Investment Rating - The report maintains a "Strong Buy" rating for Haier Smart Home (600690) with a target price of 34.5 CNY, indicating an expectation of over 20% outperformance against the benchmark index in the next six months [2][7]. Core Insights - The company's Q1 2025 performance exceeded expectations, with total revenue reaching 79.12 billion CNY, a year-on-year increase of 10.1%, and net profit attributable to shareholders of 5.49 billion CNY, up 15.1% year-on-year [7]. - The report highlights strong growth in both domestic and overseas markets, with domestic revenue growing by 7.8% and overseas revenue by 12.6% [7]. - The company is expected to benefit from a favorable domestic demand environment and ongoing digital transformation initiatives, which are anticipated to enhance operational efficiency and profitability [7]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenue for 2024 is 285.98 billion CNY, increasing to 309.93 billion CNY in 2025, with a compound annual growth rate (CAGR) of 9.4% [3][8]. - **Net Profit Forecasts**: Expected net profit attributable to shareholders is 18.74 billion CNY for 2024, rising to 21.17 billion CNY in 2025, reflecting a year-on-year growth rate of 12.9% [3][8]. - **Earnings Per Share (EPS)**: EPS is projected to be 2.00 CNY in 2024, increasing to 2.26 CNY in 2025, and further to 2.53 CNY in 2026 [3][8]. Market Position and Strategy - The report notes that Haier's traditional stronghold in the refrigerator and washing machine segments is expected to maintain stable growth, outperforming the industry average [7]. - The company is also focusing on high-growth segments such as air conditioning, which is projected to achieve double-digit growth due to government subsidies [7]. - The introduction of an employee stock ownership plan aims to align the interests of management and key employees with those of shareholders, enhancing long-term value creation [7].

股票简称：海尔智家 股票代码：600690 编号：临 2025-033 海尔智家股份有限公司 关于以集中竞价交易方式回购 A 股股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 特此公告。 海尔智家股份有限公司董事会 2025 年 5 月 6 日 一、 回购股份的基本情况 海尔智家股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开第十 一届董事会第十三次会议，审议通过了《海尔智家股份有限公司关于回购部分 A 股社会公众股份方案的议案》，同意公司以集中竞价的方式使用自有资金或自筹 资金回购部分公司 A 股股份，回购价格为不超过人民币 40 元/股，拟回购总金额 不超过人民币 20 亿元且不低于 10 亿元，实施期限为自董事会审议通过回购股份 方案之日起 12 个月内。公司于 2025 年 3 月 28 日披露了《海尔智家股份有限公 司关于回购部分 A 股社会公众股份方案的公告》、于 2025 年 4 月 2 日披露了《海 尔智家股份有限公司关于回购股份事项前十大股东和前十大无限售 ...

股票简称：海尔智家 股票代码：600690 编号：临 2025-032 2025 年 5 月 6 日 1 网上集体接待日暨 2024 年度业绩说明会活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，海尔智家股份有限公司（以下简称"公 司"）将参加由青岛证监局指导，青岛市上市公司协会与深圳市全景网络有限公 司联合举办的"2025 年青岛辖区上市公司投资者网上集体接待日暨 2024 年度业 绩说明会活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP， 参与本次互动交流。活动时间为 2025 年 5 月 12 日（周一）15:00-17:00。届时公 司高管将以在线交流形式就公司治理、发展战略、经营状况、融资计划、股权激 励和可持续发展等投资者关注的问题与投资者进行沟通与交流，欢迎广大投资者 踊跃参与。 特此公告。 海尔智家股份有限公司 海尔智家股份 ...

Market Overview - The FTSE China A50 index components showed mixed performance with insurance and liquor sectors rising, while banking and semiconductor sectors had varied results, and the power sector weakened [1][4]. Insurance Sector - China Pacific Insurance, Ping An Insurance, and China Life Insurance had market capitalizations of CNY 293.04 billion, CNY 931.09 billion, and CNY 319.74 billion respectively, with trading volumes of CNY 557 million, CNY 1.019 billion, and CNY 389 million [3]. - China Pacific Insurance rose by 2.04%, Ping An by 0.83%, and China Life by 2.41% [3]. Liquor Industry - Kweichow Moutai, Wuliangye, and Shanxi Xinghuacun Fenjiu had market capitalizations of CNY 1,950.62 billion, CNY 249.58 billion, and CNY 502.40 billion respectively, with trading volumes of CNY 1.656 billion, CNY 506 million, and CNY 1.114 billion [3]. - Kweichow Moutai increased by 0.37%, Wuliangye by 0.24%, and Shanxi Xinghuacun by 0.57% [3]. Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of CNY 243.10 billion, CNY 292.64 billion, and CNY 346.81 billion respectively, with trading volumes of CNY 979 million, CNY 2.570 billion, and CNY 1.077 billion [3]. - Northern Huachuang rose by 0.92%, while Cambricon Technologies fell by 0.37% and Haiguang Information increased by 0.41% [3]. Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of CNY 196.10 billion, CNY 284.33 billion, and CNY 1,095.37 billion respectively, with trading volumes of CNY 3.165 billion, CNY 192 million, and CNY 285 million [3]. - BYD increased by 2.08%, Great Wall Motors by 1.46%, while Beijing-Shanghai High-Speed Railway decreased by 0.34% [3]. Power Sector - China Yangtze Power, China Nuclear Power, and China Power had market capitalizations of CNY 713.74 billion, CNY 191.08 billion, and CNY 332.60 billion respectively, with trading volumes of CNY 1.589 billion, CNY 405 million, and CNY 4.380 billion [4]. - China Nuclear Power rose by 2.43%, while China Yangtze Power fell by 1.12% [4]. Other Sectors - Various sectors including food and beverage, electronics, and pharmaceuticals showed diverse performances with notable market capitalizations and trading volumes [4][5].

恒指高开0.32%，报22576.56点；恒生科技指数跌0.02%。快手、腾讯音乐涨逾1%；美的集团、海尔智 家跌超2%。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 79.118 billion yuan in Q1 2025, representing a year-on-year growth of 10.06%. The net profit attributable to the parent company was 5.487 billion yuan, up 15.09% year-on-year, while the net profit excluding non-recurring items was 5.364 billion yuan, reflecting a growth of 15.61% year-on-year [2][5]. Summary by Sections Revenue Growth - The company's revenue growth is driven by both domestic and overseas sales, with a 10.06% year-on-year increase in Q1 2025. Domestic market revenue grew by 7.8%, supported by investments in original technology and a strengthened product lineup. The Casarte brand saw revenue growth exceeding 20%. The overseas market revenue increased by 12.6%, with significant growth in North America and emerging markets [10]. Profitability Improvement - The gross margin improved by 0.06 percentage points year-on-year, with both domestic and overseas business margins increasing. The operating profit grew by 12.76% year-on-year due to a reduction in sales and management expense ratios, alongside a slight increase in R&D expense ratio [10]. Employee Stock Ownership Plan - The company announced an employee stock ownership plan for both A-shares and H-shares, with a total investment of 757 million yuan for A-shares and 63 million yuan for H-shares. The performance targets for the plan are set at a return on equity (ROE) exceeding 17.7% for 2025 and 2026 [10]. Financial Forecast - The company is expected to achieve net profits of 21.44 billion yuan, 24.285 billion yuan, and 26.756 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings (PE) ratios are projected to be 10.96, 9.67, and 8.78 [10].

Core Insights - Haier Smart Home has successfully redefined global home appliance standards through innovative product designs that resonate with consumer needs [1][3][5] Financial Performance - In Q1 2025, Haier Smart Home reported a revenue of 79.12 billion yuan, representing a 10% year-on-year growth [1] - The net profit attributable to shareholders reached 5.49 billion yuan, up 15% year-on-year, while the net profit excluding non-recurring items was 5.364 billion yuan, reflecting a 15.61% increase [1] Consumer-Centric Innovation - The company has engaged deeply with consumers, turning feedback into successful products like the "lazy three-tub washing machine," which sold over 20,000 units within 16 hours of launch [3][6] - The "Milan Wave" refrigerator's design and name were chosen through user voting, leading to over 400,000 units sold within two quarters [8] Technological Advancements - Haier's high-end brand Casarte introduced the world's first AI-powered home appliances that can recognize fabric types and adjust cooking modes based on family size, enhancing user convenience [3][6] Global Market Strategy - Haier Smart Home's overseas revenue grew by 13% in Q1, with significant growth in North America (over 10%) and emerging markets like South Asia (over 30%) and the Middle East (50%) [10] - The company is expanding its global supply chain, with new AI-enabled factories set to enhance production capabilities [10] User Engagement and Customization - By utilizing AI and digital technologies, Haier has transformed users from passive consumers to active co-creators, fostering emotional connections with products [6][8] - The company tailors its offerings to meet regional needs, such as energy-efficient appliances for Europe and UV sterilization features for Southeast Asia [10]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home, with a projected P/E ratio of 11/10/9X for the upcoming years [9]. Core Views - The company's Q1 performance slightly exceeded expectations, driven by domestic subsidies and resilient contributions from emerging markets, alongside the effectiveness of digital transformation in cost reduction and efficiency improvement [6][8]. - Revenue for Q1 reached 79.118 billion yuan, representing a year-on-year increase of 10.06%, while net profit attributable to the parent company was 5.487 billion yuan, up 15.09% year-on-year [8]. Revenue Analysis - Domestic sales supported by national subsidies and flexible contributions from emerging markets, with Q1 domestic and foreign sales growing by 7.8% and 12.6% year-on-year, respectively [8]. - Emerging markets showed significant growth, with North America, Europe, Middle East & Africa, South Asia, Southeast Asia experiencing year-on-year growth rates of approximately 0%, +30%, +50%, +30%, and +20%, respectively [8]. - The Casarte brand continued to perform well, with a year-on-year growth of over 20% in Q1 [8]. Profitability - The gross margin for Q1 was 25.4%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin was 6.93%, up 0.3 percentage points year-on-year [8]. - Cost reduction and efficiency improvements were attributed to supply chain optimization and digital transformation, leading to better gross and expense ratios [8]. Financial Forecast - The report maintains previous profit forecasts, projecting revenues of 304.093 billion yuan, 316.502 billion yuan, and 327.129 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.3%, 4.1%, and 3.4% [8]. - Net profit attributable to the parent company is expected to reach 21.254 billion yuan, 23.346 billion yuan, and 24.804 billion yuan for the same years, reflecting year-on-year growth rates of 13.4%, 9.8%, and 6.2% [8]. Shareholding Plan - The company announced a shareholding plan for 2025, targeting a scale of 757 million yuan, aimed at certain directors, senior management, and core technical personnel, with performance targets set for ROE exceeding 17.7% for 2025-2026 [8].

Investment Rating - The investment rating for Haier Smart Home is maintained as "Buy" [1][4] Core Views - The company reported a revenue of 79.12 billion RMB in Q1 2025, representing a year-on-year increase of 10.1%. The net profit attributable to shareholders was 5.49 billion RMB, up 15.1% year-on-year [4] - The company has launched a share repurchase plan worth 1-2 billion RMB to reward shareholders. The performance remains stable, and profit forecasts for 2025-2027 are maintained at 21.09 billion, 23.68 billion, and 25.95 billion RMB respectively, with corresponding EPS of 2.25, 2.52, and 2.77 RMB [4] - The overseas revenue grew by 12.6% year-on-year in Q1 2025, with significant growth in North America and emerging markets [4] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 25.4%, and the net profit margin was 7.1%, reflecting a slight improvement [4] - The company’s operating cash flow for Q1 2025 was 22.28 billion RMB, an increase of 32.5% year-on-year [4] Revenue Breakdown - Domestic revenue increased by 7.8% year-on-year, with the Casarte brand seeing over 20% growth. The home air conditioning sector's retail sales grew over 100% [4] - In North America, high-end brand revenue saw double-digit growth, while HVAC business revenue increased by triple digits. In Europe, market share for refrigerators and washing machines improved in Italy, France, the UK, and Spain [4] Future Projections - Revenue projections for 2025-2027 are set at 306.43 billion, 325.02 billion, and 342.12 billion RMB, with expected growth rates of 7.2%, 6.1%, and 5.3% respectively [6] - The company anticipates a steady increase in net profit margins, with projections of 7.2%, 7.6%, and 7.9% for the years 2025 to 2027 [6]

Core Viewpoint - The article analyzes the performance of the three major home appliance companies (Midea Group, Gree Electric Appliances, and Haier Smart Home) in Q1 2025, highlighting their differentiated growth paths amid global trade fluctuations and consumer diversification. Midea Group - Revenue and Profit: In Q1 2025, Midea Group reported revenue of 128.4 billion, a year-on-year increase of 20.61%, and a net profit of 12.422 billion, up 38.02% year-on-year. The net profit excluding non-recurring items was 12.750 billion, also up 38.03% year-on-year [1][2]. - Business Analysis: Midea's robot and automation business generated revenue of 27.175 billion in 2024, growing by 16.2% year-on-year. The HVAC business achieved revenue of 96.323 billion in 2024, with a year-on-year growth of 8.8%. R&D investment in Q1 2025 was 4.831 billion, accounting for 3.78% of revenue [2][3]. - Market Performance: In January-February 2025, Midea's air conditioning sales volume increased by 5.1% year-on-year, with exports rising by 26.5%. The overall sales growth was 17.3% year-on-year [3]. Gree Electric Appliances - Revenue and Profit: Gree Electric Appliances achieved revenue of 41.64 billion in Q1 2025, a year-on-year increase of 13.78%, with a net profit of 5.904 billion, up 26.29% year-on-year. The net profit excluding non-recurring items was 5.717 billion, also up 26.34% year-on-year [3][4]. - Business Analysis: The air conditioning business accounted for 78% of Gree's revenue in 2024. In January-February 2025, Gree's air conditioning sales volume increased by 2.9% year-on-year, with exports up 28.5% [4]. - Market Performance: Gree holds a significant market share in the air conditioning sector, benefiting from strong brand influence, but its reliance on a single business line poses risks [4]. Haier Smart Home - Revenue and Profit: In Q1 2025, Haier reported revenue of 79.118 billion, a year-on-year increase of 10.06%, and a net profit of 5.487 billion, up 15.09% year-on-year. The net profit excluding non-recurring items was 5.364 billion, growing by 15.61% year-on-year [5][6]. - Business Analysis: In 2024, Haier's global revenue reached 285.981 billion, with a year-on-year growth of 4.29%. In January-February 2025, the combined sales of air conditioning increased by 17.9% year-on-year [6]. - Market Performance: Haier leads in market share for refrigerators and washing machines, with strong competitiveness in overseas markets, supported by a global layout and multi-brand strategy [6]. Performance Comparison - Midea Group leads in both revenue scale and net profit, with a significantly higher net profit growth rate compared to the other two companies, indicating strong overall business development and profitability [6]. - Gree Electric Appliances shows a higher net profit growth than revenue growth, reflecting effective cost control, but its smaller revenue scale and high dependency on air conditioning limit its risk resilience [6]. - Haier Smart Home's performance growth is relatively stable, with strong market share in home appliances, but its revenue scale and net profit growth are slightly lower than Midea Group [6]. Best Performance and Investment Value Analysis - Midea Group stands out in revenue, profit, and growth rate, showcasing clear advantages from scale effects and a diversified strategy [7]. - Gree Electric Appliances benefits from policy incentives and high dividends, providing stable profitability, but its single business risk remains a concern. Future diversification efforts may enhance its growth potential [9]. - Haier Smart Home's increasing penetration in smart home products and high-end brand growth contribute to its profitability and market competitiveness, with a promising outlook in the context of consumer upgrades and global expansion [10].