HISENSE H.A.(000921) 国信证券·2024-09-05 09:38Investment Rating - The investment rating for Hisense Home Appliances is "Outperform the Market" [3][12]. Core Views - The company reported a steady revenue growth of 13.3% year-on-year in H1 2024, reaching RMB 48.64 billion, with a net profit of RMB 2.02 billion, reflecting a 34.6% increase [1]. - The air conditioning segment showed a stable growth of 7.6%, while the washing machine revenue surged by 49.8% in the same period [1]. - The overseas white goods revenue grew significantly by 36.9%, with strong performance across various regions including Europe and the Americas [1]. - The company has adjusted its profit forecast upwards, expecting net profits of RMB 3.41 billion, RMB 3.78 billion, and RMB 4.19 billion for 2024, 2025, and 2026 respectively, indicating a year-on-year growth of 20%, 11%, and 11% [1]. Summary by Sections Revenue and Profitability - In H1 2024, Hisense achieved a revenue of RMB 48.64 billion, with a net profit of RMB 2.02 billion, marking a 34.6% increase year-on-year [1]. - The Q2 revenue was RMB 25.16 billion, with a net profit of RMB 1.03 billion, reflecting a 17.3% increase [1]. Business Segments - The HVAC segment's revenue reached RMB 22.77 billion, with a net profit margin improvement of 3.0 percentage points to 17.3% for Hisense Hitachi [1]. - The washing machine segment saw a revenue increase of 49.8%, contributing to a total ice washing revenue of RMB 14.69 billion, with a slight decline in operating profit margin [1]. Export Performance - The company's export revenue grew by 27.9% to RMB 18.21 billion, with overseas white goods revenue increasing by 36.9% to RMB 14.78 billion [1]. - Revenue growth was noted across various regions, with the Americas showing a 40% increase [1]. Financial Forecasts - The updated profit forecasts for 2024-2026 are RMB 3.41 billion, RMB 3.78 billion, and RMB 4.19 billion, with corresponding PE ratios of 10, 9, and 8 times [1].