Daily focus：Hisense（921）
Announced its full-year results for 2024. The company achieved a revenue of RMB 92.746 billion, an increase of 8.35% YoY; net profit attributable to shareholders of the listed company was RMB 3.348 billion, an increase of 17.99% YoY; and basic earnings per share were RMB 2.46, an increase of 18.27% YoY. In terms of products, online and in-store retail sales of household air conditioners increased by 10.8% and 21.2% YoY, respectively, exceeding the industry growth rate; retail sales of Hisense refrigerators increased by 21% YoY, with a market share increase of 0.8 percentage points, ranking second in the industry; and the market share of freezer business increased by 1.1 percentage points. The company's board of directors proposed a cash dividend of RMB 12.30 (including tax) per 10 shares, higher than last year's RMB 10.13.
US PCE Index Exceeds Expectations
The United States has released the latest core PCE data, showing an annual increase of 2.8%, higher than the market expectation and the previous value of 2.7%. On a monthly basis, it rose by 0.4%, also exceeding the market expectation and the previous value of 0.3%. The Federal Reserve's preferred inflation indicator continues to rise at a stubborn pace. Additionally, the monthly rate of personal spending fell short of expectations, indicating weaker household demand than anticipated. This suggests that consumers are becoming more cautious amid growing concerns about their financial situation.
On Friday, the Hong Kong Stock Connect recorded a net inflow of HKD 8.2 billion. Alibaba (9988) saw the largest net inflow of HKD 960 million, followed by SMIC (981). Xiaomi Group (1810) recorded the largest net outflow of HKD 930 million, followed by New China Life Insurance (1336).
The market is focusing on the US's tariffs that will finally announce on April 2. Stock markets in the Asia-Pacific region generally fell, and Hong Kong market followed the decline today. The HSI opened 219 points lower and then extended its decline, closing at 23,119, down 307 points or 1.3% today. The HSCEI fell 89 points or 1% to 8,516. The HSTECH fell 111 points or 2% to 5,394. The total market turnover for the day was HK$257.33bn. Heavyweight technology stocks generally fell, with Tencent (0700) and Alibaba (9988) both falling by more than 2%. Li Ning (2331)'s earnings guidance was lowered by the brokerage firm, and its share price fell 7.2%.
Source: KGI Investment Strategy
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The Fed maintains its rate path, raising inflation expectations while lowering economic growth rates. Uncertainty in Europe decreases, with the economy being stronger than expected...