HISENSE H.A.(000921) 国联证券·2024-09-03 10:00Investment 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]