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12月31日止年度之全年業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 2024年 | 2023年 | 變動 | | | 人民幣百萬元 | 人民幣百萬元 | % | | | | （經重列） | | | 收入 | 285,971 | 274,198 | 4.3 | | 毛利 | 77,843 | 73,641 | 5.7 | | 經調整經營利潤（定義見下文） | 20,437 | 17,793 | 14.9 | | 年內溢利 | 19,576 | 17,088 | 14.6 | | 應佔： | | | | | 本公司股東 | 18,741 | 16,597 | 12.9 | | 非控股權益 | 835 ...

按 2025 年 3 月 11 日收市数据 资料来源: FactSet 主要调整 2025 年 3 月 12 日 耐用消费品及服装: 中性 证券研究报告 / 公司更新报告 海尔智家-H (6690 HK, 买入, 目标价: HK$34.10) 目标价: HK$34.10 当前股价: HK$26.20 股价上行/下行空间 +30% 52 周最高/最低价 (HK$) 36.45/22.10 市值 (US$mn) 66,866 当前发行数量(百万股) 9,383 三个月平均日交易額 (US$mn) 50 流通盘占比 (%) 100 主要股东 (%) 香港中央结算有限公司 25 海尔卡奥斯 13 海尔集团 11 | | 现值 | 原值 | 变动 | | --- | --- | --- | --- | | 评级 | 买入 | 买入 | N/A | | 目标价 (HK$) | 34.10 | 34.10 | N/A | | 2024E EPS (RMB) | 2.04 | 2.04 | N/A | | 2025E EPS (RMB) | 2.26 | 2.26 | N/A | | 2026E EPS (RMB) | 2. ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (6690 HK) with a target price of HKD 37.59, indicating a potential upside of 26.1% from the current closing price of HKD 29.80 [1][3][8]. Core Insights - Haier's overseas business continues to drive revenue growth, with a 3.8% year-on-year increase in Q3, while domestic sales declined by 3% [2][3]. - The company has improved its localization in the U.S. market, increasing its self-manufacturing and sales ratio to 98%, which enhances its ability to mitigate potential tariff risks [2]. - The overall profit outlook for the year remains positive, with expectations of a 15% growth in net profit [3]. Financial Performance Summary - For the first three quarters of 2024, Haier's revenue and net profit grew by 2.2% and 15.3% year-on-year, reaching RMB 203 billion and RMB 15.1 billion, respectively [1]. - In Q3 alone, revenue and net profit showed a slight increase of 0.5% and 13.2% year-on-year, with a gross margin improvement to 31.3% [1][2]. - The company has optimized its expense ratios, with sales and management expense ratios improving by 0.5% and 0.1% year-on-year in Q3 [1]. Revenue and Profit Forecast - Revenue projections for Haier are set to increase from RMB 261.4 billion in 2023 to RMB 273.3 billion in 2024, reflecting a growth rate of 4.5% [5]. - Net profit is expected to rise from RMB 16.6 billion in 2023 to RMB 19.6 billion in 2024, indicating a growth rate of 17.9% [5]. - The earnings per share (EPS) is forecasted to grow from RMB 1.79 in 2023 to RMB 2.11 in 2024 [5].

Investment Rating - The report maintains a "BUY" rating for Haier Smart Home and raises the target price to HK$ 36.41, reflecting a 22.2% upside from the current price of HK$ 29.80 [1][4]. Core Insights - Haier's 3Q24 results were in line with expectations, with a 1% YoY sales increase to RMB 67.3 billion and a 13% YoY net profit growth to RMB 4.7 billion. The company is expected to see a decent pickup in 4Q24 due to favorable macroeconomic conditions and internal efficiency improvements [1][6]. - The management has set a net profit growth target of 15% per annum, supported by various cost-saving initiatives and operational efficiency gains [1][6]. - The report highlights significant sales growth drivers, including improved sales trends in China, strong demand for the Casarte brand, and positive developments in the US and European markets [1][6]. Financial Summary - Revenue is projected to grow from RMB 271.8 billion in FY24E to RMB 304.8 billion in FY26E, with a CAGR of 5.4% [2][11]. - Net profit is expected to increase from RMB 19.8 billion in FY24E to RMB 24.5 billion in FY26E, reflecting a strong growth trajectory [2][11]. - The report revises FY24E/25E/26E net profit forecasts upward by 1%/3%/2% to account for efficiency gains and cost savings [1][7]. Operational Efficiency - Haier is implementing a series of reforms aimed at enhancing operational efficiency, including digitalization efforts and structural changes in procurement and R&D processes [1][6]. - The acquisition of Goodday, a logistics provider, is expected to yield significant synergies, including a 20-30% reduction in inventory levels and a 10% decrease in total logistics costs [1][6]. Market Position - Haier's stock is currently trading at 13x/11x FY24E/FY25E P/E, which is below its 5-year average of 15x, indicating potential undervaluation [1][4]. - The company is focusing on expanding its direct-to-consumer (DTC) business model and enhancing brand equity through value-added products and services [1][6].

Market Position and Growth - Haier Smart Home Co., Ltd. has maintained its position as the global leader in major appliance retail for 15 consecutive years, with significant market presence in over 160 countries[2]. - The company reported a continuous top position in global retail sales of refrigeration and laundry appliances for 16 and 15 years respectively[2]. - The company is actively expanding its market presence and product offerings, focusing on smart home solutions to meet diverse consumer needs[2]. - The management discussion highlights future growth prospects and performance guidance, focusing on expanding market share in emerging regions[2]. - The company plans to continue expanding its market presence and investing in new technologies[18]. - The company completed the acquisition of 100% equity in Zhengzhou Haiyong New Enterprise Management Co., Ltd. for approximately RMB 25 million in December 2023, using the merger accounting method[30]. - The company completed the acquisition of Electrolux South Africa, enhancing its strategic deployment in the African market[140]. Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 135,621 million, an increase of 3.8% from RMB 131,616 million in the same period of 2023[11]. - Gross profit for the same period was RMB 40,784 million, up from RMB 39,216 million, reflecting a gross margin improvement[11]. - Net profit attributable to the company's owners was RMB 10,420 million, a significant increase of 16.2% compared to RMB 8,963 million in the prior year[12]. - Basic earnings per share increased to RMB 1.13 from RMB 0.96, representing a growth of 17.7%[12]. - Total comprehensive income for the period was RMB 10,272 million, compared to RMB 9,180 million in the previous year, marking a 11.9% increase[11]. - For the six months ended June 30, 2024, the company reported a pre-tax profit of RMB 12,739 million, an increase of 14.6% compared to RMB 11,114 million for the same period in 2023[21]. - The company reported a total comprehensive income of RMB 108,584 million for the period[19]. - The company’s interest income increased to RMB 798 million from RMB 411 million, reflecting a growth of 94% year-over-year[21]. Assets and Liabilities - Non-current assets totaled RMB 127,733 million as of June 30, 2024, up from RMB 120,759 million at the end of 2023[14]. - Current assets amounted to RMB 134,517 million, an increase from RMB 132,621 million at the end of 2023[14]. - Total liabilities increased to RMB 153,666 million from RMB 144,468 million, indicating a rise in financial obligations[15]. - The company's net asset value was RMB 108,584 million, up from RMB 105,912 million, reflecting a solid equity position[15]. - Total equity reached RMB 105,912 million, an increase of 10,607 million compared to the previous period[19]. - The group’s interest-bearing borrowings amounted to RMB 30,067 million as of June 30, 2024, compared to RMB 28,396 million as of December 31, 2023, reflecting an increase of approximately 5.89%[92]. Cash Flow and Investments - The net cash generated from operating activities was RMB 7,818 million, compared to RMB 6,790 million in the same period last year, representing an increase of 15.1%[22]. - The company experienced a net cash outflow from investing activities of RMB 7,334 million, compared to RMB 4,333 million in the previous year, indicating a significant increase in investment expenditures[22]. - The company reported a decrease in financing cash flow net amounting to RMB (191) million, compared to RMB (1,269) million in the previous year, indicating improved financing management[22]. - The group acquired properties, plants, and equipment amounting to RMB 3,052 million for the six months ended June 30, 2024, compared to RMB 2,845 million for the same period in 2023[79]. Segment Performance - The segment revenue from the refrigerator and freezer business was RMB 41.128 billion, showing a growth from RMB 40.405 billion in the previous year, while the air energy solution segment generated RMB 29.235 billion, up from RMB 28.176 billion[37][39]. - The company reported segment performance with the home food preservation and cooking solutions generating a profit of RMB 3.539 billion, while the home laundry solutions segment reported a profit of RMB 3.090 billion[37]. - Revenue from the home food preservation and cooking solutions segment, specifically refrigerators/freezers, increased by 1.8% to RMB 41,128 million from RMB 40,405 million in the previous year[191]. - Revenue from air energy solutions, particularly air conditioning, rose by 3.8% to RMB 29,235 million from RMB 28,176 million in the previous year[193]. - Revenue from the home laundry solutions segment, specifically washing machines, increased by 5.0% to RMB 29,737 million from RMB 28,314 million in the previous year[194]. Innovation and Product Development - Haier's smart home solutions are supported by the Haier Smart Home Experience Cloud platform, integrating various smart appliances and user scenarios[2]. - The company emphasizes its commitment to sustainability and innovation in product development, aligning with global trends in smart home technology[2]. - The company continues to invest in research and development to advance its product lines and maintain competitive advantage in the appliance market[2]. - The company launched a new generation of dishwashers in North America, investing USD 118 million to upgrade production lines[128]. - The company introduced innovative products such as the Casa Di refrigerator series, achieving a 98% year-on-year sales growth in the first half of 2024[124]. Market Trends and Challenges - The overall white goods market in China saw a retail value decline of 6.2% in the first half of 2024, with a volume drop of 2.4%[164]. - The company faces risks from macroeconomic slowdown, which could negatively impact market demand for durable consumer goods[181]. - The company aims to enhance profitability through product upgrades, local supply chain layout, and digital transformation across all processes[180]. - The company will manage inventory levels to avoid excess stock and lost sales opportunities, regularly assessing inventory impairment[183].

Investment Rating - The report maintains a "BUY" rating for Haier Smart Home with a target price (TP) of HK$ 31.58, reflecting an upside potential of 31.3% from the current price of HK$ 24.05 [2][3]. Core Insights - The sales growth slowdown in 2Q24 was unexpected, but margin improvements were notable. The outlook for 2H24 is positive, driven by government subsidies, potential interest rate cuts, new product launches, and margin recovery in the EU [2][6]. - The "old for new" trade subsidies initiated in August 2024 are expected to favor high-end products, with significant sales growth observed in home appliances, particularly in Hubei province, where sales increased by 30% YoY [2][6]. - Haier's FY24E guidance remains unchanged, targeting mid-single-digit sales growth in China and over 10% growth overseas, with specific categories like air-conditioners and kitchen appliances expected to perform well [2][6]. Financial Summary - Revenue projections for FY24E are set at RMB 273.7 billion, with a YoY growth of 4.7%. Net profit is expected to reach RMB 19.6 billion, reflecting a 15.2% growth [3][12]. - The report indicates a fine-tuning of net profit forecasts for FY24E, FY25E, and FY26E by +1%/-1%/-1% respectively, accounting for slower sales growth but improved operating leverage and efficiency gains [2][7]. - The earnings summary shows a consistent increase in revenue and net profit over the forecast period, with net profit margins improving from 7.1% in FY24E to 7.7% in FY26E [3][12]. Market Position and Competitive Advantage - Haier is positioned to benefit from the ongoing subsidy programs, with a significant portion of local sales companies and distributors engaged in discussions with the government [2][6]. - The company is expected to leverage its market leadership to capture more high-end demand, with Casarte brand products showing exceptional sales growth [2][6]. - The report highlights Haier's strategic focus on high-end product sales and operational efficiencies, which are anticipated to enhance gross and operating margins in the upcoming periods [6][7].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 135,621 million, a 3.0% increase from RMB 131,616 million in the same period of 2023[3]. - Gross profit for the same period was RMB 40,784 million, reflecting a 4.0% increase from RMB 39,216 million year-over-year[3]. - Adjusted operating profit rose by 18.8% to RMB 11,375 million compared to RMB 9,577 million in the previous year[3]. - Net profit for the period was RMB 10,607 million, up 17.3% from RMB 9,044 million in the prior year[3]. - Basic earnings per share increased to RMB 1.13, a 17.7% rise from RMB 0.96 in the same period last year[3]. - Total comprehensive income for the period was RMB 10,272 million, compared to RMB 9,180 million in the previous year[6]. - Other income for the six months ended June 30, 2024, amounted to RMB 1,844 million, compared to RMB 1,690 million in the same period of 2023, reflecting an increase of about 9.1%[24]. - Financing costs for the six months ended June 30, 2024, totaled RMB 1,217 million, up from RMB 884 million in the same period of 2023, indicating a rise of approximately 37.7%[26]. - Income tax expense for the six months ended June 30, 2024, was RMB 2,132 million, compared to RMB 2,070 million in the same period of 2023, showing an increase of about 3.0%[27]. - The company reported a pre-tax profit of RMB 12,739 million for the six months ended June 30, 2024, compared to RMB 11,114 million for the same period in 2023, marking a growth of around 14.6%[17]. Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 127,733 million, an increase from RMB 120,759 million at the end of 2023[7]. - Current assets amounted to RMB 134,517 million, up from RMB 132,621 million at the end of the previous year[7]. - Total non-current liabilities amounted to RMB 27,949 million, up from RMB 27,385 million, indicating a growth of 2.1%[8]. - The company's total equity reached RMB 108,584 million, an increase of 2.0% from RMB 105,912 million[8]. - The total assets of the company as of June 30, 2024, amounted to RMB 262,250 million, an increase from RMB 220,031 million reported previously[19]. - The total liabilities stood at RMB 153,666 million, reflecting a slight increase from the previous reporting period[19]. - The company's net asset value increased by 2.5% from RMB 105,912 million on December 31, 2023, to RMB 108,584 million on June 30, 2024[111]. Market and Segment Performance - The segment revenue from the Refrigerators and Freezers business was RMB 41,128 million, up from RMB 40,405 million, indicating a growth of about 1.8% year-over-year[18]. - The Air Energy Solutions segment reported revenue of RMB 29,235 million, compared to RMB 28,176 million in the previous year, reflecting an increase of approximately 3.8%[18]. - The kitchen appliance segment achieved global revenue of RMB 20.275 billion, a 0.3% increase year-on-year[42]. - The laundry care segment reported global revenue of RMB 29.737 billion, a 5.0% increase compared to the same period in 2023[45]. - The company’s overseas revenue maintained rapid growth, benefiting from long-term strategic investments in product iteration and professional channel network construction[51]. - In the North American market, the company achieved revenue of 39.079 billion yuan, outperforming the industry despite a decline in the overall market demand[63]. - The European market generated revenue of 14.505 billion yuan, reflecting a 9.2% year-on-year growth, with a market share increase of 0.1 percentage points[65]. - The South Asia market achieved a revenue of 6.542 billion yuan, with a year-on-year growth of 9.9%, and over 25% growth in the Indian market[68]. Strategic Initiatives - The company is focused on expanding its product offerings in smart home solutions, including refrigerators, kitchen appliances, and air conditioning systems[9]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[17]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product offerings[17]. - The company plans to leverage the old-for-new exchange program in the domestic market to drive retail growth in the second half of 2024[90]. - The company aims to enhance profitability through product upgrades and supply chain localization in overseas markets[90]. - The company is focusing on digital transformation across its production, procurement, and quality systems to improve cost competitiveness[91]. Operational Efficiency - The company reported a net cash flow from operating activities of RMB 7.818 billion, an increase of RMB 1.028 billion compared to the same period in 2023[37]. - The inventory turnover days improved by 3 days to 79 days in the first half of 2024, attributed to effective inventory management[112]. - The accounts receivable and notes turnover days increased to 41 days in the first half of 2024, up by 3 days compared to the end of 2023, due to increased sales revenue[112]. Challenges and Risks - The company faces risks from macroeconomic slowdowns, intensified industry competition, and fluctuations in raw material prices[92]. - The company anticipates that the second half of 2024 will see a recovery in demand in developed countries as interest rates decrease, benefiting the appliance market[87]. Employee and Governance - The total number of employees decreased by 2.3% from 112,458 on December 31, 2023, to 109,925 on June 30, 2024[127]. - The board did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[130]. - The audit committee has reviewed the accounting principles and practices adopted by the group, discussing financial reporting matters without any objections[133].

Investment Rating - The report assigns a "Buy" rating for the company for the first time [4]. Core Insights - The company experienced a revenue growth of 6.0% year-on-year in Q1 2024, reaching RMB 68.98 billion, with a gross margin of 29.0%, an increase of 0.3 percentage points year-on-year [3][4]. - Domestic sales benefited from digitalization in procurement and R&D, while overseas markets saw improvements from optimized product structures and increased capacity utilization [3]. - The company reported a net profit attributable to shareholders of RMB 4.77 billion in Q1 2024, marking a year-on-year increase of 20.2% [3][4]. - The high-end product category's share in the Chinese market is increasing, with significant revenue growth from brands like Casarte and the Three Wings Bird [3]. - The company is expanding its market share in North America and Europe despite a decline in demand in these regions, utilizing local product adaptations and a dual-brand strategy [3]. Financial Summary - The company forecasts revenue growth from RMB 261.43 billion in 2023 to RMB 324.61 billion in 2026, with a compound annual growth rate (CAGR) of 7.3% to 8.4% [5]. - The net profit is expected to grow from RMB 16.6 billion in 2023 to RMB 24.85 billion in 2026, with a CAGR of 12.8% to 15.1% [5]. - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to RMB 2.02, RMB 2.33, and RMB 2.63 respectively, with corresponding dynamic price-to-earnings (PE) ratios of 14.4x, 12.5x, and 11.0x [4][5].

Investment Rating - The investment rating for Haier Smart Home is upgraded to "Buy" [3][21]. Core Views - The company's Q1 2024 performance exceeded expectations, with domestic sales showing steady growth and overseas profits recovering rapidly. Cost optimization is evident, and overall profitability is expected to improve beyond initial forecasts [2][14]. Summary by Sections 1. Performance Overview - In Q1 2024, Haier Smart Home achieved revenue of 68.978 billion yuan, a year-on-year increase of 6.01%, and a net profit attributable to shareholders of 4.773 billion yuan, up 20.16% year-on-year [8]. 2. Revenue Growth - Domestic revenue grew by 8% year-on-year, while overseas revenue increased by 4%. Key domestic segments such as refrigerators and washing machines are expected to grow by 5-10%, with water appliances achieving double-digit growth [9]. - In the European market, the company implemented a dual-brand strategy with Haier and New Candy, resulting in a market share increase of 0.9 percentage points to 9.0% [9]. 3. Profitability Improvement - The gross margin for Q1 2024 was 28.95%, an increase of 0.26 percentage points year-on-year, while the net margin was 7.04%, up 0.84 percentage points. The company reported over 30% growth in operating profit in the Chinese market [10]. - Overseas operating profit also improved significantly, with double-digit growth driven by cost optimization in procurement and logistics [10]. 4. Cash Flow and Financial Health - As of the end of 2023, the company had cash and cash equivalents plus trading financial assets totaling 54.46 billion yuan, with inventory at 41.281 billion yuan, reflecting a 4.45% increase year-on-year. The net cash flow from operating activities for Q1 2024 was 1.725 billion yuan, up 27.31% year-on-year [12]. 5. Employee Stock Ownership Plan - The company has initiated a new employee stock ownership plan with a funding amount of 711.5 million yuan for A-shares and 68.5 million yuan for H-shares, aimed at incentivizing performance based on net profit growth and return on equity [13]. 6. Investment Recommendations - The report suggests that the company's deepening overseas layout and continuous high-end product development, along with the successful implementation of the scenario brand strategy, will drive revenue structure optimization and enhance operational efficiency [14].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (6690 HK) with a target price of HKD 35.79, indicating a potential upside of 22.4% from the current price of HKD 29.25 [1][5]. Core Insights - Haier Smart Home's Q1 2024 profit growth exceeded expectations, with a year-on-year increase of 20.2% in net profit, reaching RMB 4.77 billion, driven by product mix upgrades and cost control measures [1]. - The company's revenue for Q1 2024 grew by 6.0% year-on-year to RMB 69 billion, with a gross margin improvement of 0.3 percentage points to 29.0% [1]. - Both domestic and overseas business profitability improved, with domestic revenue increasing by 8%, particularly in air conditioning and kitchen appliances, which saw double-digit growth [1]. - The high-end brand Casarte achieved a 14% revenue growth in Q1, aligning with the company's targets, and is expected to continue benefiting from new product launches and enhanced brand management [1]. Financial Overview - Revenue projections for Haier Smart Home are as follows: RMB 283.26 billion in 2024E, RMB 306.54 billion in 2025E, and RMB 331.05 billion in 2026E, reflecting a compound annual growth rate (CAGR) of approximately 8.0% [2]. - Net profit is expected to reach RMB 19.31 billion in 2024E, RMB 21.56 billion in 2025E, and RMB 23.84 billion in 2026E, with corresponding year-on-year growth rates of 16.4%, 11.7%, and 10.6% respectively [2]. - The report highlights a projected earnings per share (EPS) of RMB 2.08 for 2024E, increasing to RMB 2.57 by 2026E [2]. Market Performance - The stock has shown a year-to-date increase of 32.65% as of the report date, with a 52-week high of HKD 29.25 and a low of HKD 20.55 [4][3]. - The market capitalization of Haier Smart Home is approximately HKD 289.79 billion [4].