海信家电（000921）/家电 证券研究报告/公司点评 2024 年 9 月 1 日 外销收入高增，利润稳健释放 ——海信家电 2024H1 点评 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------|-----------------------------------------------|--------------|--------|--------|--------------|---------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 24.3 元/股 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：姚玮 | 营业收入（百万元） | 74,115 | 85,600 | 94,913 | 103,052 | 109,613 ...

Investment Rating - The report maintains a "Strong Buy" rating for Hisense Home Appliances, with a target price of 34 CNY, compared to the current price of 26.24 CNY [1]. Core Views - The company's performance in H1 2024 met expectations, with revenue of 48.64 billion CNY, a year-on-year increase of 13.3%, and a net profit of 2.02 billion CNY, up 34.6% year-on-year. The second quarter saw revenue of 25.16 billion CNY, growing 7.0% year-on-year, and a net profit of 1.03 billion CNY, up 17.3% year-on-year [1]. - Revenue growth has slowed, but the export market continues to show high growth. Domestic revenue grew by 3.5%, while overseas revenue surged by 27.9% in H1 2024 [1]. - The air conditioning segment reported revenue of 22.77 billion CNY, a 7.6% increase, while the washing machine segment saw a significant increase of 26.8% in revenue, driven by technological innovation and product upgrades [1]. - The company is focusing on high-growth and competitive emerging categories to drive growth, with overseas white goods revenue increasing by 36.9% in H1 2024 [1]. Summary by Sections Financial Performance - H1 2024 revenue reached 48.64 billion CNY, up 13.3% year-on-year, with Q2 revenue at 25.16 billion CNY, a 7.0% increase. Net profit for H1 was 2.02 billion CNY, a 34.6% increase, with Q2 net profit at 1.03 billion CNY, up 17.3% [1]. - Gross margin for Q2 2024 was 21.0%, down 0.9 percentage points year-on-year, primarily due to rising raw material costs and intensified competition in the domestic air conditioning market [1]. Business Segments - Air Conditioning: H1 2024 revenue of 22.77 billion CNY, up 7.6%, with central air conditioning growth at 0.3% due to a weak real estate market. However, the home appliance category is expected to achieve double-digit growth [1]. - Washing Machines: H1 2024 revenue of 14.69 billion CNY, up 26.8%, with significant contributions from washing machine innovations leading to a 49.8% increase in revenue [1]. - Automotive Thermal Management: Revenue of 94.18 billion JPY in H1 2024, up 2.0%, with expectations for revenue and profit growth as new energy orders are fulfilled [1]. Future Outlook - The company anticipates a potential boost in domestic market demand due to the implementation of replacement policies, while overseas market expansion continues to accelerate [1]. - Adjusted EPS forecasts for 2024, 2025, and 2026 are 2.38 CNY, 2.73 CNY, and 3.10 CNY, respectively, with corresponding P/E ratios of 11, 10, and 8 [1][2].

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" and is maintained [3] Core Views - Hisense Home Appliances, established in 1984, has evolved into a diversified home appliance enterprise with a strong brand matrix, achieving a revenue of 85.6 billion yuan in 2023, a year-on-year increase of 15.5%, and a net profit of 2.837 billion yuan, a significant growth of 97.73% [4][18][19] - The company has undergone a mixed-ownership reform, optimizing its internal mechanisms and enhancing operational performance, which is reflected in its financial results [4][22][23] - The white goods segment is stabilizing its market share through differentiated strategies, while the central air conditioning business is leading the market with a 19.75% share [5][6][68] - The acquisition of Sanden has positioned the company in the automotive thermal management sector, which is expected to contribute to future revenue growth [7][84][107] Summary by Sections Company Overview - Hisense Home Appliances has a comprehensive brand matrix including eight major brands, covering traditional white goods, central air conditioning, kitchen appliances, and thermal management systems [4][19] - The company has achieved a compound annual growth rate (CAGR) of 18.9% in revenue from 2018 to 2023, driven by overseas expansion and business diversification [18] White Goods Segment - The company maintains a strong market presence in the refrigerator sector, with a 10.7% market share in 2023, ranking third in China [35] - The differentiated pricing strategy of high-quality, low-cost refrigerators has helped stabilize market share [35][37] Central Air Conditioning - Hisense's central air conditioning brands, including Hitachi, have a combined market share of 19.75% in the multi-split air conditioning market, leading the industry [6][77] - The central air conditioning market in China has reached a scale of over 110.8 billion yuan, with a growing share of public installation projects [68][69] Thermal Management - The acquisition of Sanden has allowed Hisense to enter the automotive thermal management market, which is expected to grow significantly due to the increasing demand for electric vehicles [7][84] - The global electric compressor market is projected to reach 54.8 billion yuan by 2030, providing a substantial growth opportunity for Hisense [93] Investment Recommendations - The company is expected to achieve net profits of 3.422 billion yuan, 3.955 billion yuan, and 4.557 billion yuan from 2024 to 2026, with corresponding price-to-earnings ratios of 10.63, 9.20, and 7.98 [8][108][111] - The ongoing reforms and strategic initiatives are anticipated to enhance operational efficiency and profitability, making the future growth outlook positive [8][108]

Investment Rating - The report maintains a "Buy" investment rating for Hisense Home Appliances [5][7]. Core Views - The company achieved revenue of 48.642 billion yuan in the first half of 2024, a year-on-year increase of 13%, with a net profit attributable to shareholders of 2.016 billion yuan, up 35% year-on-year [5]. - The company's air conditioning business revenue remained stable at 11.338 billion yuan, with a net profit of 963 million yuan, reflecting a 21% increase year-on-year [7]. - The overseas business showed significant growth, with revenue reaching 14.78 billion yuan, a 36.91% increase year-on-year, particularly strong in the ASEAN region where revenue grew by 64% [7]. Summary by Sections Market Data - Closing price: 24.75 yuan - One-year high/low: 43.18/19.69 yuan - Circulating A-share market value: 22.568 billion yuan [3]. Financial Performance - For the first half of 2024, the company reported a revenue of 48.642 billion yuan, with a net profit of 2.016 billion yuan, and a net profit margin of 17.3% [5][7]. - The company’s revenue projections for 2024E, 2025E, and 2026E are 94.977 billion yuan, 104.931 billion yuan, and 114.876 billion yuan respectively, with corresponding net profits of 3.489 billion yuan, 4.012 billion yuan, and 4.614 billion yuan [8][9]. Industry Overview - The retail market for air conditioning saw a decline in volume and value, with a year-on-year decrease of 10.8% and 13.7% respectively in the first half of 2024 [6]. - The refrigerator market showed slight growth, with retail volume and value increasing by 0.8% and 0.4% respectively [6]. - The washing machine market experienced a growth of 6.2% in retail volume and 3.8% in value [6]. Future Outlook - The report anticipates continued pressure in the short term but expects a potential recovery driven by consumption policies and demand in emerging markets [6][7].

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances (000921) [5] Core Views - Hisense Home Appliances achieved a 15%+ YoY growth in Q2 2024, driven by strong export performance and improved profitability [2] - The company's export revenue grew significantly in Q2, while domestic sales experienced a slight decline [2] - Long-term growth is expected due to the resonance of multiple business segments, including central air conditioning, traditional home appliances, and new energy vehicle thermal management [7] Business Performance Revenue and Profit - H1 2024 revenue reached 48.642 billion yuan, up 13.27% YoY, with net profit attributable to shareholders of 2.016 billion yuan, up 34.61% YoY [7] - Q2 2024 revenue was 25.156 billion yuan, up 6.98% YoY, with net profit attributable to shareholders of 1.035 billion yuan, up 17.26% YoY [7] Segment Performance - Central air conditioning revenue remained flat in H1 2024, while home air conditioning revenue grew by approximately 16% [7] - Refrigerator and washing machine revenue increased by 27% in H1 2024, with export growth outpacing domestic sales [7] - Export revenue grew by 28% in H1 2024, while domestic sales grew by 4% [7] Profitability - Gross margin in Q2 2024 decreased by 0.92 percentage points YoY, mainly due to a decline in the proportion of high-margin central air conditioning business and an increase in the proportion of low-margin export business [7] - Net profit margin attributable to shareholders increased by 0.36 percentage points YoY in Q2 2024, driven by increased investment income and reduced asset impairment losses [7] Financial Forecasts - Revenue is expected to reach 94 billion yuan in 2024, 103.9 billion yuan in 2025, and 115 billion yuan in 2026, with YoY growth rates of 10%, 11%, and 11% respectively [7] - Net profit attributable to shareholders is forecasted to be 3.406 billion yuan in 2024, 3.929 billion yuan in 2025, and 4.519 billion yuan in 2026, with YoY growth rates of 20%, 15%, and 15% respectively [7] - EPS is projected to be 2.46 yuan in 2024, 2.83 yuan in 2025, and 3.26 yuan in 2026, with corresponding P/E ratios of 10.7x, 9.3x, and 8.0x [7]

F熄证券 家用电器/白色家电 公 司 研 究 海信家电（000921.SZ） 2024 年 09 月 03 日 外销保持高景气增长，盈利能力继续提升 ——公司信息更新报告 投资评级：买入（维持） 日期 2024/9/2 | --- | --- | |-------------------------|-------------| | | | | 当前股价 ( 元 ) | 24.75 | | 一年最高最低 ( 元 ) | 43.18/19.69 | | 总市值 ( 亿元 ) | 343.04 | | 流通市值 ( 亿元 ) | 225.68 | | 总股本 ( 亿股 ) | 13.86 | | 流通股本 ( 亿股 ) | 9.12 | | 近 3 个月换手率 (%) | 97.69 | 股价走势图 海信家电 沪深300 -30% 0% 30% 60% 90% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《冰冷洗外销改善显著，Q1 业绩超预 期—公司信息更新报告》-2024.4.26 《分红比例维持近一半，看好盈利能 力继续提升—公司信息更新报告》 -2024.4.3 《Q3 业 ...

2024 年 09 月 02 日 公司点评 买入/维持 海信家电(000921) 目标价: 昨收盘:24.75 海信家电：2024Q2 业绩快速增长，美洲和东盟区收入高增 ◼ 走势比较 (20%) 0% 20% 40% 60% 80% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 海信家电 沪深300 ◼ 股票数据 总股本/流通(亿股) 13.86/13.86 总市值/流通(亿元) 343.04/343.04 12 个月内最高/最低价 (元) 43.18/19.69 相关研究报告 <<海信家电：2023Q4 营收业绩快增，三 电公司客户端获新拓展>>--2024-04- 02 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 电话：021-58502206 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1190124030010 事件：2024 年 ...

股 票 研 究 ——海信家电 24H1 业绩点评 内销暖通承压，海外大放异彩 海信家电(000921) 家用电器业[Table_Industry] /可选消费品 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 42.00 上次预测: 42.00 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|-------|-------|---------------------------|----------|-------|-------| | | | | | | | | | | | | [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 | | | | | | caiw ...

外销增速亮眼，内销平稳增长 海信家电（000921） 证券研究报告 2024 年 09 月 01 日 投资评级 行业 家用电器/白色家电 6 个月评级 买入（维持评级） 当前价格 24.3 元 目标价格 元 事件：公司 2024 年 H1 实现营业收入 486.42 亿元，同比+13.27%，归母净 利润 20.16 亿元，同比+34.61%；其中 2024Q2 实现营业收入 251.56 亿元， 同比+6.98%，归母净利润 10.35 亿元，同比+17.26%。 外销高速增长，内销平稳增长 分业务看，24H1 中央空调业务实现净利润同比增长超 10%，在多联机市场 以超过 20%的份额稳居行业领头羊地位。分地区看，24H1 内外销收入同比 分别为+3.5%/+27.9%，外销表现较好。2024H1 海外白电业务实现收入 147.8 亿元，同比增长 36.91%；海外分区域看，欧洲/美洲/中东非/亚太/东盟区 收入同比分别为+14%/+40%/+27%/+18.9%/+39.46%。展望下半年，内销随 着以旧换新的政策落地，需求或有所带动，内销有望稳定增长；外销或将 延续上半年保持较快的增长趋势，带动整体收 ...

| --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-08-31 | | | [Table_BaseData] 收盘价（元） | 24.30 | | 近 12 个月最高 / 最低（元） | 43.18/19.69 | | 总股本（百万股） | 1,386 | | 流通股本（百万股） | 1,371 | | 流通股比例（ % ） | 98.95 | | 总市值（亿元） | 337 | | 流通市值（亿元） | 333 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -1% 28% 56% 85% 8/23 11/23 2/24 5/24 海信家电 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：成浅之 执业证书号：S0010124040029 邮箱：chengqianzhi@hazq.com [Table ...