198.62 RMB[11] - Trade receivables increased to 10,221,764,046.37 RMB from 9,225,321,882.07 RMB[11] - Inventory decreased to 5,645,993,412.86 RMB from 6,774,603,438.00 RMB[11] - Long-term equity investments increased to 1,837,045,383.94 RMB from 1,671,365,117.46 RMB[11] - The company reported a significant increase in trading financial assets to 15,540,453,733.72 RMB from 13,192,025,535.87 RMB[11] Other Comprehensive Income - The company experienced a decrease in other comprehensive income, with a net amount of CNY -105.39 million compared to CNY 24.03 million in the previous year[15]

股票代码：000921 股票简称：海信家电 公告编号：2024-084 海信家电集团股份有限公司 H 股公告-董事会会议通知 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 海信家电集团股份有限公司（「本公司」）于 2024 年 10 月 15 日在香港联合交易 所有限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票 上市规则》16.1 条关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 海信家电集团股份有限公司董事会 2024 年 10 月 15 日 1 海信家電集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2024年10月 30日（星期三）舉行董事會會議，以處理以下事項： 1. 審議批准本公司及其附屬公司截至2024年9月30日未經審計的第三季度業績；及 2. 處理任何其他事項（如有）。 承董事會命 海信家電集團股份有限公司 董事長 代慧忠 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 ...