Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [7]. Core Insights - The company reported a strong Q1 performance with revenue of 68.98 billion RMB, a year-over-year increase of 6.0%, and a net profit of 4.77 billion RMB, reflecting a 20.2% increase year-over-year [4]. - The company has launched a new employee stock ownership plan aimed at incentivizing key personnel, which is expected to enhance shareholder value [4]. - The company is benefiting from favorable policies such as the domestic appliance replacement program, which is anticipated to support steady growth in sales [5]. Summary by Sections Company Overview - The company operates in the home appliance industry, with a current A-share price of 30.26 RMB as of April 30, 2024, and a market capitalization of approximately 190.9 billion RMB [2]. Financial Performance - Q1 revenue growth was driven by a robust performance in the Chinese market, which saw an 8.1% increase, while international revenue grew by 4% despite weaker growth in Europe and the US [4]. - The gross margin improved by 0.5 percentage points to 29%, and the net profit margin increased by 0.8 percentage points to 6.9% [4]. Earnings Forecast - The company’s net profit is projected to reach 19.46 billion RMB in 2024, 22.76 billion RMB in 2025, and 25.33 billion RMB in 2026, with year-over-year growth rates of 17.3%, 16.9%, and 11.3% respectively [5][6]. - Earnings per share (EPS) are expected to be 2.1 RMB in 2024, 2.4 RMB in 2025, and 2.7 RMB in 2026 [5]. Valuation Metrics - The A-share price-to-earnings (P/E) ratios are forecasted to be 15X in 2024, 13X in 2025, and 11X in 2026, indicating a reasonable valuation [5][6]. - The company is expected to gradually increase its dividend payout ratio, with a projected dividend per share (DPS) of 1.03 RMB in 2024, yielding 3.41% [6].

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].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 30.26 CNY [2]. Core Insights - The company achieved a revenue of 68.978 billion CNY in Q1 2024, representing a year-over-year increase of 6.01%. The net profit attributable to shareholders was 4.773 billion CNY, up 20.19% year-over-year, exceeding market expectations [7][8]. - Domestic sales drove growth, with a year-over-year increase of 8.1% in domestic revenue. Key segments such as home air conditioning, kitchen appliances, and smart buildings saw double-digit growth [8]. - The company is enhancing its international presence, with foreign revenue increasing by 4% despite challenges in the U.S. appliance market [8]. Revenue Performance - The company reported a gross margin of 29.0% in Q1 2024, an increase of 0.26 percentage points year-over-year, attributed to digital transformation and product structure optimization [8]. - The net profit margin for Q1 2024 was 7.0%, up 0.85 percentage points year-over-year, indicating improved profitability [8]. Financial Projections - The report projects the company's net profit attributable to shareholders for 2024-2026 to be 19.103 billion CNY, 21.521 billion CNY, and 24.083 billion CNY respectively, with corresponding growth rates of 15.10%, 12.66%, and 11.90% [9]. - The price-to-earnings (P/E) ratio is expected to be 15, 13, and 12 for the years 2024, 2025, and 2026 respectively [8][9]. Cash Flow and Balance Sheet - The operating cash flow for Q1 2024 was 1.725 billion CNY, reflecting a year-over-year increase of 27% [8]. - The proportion of cash to total assets was 11.9%, a decrease of 2.2 percentage points year-over-year, indicating a shift in asset management [8].

Investment Rating - The investment rating for Haier Smart Home (600690) is "Buy" (maintained) [1] Core Views - The company reported a revenue of 68.98 billion yuan in Q1 2024, representing a year-on-year growth of 6%. The net profit attributable to shareholders was 4.77 billion yuan, up 20.2% year-on-year, while the net profit after deducting non-recurring items was 4.64 billion yuan, increasing by 25.4% year-on-year [2] - Domestic revenue grew by 8.1%, with significant contributions from the refrigeration and laundry sectors, as well as double-digit growth in the water industry. The air conditioning, kitchen appliances, and smart building sectors also saw revenue growth exceeding 10%. The Casarte brand experienced a revenue increase of 14% [2] - Despite a decline in overseas demand, the company's overseas revenue grew by 4% in Q1 2024, with operating profit increasing by double digits [2] - The company's net profit margin improved to 6.9%, an increase of 0.82 percentage points, driven by a gross margin of 29%, which rose by 0.3 percentage points year-on-year. The sales expense ratio, management expense ratio, and R&D expense ratio were optimized by 0.5, 0.3, and 0.1 percentage points, respectively [2] - The company is positioned as a leader in large appliances and smart home solutions, with a multi-brand and multi-product strategy to capture growth opportunities in the high-end appliance market. The EPS forecasts for 2024-2026 have been slightly adjusted to 2.05 yuan, 2.37 yuan, and 2.61 yuan, respectively [2][3] Summary by Relevant Sections Financial Performance - In Q1 2024, the company achieved a revenue of 68.98 billion yuan, with a year-on-year growth of 6%. The net profit attributable to shareholders was 4.77 billion yuan, reflecting a 20.2% increase year-on-year. The net profit after deducting non-recurring items was 4.64 billion yuan, up 25.4% year-on-year [2] - The company's net profit margin improved to 6.9%, an increase of 0.82 percentage points, with a gross margin of 29% [2] Revenue Growth - Domestic revenue increased by 8.1%, with notable growth in refrigeration, laundry, and water industries, as well as double-digit growth in air conditioning, kitchen appliances, and smart buildings. The Casarte brand saw a revenue increase of 14% [2] - Overseas revenue grew by 4% despite a decline in overall overseas demand [2] Profitability Metrics - The company's EPS forecasts for 2024-2026 are adjusted to 2.05 yuan, 2.37 yuan, and 2.61 yuan, respectively, indicating a positive outlook for profitability [2][3]

Investment Rating - The investment rating for Haier Smart Home (600690) is upgraded to "Buy" with a target price of 34.34 CNY, up from the previous target of 28.95 CNY [4][21]. Core Insights - The company's Q1 2024 performance exceeded expectations, with domestic sales showing steady growth and significant recovery in overseas profitability. The overall profitability for the year is expected to improve beyond initial forecasts [3][21]. Summary by Sections 1. Performance Overview - In Q1 2024, Haier Smart Home achieved a revenue of 68.978 billion CNY, representing a year-on-year increase of 6.01%, and a net profit attributable to shareholders of 4.773 billion CNY, up 20.16% year-on-year [15]. 2. Revenue: Steady Domestic Growth and Brand Upgrade in Europe - Domestic revenue grew by 8% year-on-year, while overseas revenue increased by 4%. Key domestic segments like refrigerators and washing machines are expected to grow by 5-10%, with water appliances seeing double-digit growth. The high-end brand Casarte saw a 14% increase in revenue [16]. - In Europe, the dual-brand strategy with Haier and New Candy has led to a market share increase of 0.9 percentage points, reaching 9.0% [16]. 3. Profitability: Significant Improvement in Operating Margins - The gross margin for Q1 2024 was 28.95%, up 0.26 percentage points year-on-year, while the net margin was 7.04%, an increase of 0.84 percentage points. The company reported over 30% growth in operating profit in the Chinese market [17]. - Overseas profitability also improved significantly, with double-digit growth in operating profit driven by cost optimization in procurement and logistics [17]. 4. Strong Cash Position and Positive Cash Flow - As of the end of 2023, the company had cash and cash equivalents plus trading financial assets totaling 54.46 billion CNY, a decrease of 1.77% from the end of 2023. The net cash flow from operating activities in Q1 2024 was 1.725 billion CNY, up 27.31% year-on-year [19]. 5. New A/H Employee Stock Ownership Plan - The A-share plan has a funding source of 711.5 million CNY, with a maximum of 2,400 participants. The performance targets include a compound growth of not less than 15% in net profit and a return on equity (ROE) of not less than 16.8% for 2024-2025 [20]. 6. Investment Recommendations - The company is expected to continue its deep overseas expansion and high-end product development, supported by digital transformation and improved operational efficiency. The EPS forecasts for 2024-2026 are adjusted to 2.02, 2.27, and 2.50 CNY, respectively, reflecting year-on-year growth of 15%, 12%, and 10% [21].

家用电器/白色家电 公 司 研 海尔智家（600690.SH） 2024Q1 业绩超预期，数字化变革带动盈利提升 究 2024年05月04日 ——公司信息更新报告 投资评级：买入（维持） 吕明（分析师） 周嘉乐（分析师） 刘文鑫（联系人） lvming@kysec.cn zhoujiale@kysec.cn liuwenxin@kysec.cn 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790123070038 日期 2024/4/30  2024Q1业绩超预期，数字化改革收效，维持“买入”评级 当前股价(元) 30.26 2024Q1 公司营收 689.78 亿元（+6.01%，同比，下同），归母净利润 47.73 亿元 公 一年最高最低(元) 30.94/19.86 （+20.16%），扣非归母净利润46.40亿元（+25.41%）。受海外市场加息影响，利 司 信 总市值(亿元) 2,855.97 息费用为 6.01 亿元；经营利润 52.49 亿元（+27.1%）。2024Q1 业绩超预期，看 息 流通市值(亿元) 1,908.97 好数字化变革带 ...

公司报告 | 季报点评 海尔智家（600690） 证券研究报告 2024年05月 01日 投资评级 业绩增势亮眼，数字化成效凸显 行业 家用电器/白色家电 6个月评级 买入（维持评级） 当前价格 30.26元 事件：公司24Q1实现营业收入689.8亿元，同比+6.01%；归母净利润47.7 目标价格 元 亿元，同比+20.16%；扣非归母净利润46.4亿元，同比+25.41%。公司推出 2024年度A+H股核心员工持股计划（草案），A股参与人员共计不超过2400 基本数据 人，资金总额7.1 亿元。H股参与对象包括公司董事（独立董事除外）、高 A股总股本(百万股) 6,308.55 级管理人员、公司及子公司核心技术（业务）人员，共计30人，资金总额 6850万元（含）。考核目标均为，24、25年扣非归母净利润较23年增速/CAGR 流通A股股本(百万股) 6,308.55 ≥15%，24、25年ROE≥16.8%。 A股总市值(百万元) 190,896.80 流通A股市值(百万元) 190,896.80 点评： 每股净资产(元) 11.37 营收稳健增长，空调内销如期高增。24Q1公司营收同比+6%，分地区 ...

Investment Rating - The investment rating for Haier Smart Home is "Buy" with a target price not specified [4]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 68.98 billion yuan, a year-on-year increase of 6.01%, and a net profit attributable to shareholders of 4.77 billion yuan, up 20.16% year-on-year [1][2]. - The digital transformation efforts have led to improved cost efficiency and profitability, with a gross margin increase of 0.3 percentage points to 29.0% [2]. - The company is focusing on enhancing its core manufacturing capabilities and expanding overseas business, which is expected to strengthen its global competitiveness [2]. Summary by Sections Financial Performance - In Q1 2024, Haier achieved a revenue of 68.98 billion yuan, with domestic revenue growing by 8.1% and overseas revenue by 4% [1][2]. - The gross margin improved to 29.0%, reflecting a continuous upward trend for five consecutive quarters [2]. - The net profit margin reached 6.9%, an increase of 0.8 percentage points year-on-year [2]. Digital Transformation - The company has implemented digital changes in procurement and R&D, leading to better resource allocation and operational efficiency [2]. - The digital transformation has positively impacted the cost structure, with sales, management, R&D, and financial expense ratios showing improvements [2]. Future Outlook - The company expects to achieve net profits of 19.2 billion yuan, 22.2 billion yuan, and 25.6 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting an upward revision due to improved expense ratios [2]. - The projected P/E ratios for 2024, 2025, and 2026 are 14.8x, 12.8x, and 11.2x respectively, indicating a favorable valuation outlook [2].

海[Ta尔ble智_Sto家ckN（am6eR0p0tT6yp9e0] ） 公司研究/公司点评 内外销利润率提升 ——海尔智家 24 一季报点评 投资评级：买入（维持） [Table_Rank] 主要观点： 报告日期： 2024-05-01 [⚫T ab公le_司Su发m布ma2r0y]2 4Q1业绩及员工持股计划： [收Ta盘bl价e_（Ba元se）D ata] 30.26 ➢ 24Q1：收入689.8亿（+6.0%），归母净利润47.7亿（+20.2%），扣 近12个月最高/最低（元） 30.94/19.86 非46.4亿（+25.4%）。 总股本（百万股） 9,438 ➢ 24Q1利润超市场预期，核心来自于内销盈利。 流通股本（百万股） 6,309 ➢ 此外，公司发布 2024 年 A+H 股员工持股计划，A 股参与人数不超 流通股比例（%） 66.84 过 2400 人（含董监高 13 人）资金总额 7.1 亿元；H 股参与人数不 超过30人（含董监高11人）资金总额6850万。 总市值（亿元） 2,856 流通市值（亿元） 1,909 ⚫ 内外拆分：24Q1内/外销同比+8%/4%，经营利润同比+3 ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) [1][4] Core Views - The company reported a strong performance in Q1 2024, with revenue reaching 69 billion yuan, a 6% increase year-on-year, and net profit of 4.8 billion yuan, a 20% increase year-on-year, driven by digitalization enhancing gross margins and reducing expense ratios [1][3] - The report highlights that the digital transformation has significantly improved operational efficiency, leading to a continuous improvement in gross margins over several quarters [3][4] Revenue and Profit Breakdown - **Revenue Breakdown**: - Domestic sales increased by 8%, with significant growth in water appliances, air conditioning, and kitchen appliances, while exports grew by 4% due to new product launches [3] - **Profit Breakdown**: - Gross margin improved to 29%, benefiting from enhanced digital efficiency in procurement, R&D, and production, with overall operating profit expected to grow by 27% [3] Financial Forecasts - The report projects revenues of 278.8 billion yuan for 2024, 297 billion yuan for 2025, and 316.4 billion yuan for 2026, with net profits expected to be 19.1 billion yuan, 21.6 billion yuan, and 24.3 billion yuan respectively [4][5] - Profit growth rates are forecasted at 15% for 2024, 13% for 2025, and 12% for 2026 [4] Key Financial Metrics - The report provides key financial metrics, including a projected P/E ratio decreasing from 18.5 in 2023 to 11.2 in 2026, and a consistent ROE of 16% over the forecast period [1][5]