交银国际研究 公司更新 收盘价 目标价 潜在涨幅 港元 29.80 港元 37.59↑ +26.1% 消费 2024 年 10 月 30 日 海尔智家 (6690 HK) 海外业务持续引领增长；加强本土化布局应对关税风险 前三季度收入平稳，利润双位数增长，符合市场及我们预期。2024 年前 三季度海尔智家收入/净利润同比增长 2.2%/15.3%至 2,030 亿/151 亿元（人 民币，下同），3 季度收入/净利润同比增长 0.5%/13.2%至 673 亿/47 亿元 。3 季度毛利率保持提升趋势，同比增长 0.1 个百分点至 31.3%（1/2 季度 分别同比提升 0.5/0.3 个百分点）。费用率持续优化，3 季度销售/管理费 用率同比优化 0.5/0.1 个百分点，前三季度分别同比优化 0.5/0.3 个百分点 至 14.2%/3.8%。 3 季度净利润率 7.2%，同比提升 0.9 个百分点。 海外业务持续引领收入增长。3 季度海尔整体收入微增 0.5%，其中海外业 务延续上半年中低个位数的增长（3 季度同比增长 3.8%至 358 亿元），抵 消了中国业务的下滑（同比下滑 3%至 316 亿元） ...

30 Oct 2024 CMB International Global Markets | Equity Research | Company Update Haier Smart Home (6690 HK) A rosy 4Q24E with mid-term reform announced Haier's 3Q24 results were roughly inline, but we do have high hope of a decent pick up in 4Q24E, thanks to favorable "old for new" trade in subsidies in China and interest rate cut in the US. But more importantly, we are once again, impressed by Haier's ability to gain efficiency and save costs in both short and long run. We are confident on its 15% net profi ...

| --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|-----------------| | | | | | Haie 海爾智家股份有限公司 Haier Smart Home Co., Ltd. ( 於 中 華 人 民 共 和 國 注 冊 成 立 的 股 份 有 限 公 司 ) A股股份代號：600690 D股股份代號：690D H股股份代號：6690 | | 期 報 | | | | | | | | | | | | | | | Haler Casarte &leader AQUA $ GE APPLIANCES CANDY ...

16 Sep 2024 CMB International Global Markets | Equity Research | Company Update Haier Smart Home (6690 HK) Takeaway from the post result NDR The slowdown in sales growth in 2Q24 was a small surprise, but the margin improvement was impressive, in our view. We are confident about the Company as the outlook in 2H24E is decent in both China and overseas, supported by factors like government subsides, potential interest rate cut, new product launches and turnaround in margins in the EU, etc.. Maintain BUY and fi ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 截至2024年6月30日止六個月之 中期業績公告 財務摘要 截至6月30日止六個月 | --- | --- | --- | --- | |------------------------------|--------------|--------------|-------| | | 2024年 | 2023年 | 變動 | | | 人民幣百萬元 | 人民幣百萬元 | % | | | （未經審核） | （未經審核） | | | | | （經重列） | | | 收入 | 135,621 | 131,616 | 3.0 | | 毛利 | 40,784 | 39,216 | 4.0 | | 經調整經營利潤（定義見下文） | 11,375 | 9,577 | 18.8 | ...

证券研究报告 ＃industryId＃ 消费行业 ＃06690.HK ＃海dy尔Com智pa家ny＃ 港股通（沪、深） ＃title＃ ＃investSuggestion＃ ＃ 2024Q1 内销拉动收入增长，发布员工持股计划 买入 首次 ( ） ＃createTime1＃ 2024年5月23日 投资要点 ＃ sum内ma销ry＃ 增速较快，数字化及产品结构改善提升盈利能力：2024Q1 公司收入 ＃市场ma数rk据etData＃ 689.8亿元人民币，同比增长6.0%。录得毛利率29.0%，同比增加0.3个百 日期 2024.5.22 分点，国内市场受益于采购与研发端数字化进程，产品结构改善，海外市 收盘价(港元) 29.05 场受益于产品结构优化、产能利用率提升。销售费率/管理费率/研发费率/ 总股本(亿股) 94.38 财务费率分别为13.1%/3.2%/4.3%/0.3%，分别同比变动-0.5/-0.3/+0.1/0个百 分点，营销费率优化主要受益于数字化下营销资源配置等效率提升。归母 总市值(亿港元) 2742 净利润录得47.7亿元人民币，同比增长20.2%。2024Q1中国/海外收入分别 总资 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 [Table_industryInfo] 家用电器业 [ Table_Main[海I Tnaf 尔bol]e 智_Ti家tle]（ 6690） [评Tab级le_：Inv est] 增持 当前价格（港元）： 29.75 业绩超预期，海外盈利显著回升 2024.05.06 海 ——海尔智家 2024Q1 季报点评 [ 交Ta易bl数e_M据a rket] 外 蔡雯娟(分析师) 谢丛睿(分析师) 樊夏俐(分析师) 52周内股价区间（港元） 20.55-29.75 当前股本（百万股） 9,438 公 021-38031654 021-38038437 021-38676666 当前市值（百万港元） 280,784 司 caiwenjuan024354@gtjas.co xiecongrui@gtjas.com fanxiali@gtjas.com （ 证书编号 mS0 880521050002 S0880523090004 S0880523090006 [ Table_Pi ...

交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年4月30日 港元29.25 港元35.79↓ +22.4% 海尔智家 (6690 HK) 受益于产品结构升级和费用管控，1 季度利润率提升速度超预期  1Q24利润同比增长超20%，超于市场预期。海尔智家2024 年 1 季度销售 个股评级 额/归母净利润同比增长 6.0%/20.2%至 690 亿/47.7 亿元（人民币，下同）。 买入 毛利率同比提升 0.3 个百分点至 29.0% 。得益于数字化变革的推进，营销 费用率及管理费用率同比下降0.5/0.3个百分点至13.1%/3.2%。毛利率和 费用率改善的共同积极作用下，营业利润率提升1个百分点至8.4%。归母 1年股价表现 净利润率达 7.0%，同比提升0.8个百分点。 6690 HK 恒生指数  本土/海外业务盈利能力均获提升，海外业务经营利润目标中高个位数增 15% 长。本土业务收入同比增长8%，其中空调和厨电业务实现双位数增长， 10% 5% 冰箱/洗衣机业务分别高/中个位数增长。因产品组合和供应链的持续优化， 0% 公司于中国市场的经营利润同比增长超30%，经营利润率同比提升 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Haier Smart Home Co., Ltd.* 海 爾 智 家 股 份 有 限 公 司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 2024年第一季度報告 本公告乃海爾智家股份有限公司（「本公司」）根據香港法例第571章《證券及期貨條例》 第XIVA部項下內幕消息條文及香港聯合交易所有限公司證券上市規則第13.09(2)條及 第13.10B作出。 本公司於2024年第一季度之財務數據乃根據中國企業會計準則編製並未經審計。合併 財務報表所載歸屬於母公司所有者的淨利潤及歸屬於母公司所有者權益與該等根據國 際財務報告準則編製的財務資料並無差異。 ...

Financial Performance - Global revenue reached 261.422 billion yuan, a year-on-year increase of 7.3%, and net profit attributable to shareholders reached 16.597 billion yuan, a year-on-year increase of 12.8%[6] - Revenue in 2023 reached 261.422 billion yuan, a year-on-year increase of 7.3%[25] - Net profit attributable to shareholders in 2023 was 16.597 billion yuan, up 12.8% year-on-year[25] - Gross profit margin in 2023 was 30.9%, an increase of 0.3 percentage points compared to 2022[25] - Sales and distribution expense ratio in 2023 was 15.7%, optimized by 0.1 percentage points year-on-year[25] - Operating cash flow in 2023 was 25.262 billion yuan, an increase of 5.007 billion yuan compared to 2022[26] - Revenue in 2023 reached RMB 261,422 million, a 7.3% increase compared to RMB 243,550 million in 2022[87] - Net profit attributable to shareholders in 2023 was RMB 16,597 million, up 12.8% from RMB 14,712 million in 2022[87] - Revenue from the air energy solutions segment grew by 13.1% to RMB 46,104 million in 2023[88] - Overseas revenue accounted for RMB 136,412 million, representing 7.6% growth compared to 2022[89] - The company's gross profit margin improved due to product mix optimization and cost control measures[90] - Revenue from the home appliance segment in China increased by 7.0% to RMB 125,010 million[89] - The company's operating profit margin expanded to 6.6% in 2023, up from 6.2% in 2022[88] - The company's overseas operating profit reached RMB 6,370 million in 2023[90] - The company's EPS increased by 13.3% to RMB 1.79 in 2023[88] - Refrigerator/Freezer revenue increased by 5.2% from RMB 77,842 million in 2022 to RMB 81,910 million in 2023[91] - Kitchen appliance revenue rose by 6.9% from RMB 38,953 million in 2022 to RMB 41,654 million in 2023[91] - Air energy solutions revenue grew by 13.1% from RMB 40,758 million in 2022 to RMB 46,104 million in 2023[92] - Home laundry solutions revenue increased by 6.2% from RMB 57,909 million in 2022 to RMB 61,492 million in 2023[93] - Whole-house water solutions revenue rose by 8.5% from RMB 14,134 million in 2022 to RMB 15,336 million in 2023[94] - Net profit attributable to the company's owners increased by 12.8% from RMB 14,712 million in 2022 to RMB 16,597 million in 2023[95] - Adjusted operating profit grew by 14.9% from RMB 15,014 million in 2022 to RMB 17,250 million in 2023[96] - The company's overall gross margin increased by 0.3 percentage points to 30.9% in 2023[98] - Sales and distribution expenses as a percentage of revenue decreased by 0.1 percentage points to 15.7% in 2023[99] - Net asset value increased by 11.8% from RMB 94,750 million in 2022 to RMB 105,912 million in 2023[105] - Trade receivables and bills turnover days decreased to 38 days in 2023, down by 2 days compared to 2022, due to effective management[106] - Inventory turnover days decreased to 82 days in 2023, down by 6 days compared to 2022, driven by optimized inventory control[107] - Trade payables and bills turnover days decreased to 138 days in 2023, down by 7 days compared to 2022, due to improved payment efficiency[107] - Net cash flow from operating activities in 2023 was RMB 25,262 million, with a net profit cash content of 1.51, reflecting increased operating profit and efficiency[109] - Net cash outflow from investing activities in 2023 was RMB 17,085 million, a 91.4% increase compared to 2022, primarily due to increased payments for non-current assets and financial products[109][110] - Net cash outflow from financing activities in 2023 was RMB 7,841 million, a 101.1% increase compared to 2022, mainly due to higher repayments of borrowings and dividends paid[111] - The company's cash and cash equivalents, along with financial assets in wealth management products, amounted to RMB 27,599 million at the end of 2023, a 4.5% decrease from 2022, due to increased debt investments[112][113] - The return on cash and cash equivalents and financial assets in wealth management products increased by 62.9% to RMB 1,497 million in 2023, driven by improved fund management efficiency[113] - The company's net profit for the year ended December 31, 2023, is detailed in the financial statements on pages 141 to 295[187] - The company proposed a final dividend of RMB 8.04 per 10 shares for the year ended December 31, 2023, compared to RMB 5.6692 per 10 shares in 2022[187] - The company repurchased 8,483,600 H shares in 2023, with a total payment of HKD 199.14 million[192] - The company repurchased 63,980,252 A shares in 2023, with a total payment of RMB 1,431.95 million[194] - As of December 31, 2023, the company's distributable reserves amounted to approximately RMB 7.48 billion, with RMB 7.47 billion proposed as the final dividend for the year[197] Market Share and Sales Performance - Over 100 million home appliances were sold in more than 200 countries and regions globally[7] - Haier's refrigerator and washing machine market share in China exceeds 40%, with embedded refrigerators creating new consumer demand and integrated washer-dryers leading the industry in the US[9] - Haier's dishwasher business in China is expected to grow rapidly as the market penetration rate is currently less than 4%[9] - Haier's home air conditioning and central air conditioning businesses are in the second tier domestically, with significant development opportunities ahead[10] - Haier's water heater business leads domestically but lacks international presence, with plans to expand into emerging markets[10] - Haier's IoT strategy focuses on integrating home appliances and smart home solutions, with the acquisition of Carrier's global commercial refrigeration business to enhance its cold chain capabilities[11] - Haier's "Three-Winged Bird" platform supports integrated design and transparent shopping experiences, driving adoption of smart small appliances[11] - Haier's magnetic levitation and air suspension technologies in commercial applications have a design lifespan of 30 years with low maintenance costs[10] - Haier's global R&D platform and local supply chain layout aim to expand market share in Europe and Southeast Asia, where it currently ranks outside the top three[9] - The company's high-end market share in the domestic market has significantly increased, with the sales of Casarte's flat-embedded refrigerators growing by 120% year-on-year[28] - The company's refrigerator products achieved a retail sales share of 52.8% in the 10,000 RMB price segment, an increase of 4 percentage points year-on-year[28] - The company's user conversion efficiency improved by 8% through enhanced retail capabilities and digital marketing[28] - The company's production efficiency increased by over 10% through the integration of manufacturing and digital technologies[28] - The company's kitchen appliance business achieved global revenue of 41.654 billion RMB, a year-on-year increase of 6.9%[31] - The company's washing machine business achieved global revenue of 61.492 billion RMB, a year-on-year increase of 6.2%[34] - The company's dryer revenue increased by 20% year-on-year, with a production capacity increase of 2 million units[35] - The company's air energy solutions business achieved revenue of 46.104 billion RMB, a year-on-year increase of 13.1%[37] - The company's high-end product strategy in the North American market led to a 4 percentage point increase in the market share of products priced above 599 euros[36] - The company's high-end air conditioner, Casarte Nebula, sold 110,000 units in its first year, driving the high-end market share above 10,000 RMB to 37%, ranking first in the high-end market[38] - The company's smart building industry achieved global revenue growth of over 14% in 2023, with domestic market revenue exceeding 5 billion RMB, and domestic market share increased by 0.8 percentage points to 9.5%, ranking fourth[40] - The company's water industry achieved global revenue of 15.336 billion RMB in 2023, an 8.5% increase compared to 2022, with domestic revenue exceeding 12 billion RMB[43] - The company's gas water heater business achieved a compound annual growth rate of over 20% from 2021 to 2023[44] - The company's heat pump business saw product revenue growth of 20% in 2023, with the launch of a fully variable frequency high-temperature heat pump product capable of producing 90℃ hot water[41] - The company's self-made core module rate increased by 10%, achieving self-production of 19 core modules, reducing costs[44] - The company's new factory in Zhengzhou for self-made computer boards started mass production in March 2023, with an annual output of 2 million units, expected to optimize costs by over 10 million RMB[38] - The company's compressor joint venture with Haili Co., Ltd. is expected to start production in Q1 2024, further enhancing the supply chain integration[38] - The company's market share in Pakistan and Thailand ranked first in 2023, with brand share growth in Southeast Asia and Western Europe retail channels[39] - The company acquired Tongfang Energy Technology Development Co., Ltd. in September 2023, enhancing integrated heating and cooling operation services and clean energy utilization capabilities[41] - China market share reached 28%, up 1 percentage point year-over-year[46] - Online retail sales achieved double-digit growth in 2023, with customer acquisition costs optimized by 7%[46] - Casarte retail sales increased by 14% in 2023, ranking first in high-end home appliance user attention on Xiaohongshu[47] - Sanyingniao store retail sales surged by 84% in 2023, with over 60% of sales coming from complete sets[47] - Overseas market revenue reached 136.412 billion yuan, a 7.6% increase from 2022[48] - North America market revenue grew by 4.1% to 79.751 billion yuan in 2023[49] - Europe market sales revenue increased by 23.9% to 28.544 billion yuan, with retail volume share rising by 1 percentage point to 9.1%[50] - In Australia, the company's sales volume share increased by 1 percentage point, and retail sales share grew by 0.7 percentage points[51] - In New Zealand, market share for kitchen appliances and dishwashers increased by 4% and 2%, respectively[51] - South Asia market achieved revenue of 9.521 billion yuan, a year-on-year increase of 14.9%[52] - In India, the market share of high-end products increased by 4 percentage points, and the cumulative sales of the side T refrigerator reached 30,000 units[52] - In Pakistan, the company established over 300 exclusive stores, achieving a local currency revenue growth of 20% and a market share of 40%[52] - Southeast Asia market contributed revenue of 5.78 billion yuan, a year-on-year increase of 11.6%[53] - In Vietnam, the Color AI washing machine achieved a price index exceeding 150 and a market share of over 20%[53] - Japan market achieved revenue of 3.662 billion yuan, a year-on-year increase of 2.6% (5.1% in local currency)[54] - The number of active users in the community washing business exceeded 2 million, with over 53,000 devices[54] - User complaints decreased by 24% through the user experience cloud platform[55] - Domestic market single-model output efficiency increased by 19%, and material model numbers decreased by 8%[55] - Domestic factory manufacturing cost rate optimized by 4%, and per capita efficiency increased by 16%[55] - The retail sales of the water heater industry in 2023 reached 50.5 billion yuan, a year-on-year increase of 7.4%, with electric water heaters at 23.3 billion yuan (up 4.0%) and gas water heaters at 27.2 billion yuan (up 10.4%)[57] - The retail sales of the water purifier industry in 2023 reached 20.5 billion yuan, a year-on-year increase of 10.7%[57] - The global home appliance retail market size in 2023 reached 530.106 billion USD, with core appliances at 287.023 billion USD (flat YoY) and small appliances at 243.084 billion USD (up 3.3%)[58] - In 2023, the refrigerator and air conditioning retail sales on the Douyin platform increased by 121% and 164%, respectively[57] - The global home appliance retail market size is expected to reach 540.6 billion USD in 2024, with core appliances at 292.5 billion USD (up 1.9%) and small appliances at 248.2 billion USD (up 2.1%)[61] - The company has been the global leader in large home appliance retail volume for 15 consecutive years, with Haier brand refrigerators and washing machines ranking first globally for 16 and 15 consecutive years, respectively[62] - Global smart home solutions leader with a comprehensive product portfolio, including smart kitchen, laundry, air, and water solutions, supported by the Haier Smart Home App and offline experience centers[63] - In 2023, the company ranked first in Asia with a 26% market share, second in the Americas with 15.8%, first in Australia and New Zealand with 14.6%, and fourth in Europe with 8.8% in the major home appliance market (retail volume)[64] - The Casarte brand dominates China's high-end home appliance market, with a 50% share in refrigerators and 28% in air conditioners priced above 15,000 RMB, and an 84% share in washing machines priced above 10,000 RMB[67] - The company has expanded its overseas operations through acquisitions, including GE Appliances in 2016 and Fisher & Paykel in 2018, enhancing its global presence[64] - The company's smart air solutions include interconnected products for multi-room air conditioning, air purification, and smart air quality monitoring, catering to diverse user needs[64] - The company's water solutions feature interconnected products for hot water, water purification, and soft water treatment, addressing comprehensive household water needs[64] - The company's high-end brand strategy includes Monogram, Café, and GE Profile in North America, with products like the Combo washer-dryer boosting brand image[67] - The company's smart laundry solutions, such as the Zhongzi Mei washing machine, offer integrated washing, drying, and garment care, enhancing user convenience[63] - The company's smart building solutions align with China's "dual carbon" strategy, focusing on energy efficiency and green building technologies[64] - The company has established a global presence with 10+N innovation ecosystems, 122 manufacturing centers, and 108 marketing centers, covering nearly 230,000 sales outlets worldwide[69] - The company operates seven major brand clusters, including Haier, Casarte, Leader, GE Appliances, Candy, Fisher & Paykel, and AQUA, catering to diverse consumer segments across global markets[70] - The company has successfully integrated multiple acquisitions, such as GE Appliances (2016), Fisher & Paykel (2018), and Candy (2019), leveraging its "Rendanheyi" model to enhance post-acquisition performance[71] - The company has developed a global collaborative R&D system, exemplified by the H20 spray technology for dishwashers, co-developed with FPA and CANDY teams, achieving leading product performance[72] - The company has implemented a global supply chain digital management system, using intelligent algorithms to optimize global production capacity and enhance manufacturing competitiveness[72] - The company has introduced innovative technologies, such as magnetic-controlled fresh-keeping technology for refrigerators and 3D透视烘干技术 for dryers, addressing user pain points and setting industry benchmarks[75] - The company has achieved 16 National Science and Technology Progress Awards, ranking first in the industry, and won the highest award in the Ministry of Science and Technology's Disruptive Technology Innovation Competition for two consecutive years[76] - The company holds over 103,000 global patent applications, including 67,000 invention patents, and has been ranked first in the "Global Smart Home Invention Patent Rankings" for ten consecutive years with 6,152 patent applications in 2023[77] - The company has launched the X11 washing machine, meeting Europe's highest energy efficiency standard of A-40%, and developed the first vertical domain model for smart homes, earning the industry's highest "Double 4+" rating[75] - The company has established a global procurement committee, creating a digital procurement platform to enhance supply chain resilience and achieve cost efficiency through shared resources and unified procurement rules[72] - Haier Smart Home has led and participated in the release of 97 international standards and 678 national/industry standards by the end of 2023, making it the only company in the industry to comprehensively cover smart home standards of international organizations such as IEC, ISO, IEEE, OCF, and Matter[78] - Haier has won over 600 international design awards, including 6 international design gold awards, the most in the industry, and 3 "China Excellent Industrial Design Gold Awards" from the Ministry of Industry and Information Technology, making it the only company to win three consecutive gold awards[79] - Haier Smart Home has established a global ESG governance framework, including a Board ESG Committee, a Global ESG Execution Office, and a Global ESG Execution Working Group