Financials Hisense Home Appliances Group Co., Ltd.

Equities

000921

CNE000000LC9

Appliances, Tools & Housewares

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
37 ^CNY	+3.67%		+1.96%	+81.37%

Apr. 24	Hisense Home Appliances Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 03	Hisense Home, Hisense Visual to Inject 300 Million Yuan into Associate	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,644	17,635	17,146	15,395	25,733	46,579	-	-
Enterprise Value (EV) ¹	8,664	10,576	13,186	11,021	23,461	37,132	32,562	27,455
P/E ratio	9.34 x	12.4 x	21.3 x	12.5 x	9.81 x	14.9 x	13.3 x	11.8 x
Yield	3.2%	2.41%	1.41%	4.03%	4.97%	3.41%	3.86%	4.33%
Capitalization / Revenue	0.39 x	0.36 x	0.25 x	0.21 x	0.3 x	0.49 x	0.45 x	0.41 x
EV / Revenue	0.23 x	0.22 x	0.2 x	0.15 x	0.27 x	0.39 x	0.31 x	0.24 x
EV / EBITDA	3.04 x	2.51 x	3.34 x	2.38 x	3.66 x	5.66 x	4.32 x	3.12 x
EV / FCF	-	-	4.11 x	3.4 x	2.43 x	49.8 x	7.7 x	6.47 x
FCF Yield	-	-	24.3%	29.4%	41.1%	2.01%	13%	15.5%
Price to Book	1.93 x	2.01 x	2 x	1.56 x	2.08 x	3.29 x	2.87 x	2.56 x
Nbr of stocks (in thousands)	1,362,725	1,362,725	1,362,725	1,362,725	1,376,235	1,362,620	-	-
Reference price ²	12.33	14.41	15.15	13.17	20.40	37.00	37.00	37.00
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	37,453	48,393	67,563	74,115	85,600	95,487	103,401	112,579
EBITDA ¹	2,851	4,220	3,953	4,624	6,404	6,562	7,543	8,800
EBIT ¹	2,055	3,195	2,781	3,367	5,248	5,913	7,206	7,715
Operating Margin	5.49%	6.6%	4.12%	4.54%	6.13%	6.19%	6.97%	6.85%
Earnings before Tax (EBT) ¹	2,152	3,485	2,917	3,824	5,685	6,552	7,737	8,347
Net income ¹	1,794	1,579	972.6	1,435	2,837	3,456	3,868	4,357
Net margin	4.79%	3.26%	1.44%	1.94%	3.31%	3.62%	3.74%	3.87%
EPS ²	1.320	1.160	0.7100	1.050	2.080	2.476	2.787	3.139
Free Cash Flow ¹	-	-	3,210	3,243	9,639	746	4,229	4,244
FCF margin	-	-	4.75%	4.38%	11.26%	0.78%	4.09%	3.77%
FCF Conversion (EBITDA)	-	-	81.21%	70.13%	150.51%	11.37%	56.07%	48.23%
FCF Conversion (Net income)	-	-	330.07%	226.02%	339.73%	21.58%	109.33%	97.41%
Dividend per Share ²	0.3950	0.3470	0.2140	0.5310	1.013	1.262	1.428	1.601
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	18,503	21,087	27,306	32,424	17,495	35,139	18,304	20,003	38,307	18,719	17,089	35,808	19,430	23,513	21,956	20,701	42,656	23,486	26,301	22,383	24,629	-	-
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,696	1,443	1,747	-	-
EBIT ¹	-	-	-	1,607	362.8	1,174	702.9	944.2	1,647	1,041	678.7	1,720	1,223	1,554	1,678	793.1	2,471	1,683	1,434	1,264	1,416	-	-
Operating Margin	-	-	-	4.96%	2.07%	3.34%	3.84%	4.72%	4.3%	5.56%	3.97%	4.8%	6.29%	6.61%	7.64%	3.83%	5.79%	7.17%	5.45%	5.65%	5.75%	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	1,672	1,714	1,012	-	1,753	1,807	1,473	1,874	-	-
Net income ¹	-	503.3	-	-	46.15	-	-	-	-	-	-	-	-	882.3	928.4	411.3	-	981.2	975	794.5	1,011	-	-
Net margin	-	2.39%	-	-	0.26%	-	-	-	-	-	-	-	-	3.75%	4.23%	1.99%	-	4.18%	3.71%	3.55%	4.11%	-	-
EPS ²	-	-	-	-	0.0300	-	0.2000	0.2600	-	0.3300	0.2600	-	0.4500	0.6400	0.6900	0.3000	-	0.7200	0.6912	0.6212	0.5993	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.301	-	-
Announcement Date	3/30/20	8/20/20	3/30/21	8/30/21	3/30/22	3/30/22	4/11/22	8/30/22	8/30/22	10/27/22	3/30/23	3/30/23	4/27/23	8/28/23	10/30/23	3/29/24	3/29/24	4/24/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	5,980	7,059	3,960	4,374	2,272	9,447	14,018	19,124
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	3,210	3,243	9,639	746	4,229	4,244
ROE (net income / shareholders' equity)	22.2%	17%	9.64%	13.1%	22.6%	23.5%	22.3%	21.9%
ROA (Net income/ Total Assets)	6.43%	4.17%	1.99%	2.58%	4.68%	4.76%	5.63%	6.27%
Assets ¹	27,895	37,899	48,881	55,662	60,662	72,607	68,702	69,540
Book Value Per Share ²	6.400	7.180	7.590	8.450	9.780	11.20	12.90	14.50
Cash Flow per Share ²	1.470	4.380	3.170	2.960	7.650	3.310	6.570	3.530
Capex ¹	225	585	1,104	789	973	1,211	1,068	1,088
Capex / Sales	0.6%	1.21%	1.63%	1.06%	1.14%	1.27%	1.03%	0.97%
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hisense Home Appliances Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

37 CNY

Average target price

36.3 CNY

Spread / Average Target

-1.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Household Appliances

	1st Jan change	Capi.
HISENSE HOME APPLIANCES GROUP CO., LTD.	+81.37%	6.43B
GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI	+22.79%	28.64B
BEIJING ROBOROCK TECHNOLOGY CO., LTD.	+35.11%	6.93B
WHIRLPOOL CORPORATION	-22.31%	5.17B
ECOVACS ROBOTICS CO., LTD.	+0.22%	3.3B
ARÇELIK ANONIM SIRKETI	+30.89%	3.14B
RINNAI CORPORATION	+2.91%	3.06B
SHANGHAI FLYCO ELECTRICAL APPLIANCE CO., LTD.	-0.02%	3.04B
COWAY CO., LTD.	-1.92%	2.96B
HANGZHOU ROBAM APPLIANCES CO., LTD.	+4.27%	2.96B

Household Appliances