Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [5]. Core Insights - The company's Q1 2024 performance exceeded expectations, driven by significant growth in export business and continuous improvement in profitability across various segments, indicating a strong likelihood of achieving its annual growth targets [3][11]. Summary by Sections 1. Performance Overview - In Q1 2024, Hisense achieved a revenue of 23.486 billion RMB, representing a year-on-year increase of 20.87%, and a net profit of 981 million RMB, up 59.48% year-on-year [11]. 2. Revenue Growth: Strong Export Performance and Washing Machine Segment Growth - The revenue growth in Q1 2024 was primarily driven by exports, with expectations that export growth will outpace domestic sales. - Specific segment performance includes: 1. Air Conditioners: Domestic sales increased by 30.2% and exports by 33.5%, with overall revenue growth expected to be 15-20% [12]. 2. Refrigerators: Export growth is estimated to exceed 60%, while domestic sales are projected to grow by around 20%, leading to an overall revenue increase of 35-40% for the refrigeration segment [12]. 3. Washing Machines: The segment is smaller, with online and offline sales growth of 18% and 10% respectively [12]. 4. Central Air Conditioning: Sales increased by 13%, with overall revenue growth expected to be 5-10% [12]. 5. Three Electric Components: Revenue growth is expected to remain at 0-5% [12]. 3. Profitability Improvement Across Segments - The gross margin for Q1 2024 was 21.63%, an increase of 0.51 percentage points year-on-year, while the net margin was 6.55%, up 1.18 percentage points year-on-year. The improvement in gross margin is attributed to increased production scale and higher average prices for white goods [13]. 4. Investment Recommendations - Following the strong Q1 performance, the profit forecasts for 2024-2026 have been raised, with expected net profits of 3.567 billion, 4.176 billion, and 4.819 billion RMB respectively, translating to EPS of 2.57, 3.01, and 3.47 RMB [16].
海信家电2024Q1季报点评：出口业务高增，业绩改善再超预期