公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述已登记 股票期权的申请，经中国证券登记结算有限责任公司上海分公司审核确认，上述 3,917.6164 万份股票期权注销事宜已于 2024 年 5 月 27 日办理完毕。本次股票期权 注销不会影响公司股本结构。 特此公告。 海尔智家股份有限公司董事会 2024 年 5 月 27 日 - 1 - 证券代码：600690 证券简称：海尔智家 公告编号：临 2024-021 海尔智家股份有限公司 关于 2021 年 A 股股票期权激励计划、2022 年 A 股股 票期权激励计划部分股票期权注销完成的公告 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。 2024 年 4 月 29 日，海尔智家股份有限公司（以下简称"公司"）召开了第十 一届董事会第十次会议及第十一届监事会第十次会议，审议通过了《海尔智家股 份有限公司关于注销 2021 年 A 股股票期权激励计划部分股票期权的议案》《海尔 智家股份有限公司关于注销 2022 年 A 股股票期权激励计划部分股票期权的议案》， 同意 ...

海尔智家股份有限公司 2024 年度 H 股核心员工持股计划 （草案） （修订稿1） 2024 年 5 月 1 本修订稿仅对《海尔智家股份有限公司 2024 年度 H 股核心员工持股计划（草案）》引用法规名称进行了修订 完善，无其余修订。 海尔智家股份有限公司 2024 年度 H 股核心员工持股计划（草案）（修订稿） 海尔智家股份有限公司 2024 年度 H 股核心员工持股计划 （草案） （修订稿） 特别提示 本部分内容中的词语简称与"释义"部分保持一致。 1、本计划系公司依据《公司法》《证券法》《香港联合交易所有限公司证券上市 规则》等有关法律、行政法规、规章、规范性文件和《公司章程》及《海尔智家股 份有限公司 H 股核心员工持股计划（2021 年-2025 年）》等规定制定。 2、本计划遵循公司自主决定、员工自愿参加的原则，不存在摊派、强行分配等 强制员工参加本计划的情形。 已设立并存续的员工持股计划（包括 A 股员工持股计划等）所持有股票总数累 计不得超过公司股本总额的 10%，单个员工所持员工持股计划份额（含各存续的员 工持股计划）所对应的股票总数累计不得超过公司股本总额的 1%。 本计划所获标的股票 ...

海尔智家股份有限公司 2024 年度 H 股核心员工持股计划 （草案）摘要 （修订稿1） 2024 年 5 月 本部分内容中的词语简称与"释义"部分保持一致。 1、本计划系公司依据《公司法》《证券法》《香港联合交易所有限公司证券上市 规则》等有关法律、行政法规、规章、规范性文件和《公司章程》及《海尔智家股 份有限公司 H 股核心员工持股计划（2021 年-2025 年）》等规定制定。 2、本计划遵循公司自主决定、员工自愿参加的原则，不存在摊派、强行分配等 强制员工参加本计划的情形。 3、员工持股计划的参与对象为：公司董事（独立董事除外，下同）及高级管理 人员、公司及子公司核心技术（业务）人员。本计划的人员共计不超过 30 人。公司 董事会授权管委会可根据员工变动情况、考核情况，对参与本计划的员工名单和分 配比例进行调整。 1本修订稿仅对《海尔智家股份有限公司 2024 年度 H 股核心员工持股计划（草案）摘要》引用法规名称进行了 修订完善，无其余修订。 海尔智家股份有限公司 2024 年度 H 股核心员工持股计划（草案）摘要（修订稿） 海尔智家股份有限公司 2024 年度 H 股核心员工持股计划 （草案）摘要 ...

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].

Thank you for your participation.The meeting is ready to start. 本次电话会议仅服务于长江证券研究所白名单客户未经长江证券视线书院许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位特征大家早上好我是长江家电影分析师陈良那么汇报一下我们批杀险金开融投第五期主要是针对海尔的汇报那么我们可以看到海尔的话其实在今年的一季度的话整体的利润也是非常超预期的包括在去年的话整体的规模和盈利的话是在创历史的一个新高的 所以在海尔整个规模体量已经超过2600亿的情况下的话依然能够保持一个比较高的一个增长并且引力的效率还在持续的一个提升所以海尔的话而且海尔的话也是在作为这个中国家电作为全球化布局只有品牌业务发展最好的公司的一个代表 所以我们对海尔的话整个的话做了这样一个整体性的这样一个深度的一个这个研究那么这个的话主要是对于海尔未来的这样一个增长的一个潜力做一个分析因为从海尔现在看的话就是整个未来这个增长的话主要可能是为了这个三个方面 第一的话就是 ...

Summary of Haier's Conference Call Company Overview - **Company**: Haier - **Industry**: Home Appliances - **Revenue**: Over 290 billion CNY (approximately 43.5 billion USD) in 2023, with a historical high in profitability [3][7][10] Key Points and Arguments Growth Potential - **Global Expansion**: Haier is focusing on strengthening its global presence and improving profit margins in overseas markets [4][11] - **High-End Market**: The company has established a strong foothold in the high-end appliance market, with expectations for continued growth as consumer income levels rise [4][6][11] - **Air Conditioning Segment**: Although air conditioning contributes a smaller percentage to overall revenue, it accounted for over 30% of profit growth in 2023, indicating its increasing importance [5][10][38] Historical Performance - **Revenue Growth**: Haier has maintained a compound annual growth rate (CAGR) of approximately 14% from 2015 to 2023 [9] - **Profitability**: The company has consistently outperformed revenue growth in terms of profit, achieving double-digit growth rates [7][10] Strategic Initiatives - **Acquisition Strategy**: Since 2015, Haier has pursued an aggressive acquisition strategy, including notable brands like Sanyo and Fisher & Paykel, to enhance its global market share [19][21] - **Brand Development**: The launch of the high-end brand Casarte has been successful, with significant market shares in premium segments (50% in refrigerators priced above 15,000 CNY) [29][30] Market Position - **Global Leadership**: Haier has maintained its position as a leading global appliance manufacturer, ranking first in washing machines, refrigerators, and kitchen appliances in various regions [23][24] - **Regional Performance**: While Haier has strong positions in Asia-Pacific and North America, there are opportunities for growth in Latin America, the Middle East, and Africa [25][26] Financial Outlook - **Profit Margins**: Current profit margins for overseas operations are below 5%, indicating room for improvement [27][28] - **Future Projections**: Expected profits for 2024 are projected to exceed 19.1 billion CNY (approximately 2.9 billion USD), with a target of 25 billion CNY (approximately 3.8 billion USD) by 2026 [47][50] Investment Recommendations - **Valuation**: The current valuation is around 15 times earnings, suggesting a favorable investment opportunity given the expected growth and dividend increases [48][49] - **Dividend Policy**: Haier plans to increase its dividend payout ratio to over 50% by 2025, enhancing its attractiveness to investors [49][50] Additional Important Insights - **Consumer Trends**: Despite economic challenges, consumer demand for high-quality home appliances is expected to continue rising, supporting Haier's high-end strategy [34][35] - **Operational Efficiency**: The company is optimizing its supply chain and product offerings to enhance profitability in the air conditioning segment [42][43] This summary encapsulates the key insights from Haier's conference call, highlighting the company's strategic focus on global expansion, high-end market penetration, and operational efficiency, alongside its historical performance and future growth potential.

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690 SH) [3] Core Views - Haier Smart Home is a global leader in the major home appliance industry with a strong brand and extensive global market presence [2] - The company has a significant advantage in the high-end market and is well-positioned to capitalize on structural quality upgrades [2] - Haier Smart Home's global expansion and efficiency improvements are expected to drive further growth and profitability [2] - The company's revenue in 2023 reached 2614 28 billion yuan, a year-on-year increase of 7 33%, with net profit attributable to shareholders of 165 97 billion yuan, up 12 81% year-on-year [4] Global Expansion - Haier Smart Home has been expanding globally since the late 1990s, focusing on brand-building rather than OEM exports [5] - The company has made strategic acquisitions, including Sanyo's white goods business, GE Appliances, and Fisher & Paykel, to strengthen its global presence [5] - In 2023, Haier Smart Home ranked first globally in market share for washing machines, refrigerators, and large kitchen appliances [5] High-End Market Strategy - Haier Smart Home launched its high-end brand Casarte in 2007, which has become a leader in the high-end appliance market in China [6] - Casarte holds a 50% market share in refrigerators priced above 15,000 yuan and an 84% market share in washing machines priced above 10,000 yuan [6] - The company leverages high-end media and celebrity endorsements to enhance brand recognition and consumer perception [6] Air Conditioning Business - Haier Smart Home is optimizing its air conditioning product strategy, focusing on market share growth and profitability improvement [7] - The company is expanding its presence in lower-tier markets while leveraging the Casarte brand for higher-end products [7] - Haier is also extending its supply chain to improve self-sufficiency in key components, which is expected to enhance profitability [7] Financial Projections - The report forecasts Haier Smart Home's net profit attributable to shareholders to reach 191 47 billion yuan in 2024, 220 46 billion yuan in 2025, and 250 06 billion yuan in 2026 [8] - The corresponding PE ratios are projected to be 15 95x, 13 85x, and 12 21x for 2024-2026, respectively [8] Historical Performance - From 1991 to 2023, Haier Smart Home achieved a compound annual growth rate (CAGR) of 20 97% in revenue [4] - The company's net profit margin attributable to shareholders improved to 6 40% in 2023 [4] Product and Regional Revenue Breakdown - In 2023, Haier Smart Home's revenue was primarily driven by refrigerators (31 23%), washing machines (23 44%), air conditioners (17 47%), and kitchen appliances (15 91%) [17] - The company's revenue from overseas markets accounted for 52 13% of total revenue, up from 47 87% in domestic markets [17]

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨海尔智家（ ） 600690.SH [营Ta收b稳le_健T提itle升] ，盈利表现突出 报告要点 [2T0a2b4le Q_S1u公m司ma实ry现] 营收689.78亿元，同比增长6.01%，实现归母净利润47.73亿元，同比增 长20.16%，实现扣非归母净利润46.4亿元，同比增长25.41%。同时公司针对A股和H股推 出员工持股计划。 ...

证券研究报告 公 2024年05月11日 司 报 告 海尔智家(600690) │ 行 业： 家用电器/白色家电 公 投资评级： 买入（维持） 司 2024 年一季报点评： 当前价格： 31.39元 季 报 业绩大超预期，经营持续向上 目标价格： 35.18元 点 事件：海尔智家发布2024年一季报，24Q1实现营业收入689.78亿，同比 评 基本数据 +6.01%，归属净利润47.73亿，同比+20.16%，扣非净利润46.40亿，同比 总股本/流通股本(百万股) 9,438.11/9,438.11 +25.41%。同时，公司披露年度A/H股核心员工持股计划：A股拟覆盖不超 流通A股市值(百万元) 198,025.47 2400 人/额度 7.12 亿，H股 30 人/额度 6850万；按 40%、60%比例分两期 每股净资产(元) 11.37 归属，考核目标24年及25年扣非净利润较23年同比/复合增速不低于15% 资产负债率(%) 57.34 且净资产收益率不低于16.8%，两指标等权重加权完成率0.8~1商议归属。 一年内最高/最低(元) 31.91/19.86  内销增势稳健，海外略有放缓 24 ...

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].