HISENSE H.A.(000921) 新浪财经·2025-04-02 00:34Core Viewpoint - Hisense Home Appliances reported a revenue of 92.7 billion yuan and a net profit attributable to shareholders of 3.3 billion yuan for 2024, reflecting year-on-year increases of 8% and 18% respectively [1] Financial Performance - The revenue for 2024 was 92.7 billion yuan, with a net profit of 3.3 billion yuan and a net profit excluding non-recurring items of 2.6 billion yuan, showing year-on-year growth of 8%, 18%, and 11% respectively [1] - In Q4 2024, the revenue was 22.2 billion yuan, net profit was 560 million yuan, and net profit excluding non-recurring items was 320 million yuan, with year-on-year growth of 7%, 35%, and 8% respectively [1] Dividend Policy - The company proposed a cash dividend of 12.3 yuan per 10 shares, totaling 1.7 billion yuan, with a dividend payout ratio of 50.9% [1] Product Performance - In 2024, revenue from HVAC, washing machines, and other main products was 40.3 billion yuan, 30.8 billion yuan, and 12.5 billion yuan respectively, with year-on-year growth of 4%, 18%, and 2% [2] - Hisense Hitachi's revenue was 20.7 billion yuan, down 6% year-on-year; excluding Hisense Hitachi, air conditioning revenue grew by 18.5% [2] Regional Performance - Domestic revenue in 2024 was 48 billion yuan, down 2% year-on-year, with a decline of 8% in H2 compared to H1 [4] - Overseas revenue reached 35.6 billion yuan, up 28% year-on-year, with white goods revenue increasing by 36% [4] Profitability - The overall gross margin for 2024 was 20.8%, a decrease of 0.43 percentage points year-on-year, with significant improvement in overseas gross margin [5] - The sales expense ratio was 9.7%, down 0.29 percentage points year-on-year, while R&D expense ratio increased [5] - The net profit margin attributable to shareholders was 3.6% for 2024, an increase of 0.3 percentage points year-on-year [6] Investment Outlook - The company is focused on user-centered innovation, optimizing regional, channel, product, and supply chain structures, with significant competitive advantages in central air conditioning and rapid growth in home appliances and washing machines [6] - Projected net profits for 2025 and 2026 are 3.8 billion yuan and 4.2 billion yuan respectively, with corresponding EPS of 2.7 yuan and 3.1 yuan [6]