Jinwu Financial News | According to Goldman Sachs Research Report, Hisense Home Appliances (00921) performed better than expected in the first quarter of 2024. Total revenue and net profit were 23.486 billion yuan and 981 million yuan respectively, up 21% and 59%, both higher than Goldman Sachs's forecast. The better-than-expected benefits mainly from factors such as improved gross margin/operating margin combinations.
According to the bank, compared to last year, the company's management is still confident that it will achieve annual growth goals, outperform its peers, and continue to improve efficiency. However, the gross margin of split air conditioners for the rest of 2024 seems to be gradually conservative, mainly due to rising copper and aluminum prices, which affect the increase in costs.
According to the bank, the 2024-2026 earnings forecast per share was raised by 2%, and the target price for H shares was raised by 3.3% from HK$30 to HK$31, maintaining the “buy” rating.