Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) with a target price based on the last closing price of 30.53 [1][10]. Core Insights - Haier Smart Home's Q3 2024 performance continues to show double-digit growth, with a revenue of 673.49 billion yuan, reflecting a 0.47% increase year-on-year. The net profit for Q3 2024 reached 47.34 billion yuan, up 13.11% [2][3]. - The company plans to consolidate with RRS Logistics, enhancing supply chain capabilities and operational efficiency both domestically and internationally [4][6]. - The report forecasts continued revenue and profit growth, with projected net profits of 190.88 billion yuan, 215.64 billion yuan, and 238.90 billion yuan for 2024, 2025, and 2026 respectively [4][6]. Financial Performance Summary - For the first three quarters of 2024, Haier Smart Home achieved a total revenue of 2029.71 billion yuan (+2.17%) and a net profit of 151.54 billion yuan (+15.25%) [2][3]. - The gross margin for Q3 2024 was 31.32%, a slight increase of 0.07 percentage points, while the net margin improved to 7.17%, up 0.87 percentage points [3][4]. - The report provides detailed financial projections, including revenue growth rates of 3.60%, 6.83%, and 6.50% for 2024, 2025, and 2026 respectively [6][8]. Strategic Initiatives - The consolidation with RRS Logistics is expected to deepen the synergy between business and logistics systems, enhancing operational efficiency across the supply chain [4][6]. - The company is focusing on transforming its retail model and enhancing digital logistics capabilities, which are anticipated to support growth in both domestic and emerging markets [4][6].

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 the company [3][5] - The target price is raised to 36.54 CNY, up from the previous 33.25 CNY [5][14] Core Views - The company's Q3 2024 performance met expectations, with a significant improvement in revenue anticipated for Q4 [2][17] - The integration of the logistics company,日日顺, is expected to enhance operational efficiency and profitability [3][21][24] Summary by Sections 1. Investment Recommendations - The report maintains earnings forecasts for 2024-2026, with expected EPS of 2.03, 2.28, and 2.51 CNY respectively, reflecting year-on-year growth of 15%, 12%, and 10% [3][14] - The company is positioned as a leader in the home appliance industry, justifying a 18X PE for 2024 [3][14] 2. Performance Overview - For the first three quarters of 2024, the company achieved revenue of 202.97 billion CNY, a year-on-year increase of 2.17%, and a net profit of 15.15 billion CNY, up 15.25% [17] - Q3 2024 revenue was 67.35 billion CNY, with a slight year-on-year increase of 0.47% and a net profit of 4.73 billion CNY, up 13.15% [17] 3. Revenue Insights - Domestic sales experienced a slight decline, while overseas demand remained stable, with expectations for Q4 to show improvement [18][20] - The company anticipates a boost in domestic sales due to government incentives for replacing old appliances [18][20] 4. Profitability Analysis - Digital transformation initiatives have led to improved efficiency and cost control, with Q3 2024 gross margin at 31.32% and net margin at 7.17% [20] - The sales expense ratio decreased by 0.5 percentage points year-on-year, reflecting enhanced operational efficiency [20][21] 5. Cash Flow Performance - The company reported a total cash and cash equivalents of 48.18 billion CNY, with a net cash decrease compared to the previous half [22] - Operating cash flow for the first nine months of 2024 was 13.88 billion CNY, a 5.1% increase year-on-year [22] 6. Strategic Developments - The merger with日日顺 is aimed at strengthening the company's logistics capabilities and enhancing customer service [24]

公司报告 | 季报点评 Q3 国内经营逐月改善，盈利提升持续兑现 事件：24Q1-Q3 公司实现营业收入 2029.7 亿元，同比+2.17%；归母净利润 151.5 亿元，同比+15.27%；扣非归母净利润 146.9 亿元，同比+15.44%。24Q3 公司实现营业收入 673.5 亿元，同比+0.47%；归母净利润 47.3 亿元，同比 +13.15%；扣非归母净利润 45.2 亿元，同比+9.91%。 点评： Q3 核心品牌增长逐月提速，新兴市场延续高增。24Q3 公司营收 673 亿元， 同比+0.5%，收入表现稳健。Q3 公司抓住以旧换新机会驱动国内零售增长， 实现终端零售逐月改善，其中卡萨帝品牌 Q3 持续领跑高端市场，单 9 月 零售同比增幅达 19.1%，Leader 品牌 Q3 零售同比+22%，单 9 月零售增长 31%；海外市场实现发达国家行业领跑，新兴市场高速增长，同时公司深 化本土化供应链建设，Q3 埃及生态园二期、泰国春武里空调工业园完成奠 基，后续有望加速当地市场发展并辐射周边市场。 数字化变革成效凸显，费用率持续优化。公司 24Q3 毛利率同比+0.1pcts 至 31.3% ...

Investment Rating - The investment rating for Haier Smart Home is maintained at "Buy - A" with a 12-month target price of 36.96 CNY, compared to the current stock price of 30.53 CNY [4][7]. Core Insights - Haier Smart Home reported a revenue of 202.97 billion CNY for the first nine months of 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 15.15 billion CNY, up 15.3% year-on-year [1][2]. - The company's Q3 2024 revenue was 67.35 billion CNY, reflecting a slight year-on-year growth of 0.5%, while the net profit for the same period was 4.73 billion CNY, up 13.2% year-on-year [1][2]. - The digital transformation efforts are showing positive results, contributing to an upward trend in profitability despite challenges in domestic consumption [1][3]. Financial Performance Summary - Q3 2024 gross margin was 31.3%, an increase of 0.1 percentage points year-on-year, driven by digital transformation in procurement, R&D, and manufacturing [2]. - The net profit margin for Q3 2024 was 7.0%, up 0.8 percentage points year-on-year, with a notable reduction in sales and management expense ratios [3]. - The company expects domestic business to benefit from the old-for-new appliance subsidy policy and anticipates improved overseas performance due to potential demand growth from U.S. interest rate cuts [1][2]. Future Earnings Projections - EPS estimates for Haier Smart Home are projected at 2.06 CNY, 2.31 CNY, and 2.51 CNY for 2024, 2025, and 2026 respectively [7]. - The company is expected to see revenue growth from 269.57 billion CNY in 2024 to 300.65 billion CNY in 2026, with net profit increasing from 16.60 billion CNY to 23.57 billion CNY over the same period [8][12].

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].

Investment Rating - The report maintains a "Buy" investment rating for Haier Smart Home [3][5]. Core Views - Haier Smart Home's total revenue for Q1-Q3 2024 reached 202.97 billion yuan, a year-on-year increase of 2.17%, with a net profit attributable to shareholders of 15.15 billion yuan, up 15.27% year-on-year [1]. - The company has shown steady improvement in domestic sales and steady growth in exports, particularly in the South Asian market, which grew over 30% in Q3 [1]. - The gross profit margin for Q1-Q3 2024 increased by 0.13 percentage points to 30.85%, with a net profit margin of 7.61%, reflecting strong profitability [2]. - The company is expected to achieve net profits of 19.11 billion, 21.86 billion, and 24.79 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 15.1%, 14.4%, and 13.4% [3]. Summary by Sections Financial Performance - For Q3 2024, the company reported total revenue of 67.35 billion yuan, a year-on-year increase of 0.47%, and a net profit of 4.73 billion yuan, up 13.15% year-on-year [1]. - The gross profit margin for Q3 2024 was 31.32%, an increase of 0.07 percentage points year-on-year [2]. - The operating cash flow for Q3 2024 was 6.06 billion yuan, a decrease of 5.54% year-on-year [2]. Sales and Market Position - Domestic sales showed month-on-month improvement, with the retail growth of the Casarte brand exceeding the overall market [1]. - The company has been increasing its market share in Europe and the US, while optimizing product structures in emerging markets [1]. Future Outlook - The report projects steady revenue growth, with total revenue expected to reach 270.84 billion yuan in 2024, reflecting a growth rate of 3.6% [4]. - The company is expected to maintain strong profitability with a projected net profit margin of 7.17% for Q3 2024 [2].

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 海外監管公告 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。 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 承董事會命 海爾智家股份有限公司 董事長 李華剛 中國青島 2024年10月29日 於本公告日期，本公司執行董事為李華剛先生及宮偉先生；非執行董事為俞漢度先 生、李錦芬女士及邵新智女士；及獨立非執行董事為錢大群先生、王克勤先生、李 世鵬先生及吳琪先生。 * 僅供識別 华泰联合证券有限责任公司 关于 海尔智家股份有限公司签署表决权委托协 议暨关联交易之独立财务顾问报告 华泰联合接受海尔智家委托，担任海尔智家本次表决权委托事项的独立财务 顾问，就本事项发表独 ...

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 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 承董事會命 海爾智家股份有限公司 董事長 李華剛 中國青島 2024年10月29日 於本公告日期，本公司執行董事為李華剛先生及宮偉先生；非執行董事為俞漢度先 生、李錦芬女士及邵新智女士；及獨立非執行董事為錢大群先生、王克勤先生、李 世鵬先生及吳琪先生。 * 僅供識別 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 根据《中华人民共和国证券法》的规定和《上市公司信息披露管理办法》以 及中国香港、德国等地的有关要求，我们作为公司的监事，在全面了解和审核公 司 2024 年第三季度报告后，认为： 1、202 ...

Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 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。 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 承董事會命 海爾智家股份有限公司 董事長 李華剛 * 僅供識別 股票代码：600690 股票简称：海尔智家 公告编号：临2024-038 海尔智家股份有限公司 第十一届董事会第十二次会议决议公告 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。 海尔智家股份有限公司（以下简称"公司"）第十一届董事会第十二次会议于 2024 年 10 月 29 日上午在青岛市海尔科创生态园生 ...