Financial Performance - In Q1 2024, the company achieved revenue of CNY 68.98 billion, a 6.01% increase compared to the same period last year[4] - Net profit attributable to shareholders reached CNY 4.77 billion, reflecting a growth of 20.16% year-on-year[4] - The net profit excluding non-recurring gains and losses was CNY 4.64 billion, up 25.41% from the previous year[4] - The gross margin for Q1 2024 was 29.0%, up 0.3 percentage points from the same period last year[10] - Revenue from the Chinese market grew by 8.1%, with significant contributions from the refrigeration and washing industries[7] - Overseas revenue increased by 4%, with operating profit growing by over 10% despite challenges in major markets[9] - Total operating revenue for Q1 2024 reached ¥68.98 billion, an increase of 5.5% compared to ¥65.07 billion in Q1 2023[27] - Net profit attributable to shareholders of the parent company for Q1 2024 was ¥4.77 billion, a significant increase of 20.1% from ¥3.97 billion in Q1 2023[29] - The company reported a comprehensive income total of ¥4.16 billion for Q1 2024, compared to ¥3.26 billion in Q1 2023, marking a growth of 27.6%[30] Cash Flow and Investments - The company's operating cash flow for the quarter was CNY 1.72 billion, an increase of 27.31% year-on-year[5] - In Q1 2024, the net cash flow from operating activities was RMB 1.725 billion, an increase of RMB 370 million compared to Q1 2023, primarily due to increased operating profit and improved operational efficiency[14] - The net cash outflow from investing activities in Q1 2024 was RMB 2.212 billion, an increase of RMB 756 million compared to Q1 2023, mainly due to higher cash payments for purchasing long-term deposits and constructing fixed assets, intangible assets, and other long-term assets[14] - The net cash outflow from financing activities in Q1 2024 was RMB 341 million, compared to a net cash inflow of RMB 1.358 billion in Q1 2023, primarily due to loan repayments, stock buybacks, and increased interest expenses influenced by overseas rate hikes[14] - Total cash inflow from investment activities was CNY 2.18 billion, down from CNY 3.26 billion in Q1 2023, a decrease of approximately 33.3%[32] - Cash outflow from financing activities totaled CNY 3.28 billion, significantly higher than CNY 1.84 billion in Q1 2023, marking an increase of about 77.6%[33] Assets and Liabilities - As of March 31, 2024, total assets reached RMB 257.86 billion, an increase from RMB 253.38 billion at the end of 2023[25] - The company's total liabilities increased to CNY 53.87 billion, compared to CNY 46.34 billion in the previous year, representing a rise of about 16.5%[36] - The asset-liability ratio at the end of Q1 2024 was 57.3%, a decrease of 0.9 percentage points from the end of 2023, mainly due to the growth in net profit[16] - The total liabilities of the company as of Q1 2024 were ¥147.85 billion, slightly up from ¥147.47 billion in the previous year[26] - The total equity attributable to shareholders of the parent company increased to ¥107.28 billion in Q1 2024 from ¥103.51 billion in Q1 2023, reflecting a growth of 3.3%[26] Research and Development - The company’s R&D expense ratio was 4.3%, reflecting a focus on core technologies in the smart home sector[11] - Research and development expenses for Q1 2024 amounted to ¥2.94 billion, an increase from ¥2.74 billion in Q1 2023, indicating a year-over-year rise of 7.4%[29] - The company reported a development expenditure of RMB 403.69 million, significantly higher than RMB 266.49 million in the previous period[25] - Research and development expenses increased to CNY 3,836,325.20 in Q1 2024, up from CNY 2,282,302.54 in Q1 2023, reflecting a focus on innovation[39] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 128,742, with the top ten shareholders holding a combined 61.02% of the shares[19] - HKSCC NOMINEES LIMITED held 24.52% of the shares, while Haier Kaos Co., Ltd. and Haier Group Company held 13.34% and 11.36% respectively[19] - The company’s repurchase account held a total of 145,238,037 shares as of the end of the reporting period[20] - The top ten shareholders and the top ten unrestricted circulating shareholders did not participate in any margin financing or securities lending activities during the reporting period[21] - The company repurchased a total of 83,349,394 shares at a maximum price of RMB 24.96 per share, with a total payment of approximately RMB 1.88 billion[22] Financial Ratios and Metrics - The average accounts receivable turnover days increased to 41.7 days, up 3.7 days from the end of 2023[12] - The inventory turnover days improved to 81.2 days, a reduction of 1.5 days compared to the end of 2023[13] - The basic earnings per share for Q1 2024 were ¥0.52, compared to ¥0.43 in Q1 2023, indicating an increase of 20.9%[30] - The company's cash and cash equivalents were RMB 53.62 billion, slightly down from RMB 54.49 billion at the end of 2023[24] - Accounts receivable increased to RMB 21.67 billion, up from RMB 20.27 billion, reflecting a growth of approximately 6.9%[24] - Inventory rose to RMB 41.28 billion, compared to RMB 39.52 billion, indicating an increase of about 4.5%[24]

2024年4月9日 公司研究 收入稳健增长，高分红长期化 ——海尔智家（600690.SH）2023 年报业绩点评 买入（维持） 要点 当前价：26.14元 事件： 作者 公司发布2023年度报告，2023年实现营收2614亿元（YoY+7%），归母净利润/ 分析师：洪吉然 扣非归母净利润为166亿元/158亿元，同比+13%/+13%。23Q4实现营收628亿 执业证书编号：S0930521070002 021- 52523793 元（YoY+7%），归母净利润/扣非归母净利润为34亿元/31亿元，同比+13%/+13%， hongjiran@ebscn.com 实现逐季改善目标。公司2023年利润分配方案为每10股派现8.04元（含税）， 现金分红比例为45.0%，分红比例超市场预期。公司制订《未来三年（2024年-2026 市场数据 年）股东回报规划》：2024-2026年公司现金分红比例较2023年稳步提升，2025、 总股本(亿股) 94.38 2026年现金分红比例不低于50%。 总市值(亿元)： 2467.12 点评： 一年最低/最高(元)： 19.86/26.80 近3月换手率： 19.34% ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) with a target price of 28.95 CNY [5][24]. Core Views - The company's 2023 performance met expectations, with an increase in dividend payout ratio and a positive outlook on overseas market share growth and high-end product profitability improvement [3][24]. Summary by Sections 1. Performance Overview - In 2023, Haier achieved a revenue of 261.43 billion CNY, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of 16.60 billion CNY, up 12.8% year-on-year. In Q4 2023, revenue was 62.77 billion CNY, growing 6.8% year-on-year, with a net profit of 3.45 billion CNY, up 13.2% year-on-year [15][19]. 2. Revenue Growth: Air Conditioning Leads - The air conditioning segment saw a revenue increase of 14%, outperforming other categories. Domestic revenue was 125 billion CNY, up 7%, while international revenue reached 136.4 billion CNY, up 8%. In Europe, revenue grew by 24%, driven by strategic partnerships and product positioning improvements [16][19]. 3. Profitability: Domestic Gains, Overseas Challenges - The gross margin for 2023 was 31.51%, up 0.18 percentage points, while the net margin was 6.4%, up 0.35 percentage points. Domestic gross margin improved to 36.37%, while overseas gross margin decreased to 26.77% due to competitive pressures [19][20]. 4. Cash Flow and Financial Health - By the end of 2023, the company had cash and cash equivalents of 55.44 billion CNY, a 1.43% increase year-on-year. The net cash flow from operating activities was 25.26 billion CNY, up 25.35% year-on-year, with Q4 showing a significant improvement [21][22]. 5. Dividend Policy - The company plans to distribute a cash dividend of 8.04 CNY per 10 shares, totaling 7.471 billion CNY, which represents 45.02% of the net profit attributable to shareholders for 2023, an increase of 9% from 2022. Future plans include maintaining a dividend payout ratio of at least 50% for 2025 and 2026 [23][24]. 6. Investment Recommendations - The report suggests that Haier's deepening overseas presence and ongoing high-end product strategy will continue to enhance revenue structure and operational efficiency. The projected net profits for 2024-2026 are 18.22 billion CNY, 20.32 billion CNY, and 22.35 billion CNY, respectively, with corresponding EPS of 1.93 CNY, 2.15 CNY, and 2.37 CNY [24].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) with a target price based on the last closing price of 24.95 [1][9]. Core Insights - Haier Smart Home reported a steady revenue growth of 7.33% in 2023, achieving total revenue of 261.43 billion yuan and a net profit of 16.60 billion yuan, reflecting a 12.81% increase [3][4]. - The company plans to increase its cash dividend payout ratio, with a proposed cash dividend of 8.04 yuan per 10 shares, totaling 7.47 billion yuan, which corresponds to a payout ratio of 45.02% [3][4]. - The air conditioning segment saw double-digit growth, with significant contributions from the European market [4]. Financial Performance - In Q4 2023, Haier Smart Home achieved a revenue of 62.77 billion yuan, up 6.82%, and a net profit of 3.45 billion yuan, an increase of 13.20% [3][4]. - The gross margin for Q4 2023 was 34.03%, with a net margin of 5.52%, indicating effective cost management [4]. - The company’s revenue from major appliances, including refrigerators, washing machines, and air conditioners, showed positive growth rates, with air conditioning revenue increasing by 13.98% [3][4]. Regional Performance - Domestic revenue reached 1246.14 billion yuan, growing by 7.12%, while international revenue was 1356.78 billion yuan, up 7.60% [3][4]. - In the overseas market, revenue from North America, Europe, South Asia, and Southeast Asia grew by 4.1%, 23.9%, 14.9%, and 11.6% respectively, with Europe showing the fastest growth [3][4]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 18.83 billion yuan, 20.86 billion yuan, and 23.05 billion yuan respectively, with corresponding EPS of 2.00 yuan, 2.21 yuan, and 2.44 yuan [6][7]. - The expected PE ratios for the same years are 12.84, 11.59, and 10.49 times [6][7]. Strategic Initiatives - The company is focusing on high-end market opportunities, with the Casarte brand achieving a retail sales growth of 14% in 2023 [4]. - The "Three Wings Bird" initiative has seen retail sales increase by 84%, with over 60% of sales coming from complete sets [4].

证券研究报告 公司点评 海尔智家(600690.SH) 家用电器｜ 白色家电 业绩稳增，盈利能力持续 改善，加大分红力度 2024年 04月 03日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 2,435.14 2,614 .28 2,820.51 3,048.92 3,292.14 归母净利润(亿元) 147.11 165.97 182.49 200.59 224.38 评级变动 维持 每股收益（元） 1.56 1.76 1.93 2.13 2.38 交易数据 每股净资产（元） 9.90 10.97 12.61 14.41 16.42 当前价格（元） 25.96 P/E 16.66 14.76 13.43 12.21 10.92 52周价格区间（元） 20.10-25.96 P/B 2.62 2.37 2.06 1.80 1.58 总市值（百万） 228828.95 资料来源：iFinD，财信证券 流通市值（百万） 163770.03 总股本（万股） 943811.50 投资要点： 流通股（万股） 943811.50  事件：公司发布2023年年报， ...

Investment Rating - The report maintains a "BUY" rating for Haier Smart Home with a target price raised to HK$31.24, indicating a potential upside of 21.8% from the current price of HK$25.65 [2][4]. Core Insights - Haier's FY24E guidance is expected to be resilient, supported by steady growth in the Casarte brand, improvements in the Air-conditioning business, and favorable macroeconomic policies [2][6]. - The company has raised its dividend payout ratio to over 45% for FY24E, reflecting a strong commitment to returning value to shareholders amidst a challenging macro environment [2][6]. - Management remains confident in achieving sales growth of mid-single digits to high-single digits (MSD to HSD) and over 10% net profit growth for FY24E [2][6]. Financial Summary - FY23 results showed a 7% YoY increase in sales to RMB261.4 billion and a 14% YoY rise in net profit to RMB16.7 billion, aligning with Bloomberg estimates [6]. - The dividend per share (DPS) increased by 42% YoY to RMB8.04, with a payout ratio significantly up from 36% the previous year [6]. - Revenue projections for FY24E are set at RMB278.9 billion, with expected net profit of RMB19.3 billion, reflecting a 14% growth [3][12]. Growth Drivers - Key growth drivers for FY24E include: 1. Steady sales growth of 10% to 15% for the Casarte brand due to increased presence in high-end markets and repeat orders from members [2]. 2. A ramp-up in the Air-conditioning business, aided by improved operational efficiencies and in-house production [2]. 3. Potential subsidies and favorable policies in the EU market, alongside a rebound in demand in the ANZ market [2]. 4. Continued demand from high-end segments, particularly in the US market [2]. Margin Improvement - Expected improvements in both gross profit (GP) and net profit (NP) margins due to: 1. Centralized sourcing of raw materials and better freight rate negotiations [2]. 2. Increased automation and digitization across global factories [2]. 3. Enhanced product premiumization through high-end brand sales [2]. 4. Targeted marketing strategies and manpower rationalization in the EU market [2]. Earnings Revision - FY24E net profit estimates have been fine-tuned down by 1% to RMB19.1 billion, while FY25E estimates have been adjusted up by 2% to RMB21.8 billion [7]. - Revenue estimates for FY24E have been slightly reduced by 0.8% to RMB278.9 billion, reflecting slower growth in certain segments [7]. Valuation Metrics - The stock is currently trading at 12x FY24E P/E, which is below its 5-year average of 15x, indicating potential undervaluation [2][4]. - The new target price is based on a 14x FY24E P/E, reflecting a positive outlook for the company's performance [2].

家用电器/白色家电 公 司 研 海尔智家（600690.SH） 家电家居的整家之路（一）——海尔智家：三翼鸟 究 2024年04月07日 ——公司深度报告 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 日期 2024/4/3 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790123070038 当前股价(元) 26.35  整装布局早、产业链完善，三翼鸟有望实现整装突围，维持“买入”评级 整装行业已成家装行业发展的大势所趋，公司在家电企业中综合实力强、整装布 一年最高最低(元) 26.60/19.86 公 局早、产业链完善，有望实现整装业务良性发展、反哺家电业务。我们维持盈利 司 总市值(亿元) 2,486.94 预测，预计2024-2026年公司归母净利润为187.1/212.6/239.0亿元，对应EPS为 深 流通市值(亿元) 1,662.30 1.98/2.25/2.53元，当前股价对应PE分别为13.3/11. ...

证券研究报告 | 公司动态点评 2024 年 03月 28日 海尔智家（600690.SH） 经营保持稳健，分红比例提升至 45% 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 243,579 261,428 281,316 301,087 321,241 股票信息 增长率yoy（%） 7.3 7.3 7.6 7.0 6.7 归母净利润（百万元） 14,712 16,597 19,274 21,570 24,266 行业 家电 增长率yoy（%） 12.5 12.8 16.1 11.9 12.5 2024年3月27日收盘价（元） 23.78 ROE（%） 15.5 15.8 16.5 16.3 16.1 总市值（百万元） 224,438.37 EPS最新摊薄（元） 1.56 1.76 2.04 2.29 2.57 流通市值（百万元） 150,017.38 P/E（倍） 15.3 13.5 11.6 10.4 9.2 总股本（百万股） 9,438.11 P/B（倍） 2.4 2.2 1.9 1.7 1.5 流通股本（百万股） 6,308.55 资料来 ...

股票简称：海尔智家 股票代码：600690 编号：临 2024-014 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 规定，现将公司回购股份进展情况公告如下： 2024年3月当月，公司通过集中竞价交易方式已累计回购A股股份4,139,014 股，占公司总股本的比例为 0.044%，购买的最高价为 24.96 元/股、最低价为 23.78 元/股，支付的金额为 100,775,544.16 元；本次回购实施起始日（2023 年 5 月 16 日）至 2024 年 3 月 31 日，公司已累计回购股份 83,349,394 股，占公司总股本的 比例为 0.883%，购买的最高价为 24.96 元/股、最低价为 20.15 元/股，支付的金 额为 1,879,718,741.02 元。 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： 回购方案的实施情况：2024 年 3 月当月，公司通过集中竞价交易方式已累计回 购 A ...

[Table_StockInfo] 买入 2024年 03月 28日 （维持） 证券研究报告•2023年年报点评 当前价： 25.08元 海尔智家（600690） 家用电器 目标价： ——元（6个月） 持续引领高端白电，经营效率稳健提升 投资要点 西南证券研究发展中心 [T a事ble件_S：u公mm司a发ry布] 2023年年报，2023年公司实现营收 2614.3亿元，同比增长 [分Ta析bl师e_：Au龚th梦or泓] 7.3%；实现归母净利润166亿元，同比增长12.8%；实现扣非后归母净利润158.2 执业证号：S1250518090001 亿元，同比增长13.3%。单季度来看，Q4公司实现营收627.7亿元，同比增长 电话：023-63786049 6.8％；实现归母净利润 34.5亿元，同比增长 13.2%；实现扣非后归母净利润 邮箱：gmh@swsc.com.cn 31亿，同比增长13.2%。2023年公司分红率有所提升，现金分红 74.7亿元， 联系人：方建钊 现金分红比例同比提升9pp达到 45%，同时公司提出未来2025-2026年度现金 电话：18428374714 分红比例不低于5 ...