分业务板块看，公司冰冷业务实现营收146.9 亿元，整体增速达26.8%。其中洗衣机上半年实现主营业务收入增长49.8%。暖通业务实现营收227.7 亿元，同比增长7.6%，其中海信日立实现营收113.4 亿元，同比增长0.3%，实现净利润19.6 亿元，同比增长21%，公司在多联机市场以超过20%的份额，保持行业龙头地位。Key points of investment:
The company's 24H1 revenue increased 13%, and net profit to mother increased 35%. The company released its 24 semi-annual report. 24H1 achieved revenue of 48.64 billion yuan, a year-on-year increase of 13.3%, and achieved net profit to mother of 2.02 billion yuan, an increase of 34.6% year-on-year, and 1.7 billion yuan after deducting non-net profit, an increase of 34.82% over the previous year. Among them, Q2 achieved revenue of 25.16 billion yuan in a single quarter, up 7.0% year on year, and realized net profit to mother of 1.04 billion yuan, an increase of 17.3% year on year. The company achieved excellent performance on both revenue and profit sides in the first half of the year, and maintained a growth trend in Q2.
Revenue and profit continued to grow, and profitability continued to increase. The company's 24H1 gross sales margin reached 21.28%, down 0.25pct year on year. Net profit margin to mother in the first half of the year reached 4.14%, up 0.66 pct year on year. Among them, Q2 achieved a gross sales margin of 20.95% in a single quarter, a year-on-year decrease of 0.92 pct. The cost-side sales, management and financial expenses ratio was 10.38%/2.30%/-0.13%, down 0.39 pct year on year, up 0.14/1.01 pct, respectively. The final net margin was 4.11%, up 0.36 pct year on year.
By business segment, the company's cold business achieved revenue of 14.69 billion yuan, with an overall growth rate of 26.8%. Among them, washing machines achieved a 49.8% increase in main business revenue in the first half of the year. The HVAC business achieved revenue of 22.77 billion yuan, up 7.6% year on year. Among them, Hisense Hitachi achieved revenue of 11.34 billion yuan, up 0.3% year on year, and realized net profit of 1.96 billion yuan, up 21% year on year. The company maintained its leading position in the multi-online market with a share of more than 20%.
The company's domestic sales achieved revenue of 25.33 billion yuan, up 3.5% year on year, and gross margin reached 31.92%, up 0.79 pct year on year; overseas markets achieved revenue of 18.21 billion yuan, up 27.9% year on year. Among them, Europe, America, Middle East Africa, Asia Pacific, and ASEAN regions increased 14%/40%/27%/19%/39%, respectively. The company's American region uses the advantages of the Monterey plant layout in Mexico to supplement the American product lineup, focus on the Latin American market, and accelerate channel expansion. The ASEAN region focuses on building a lineup of key categories, rapidly expanding chain channels, and improving retail efficiency.
Among them, independent brand revenue increased by 64.37% year on year, and private brand revenue accounted for 74.31%? Profit forecasting and investment advice. The company firmly promotes a global strategy and at the same time promotes the optimization of its own governance structure, with excellent performance. In the long run, the company's central aviation business is expected to maintain its leading position in the industry, driving a steady increase in overall business share, and Sandian will continue to maintain an improvement trend based on its collaborative resource advantages. The company's performance assessment goals are clear. We expect the company's 24-26 EPS to be 2.41, 2.75, and 3.13 yuan/share, giving the company a 24-year 13-15 xPE valuation, corresponding to a reasonable value range of 31.33-36.15 yuan, maintaining a “superior to the market” rating.
Risk warning: Terminal demand falls short of expectations, risk of raw materials and exchange rate fluctuations.
