HISENSE H.A.(000921) 长江证券·2025-04-05 23:30Investment Rating - The investment rating for Hisense Home Appliances is "Buy" and is maintained [5]. Core Views - The company achieved a revenue of 92.746 billion yuan in 2024, representing a year-on-year growth of 8.35%. The net profit attributable to shareholders reached 3.348 billion yuan, up 17.99% year-on-year, and the net profit excluding non-recurring items was 2.606 billion yuan, an increase of 10.65% year-on-year [3][9]. - In Q4 2024, the company reported a revenue of 22.167 billion yuan, a year-on-year increase of 7.08%, with a net profit attributable to shareholders of 555 million yuan, up 34.91% year-on-year, and a net profit excluding non-recurring items of 317 million yuan, an increase of 8.24% year-on-year [3][9]. - The company plans to distribute a cash dividend of 12.30 yuan per 10 shares (tax included) to all shareholders, without issuing new shares or capitalizing reserves [3][9]. Revenue and Profit Analysis - The company's revenue structure shows a decline in domestic sales, with domestic revenue at 47.994 billion yuan, down 2.12% year-on-year, while foreign sales reached 35.629 billion yuan, up 27.59% year-on-year. The growth in foreign sales is attributed to the increasing influence of its overseas brands [9]. - The air conditioning segment generated revenue of 40.284 billion yuan, a growth of 4.22% year-on-year, while the ice washing segment saw revenue of 30.839 billion yuan, up 18.29% year-on-year [9]. - The overall gross margin for 2024 decreased by 0.43 percentage points to 20.78%. The air conditioning segment's gross margin was 28.55%, down 1.32 percentage points, while the ice washing segment's gross margin was 17.56%, down 0.74 percentage points [9]. Future Outlook - The company is expected to maintain a trend of scale and efficiency improvement, with projected net profits for 2025, 2026, and 2027 at 3.858 billion yuan, 4.401 billion yuan, and 5.025 billion yuan, respectively, corresponding to PE ratios of 9.9, 8.7, and 7.6 times [9].