海尔智家 20240926 摘要 • 以旧换新政策在湖北等地实施效果显著，零售端销售额增长超过 20%，部 分卡萨帝门店销售额增长甚至达到 100%。 • 以旧换新政策推动了客单价提升，冰箱、洗衣机和彩电产品的平均客单价 提升至约 8,000 元，高端空调表现也更为突出。 • 以旧换新政策对空调品类影响最大，补贴金额占比约 40%，但随着夏季结 束，重心将转向冰箱和洗衣机等品类。 • 海尔智家积极增加国内外产能，预计空调行业至少还有 60-80%的上涨空 间，以满足未来长期稳定增长的需求。 • 经过八九月份活动落地后，渠道库存压力得到显著释放，市场态势已出现 拐点，公司整体库存控制在两个月左右，是一个健康水平。 • 今年空调出口增长约 30%，新兴市场如印度和东南亚地区夏季气温创下历 史新高，直接提振了空调需求。 Q&A 近期以旧换新政策在湖北等地的实施效果如何？具体表现在哪些方面？ 自 8 月 10 日以旧换新政策在湖北落地以来，根据内部治理调研，已实施该政策 的省市如湖北、四川、重庆和云南等地的零售端销售额增长超过 20%。例如，在 湖北一些准备充分、宣传到位的卡萨帝门店，从 8 月 10 日至 27 日 ...

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].

股票简称：海尔智家 股票代码：600690 公告编号：临 2024-037 海尔智家股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于本公告披露日至 2024 年 9 月 27 日（星期五）16:00 前通过公司 邮箱 finance@haier.com 进行提问，或于 2024 年 9 月 23 日（星期一）至 9 月 27 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目进行提 问。公司将在说明会上对投资者普遍关注的问题进行回答。 海尔智家股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经 营成果、财务状况，公司计划于 2024 年 9 月 30 日下午 13:00-14:00 举行 2024 年 半年度业绩说明 ...

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].

[Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 海尔智家（600690）公司半年报点评 2024 年 09 月 09 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------|---------------| | 股票数据 | | | 09 [ Table_StockInfo 月 09 日收盘价（元） ] | 24.32 | | 52 周股价波动（元） | 19.86-33.00 | | 总股本 / 流通 A 股（百万股） | 9438/6309 | | 总市值 / 流通市值（百万元） | 237652/237652 | | 相关研究 | | | [Table_ReportInfo] 《收入稳健增长，分红持续提升》 | 2024.04.17 | | 《多品牌布局优势，收入利润稳健提升》 | | | 2023.10.13 | | 市场表现 [Table_QuoteInfo] 海尔智家 海通综指 -18.33% -8.33% 1.6 ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.05 CNY [2]. Core Insights - The company achieved revenue growth against the trend, with a historical high net profit margin in Q2 [2][7]. - For H1 2024, Haier reported operating revenue of 135.623 billion CNY, a year-on-year increase of 3%, and a net profit attributable to shareholders of 10.42 billion CNY, up 16.3% year-on-year [6][7]. - The company’s gross profit margin improved to 30.6% in H1 2024, with a net profit margin of 7.68%, marking a year-on-year increase of 0.9 percentage points [7][8]. Revenue Performance - Domestic and overseas businesses both experienced growth. Domestic revenue for H1 2024 was 64.8 billion CNY, up 2% year-on-year, while overseas revenue reached 70.8 billion CNY, up 4% year-on-year [7]. - The revenue breakdown by product for H1 2024 shows refrigerators, washing machines, air conditioners, kitchen appliances, and water appliances contributing 30%, 22%, 21%, 15%, and 6% respectively, with year-on-year growth rates of 1%, 5%, 4%, 2%, and 6% [7]. Profitability and Efficiency - The company’s digital transformation efforts have led to cost reductions and efficiency improvements, with a decrease in sales, management, and R&D expense ratios [7][8]. - The net cash flow from operating activities for H1 2024 was 7.8 billion CNY, a 15% increase year-on-year, primarily due to increased operating profit and improved operational efficiency [7]. Forecast and Valuation - The report projects net profits for 2024, 2025, and 2026 to be 19.1 billion CNY, 21.5 billion CNY, and 24.1 billion CNY respectively, with corresponding price-to-earnings ratios of 12, 11, and 10 [8].

海尔智家（600690）/家电 证券研究报告/公司点评 2024 年 9 月 1 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|--------------|---------|---------|--------------------------|---------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 24.73 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：姚玮 | 营业收入（百万元） | 243,514 | 261,428 | 272,438 | 289,440 | 307,505 | | | 增长率 yoy% | ...

证券研究报告：家用电器 | 公司点评报告 2024 年 9 月 2 日 股票投资评级 增持|维持 个股表现 海尔智家 家用电器 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | --- | |---------------------------|---------------|----------------| | | | | | 最新收盘价（元） | 24.73 | | | 总股本 / 流通股本（亿股） | 94.38 / 63.09 | | | 总市值 / 流通市值（亿元） | 2,334 / 1,560 | | | 52 周内最高 / 最低价 | 32.90 / 20.10 | | | 资产负债率 (%) | 58.2% | | | 市盈率 | 13.82 | | | | | HKSCC NOMINEES | | 第一大股东 | LIMITED | | 研究所 分析师:杨维维 SAC 登记编号:S1340522090007 Email:yangweiwei@cnpsec.com 海尔智家(6 ...

[ T able_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：24.08 元 海尔智家（600690）家用电器 目标价：——元（6 个月） 收入稳健增长，盈利能力逆势提升 [Table_Summary 事件：公司发布] 2024年半年报，2024年上半年公司实现营收 1356.2亿元，同 比增长 3%；实现归母净利润 104.2亿元，同比增长 16.3%；实现扣非后归母净 利润 101.6亿元，同比增长 18.1%。单季度来看，Q2公司实现营收 666.5亿元， 同比增长 0.1％；实现归母净利润 56.5 亿元，同比增长 13.2%；实现扣非后归 母净利润 55.2 亿，同比增长 12.6%。 各产业各区域实现稳健增长。分产业看，公司制冷产业加速海外市场高端品牌 转型，提升市场份额，实现营收 411.3亿元，同比增长 1.8%；厨电产业丰富套 系产品阵容、拓展前置渠道广度和深度，实现营收 202.8亿元，同比增长 0.3%； 衣服洗护方案实现营收 297.4亿元，同比增长 5%；空气能源解决方案实现营收 292.4 亿元，同比增长 3 ...